Sensex Ends 166 Points Lower; ITC, Tata Consumer & Bajaj Finance Among Top Nifty Losers

Tue, 14 Dec Closing

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

Benchmark indices recovered nearly all of their intraday losses in a volatile session today, though caution prevailed amid renewed concerns about the Omicron variant of Covid-19.

At the closing bell, the BSE Sensex stood lower by 166 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 43 points (down 0.3%).

Power Grid Corp and Divi's Lab were among the top gainers today.

ITC and Bajaj Finance, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,331, down by 116 points, at the time of writing.

The BSE MidCap index ended down by 0.5%, while the BSE SmallCap index ended flat.

Sectoral indices ended on a mixed note with stocks in the telecom sector and auto sector witnessing most of the selling pressure.

Power stocks, on the other hand, witnessed buying interest.

Shares of Raymond and Adani Total Gas hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended down by 1.3% and 0.5%, respectively. The Nikkei ended down by 0.7% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 28 points.

The rupee is trading at 75.86 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 48,255 per 10 grams.

In news from the power sector, Adani Green Energy was among the top buzzing stocks today.

The renewable energy arm of the Adani Group, Adani Green Energy (AGEL) has signed a power purchase agreement with state run Solar Energy Corporation of India (SECI) to supply 4667 megawatt (MW) of green energy.

This is the world's largest ever green power purchase agreement (PPA), as Adani is on track to be the world's largest renewables player by 2030, as per the company statement.

Gautam Adani, chairman of the Adani Group said,

• This is yet another step in our journey to enable India's dual objective to accelerate India's renewable energy footprint as well as promote domestic manufacturing under the Atmanirbhar Bharat programme.
  
  Following the proceedings at COP 26, it is increasingly evident that the world has to equitably transition to a low carbon economy faster than previously anticipated.

This is why the Adani Group has committed US$50 - US$70 bn of investment in the renewables space. This agreement keeps the company well on track to their commitment to become the world's largest renewables player by 2030.

As the world's largest solar power developer, Adani Green Energy will supply 4,667 MW. The AGEL-SECI agreement to supply 4,667 MW is part of a manufacturing-linked solar tender of 8,000 MW awarded to AGEL by SECI in June 2020, which set a record for being the world's largest solar development tender ever awarded.

So far, AGEL has signed power purchase agreement (PPAs) with SECI for a total generation capacity of close to 6000 MW of the 8,000 MW awarded in 2020. AGEL expects to close the balance 2000 MW PPA in the next two to three months.

Adani Green Energy share price ended the day up by 3.5% 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.

Moving on to news from the macroeconomic space...

Wholesale Inflation Rises to 14.23% in November

Wholesale price-based (WPI) inflation surged to 14.23% in November against 12.54% in October.

WPI inflation has remained in double digits for eight consecutive months starting April this year. Also, the spike is highest since April 2005.

In a statement, the Commerce and Industry Ministry said,

• The high rate of inflation is primarily due to rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products and food.

Fuel and power prices rose 39.81% versus 37.18% in October, while manufactured product prices rose 11.92%, against 12.04% in the prior month.

In another set of data released on Monday, retail or consumer price-based inflation for November rose to 4.91% on the back of higher vegetable prices.

The Reserve Bank of India (RBI) has kept the full-year target for the current fiscal at 5.3% with inflation peaking in the fourth quarter at 5.7%.

Speaking of inflation, India's #1 trader Vijay Bhambwani talks about the best way to make money in an inflationary economy, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

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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