Sensex Today Trades Flat | HPCL Zooms 6% | ICICI Bank & NTPC Top Losers

Wed, 8 Nov 10:30 am

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Asian stocks bounced back on Wednesday supported by another positive showing on Wall Street that secured the S&P 500's and Nasdaq's longest winning streak in two years.

The Nikkei is trading 0.2% higher while the Hang Seng index is jumped 0.3%. The Shanghai Composite is trading 0.1% lower.

US stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in US Treasury yields buoyed megacap growth stocks.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	132.4	0.95	0.72%	133.28	131.14	142.38	85.57
Apple	181.82	2.59	1.45%	182.44	178.97	198.23	124.17
Meta	318.82	3.02	0.96%	321	315.12	330.54	94.79
Tesla	222.18	2.91	1.33%	223.12	215.72	299.29	101.81
Netflix	434.61	-0.13	-0.03%	437.64	431	485	254.22
Amazon	142.71	2.97	2.13%	143.37	140.5	145.86	81.43
Microsoft	360.53	4	1.12%	362.46	357.63	366.78	219.35
Dow Jones	34152.6	56.74	0.17%	34206.98	34026.72	35679.13	31429.82
Nasdaq	15296.02	141.09	0.93%	15335.44	15153.31	15932.05	10671.19

Data Source: Equitymaster

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

At present, the BSE Sensex is trading lower by 9 points. Meanwhile, the NSE Nifty is trading up by 17 points.

Adani Ports and BPCL are among the top gainers today.

ICICI Bank and NTPC on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading mixed with stocks in the telecom sector and oil and gas sector are witnessing buying. Meanwhile, stocks in finance sector and banking sector witness selling.

Shares of Tata Elxsi and Colgate hit their 52-week high today.

The rupee is trading at Rs 83.25 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 60,387 per 10 grams today.

Meanwhile, silver prices are trading 0.1% lower at Rs 70,565 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about the possibility of Sensex at 50,000 in 2024, in her latest video.

With most of the positives priced in, any negative shocker, especially like the macro variables, could cause a huge dent in the index next year.

Watch the below video for more:

Indigo Expects Plane Grounding In Q4

IndiGo, the country's largest carrier by fleet and market share, finally has an estimated number of planes it will have to ground as a result of the powder metal issue on its Pratt & Whitney-powered fleet.

The airline expects the Aircraft on Ground (AOG) count to be in the range of mid-thirties due to the powder metal issue, which is incremental to the existing groundings, which are in the upper forties.

This could take the total grounded planes in IndiGo's fleet to more than 80 going ahead, during the January to March quarter (Q4-FY24).

In terms of size, this means that the airline will have as many planes grounded as Air India Express and Akasa Air put together. Currently, Air India Express (including erstwhile AirAsia India) has a fleet of 57 aircraft, while Akasa Air has a fleet of 20 planes.

Since induction in March 2016, Pratt & Whitney's GTF engine performance has troubled IndiGo, like many other airlines in the world. A delayed induction led by in-flight shutdowns and warnings leading to diversions had become a common occurrence, so much so that the regulator had to step in.

Interesting as it may seem, Pratt & Whitney had surpassed 800 orders and commitments for its GTF engine between January and June this year. The engine manufacturer had not informed airlines about the powder metal issue until then.

Indian airlines are known for their mischiefs and managing an airline business is not so easy. To know how has IndiGo managed to take-off in recent months then, check out Why Interglobe Aviation Ltd Share Price is Rising.

SJVN Secures 200 MW Solar Deal

State-owned SJVN Ltd on Tuesday received a letter of intent from Uttarakhand Power Corporation Ltd (UPCL) for the purchase of 200 MW of green energy.

UPCL intends to purchase 200 MW of power at a tariff of Rs 2.57 per unit from its 1,000 MW Bikaner Solar Project in Rajasthan.

The company has received a Letter of Intent for the purchase of 200 MW of solar power from Uttarakhand Power Corporation.

The solar project is being developed through SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of the company in Rajasthan under the CPSU Scheme, with viability gap funding support from the Government of India.

The power generated from the project will be used by government entities, either directly or through discoms.

The allocation of solar power from the project will be as per the power purchase agreement to be signed between SGEL and UPCL shortly.

With a sharp vision to diversify into renewable energy, SJVN is stitching a grand solar roadmap. For more details, check out This Company is Transforming into a Huge Solar Energy Giant. Take a Look...

Power Grid Q2 Profit Inches Up

Power Grid Corporation of India on 7 November said its consolidated net profit for the quarter ended 30 September 2023 rose 3.6% to Rs 37.8 bn from Rs 36.5 bn a year ago. Relatively lower expenses drove profits higher but higher taxes offset them partly.

The Central Public Sector Undertaking (CPSU) also declared an interim dividend of Rs 4 per equity share of Rs 10 each (at 40% of the paid-up equity share capital) for the financial year 2023-24. The interim dividend will be paid to the members on 6 December.

Its revenue from operations came in at Rs 112.7 bn, up 1% against Rs 111.5 bn in the corresponding quarter last year. Consolidated revenue marginally increased to Rs 115.3 bn in the three months ending September from Rs 113.4 bn in the year-ago quarter, a rise of 1.6%.

The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose 5.7% to Rs 101.7 bn in the second quarter of this fiscal over Rs 96.2 bn in the year-ago period.

The EBITDA margin stood at 88.2% in the reporting quarter compared to 84.8% in the corresponding period in the previous fiscal.

The company's transmission business saw a marginal increase to Rs 109.9 bn in the second quarter of FY24 from Rs 109.2 bn during the same period last year.

Earnings from the telecom business rose to Rs 2.2 bn from Rs 2.1 bn. Revenue from consultancy services also increased to Rs 1.8 bn from Rs 1.4 bn.

Power Grids stands among Top 5 Power Companies in India by Growth.

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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