Sensex Ends 149 Points Higher, Nifty Settles Above 17,950; Titan Soars 6%

Tue, 12 Oct Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended higher.

Benchmark indices ended a choppy day in the positive territory amid fag-end buying in PSB, FMCG, and auto stocks ahead of September CPI and August IIP data release.

At the closing bell, the BSE Sensex stood higher by 149 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 46 points (up 0.3%).

Titan and Bajaj Auto were among the top gainers today.

HCL Technologies and HDFC Life Insurance, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,007, up by 46 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.7% and 0.3%, respectively.

Sectoral indices ended on a positive note with stocks in the consumer durables sector and FMCG sector witnessing most of the buying interest.

IT and telecom stocks, on the other hand, witnessed selling pressure.

Shares of Jubilant Foodworks and Indian Energy Exchange hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended the day down by 0.1.4% and 1.3%, respectively. The Nikkei ended down by 0.9% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 5 points.

The rupee is trading at 75.51 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 47,219 per 10 grams.

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In news from the auto sector, Tata Motors was among the top buzzing stocks today.

Tata Motors shares jumped as much as 5% today after the auto major said its global wholesales in quarter two of the financial year 2022, including Jaguar Land Rover, grew 24% year on year (YoY).

The stock registered a fresh 52-week high again today at Rs 435.7 per share after foreign brokerage Morgan Stanley maintained its 'overweight' stance on the stock.

The stock has been gaining for the last four days and has generated nearly 27% returns during the same period.

Tata Motors' global wholesales came in at 2,51,689 in the second quarter of the year 2022.

Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in second quarter were at 89,055, up 57% from the same period last financial year.

Global wholesales of all passenger vehicles in quarter two were at 1.6 lakh higher by 11% compared to the same period last year.

Meanwhile, Jaguar Land Rover's global wholesales stood at 78,251 vehicles. Jaguar wholesales for the quarter were 13,944 vehicles, while Land Rover wholesales for the quarter were 64,307 vehicles, Tata Motors said.

Earlier this week, Tata Motors said retail sales of JLR continued to be constrained by the impact of the global semiconductor shortage on production.

But highlighted that the underlying demand for JLR products remains strong with order books at record levels.

Tata Motors share price ended the day up by 1.2% on the BSE.

Moving on to news from the power sector...

Tata Power Solar Bags Order of Rs 5.4 bn from EESL

Tata Power Solar, one of the country's largest integrated solar company and a wholly-owned subsidiary of Tata Power said that it has received 'Letter of Award' (LoA) to build 100 megawatt (MW) of distributed ground mounted solar projects for energy efficiency services limited (EESL).

The total order value of projects is Rs 5.4 bn. The commissioning date of the projects is set for 12 months, the solar company said in a regulatory filing.

With this win, the utility scale engineering, procurement, and construction (EPC) order book of Tata Power Solar now stands at 4 gigawatt (GW) capacity with an approximate value of Rs 92.6 bn, thereby strengthening its position as the country's leading solar EPC player.

The EESL project sites are located in Maharashtra. The work secured includes engineering, design, supply, construction, erection, testing, O&M and commissioning of the solar projects.

Tata Power share price ended the day up by 2.3% on the BSE.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

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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