After opening the day on a flat note, Indian share markets gained momentum in early hours and continued the uptrend throughout the day.
Gains were however capped as nervousness persisted among investors globally ahead of key central bank decisions due later this week following recession warnings from IMF and the World Bank.
At the closing bell, the BSE Sensex stood higher by 300 points (up 0.5%).
Meanwhile, the NSE Nifty closed up by 91 points (up 0.5%).
The BSE Sensex touched a low of 58,487 but ended near 59,140 levels.
M&M, Bajaj Finance, and SBI Life Insurance were among the top gainers today.
Tata Steel, Tata Motors, and Britannia on the other hand, were among the top losers today.
The SGX Nifty was trading at 17,624, up by 61 points, at the time of writing.
The broader markets ended on a negative note. Both, the BSE Mid Cap index and the BSE Small Cap index ended lower by 0.2%.
Sectoral indices ended on a mixed note with stocks in the auto sector, FMCG sector, and financial sector witnessing most of the buying.
While shares in metal sector, realty sector, and telecom sector witnessed maximum selling pressure.
Shares of Ambuja Cement, Escorts Kubota, and India Cements hit their 52-week high today.
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Outside the home ground, Asian share markets ended on a weak note.
At the close in Tokyo, the Nikkei ended on a negative note, down by 1.1% while the Hang Seng dived 1%. The Shanghai Composite ended lower by 0.4%.
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US stock futures are trading on a negative note today with Dow futures trading down by 1%.
The rupee is trading at 79.8 against the US$.
Gold prices are currently trading down by 0.4% at Rs 49,380 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.3% at Rs 56,720 per kg.
Continuing its downtrend, gold price fell today and is likely to remain volatile this week due to the US fed policy meeting.
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In news from the engineering sector, Welspun Corp was among the top buzzing stocks today.
Share price of Welspun Corp jumped 7% as company secured a significant order in United States.
Welspun Corp surged to its 52-week high after it secured a carbon capture pipeline project in the US.
This order is for supply of 785 miles (1,256 KM) or 100,000 MT (approximately) of high frequency induction welding (HFIW) pipes and would be used for transporting captured carbon dioxide.
The pipes for this order will be produced from Welspun’s Little Rock plant in the US and the same will be executed in financial year 2023-24.
Commenting on it, Welspun Corp in exchange filling said,
- This large strategic order once again reflects our strong culture of engineering excellence and the trust customers have in our capabilities to execute large-scale projects, both in terms of supplying impeccable quality, and for on-time deliveries.
This project would significantly contribute to reducing the CO2 emission in the environment and is a big leap forward for the company to meet their ESG (Environmental, Social, and Governance) goals of the company.
Welspun Corp is the second largest manufacturer of large-diameter pipes in the world and is the flagship company of the Welspun Group. It operates a 1.65 mtpa plant in Anjar, Gujarat, which is being increased to 2.1 mtpa.
It is a one-stop service provider offering end-to-end pipe solutions
Welspun Corp’s shares have been in an uptrend for the last six months. The scrip has more than doubled investors’ wealth in the last one year, with a 110% rise.
Moving on to news from the IPO space, shares of Inox Wind were also buzzing today.
Inox Wind gained 8% intraday today as its subsidiary gets market regulator’s nod for an IPO.
Inox Green Energy services, a subsidiary of Inox Wind, plans to raise Rs 7.4 bn via its IPO (Initial Public Offer) this year to fund its expansion plan.
This is the second attempt for Inox Green Energy Services to go public. In February, the company filed a Draft Red Herring Prospectus (DRHP) for its proposed IPO with markets regulator.
According to the latest DRHP filed on 17 June, the Rs 7.4 bn IPO will consist of fresh issuance of equity shares worth Rs 3.7 bn and an offer-for-sale of equity stocks aggregating to Rs 3.7 bn by promoter Inox Wind.
The company is planning to launch its IPO in next 30-45 days but may be tweaked as per the prevailing market conditions.
Inox Green Energy Services is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.
Since IPOs interest you, check out the upcoming IPOs on our website.
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,
Indian Share Market Update: Top Gainers and Losers
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( With inputs from equitymaster)