SGX Nifty Trades Flat | Why Footwear Stocks Are Rising | Tata Power to Install 20 EV Charging Stations | Top Buzzing Stocks Today

Fri, 21 Apr Pre-Open

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On Thursday, Indian share markets traded in a rangebound manner throughout the session and ended with minor gains.

Benchmark indices ended flat to positive as high-weightage finance stocks and IT stocks gained momentum.

At the closing bell on Thursday, the BSE Sensex stood higher by 64 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 7 points.

Tata Motors and NTPC were among the top gainers.

HUL and Eicher Motors on the other hand, were among the top losers .

The BSE Midcap ended flat while the BSE SmallCap index rose 0.1%.

Sectoral indices ended on a mixed note on Thursday with stocks in the telecom sector and power sector witnessing buying.

While stocks in realty sector and metal sector witnessed selling.

Shares of ITC and NCC hit their 52-week high.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 81.2 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.1% at Rs 60,370 per 10 grams at time of Indian market closing hours on Thursday.

At 8:00 AM today, the SGX Nifty was trading up by 10 points or 0.1% higher at 17,680 levels.

Indian share markets are headed for a flat to positive opening today following the trend on SGX Nifty.

Speaking of stock markets, the recent crash in IT stocks presents an interesting investment opportunity. Want to buy IT stocks, but not sure if the correction is over? Instead, you could use statistical arbitrage to capture the price divergence between TCS and Infosys.

Over the years, savvy investors realised that a strong correlation does exist between certain stocks.

This gave rise to a strategy termed pair trading which involves buying and selling two related stocks simultaneously in order to profit from the difference in their relative prices.

Watch the below video to learn about this strategy and find out if there is such a divergence currently between TCS and Infosys.

Top buzzing stocks today

Tata Power share price will be in focus today.

On Thursday, the company announced plans to install electric vehicle (EV) charging stations in Coimbatore, a city in the southern state of Tamil Nadu.

The company aims to set up 50 EV charging stations across the city in the next six months, with each station equipped with fast-charging facilities that can charge an EV in 60 minutes.

This move is part of Tata Power's effort to expand its EV charging network in India, which currently has more than 400 charging stations in over 100 cities.

Zee Entertainment Enterprises (ZEEL) will also be a top buzzing stock.

ZEEL, one of India's largest media companies, has initiated settlement talks with its creditors for a potential merger with Sony Pictures Networks India.

The talks come amid reports that ZEE has been struggling with a debt burden of over US $ 1.5 billion (bn) and is looking to sell off non-core assets and reduce its debt.

According to media reports, the proposed merger with SPNI could help ZEE reduce its debt and improve its financial position. The talks are still at an early stage, and it remains to be seen whether the two companies can reach an agreement on the terms of the merger.

Footwear stocks are finally out of the dull zone

Shares of footwear manufacturing companies were in demand on Thursday. Khadim India and Liberty Shoes locked in the 20% upper circuit on the BSE. The move came on the back of heavy volumes in an otherwise subdued market.

Superhouse surged 18%, while Mirza International soared 10%. Bata India, Metro Brands, Sreeleathers, Relaxo Footwears and Campus Activewear were up in the range of 2-7%.

Most of these stocks had underperformed the market and corrected sharply from their respective 52-week highs after reporting a weak operational performance due to rising raw material prices.

According to reports, contract manufacturers are increasing their presence in India with suppliers to global non-leather footwear players like Nike, Adidas, Puma and Reebok now flocking India as part of the China-plus-one strategy.

On Monday, the world's largest manufacturer Taiwan-based Pouchen signed a deal with Tamil Nadu government to come up with a Rs 230.2 m unit, at least six other global majors were in the process of setting up their units in the state.

According to industry sources, global non-leather majors like Feng Tay, Hong Fu, Dean Shoes, Oasis Footwear, Sports Gear and Zucca are either in the process of setting up their units in Tamil Nadu or have already started works on this. Globally, more than 85% of the footwear sold is non-leather.

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Rising discretionary income, improvement in living standards, increased brand consciousness, growing work force has resulted in the shift from the unorganized sector to the organized sector market to India.

The on-going changes in lifestyle and purchase habits have influenced the footwear industry as well.

NTPC's ambitious plans

Reportedly, India's largest power generator NTPC hopes to commission 3.5 GW of capacity by 2030 from its two nuclear plants under construction. The state-run company is also working with the Bhabha Atomic Research Centre (BARC) and the Department of Atomic Energy (DAE) to develop smaller reactors which can be set up quickly.

NTPC is developing the two nuclear plants-at Mahi Banswara in Rajasthan and Chutka in Madhya Pradesh-in a joint venture with Nuclear Power Corporation of India.

NTPC is also in talks with American, French and Russian companies for partnership in developing so-called small modular reactors (SMRs). SMRs are smaller reactors that can be factory-built, unlike conventional nuclear reactors that are built on site.

They have a power capacity of up to 300 MW(e) per unit-which is about a third of the capacity of traditional nuclear reactors- but being a mobile and agile technology, they can be set up in locations not suitable for larger plants.

Power generated via SMRs would be part of NTPC's targeted 60 GW installed green energy capacity by 2032. Currently, NTPC has a total installed power generation capacity of 71.6 GW, of which 3 GW is renewable energy.

NTPC's plan to develop SMRs is in line with the central government's ambitious net-zero targets.

In November 2022, Union minister of state for atomic energy Jitendra Singh said India is taking steps to build SMRs with up to 300 MW capacity to fulfill its commitment to clean energy transition. Recently, the minister also said that nearly 9% share of India's electricity is likely to come from nuclear sources by 2047.

NTPC has big plans of generating electricity through green energy through its green energy arms, NTPC Green Energy. The plans to launch NTPC Green Energy IPO in this financial year.

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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