Sensex Trades Marginally Higher, Nifty Above 17,000; Power Grid and HCL Tech Top Gainers

Wed, 12 Oct 10:30 am

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Asian share markets opened lower today after a mixed close on Wall Street following the IMF's downcast economic outlook, with investors remaining cautious about the impact of inflation.

The Nikkei fell by 0.2% while the Hang Seng was down 2.3 %. The Shanghai Composite is trading lower by 1.1%.

The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session.

Trading was volatile, with investors cautious ahead of key US inflation data and the start of third-quarter earnings later this week.

The Dow Jones rose by 0.1% while the tech heavy Nasdaq ended lower by 1.1%.

Back home, Indian share markets are trading on a positive note.

Benchmark indices opened on a positive note today following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 157 points. Meanwhile, the NSE Nifty is trading up by 35 points.

Power Grid and HCL Technologies are among the top gainers today.

Asian Paints and Bharti Airtel are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading lower by 0.1%.

If you are looking for smallcaps, start your search with the fundamentally strong smallcap stocks that offer cushion in this volatile period.

Sectoral indices are trading on a mixed note. Stocks in the consumer durables sector and telecom sector witness selling.

While stocks in the energy sector and utilities sector witness buying.

Shares of ZF Commercial and Kalpataru Power hit their 52-week high today.

In the commodity markets, gold prices trade lower. Today, gold prices are trading lower by Rs 199 at Rs 50,897 per 10 grams.

Meanwhile, silver prices are trading lower at Rs 57,791 per 1 kg.

The rupee is trading at 82.2 against the US dollar. Recently, the rupee touched record low. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

In news from the renewable energy sector, Suzlon Energy opened its rights issue yesterday.

The company has fixed 4 October 2022 as the record date for the rights issue and the issue will be open until 20 October 2022.

Right shares will be issued in a ratio of 5:21 i.e. Suzlon will offer 5 shares for every 21 shares held as of the record date.

Suzlon will repay Rs 10 bn to REC from the rights issue proceeds.

Promoters of the company will participate in the issue and they will fully subscribe the issue up to the extent of their rights entitlement.

Note that Suzlon Energy share price was at its peak at Rs 459 in 2008. But today, Suzlon is one of the popular stocks that turned into penny stocks.

From having a marketcap of Rs 680.7 bn in January 2008, Suzlon's marketcap stood at Rs 55.3 bn in December 2008. That's a wealth destruction of over 90% in a span of 11 months.

Further in the news from the power sector, Power Grid acquires a stake in special purpose vehicle (SPV).

Power Grid Corporation of India emerged as the successful bidder under tariff-based competitive bidding (TBCB) to acquire ER NER Transmission (ETL).

ETL was acquired for an aggregate value of about Rs 70.4 m including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the company. Power Grid now owns a 100% stake in ETL.

ETL was incorporated on 6 October 2021 by a bid process coordinator. The entity is yet to start commercial operation, as such no turnover has been recorded since its incorporation. The entity will be operating in India and is engaged in the business of transmission of power.

The approval for the grant of transmission license and adoption of transmission charges are to be obtained from Central Electricity Regulatory Commission by ETL after the acquisition by the company.

On a consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 38.1 bn in Q1 of the financial year 2022-23 as against Rs 59.9 bn recorded in Q1 financial year 2021-22.

This might finally be the good news that investors were waiting for because as of late power grid share price was falling.

Moving on to the news from telecom sector, Adani group has officially made an entry into the telecom sector.

Adani Data Network has been granted unified licence for access services, which enables it to provide all telecom services in the country, according to two official sources. Adani Group entered the telecom sector after buying spectrum in the recent 5G spectrum auction.

Adani's bid in the spectrum was quite low. Adani made a total bid of Rs 2.1 bn, for 20 years which was less than 1% of the total spectrum bids. Adani acquired spectrum in 26 MHz of airwaves.

This spectrum is not useful for telephone services; it can be used for setting up a private network for an end to end communication.

The Adani Group had said that it plans to use the airwaves for its data centres as well as the super app it is building to support businesses from electricity distribution to airports, and gas retailing to ports.

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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