Sensex Ends 479 Points Higher as Banking, FMCG Stocks Witness Buying; Power Grid, Coal India & Axis Bank Surge 3%

Wed, 12 Oct Closing

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After opening the day marginally higher, Indian share markets extended gains as the session progressed and continued their momentum throughout the day.

The key benchmark indices BSE Sensex and NSE Nifty snapped their 3-day losing streak backed by steady gains. A fall in global oil prices and positive US stock futures boosted the market sentiment.

However, concerns about the impact of steep hikes in interest rates on the economic growth kept gains in check.

At the closing bell, the BSE Sensex stood higher by 479 points (up 0.8%).

Meanwhile, the NSE Nifty closed up by 140 points (up 0.8%).

Power Grid, Axis Bank, and Coal India were among the top gainers today.

Asian Paints, Adani Enterprises, and Bharti Airtel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,097 up by 157 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap inched higher by 0.7% and the BSE SmallCap index ended higher by 0.2%.

All sectoral indices ended on a positive note with stocks in the realty sector, power sector, FMCG sector, and banking sector witnessing most of the buying.

Among the best banking stocks, Axis Bank and Kotak Bank rose 2% intraday.

Shares of Raymond, IDFC, and, ZF Commercial hit their 52-week highs today.

After falling for consecutive sessions, Divi's Lab share price reversed course and ended on a positive note.

Axis Bank, ICICI Bank, and Adani Enterprises were among 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 on a flat note, while the Hang Seng was down 0.7%. The Shanghai Composite ended 1.5% higher.

The rupee is trading at 82.3 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 51,096 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.9% at Rs 58,535 per kg.

Speaking of stock markets, Rahul Shah talks about ITC's performance in the volatile market, in his latest video.

ITC has defied the trend in a market, where even the highest quality firms have had trouble providing investors with favourable returns.

However, has the stock run up too fast, too soon? Is it still strong enough to post a hat-trick of gains in 2023?

Tune in to the below video to find out the answer:

In news from the automobile sector, Mahindra & Mahindra share price was among the top buzzing stocks today.

The share price of Mahindra & Mahindra jumped 2% on M&M and Jio-Bp strengthening its EV partnership.

Mahindra & Mahindra and Jio-bp will strengthen their partnership by setting up a charging network to provide easy charging facilities for the upcoming Mahindra e-SUVs.

Jio-bp will be installing DC fast chargers at Mahindra dealerships. It will also install these chargers at workshops across the country, starting with 16 cities.

These companies last year, signed an MoU for exploring the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.

Apart from this, the joint venture plans to set up charging facilities to help smooth intra- and inter-city travel for EV owners. For this, the two firms aim to cover multiple touch points within the cities and major highways, aided by a digital platform.

The venture will also drive electric passenger car adoption in India and help expedite the country's net-zero emission goals.

Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to be seen how the above developments pan out.

Moving on to news from the mining sector, Coal India was also in focus today.

Shares of Coal India surged 3% on its partnership with 3 PSUs for gasification projects.

Coal India signed agreements with three public sector companies, Bharat Heavy Electrical (BHEL), GAIL, and Indian Oil Corporation, to set up four surface gasification projects.

The company currently aims to gasify 100 m tons of coal into syngas. It is for the use in downstream production of value-added chemicals in the next eight years to reduce the import of crude oil, which is otherwise used to produce syngas.

Syngas is a synthesis gas, and this project would reduce forex outgo in the country, further creating around 23,000 jobs.

This project will be carried out in three phases.

Coal India is an Indian government-owned coal mining and refining corporation. It's the largest coal-producing company in the world and contributes around 82% to the total coal production in India.

Moving on to news from the IPO space, the initial public offer of Tracxn Technologies was subscribed 1.8 times on the final day.

Investors have so far bought 386 m equity shares against 212 m shares on offer.

The portion for retail investors was fully booked on the first day itself and has been bought 4.13 times the allotted size, while the part for non-institutional investors has been subscribed 69%.

Qualified institutional investors have bought 1.61 times the shares allotted to them.

Tracxn is planning to mobilize Rs 3.1 bn through the issue, which is an offer for sale.

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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