After opening the day marginally higher, Indian share markets swung between gains and losses throughout the session to end on a flat note.
In a day marred with high volatility and wild swings, benchmark indices ended the day flat with a marginal slip led by consumer goods companies.
Subdued global markets kept gains in check.
Losses in auto stocks and metal stocks were offset by gains in the financial and FMCG sector stocks.
At the closing bell, the BSE Sensex stood lower by 38 points (down 0.1%).
Meanwhile, the NSE Nifty closed down by 9 points (down 0.1%).
Cipla, Tata Consumer, and Shree Cements were among the top gainers today.
Hero MotoCorp, Adani Ports, and Tata Steel on the other hand were among the top losers today.
The SGX Nifty was trading at 17,040, higher by 20 points, at the time of writing.
The broader markets ended on a positive note. The BSE Mid Cap index ended flat while the BSE Small Cap index ended higher by 0.5%.
— Advertisement —
Grab These 3 Little- known Stocks Before They Run Up!
India’s leading small-cap investment guru, Richa Agarwal, has zeroed in on the ‘top 3 stocks’ for 2023…
These tiny companies are on an unstoppable growth trajectory, and are set to potentially deliver some of the biggest gains we have ever witnessed in modern-market history…
The opportunity to grab these stocks cheap is open right now. So, don’t miss it.
Richa will be revealing all the details on 30th September, 5 PM IST, at the ‘Top 3 Stocks for 2023’ Mega Summit.
Save Your Spot
Sectoral indices ended on a mixed note with stocks in the oil & gas sector, FMCG sector, and telecom sector witnessing most of the buying.
On the other hand, stocks in the auto sector, power sector, and banking sector witnessed selling pressure.
The best bank stocks in India stayed volatile and ended on a negative note.
Shares of Cipla and Captain Pipes hit their 52-week high today.
Outside the home ground, Asian share markets ended on a strong note.
At the close in Tokyo, the Nikkei ended up by 0.5%, while the Hang Seng was trading flat. The Shanghai Composite ended higher by 1.4%.
US stock futures are trading on a positive note with Dow futures trading up by 0.5%.
The rupee is trading at 81.5 against the US$. After slipping to record lows, the rupee stabilized today.
Gold prices are currently trading higher by 0.3% at Rs 49,150 per 10 grams.
— Advertisement —
3 Next-Generation Defence Stocks Potential 33x Opportunity by 2030
This decade belongs to defence stocks.
We are staring at a potential 33x opportunity by 2030.
But it is absolutely important that you choose the right defence stocks to ride this opportunity.
We’ve already identified 3 next-generation defence stocks for you…
These companies are into developing cutting-edge military technologies where we’re seeing a huge potential.
If you’re a serious investor, then you should not miss these 3 stocks for anything.
Full Details Here
Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.7% at Rs 55,352 per kg.
Speaking of stock markets, Rahul Goel talks to Pankaj Tibrewal and discusses his approach to picking stocks, constructing the best portfolio and his focus on management trust, in the latest episode of the Investor Hour podcast.
For anyone wanting to become a lot smarter when it comes to the stock markets…and wiser when it comes to understanding the India opportunity, listening to Pankaj is a must.
In news from the engineering sector, Shakti Pumps was among the top buzzing stocks today.
The share price of Shakti Pumps jumped over 5% today after receiving US$6 m in advance for Uganda Projects.
The company today received a receipt of advance worth US$6 m from Export-Import Bank of India (EXIM bank) on behalf of the Government of Uganda represented by the Ministry of Water and Environment for supplying a solar-powered water pumping system.
The company will begin the project execution in October 2022.
The company was awarded a contract in March 2021 from the Government of Uganda for the supply of solar-powered water pumping systems at a contract price of $35.30 million exclusive of VAT.
Commenting on this, Chairman and Managing Director of Shakti Pumps, Dinesh Patidar said,
- It is a moment of pride for us at Shakti Pumps for partnering with the Government of Uganda on this project. This will augur well with our green energy expansion plans in Africa while generating employment opportunities for the local citizens.
Export remains our focus area which has contributed 15.7% of revenue in FY22 amounting to around Rs 1,851 million with the continent currently contributing approximately 10% share in the overall export business for SPIL.
With this successful implementation of solar pumps in Uganda, the company is looking forward to partnering with other African countries for similar mid-sized projects.
The company is already a partner of choice for major export markets such as the US and the Middle East due to its in-house R&D infrastructure.
Shakti Pumps is in the business of making energy-efficient pumps and motors.
With a leading position in solar pump markets in India, Shakti Pumps exports a wide range of pumping products to over 100 countries globally.
Due to the persistent market volatility in India, shares of the company are trading lower by 24% on a YTD basis.
Moving on to news from the media sector, Dish TV shares were in focus today.
Dish TV shares slipped 10% today as shareholders reject results.
Shares of the company edged lower, a day after shareholders of the broadcast satellite service provider rejected audited statements for the last two fiscals, appointments of a new auditor and an independent director.
The resolutions not approved by shareholders include those related to the adoption of financial statements for fiscal years 2021 and 2022 and the appointment of a new statutory auditor.
This comes amid an ongoing dispute involving Yes Bank and Dish TV over corporate governance and fundraising plans. Yes Bank wanted to reconstitute the board.
Commenting on this, Dish TV in exchange filling said,
- The conclusion of this AGM was subject to the adoption of the financial statements of the Company for the financial year 2020-21 and the financial year 2021-22 by shareholders. Given the non-approval of these agenda items, the present AGM stands adjourned sine die for the said Items.
The board of directors of the Company at the subsequent meeting shall finalize the requisite steps to be undertaken in respect of holding the adjourned AGM, which will be subject to receipt of such necessary approvals.
Dish TV also adjourned its annual general meeting without a date, adding that the strength of the board had come down to two directors, below the minimum required strength of three.
Yes Bank, which holds about a 25% stake in Dish TV, has been pushing for a board reconstitution, citing corporate governance issues.
Since media stocks interest you, check out the best media stocks in India.
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
What else is happening in the markets today? Dig in…
#Indian #Stock #Market #News #Equity #Market #Sensex #Today #India
( With inputs from equitymaster)