Sensex Hits Fresh Record-High, Dow Futures Down by 21 Points

Wed, 13 Oct 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 397 points, up 0.7%, at 60,681 levels.

Meanwhile, the NSE Nifty is trading up by 150 points.

Tata Motors and Mahindra & Mahindra are among the top gainers today. ONGC and Maruti Suzuki are among the top losers today.

The BSE Mid Cap index is trading up by 1.4%.

The BSE Small Cap index is trading up by 0.7%

On the sectoral front, stocks from the automobile sector are witnessing most of the buying interest.

On the other hand, stocks from the real estate sector are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 17 points (down 0.1%) while Dow Futures are trading down by 21 points (down 0.1%).

The rupee is trading at 75.45 against the US$.

Gold prices are trading up by 0.2% at Rs 47,275 per 10 grams.

Gold prices opened flat in Indian markets today and remained range-bound. On MCX, gold December futures had previously closed at Rs 47,210 per 10 grams, down 0.4% from an intraday high of Rs 47,420 and a low of Rs 47,036.

However, the close was 0.3% or Rs 159 higher than at the end of trade on Monday.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of investing, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares his views on the cryptocurrencies - Bitcoin and Ethereum, in his latest video for Fast Profits Daily.

Moving on to stock-specific news...

Among the buzzing stocks today is Power Grid Corporation.

Shares of Power Grid Corporation of India rose over 4% on the exchanges after the company's board granted approval for setting up an electric vehicle charging station in Navi Mumbai for an estimated cost of Rs 142.3 m.

The EV station is being set up under the FAME India Scheme Phase II.

It has a commissioning schedule of twelve months for the charging station and 24 months for other infrastructure i.e. kiosks, toilets etc. from the date of agreement to be signed between Power Grid and Navi Mumbai Municipal Transport (NMMT).

The company's board also approved the incorporation of a wholly owned subsidiary to undertake the telecommunications and digital technology business of Power Grid.

Power Grid Corporation of India was established by the Government of India (GoI) as the central transmission utility of India. As of 30 June 2021, the government held a 51.3% stake in the electric utility manufacturing company.

In its latest quarterly results, the company reported a sharp spurt in consolidated net profit at Rs 60 bn compared to Rs 20.5 bn in the June 2021 quarter.

Consolidated net sales also grew 8% year on year (YoY) to Rs 102.2 bn from Rs 95 bn.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, Power Grid Corporation shares were trading up by 4.1% on the BSE.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

  As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

  Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India

  Moving on to news from the software sector...

  Happiest Minds Technologies Partners With Tech4TH Solutions

  Happiest Minds Technologies announced that it has entered into a partnership with Tech4TH Solutions, a company incorporated in the USA.

  Tech4TH provides digital services to worldwide companies in the travel and hospitality sectors.

  Happiest Minds said its deep digital technology led offerings coupled with Tech4TH's strong consulting and industry focus will help enterprises in both sectors to drive their customer experience, employee engagement and operational excellence initiatives.

  Happiest Minds Technologies enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.

  The IT company reported a 28.8% fall in net profit for the June 2021 quarter.

  We will keep you posted on more updates from this space. Stay tuned.

  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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