Sensex, Nifty End Flat as Metal & Energy Stocks Drag; HDFC, ITC Among Top Gainers

Fri, 2 Sep Closing

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After opening on a negative note, Indian share market witnessed volatility trading activity today and ended flat.

Nervousness persisted amid concerns about steep hike in interest rates and prospect of slowing economic growth.

The gains made by capital goods stocks were offset by the fall in IT stocks and energy stocks.

Also, benchmark indices swung between gains and losses as investors awaited a critical US jobs data to get clues on how aggressively the Federal Reserve will raise interest rates.

At the closing bell, the BSE Sensex stood higher by 36 points.

Meanwhile, the NSE Nifty closed lower by 3 points.

HDFC, ITC and L&T were among the top gainers today.

Reliance, Maruti Suzuki and IndusInd Bank on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,539, down by 30 points, at the time of writing.

The broader markets ended on a mixed note. The BSE Mid Cap index fell 0.4% while the BSE Small Cap index ended higher by 0.1%.

Sectoral indices ended on a mixed note with stocks in the capital goods sector, banking sector and finance sector witnessing most of the buying.

On the other hand, stocks in the oil and gas, metal and auto sector witnessed selling pressure.

Shares of Mahindra Holidays, Pidilite Industries, and SKF India hit their 52-week high today.

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ended on a flat note while the Hang Seng dived 0.7%. The Shanghai Composite ended higher by 0.1%.

The rupee is trading at 79.8 against the US$.

Gold prices are currently trading up by 0.5% at Rs 50,295 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX trades higher by 0.% at Rs 52,930 per kg.

Note that gold prices have fallen and have taken quite a knock in recent weeks. Silver price too have fallen a lot in recent days.

The question on everyone's mind now is when will gold and silver prices recover?

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, Richa Agarwal talks about tech IPOs and IPOs in general, in her latest video.

Tune in to find out whether your IPO investment passes these critical tests.

In news from the IT sector, Tanla Platforms was among the top buzzing stocks today.

Share price of Tanla Platforms jumped over 3% today as company mulled a share buyback plan.

The company's board will meet on 8 September to consider a share buyback proposal.

A share buyback, also known as a share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price.

Today, in the exchange filing, the company said,

• This is to inform you that the Board of Directors of the Company will consider a proposal for buyback of Equity Shares of the Company including matters related/ incidental thereto, at its meeting which is scheduled to be held on Thursday, 08 September 2022.

Tanla is India's largest Communications Platform as a Service (CPaaS) company.

Tanla Platforms initially started as a Bulk SMS provider in Hyderabad catering to SME. As the team grew, the company evolved into a cloud communication provider with services and products with aggregators and telecoms across the globe.

It has virtual monopoly in the OTP business. On a YTD basis, Tanla Platform share price is down by 60%.

The reason why Tanla Platforms is battered down in recent months is because it reported poor financials for the quarter ended June 2022.

The weak performance left investors disappointed which led to Tanla share price falling.

With a strong outlook for the CPaaS industry, the long-term view for Tanla seems bright.

To know more, check out Tanla Platform news and analysis.

Moving on to news from the power sector, NTPC share price was in focus today.

NTPC gains 4% as bids line up for the majority stake sale in green energy arm.

Shares of NTPC hit a 52-week high after ArcelorMittal, Brookfield and Canada Pension Plan Investment Board emerged among dozen entity to buy stake in the green energy arm of NTPC.

The expression of interest for stake sale of 5 to 10% in NGEL was invited in June this year. The thermal power behemoth aims to sell minority stake, to raise up to Rs 20 bn.

The stake sale of NGEL is part of the asset monetisation target of NTPC, which is pegged at Rs 150 bn, for three years.

Along with the listing of NGEL, NTPC is also looking to pare its stake in two companies - NTPC Vidyut Vyapar Nigam, the power trading arm and Northeastern Electric Power Corporation.

In line with the company's vision to reach 60 gigawatts (GW) of renewable capacity by 2032, the capital raise will help NTPC to get growth capital and pursue their capacity expansion plans.

Moreover, the company envisions to enhance its current presence in consultancy services, power trading, and ancillary services. The company has targeted 25% market share in ancillary services and storage by 2032 under its long-term plan.

NTPC is one the leading green hydrogen companies in India.

It also plans to set up its first green hydrogen fuelling station in Leh, Ladakh. It will ply 5 hydrogen buses, to start with.

Despite the prevailing market volatility, NTPC share price has gained 28.5% on YTD basis. Have a look at its YTD performance.

To know more, check out NTPC's news and analysis.

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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