Sensex Jumps 550 Points, Nifty Tops 17,800; Titan & Tata Motors Among Top Gainers

Thu, 7 Oct 09:30 am

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Asian share markets are trading on a positive note today. The Hang Seng and the Nikkei are trading higher by 2.3% and 0.9%, respectively.

In US stock markets, Wall Street indices closed higher on Wednesday on the back of rising optimism over a US debt ceiling deal.

The Dow Jones rose 0.3% while the Nasdaq advanced 0.5%.

Back home, Indian share markets have opened on a strong note.

The BSE Sensex is trading up by 550 points. Meanwhile, the NSE Nifty is trading higher by 160 points.

Titan and Tata Motors are among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.7% while the BSE Small Cap index is trading higher by 0.8%

Sectoral indices are trading on a positive note with stocks in the consumer durables sector and realty sector witnessing buying interest.

Shares of Chambal Fertilisers and Bosch hit their 52-week highs today.

The rupee is trading at 74.98 against the US$.

Gold prices are trading down by 0.2% at Rs 46,838 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 61,035 per kg.

Crude oil prices dropped nearly 2% on Wednesday, pulling back from multi-year highs, as an unexpected rise in US crude inventories prompted buyers to take a breather after recent torrid gains.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares why he thinks smallcaps will outperform the Nifty, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the media sector, Zee Entertainment (ZEE) is among the top buzzing stocks today.

Zee Entertainment approached the National Company Law Appellate Tribunal (NCLAT) on 6 October, in a bid to stay the NCLT order which sought its reply on a plea moved by shareholder Invesco Developing Market Funds.

Earlier this week on Tuesday, the NCLT had directed ZEE to file a reply by 7 October on Invesco's plea seeking a legal order for an extraordinary general meeting (EGM).

The petition is likely to be heard today.

ZEE also filed a suit in Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid.

ZEE, through its plea before the NCLAT, has sought more time to reply to Invesco's plea.

The ZEE-Invesco saga started last month after Invesco along with OFI Global China Funds LLC, which holds 17.88% stake in the company, wrote to the board of directors on 11 September seeking an EGM.

The EGM was demanded by Invesco to push for the ouster of three directors including MD and CEO Punit Goenka.

On 1 October, the board of ZEE met and decided to not to hold the EGM. The company said the requisition notice is no longer valid as two of the directors whose ouster was sought by Invesco have already resigned from their posts.

We will keep you updated on all the latest developments from this space. Stay tuned.

Moving on to news from the power sector, Tata Power on Wednesday announced that it has roped in renewable energy artificial intelligence (AI) company BluWave-ai.

India's largest integrated power utility has signed a three-year commercial agreement with BluWave-AI, the world's first renewable energy AI company.

The agreement can be extended up to five years.

This agreement was signed after a successful trial project during which Tata Power evaluated the performance of the BluWave-AI cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

Recently, the government put measures in place to mandate accurate energy scheduling and introduced a real-time market to improve onboarding of renewable energy.

As a result, electricity distribution companies now face strict penalties for deviation from planned energy usage, which increases with inaccuracy in power scheduling.

Because of this, Tata Power decided to activate the potential of AI to optimize power scheduling and address the new changes.

The company has deployed a few AI solutions such as the Central Control room for Renewable Assets (CCRA), which uses machine learning based on loss estimation, forecasting and alert/notification.

Tata Power share price has opened the day up by 1.7%.

Speaking of Tata Power, have a look at the chart below to see how the stock has performed in the past year.

To know more, check out Tata Power's latest shareholding pattern.

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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Indian Share Market Update: Top Gainers and Losers