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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.

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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!

Read the latest Market Commentary

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Stock Market Updates

Sensex Trades Over 200 Points Lower, Dow Futures Up by 16 Points (Today's Market)

Jun 18, 2021 12:30 pm

BSE Sensex is trading down by 267 points, while the NSE Nifty is trading down by 90 points.

Sensex Corrects Over 600 Points; Tata Steel & JSW Steel Fall 4% (Today's Market)

Jun 18, 2021 11:30 am

The BSE Sensex fell over 600 points while NSE Nifty dipped below 14,500 mark.

HINDUSTAN COPPER Share Price Down by 5%; BSE METAL Index Down 2.1% (Today's Market)

Jun 18, 2021 10:04 AM

HINDUSTAN COPPER share price is trading down by 5% and its current market price is Rs 152. The BSE METAL is down by 2.1%. The top gainers in the BSE METAL Index [TOPCOMPANY]. The top losers is HINDUSTAN COPPER (down 5.1%).

GRAPHITE INDIA Share Price Down by 5%; BSE CAPITAL GOODS Index Down 0.4% (Today's Market)

Jun 18, 2021 09:56 AM

GRAPHITE INDIA share price is trading down by 5% and its current market price is Rs 680. The BSE CAPITAL GOODS is down by 0.4%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 1.0%) and SKF INDIA (up 0.6%). The top losers is GRAPHITE INDIA (down 5.4%).

GUJ. STATE PETRONET at All Time High; BSE OIL & GAS Index Down 0.7% (Today's Market)

Jun 18, 2021 09:50 AM

GUJ. STATE PETRONET share price has hit an all time high at Rs 328 (up 1.4%). The BSE OIL & GAS Index is down by 0.7%. Among the top gainers in the BSE OIL & GAS Index today are GUJ. STATE PETRONET (up 1.4%) and RELIANCE IND. (up 0.1%). The top losers include CASTROL INDIA (down 0.3%) and BPCL (down 0.4%).

Sensex Opens in Green; IT & FMCG Stocks Lead (Today's Market)

Jun 18, 2021 09:30 am

Indian share markets open marginally higher. The BSE Sensex opened up by 167 points, while the Nifty is trading higher by 37 points.

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