Gift Nifty Down 7 Points | Why Pharma Stocks are Falling | Power Grid Corporation's New Order Win | Top Buzzing Stocks Today

Fri, 11 Oct Pre-Open

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Indian benchmark indices continued the momentum as the session progressed and ended the day higher.

Benchmark equity indices, BSE Sensex, and NSE Nifty50 ended in the positive territory on Thursday.

At the closing bell on Thursday, the BSE Sensex stood higher by 144 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 17 points (up 0.1%).

HDFC Bank, Adani Enterprises and Kotak Mahindra were among the top gainers.

Cipla, Trent and Sun Pharma on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.4% lower and BSE SmallCap index ended 0.4% higher.

Sectoral indices were trading mixed with socks in banking sector and power sector witnessing buying. Meanwhile stocks in IT and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 75,100 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:15 AM today, the Gift Nifty was trading 7 points higher at 25,103 levels.

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

Speaking of the stock market, the aggressive expansion plans of the retailing sector players are not without reason. The sector is witnessing strong growth driven by increased urbanization and demand for organised and high-quality retail spaces.

This is fuelled by the rising demand for big brands thanks to their reach on social media.

This highlights India's emergence as a key player in the global retail market.

Research Analyst, Tanushree Banerjee in her latest video talks about, can top retailing stocks like Trent continue to fetch steep valuations? Find out.

Tune in for more

Top buzzing stocks today

Apollo Micro Systems share price will be in focus today.

Apollo Micro Systems' share price advanced over 3% on Thursday after the company emerged as the lowest bidder for the Rs 287.4 million (m) project.

The company has been declared as the Lowest Bidder (L1) for orders worth Rs 287.4 m from Bharat Electronics Limited (BEL) and CNA (OF) Pune, Indian Navy. The order from BEL is a proprietary order.

SpiceJet will also be a top buzzing stock.

SpiceJet share price extended its rally in the October 10 trade after the stock gained nearly 5% as the company informed the shareholders of adding the first new station after raising Rs 30 bn via Qualified Institutional Placement (QIP).

Why Pharma Stocks are Falling

Pharma stocks declined in 10 October trade with the Nifty Pharma index falling over 2% on Thursday. Market observers said the decline was mainly because of the unwinding of long positions due to recent highs in the defensive stocks and the broader market.

The pharma index fell 529.2 points to its day's low of 23,254.60, declining 2.2%. At around 2.45 pm on 10 October, the index was down 2.1% with Lupin, Torrent Pharma, Cipla and Alkem Laboratories among major laggards.

Lupin shares dropped to an intraday low of Rs 2,112 per share on the NSE, down 7.6%. The scrip fell after two days of consecutive gain.

Shares of Ahmedabad-headquartered Torrent Pharmaceuticals shares dropped as low as 4.2% to its day's low of Rs 3,405.95 apiece on the NSE, while Cipla was down nearly 4% to Rs 1,615.35 per share. The scrip fell three days of consecutive gain.

The Nifty Pharma index has so far this year gained 54.4% while the benchmark Nifty advanced 26.9% in the same period.

However, challenges remain, including margin pressures for Aurobindo Pharma and Dr. Reddy's, due to rising R&D costs and increased regulatory scrutiny following their Q1FY2025 earnings reports.

Power Grid Corporation's New Order Win

State-owned power generation Maharatna company, Power Grid Corporation announced that it has been declared as a successful bidder for a project to establish an inter-state transmission system, which comprises the establishment of a new 765/400/220kV Barmer-I Pooling substation, 765kV & 400kV D/C Transmission Lines, and associated bays extension works at other existing substations in the State of Rajasthan.

Power Grid Corporation of India is a Schedule 'A', 'Maharatna' public sector enterprise of the Government of India, incorporated on 23 October, 1989.

Power Grid Corporation is a listed Company, with 51.3% holding of the Government of India, and the balance is held by Institutional Investors and the public.

The company is engaged in the implementation, operation, and maintenance of the Inter-State Transmission System (ISTS), Telecom, and Consultancy Services.

As of 10 October 2024, Power Grid Corporation boasts a market capitalisation of Rs 3,106.9 bn on the BSE. The company is a constituent of the BSE Sensex and NSE Nifty50.

Power Grid Corporation is also known for offering regular dividend rewards to shareholders.

The BSE data reflects that the Maharatna stock has paid an Interim Dividend of Rs 4.5 and a Final Dividend of Rs 2.8 in 2024.

Defence Stocks Soar 7%

Shares of Mazagon Dock Shipbuilder, Cochin Shipyard, and Hindustan Aeronautics (HAL), among other defence-related companies, rallied up to 7.6% on Thursday.

Stocks of companies involved in the defence sector climbed a day after the government's Cabinet Committee on Security cleared major deals for building two nuclear submarines indigenously, apart from buying 31 predator drones from the US.

Among major defence stocks, Mazagon Dock shares were up 7.6%, Garden Reach Shipbuilders was up 7.4%, Bharat Dynamics rose 3.5%, Cochin Shipyard was up 2.8%, HAL was up 2.9%, Bharat Electronics was up 2%, and Ideaforge Technology had climbed 1.5%.

With this approval, the Indian Navy will get two new nuclear-powered attack submarines which will boost its underwater deterrence capabilities manifold in the Indian Ocean Region.

The cost to build the two submarines is pegged at Rs 450 bn, and they will be built at the shipbuilding centre in Vishakhapatnam. The project will also see the involvement of private-sector firms like Larsen and Toubro.

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

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