Sensex Trades Over 800 Points Higher, Dow Futures Up by 54 Points

Tue, 30 Mar 12:30 pm

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   Momentum Moves   

   09:30 am   

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 818 points, up 1.7% at 49, 826 levels.

Meanwhile, the NSE Nifty is trading up by 244 points.

UPL and JSW Steel are among the top gainers today. Mahindra & Mahindra and Tata Motors are among the top losers today.

The BSE Mid Cap index is trading up by 0.7%.

The BSE Small Cap index is trading up by 0.6 %.

On the sectoral front, stocks from the metal sector, are witnessing most of the buying interest.

On the other hand, stocks from the real estate sector, are witnessing most of the selling pressure.

US stock futures are trading mixed today.

Nasdaq Futures are trading down 45 points (down 0.3%) while Dow Futures are trading up 54 points (up 0.2%)

The rupee is trading at 73.12 against the US$.

Gold prices are trading up by 1.6% at Rs 44,249 per 10 grams.

Gold prices in India fell today in early trade, pressured by a decline in global rates. On MCX, June gold futures were down 0.4% to near one-year lows of Rs 44,538 per 10 grams, extending losses to the fourth day, while silver fell 0.3% to Rs 63,985 per kg. In the previous session, gold had tumbled 0.8%.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about how the Nifty could move this year, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Adani Transmission.

Shares of Adani Transmission (ATL) hit a new high of Rs 924.4 as they rallied 6% on the BSE in intra-day trade today on the acquisition of Warora-Kurnool Transmission (WKTL) from Essel Infraprojects. The company said the acquisition was done at an enterprise valuation of Rs 337 billion.

As per the agreement, WKTL will develop, operate, and maintain transmission lines aggregating to around 1,750 circuit kilometres (ckt km). The two significant 765 kV inter-state transmission lines link Warora to Warangal and Chilakaluripeta to Kurnool via Hyderabad, with a new 765/400 kV sub-station at Warangal, and will be built and operated as a part of the agreement.

The project was awarded through a competitive bidding process on a build, own, operate, maintain basis and has a concession life of 35 years. The agreement has been signed post consent by the Central Electricity Regulatory Commission (CERC) for substitution of the original awardee in the contract by ATL, for 100% of equity holding in WKTL, the company said in a regulatory filing.

The acquisition of WKTL will bolster ATL's pan-India presence, consolidating further its position as the largest private-sector transmission company in India. This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country.

This asset will not only increase ATL's size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The acquisition is a further demonstration of ATL's drive towards differentiated capability through inorganic growth, successful integration and making such assets value accretive, for long term sustainable value creation for its stakeholder

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, shares of Adani Transmission were trading up by 3% on the BSE.

Speaking of the power sector, it is interesting to note that 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, India's power sector is currently in transition. It is 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.

In August 2020, Tanushree recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the IPO space...

Nazara Technologies Shares List at Over 70% Premium Over Issue Price

Nazara Technologies made a bumper market debut today, as the shares listed at Rs 1,990 on the NSE, an 80.7% premium over the issue price of Rs 1,101. On BSE, the scrip got listed at Rs 1,971, a 79% per cent premium.

Nazara has become the first gaming company to list in India. The 10.8% stake ace investor Rakesh Jhunjhunwala holds in the company was worth Rs 6.6 billion at listing. In valuation terms, it has become his sixth largest stock bet.

To boot, Jhunhunwala did not participate in the offer for sale. He is believed to be sitting on huge gains on his mobile gaming investment. He had invested Rs 1.8 billion in the gaming firm in 2008.

The much-followed Rs 5.8 billion initial public offer (IPO), shares under which were sold between March 17, 2021, and March 19, 2021, was a big hit among investors.

The IPO received a whopping subscription of 176 times, which was the third biggest for an IPO with an issue size of over Rs 2 billion. High Networth Individuals (HNIs) lapped up the issue, bidding for 390 times their quota limit. The portion reserved for qualified institutional bidders (QIB) was subscribed 104 times, and that for retail investors 75 times.We will keep you posted on more updates from this space. Stay tuned.

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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