Gift Nifty Up 77 Points | REC Q2 Loan Disbursement | Vedanta's Fourth Interim Dividend | Top Buzzing Stocks Today

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On Friday last week, Indian benchmark indices BSE Sensex and NSE Nifty moved like a roller-coaster, swinging between gains and losses throughout the trading session.

At the closing bell however, Indian markets settled lower.

After plunging 1,769 points in Thursday's session, the BSE Sensex ended 809 points lower on Friday, while the Nifty tested resilience at the key support level of 25,000, falling nearly 1%.

In the last 5 trading sessions, the Sensex has now fallen over 4,100 points, with the combined market capitalization of BSE-listed stocks falling by Rs 15.9 lakh crore to Rs 461.26 lakh crore.

The negative sentiment comes after institutional investors, or FIIs are pulling away funds from India and putting it into Chinese stock markets.

At the closing bell on Friday, the BSE Sensex stood lower by 809 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 200 points (down 0.8%).

Infosys, Tata Motors and Tech Mahindra were among the top gainers.

M&M, Bajaj Finance and Asian Paints, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.9% and 0.8%, respectively.

Shares of Elantas Beck, Info Edge, and BASF India hit their respective 52-week highs on Friday.

At 8:40 AM today, the Gift Nifty was trading 77 points higher at 25,263 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, financial writer at Equitymaster Yash Vora talks about 4 high growth penny stocks, in his latest video.

As we look ahead to 2025, several penny stocks are gaining attention due to their rapid growth. These companies are showing strong signs of growth and could deliver significant returns in the future.

Watch this video till the end to find out more.

Top Stocks in Focus Today

IDFC share price will be in focus today.

Shares of IDFC will be suspended effective 10 October 2024 following the company's amalgamation with IDFC First Bank.

As per the merger scheme, IDFC shareholders will receive 155 fully paid-up equity shares of IDFC First Bank Ltd for every 100 shares they hold in IDFC Ltd, based on the record date of 10 October 2024.

Following this development, the existing Futures & Options (F&O) contracts for IDFC set to expire in October, November, and December 2024, will now expire on 9 October 2024.

Vedanta share price will also be in focus today.

The company recently announced that it will be considering and approving fourth interim dividend for FY25 in its upcoming board meeting, to be held on 8 October 2024.

In the past 12 months, Vedanta has declared equity dividends amounting to Rs 46 per share and at the current share price of Rs 508.70, the company's dividend yield is 9.04%.

Vedanta has also announced that it registered the highest-ever second quarter mined and refined metal production in Zinc India. The company recorded a new high for mined metal while the production of refined metal increased by 5% YoY to 524 kt in the first half of the year.

Market participants will also track shares of Jio Financial Services.

Mukesh Ambani is all set to get into another consumer business after the success of Reliance Jio and expansion in retail.

The joint venture between Jio Financial Services and BlackRock, the world's largest asset manager, for starting a mutual fund business in India has received the Securities and Exchange Board of India's in-principle approval.

In July 2023, Jio financial Services and Blackrock signed an agreement to form a 50:50 joint venture to offer investment solutions.

This partnership is expected to leverage BlackRock's deep expertise in investment and risk management along with the technology capability and deep market expertise of Jio Financial services to drive the digital delivery of products.

FIIs Selling Indian Stocks

FIIs have sold Indian stocks worth around Rs 307.2 billion in the first 3 days of October.

This comes after FIIs took a sudden U-turn and pulled away funds from India to invest in beaten down Chinese stocks.

Meanwhile, the increase in geopolitical tensions between Israel and Iran is also weighing on risk assets.

The 'Buy China - Sell India' trade is not a distant possibility for FIIs.

In fact, over last two weeks, Shanghai's stock market has rallied close to 30% from its September lows. This is after the Chinese government embarked on an all-out effort to revive economic growth.

According to Co-head of Research at Equitymaster, Tanushree Banerjee, FIIs have a lot to ponder over before taking the Buy China - Sell India trade too seriously. Nevertheless, such a strategy could work well in the near term as valuations of Indian stocks seem frothy.

A deeper correction in Indian stock markets could be possible only if the money that FIIs pull out is higher than that which domestic investor pump in.

For investors looking to buy the long-term India story, here are the kind of stocks that they should consider buying:

• Companies with asset light balance sheets and a history of growing shareholder returns.
• Companies set to ride a big wave of profits due to regulatory, policy, and demographic changes.
• Companies that have been cash rich and consistent in sharing profits with minority shareholders.
• Companies that are inherently resilient to economic and geopolitical shocks.

REC Loan Disbursement Spikes

In latest developments from the finance space, state-owned REC has disbursed loans worth Rs 909.6 bn during April-September period of FY25, up 20.1% from the year-ago period.

Of the total amount, Rs 113 bn was green loan, 92.68% higher year-on-year, the company said in a statement.

In the September quarter of FY25, REC disbursed Rs 473 bn worth loans, 13.7% higher than the Rs 416 bn disbursed a year earlier.

Note that REC aims to increase its renewable energy loan book to Rs 3 tn by 2030, which would account for 30% of its total loan portfolio. The company is also diversifying into non-power infrastructure sectors like roads and water supply.

In a strategic initiative, REC is poised to disburse up to Rs 1.75 tn in loans for coal-fired power plants by 2032, supporting India's goal of adding 80 gigawatts (GW) of thermal power capacity in that period.

REC's Director of Projects highlighted that thermal energy will continue to play a vital role in India's economic growth. The company plans to finance around 25 GW of this capacity expansion.

This increase in thermal capacity will come from two to three sectors, with approximately 50,000-55,000 MW expected from the public sector, which is typically where REC provides funding.

With sufficient capital available, REC is targeting close to 50% capacity financing, which will develop in phases.

Total sanctions are anticipated to range between Rs 1.5 tn and Rs 1.75 tn. By financing around 25,000 MW, the overall investment would be about Rs 2.5 tn, with the potential for REC to finance approximately Rs 1.75 tn in collaboration with partners in consortium mode for large projects.

For more, check out our latest research on REC here.

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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