Sensex Ends 113 Points Higher; IT and Energy Stocks Witness Buying

Thu, 16 Dec Closing

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   10:30 am   

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

Benchmark indices gyrated in a narrow range amid weakness in auto, banking and realty shares.

The BSE Sensex jumped to a high of 58,337, but soon pared gains and drifted into the negative zone to a low of 57,683 - down 654 points from the day's high as the trading session progressed.

While, the Nifty declined 194 points from the day's high of 17,379, to a low of 17,185.

At the closing bell, the BSE Sensex stood higher by 113 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 27 points (up 0.2%).

Bajaj Finance and Infosys were among the top gainers today.

Hindalco and Cipla, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,326, up by 65 points, at the time of writing.

Both, the BSE MidCap index and the BSE SmallCap index ended up by 0.7%.

Sectoral indices ended on a mixed note with stocks in the IT sector and energy sector witnessing most of the buying interest.

Power and realty stocks, on the other hand, witnessed selling pressure.

Shares of Metropolis Healthcare and Grindwell Norton hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended up by 0.3% and 0.8%, respectively. The Nikkei ended up by 2.1% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 166 points.

The rupee is trading at 76.08 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 48,365 per 10 grams.

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In news from the power sector, Tata Power was among the top buzzing stocks today.

TP Saurya Limited (TPSL), a wholly-owned subsidiary of Tata Power, has received the 'Letter of Award' (LoA) from Maharashtra state electricity distribution company (MSEDCL) for setting up of 300 MW hybrid (solar and wind) power capacity.

This project has been awarded through tariff-based competitive bidding followed by an e-reverse auction.

The company has received the LoA in a bid announced by MSEDCL. The project will be commissioned within 18 months from the date of power purchase agreement (PPA) execution.

Dr. Praveer Sinha, CEO & MD, Tata Power said,

• It is a proud moment for Tata Power to win this large-scale hybrid (wind & solar) power generation project.
  
  This will further promote the share of renewable power in the overall energy mix, thus strengthening our position as the market leader in the renewable space.
  
  It will also encourage other states to switch to green power to usher in an era of clean energy in the country.

With this, the total renewable capacity of Tata Power will reach 4,907 megawatt (MW) with an installed capacity of 2,953 MW and 1,954 MW under implementation.

Tata Power share price ended the day down by 2.4% 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 IT sector...

TCS Bags Contract from Plaza Premium Group to Transform Airport Experience

Tata Consultancy Services (TCS) has bagged a contract from Plaza Premium Group (PPG), a Hong Kong-based global airport hospitality services provider, to develop an end-to-end digital platform that will improve customer experience and operational excellence at PPG's 70 airport locations that serve 20 million passengers annually.

The financial details of the contract were not disclosed.

The long-term partnership focuses on reimagining the end-to-end airport travel experience across three core areas - customer experience, employee experience and operational excellence.

Leveraging its deep domain knowledge of the air transport sector, TCS said it is creating a 'first-of-its-kind' customized passenger services technology platform for PPG.

The new platform is aimed at enhancing customer experience by simplifying reservations for various services at PPG's lounges and other hospitality outlets.

In a statement, TCS said,

• The platform will integrate into the larger B2B partner ecosystem enabling seamless product offerings, selection and service integration, enhance the airport hospitality experience, and reinvigorate business growth.

The platform is expected to be first deployed at Bangalore International Airport in early 2022.

TCS share price ended the day up by 0.5% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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