Sensex Erases Gains to End Marginally Higher, Nifty Above 17,300; IT & Metal Stocks Witness Buying

Thu, 6 Oct Closing

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After opening the day on a strong note, Indian share markets pared gains as the session progressed and ended marginally higher.

Benchmark indices trimmed gains as nervousness persisted among investors for the US jobs data.

Also, inflationary concerns worldwide and central banks hiking interest rates has dampened sentiment and kept investors on tenterhooks on worries of a global slowdown.

All sectors except FMCG and telecom strengthened with IT stocks and metal stocks gaining the most.

At the closing bell, the BSE Sensex stood higher by 157 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 57 points (up 0.3%).

JSW Steel, Hindalco, and Coal India were among the top gainers today.

Bharti Airtel, HUL, and IndusInd Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,298 down by 41 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap climbed 1.1% and the BSE SmallCap index ended higher by 1.3%.

Sectoral indices ended on a mixed note with stocks in the metal sector, realty sector, and power sector witnessing buying.

On the other hand, FMCG stocks, and telecom sector stocks witnessed selling pressure.

Shares of Page Industries, Ujjivan Financial Services, and IDFC First Bank hit their 52-week highs today.

Reliance, Bajaj Finance and ICICI Bank were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian stock markets ended on a mixed note. The Nikkei ended the day higher by 0.7%, while the Hang Seng inched lower by 0.4%. The Shanghai Composite ended 0.6% lower.

The rupee is trading at 81.8 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 51,646 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.4% at Rs 60,767 per 1 kg.

Speaking of stock markets, Yazad Pavri talks about the Tata group and how its beating Ambani and Adani, in his latest video.

For all those who believe the race to become the biggest corporate house in India is between Reliance and Adani, it might be prudent to consider the Tata group.

In news from the airlines sector, SpiceJet share price was among the top buzzing stocks today.

The share price of SpiceJet jumped 9% as government raises the loan limit for airlines.

Shares of SpiceJet rose after the finance ministry modified the Emergency Credit Line Guarantee Scheme (ECLGS) by raising the loan limit to Rs 15 bn from Rs 4 bn to help the aviation industry.

This fund will help the domestic airline clear its dues, pay lessors on time and induct new Boeing 737 Max planes.

As per the modified ECLGS, the maximum loan amount eligible for the airlines under ECLGS 3 will be 100% fund-based or non-fund-based loan outstanding as on the reference dates or Rs 15 bn, whichever is lower.

Earlier, eligible borrowers from the civil aviation sector were allowed to get up to 50% of their total outstanding credit, subject to a cap of Rs 4 bn per borrower.

The relief was announced due to elevated jet fuel prices, coupled with a weak rupee. This inflated the operating costs of airlines just when they were hoping to take advantage of the civil aviation sector returning to normalcy and make up for huge losses caused by the pandemic.

Due to this, airlines delivered heavy losses; this made the banks cautious of lending loans.

Due to various issues including insolvency proceedings and a string of losses reported by the company, shares of SpiceJet are trading down by 40% so far in 2022.

Moving on to news from the media sector, Zee Entertainment share price was in focus today.

The share price of Zee Entertainment gained 5% after the Zee-Sony merger wins approval.

Commenting on it, Zee Entertainment in exchange filing said,

• The CCI has approved the amalgamation of Zee Entertainment Enterprises and Bangla Entertainment with Culver Max Entertainment Private (erstwhile Sony Pictures Networks, with certain modifications.

This deal announced a year ago, received the Competition Commission of India's nod after the regulator accepted 'voluntary remedies' proposed by the parties. It remains subject to applicable regulatory and other approvals.

Zee TV and Sony Entertainment Television are the flagship channels in Hindi general entertainment. The two players have a combined viewership share of 36 per cent in Hindi general entertainment.

Since media stocks interest you, check out Equitymaster's Indian stock screener for screening the best media stocks in India.

Further in the news from the IPO market, the IPO of Electronics Mart was subscribed by 3.1 times.

The initial public offering (IPO) of Electronics Mart India got a solid response from the investors on the second day, continuing the momentum.

It consists of a fresh issue of equity shares aggregating to Rs 5 bn, with no offer for sale (OFS) component and the price band for the offer is Rs 56-59 per share.

The IPO got fully subscribed on the first day of the offer, and the issue closes on Friday, 7 October 2022.

Investors bid for 19,61,86,298 equity shares or 3.14 times compared to 6,25,00,000 equity shares offered for subscription.

The quota for retail bidders was subscribed 4.12 times, whereas the allocation for HNI investors fetched 2.78 times bids. The quota for qualified institutional investors was subscribed 1.68 times.

Electronics Mart India shares are commanding a grey market premium (GMP) of Rs 34 in the grey market today.

The company's shares are expected to list on stock exchanges on Monday, 17 October 2022.

Since IPOs interest you, check out the upcoming IPOs on our website.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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