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Sensex, Nifty Snap 4-Day Winning Streak; JSW Steel and Hindalco Among Top Losers
Tue, 11 May Closing | Nandini Mehta, TM Team

Indian share markets witnessed selling pressure throughout the day today and ended lower.

Benchmark indices ended the day nearly 1% lower, tracking weakness in global markets and dragged primarily by finance and banking stocks.

At the closing bell, the BSE Sensex stood lower by 341 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 92 points (down 0.6%).

Coal India and NTPC were among the top gainers today.

JSW Steel and Hindalco, on the other hand, were among the top losers today.

The SGX Nifty was trading at 14,865, down by 124 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.8%, respectively.

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Sectoral indices ended on a mixed note with stocks in the banking sector, finance sector and metal sector witnessing most of the selling pressure.

Oil & gas stocks, on the other hand, witnessed buying interest.

Shares of Grindwell Norton and Dalmia Bharat hit their respective 52-week highs today.

Coforge and InterGlobe Aviation were among the top buzzing stocks today.

Asian stock markets ended on a negative note today as demand resurgence collided with strained supply of basic materials, helping to fuel inflation worries.

The Hang Seng ended the day down by 2%, while the Shanghai Composite ended the day up by 0.4%. The Nikkei ended down by 3.1% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 173 points.

The rupee is trading at 73.34 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 47,882 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about the worst sector in the stock market according to the charts.

The stock market seems to be going up almost every day. Every trader is interested in finding out the best stocks and sectors.

In the video below, Brijesh tells you which sector you should avoid in this market. Tune in to find out more:

JMC Projects Q4 Results: Reports Substantial Rise in Net Profit

In news from the engineering sector, JMC Projects was among the top buzzing stocks today.

JMC Projects posted a consolidated net profit of Rs 414.4 million for the January-March quarter driven by higher revenues.

The company had reported a consolidated net loss of Rs 547.6 million in the quarter ended on 31 March 2020.

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Total income of the company rose to Rs 14 billion in the quarter from Rs 9.8 billion in the same period a year ago.

The consolidated net loss of the company is Rs 262 million in 2020-21 against a profit of Rs 12 million in 2019-20. Total income of the company in 2020-21 is Rs 38.7 billion compared to Rs 38.9 billion in 2019-20.

The board also approved a dividend of Rs 0.7 (35%) per equity of with face value of Rs 2 each for 2020-21 subject to approval of members at the ensuing annual general meeting.

The company's board also elevated Shailendra Kumar Tripathi from the position of CEO and Deputy Managing Director to the position of CEO and Managing Director of the company and approved changes in his present terms of appointment with immediate effect for his remaining tenure with the company.

JMC is engaged in civil and structural construction work of industrial power projects, pharmaceutical projects, corporate houses institutional & residential projects and infrastructure projects working across India.

JMC Projects share price ended the day down by 1.7% on the BSE.

Moving on to news from the power sector...

JSW Energy-Led Subsidiary JSW Hydro Energy Approves Issuance of Bonds

JSW Energy announced that its subsidiary, JSW Hydro Energy will be issuing US$ denominated senior secured notes aggregating to US$ 707 million.

The notes will be listed on the Singapore Exchange Securities Trading. The deemed date of allotment is 18 May 2021 and the maturity date is 18 May 2031.

The proceeds of the issue will be used for repayment of existing green project-related rupee-denominated indebtedness.

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Notes will bear interest from (and including) 18 May 2021 to (but excluding) 18 May 2031 at the rate of 4.1% per annum, payable semi-annually in arear on May 18 and November 18 in each year. The first payment will be made on 18 November 2021.

Prashant Jain, Chairman of JSW Hydro, and joint Managing Director and CEO of JSW Energy said, "We are overwhelmed by the strong response from international bond investors in our debut issuance. We are pleased that global investors have understood and appreciated our unique credit story.

This fundraise will enable us to further strengthen and diversify our sources of funding and we look forward to strengthening our partnership with global investors as we continue to build and grow our renewable energy business.

From a total installed capacity of about 4.6 GW today, where about 30% is from renewable sources, we currently have visibility on a pipeline of about 2.6 GW of renewable projects comprising of wind, solar and hydro which are likely to get commissioned over the next 24 - 30 months. On completion of these projects, the share of renewables in our portfolio will be over 55%."

JSW Hydro Energy is engaged with several investors on a global deal roadshow across Hong Kong, Singapore, London, New York and Los Angeles.

Backed by extremely strong investor feedback, the transaction was launched with initial price guidance of 4.5% area and tightened by 37.5 basis points (bps) to 4.1% as final pricing.

JSW Energy share price ended the day up by 1.4% on the BSE.

Speaking of the power sector, it's interesting to note 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, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's 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.

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!

What else is happening in the markets today? Dig in...

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Stock Market Updates

Sensex Trades Over 200 Points Lower, Dow Futures Down by 59 Points (Today's Market)

May 11, 2021 12:30 pm

BSE Sensex is trading up down 240 points, while the NSE Nifty is trading down by 52 points.

AUROBINDO PHARMA at All Time High; BSE HEALTHCARE Index Up 0.7% (Today's Market)

May 11, 2021 09:51 AM

AUROBINDO PHARMA share price has hit an all time high at Rs 1,064 (up 1.4%). The BSE HEALTHCARE Index is up by 0.7%. Among the top gainers in the BSE HEALTHCARE Index today are AUROBINDO PHARMA (up 1.4%) and PFIZER (up 1.4%). The top losers include PIRAMAL ENTERPRISES and CAPLIN POINT (down 0.2%).

Sensex Falls 400 Points on Weak Global Cues; Kotak Mahindra Bank & HDFC Top Losers (Today's Market)

May 11, 2021 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 412 points, while the Nifty is trading lower by 124 points.

MARICO at All Time High; BSE FMCG Index Up 0.1% (Today's Market)

May 11, 2021 09:49 AM

MARICO share price has hit an all time high at Rs 487 (up 2.8%). The BSE FMCG Index is up by 0.1%. Among the top gainers in the BSE FMCG Index today are MARICO (up 2.8%) and P&G HYGIENE (up 0.7%). The top losers include DABUR (down 0.1%) and KRBL (down 0.1%).

GRINDWELL NORTON at All Time High; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

May 11, 2021 09:49 AM

GRINDWELL NORTON share price has hit an all time high at Rs 1,159 (up 3.4%). The BSE CAPITAL GOODS Index is down by 0.3%. Among the top gainers in the BSE CAPITAL GOODS Index today are GRINDWELL NORTON (up 3.4%) and HONEYWELL AUTOMATION (up 0.2%). The top losers include SOLAR INDUSTRIES (down 0.2%) and HAVELLS INDIA (down 0.6%).

SUZLON ENERGY Share Price Up by 5%; BSE OIL & GAS Index Up 1.3% (Today's Market)

May 11, 2021 09:42 AM

SUZLON ENERGY share price is trading up by 5% and its current market price is Rs 6. The BSE OIL & GAS is up by 1.3%. The top gainers in the BSE OIL & GAS Index is SUZLON ENERGY (up 5.4%). The top losers is ONGC .

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May 11, 2021 03:36 PM