Sensex Trades Over 200 Points Higher, Dow Futures Up by 29 Points

Thu, 10 Jun 02:30 pm

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

The BSE Sensex is trading up by 274 points, up 0.5% at 52,216 levels.

Meanwhile, the NSE Nifty is trading up by 87 points.

Bajaj Finance and Divi's Lab are among the top gainers today. Eicher Motors and Bajaj Auto are among the top losers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 1.6%.

On the sectoral front, all sectors are trading in green with stocks from the healthcare sector and energy sector, witnessing most of the buying interest.

US stock futures are trading mixed today.

Nasdaq Futures are trading down by 11 points (down 0.1%) while Dow Futures are trading up by 29 points (up 0.1%)

The rupee is trading at 72.98 against the US$.

Gold prices are trading down by 0.4% at Rs 48,945 per 10 grams.

In international markets, gold rates were down moderately as investors remained cautious ahead of US inflation data. Spot gold was down 0.2% at US$ 1,885.5.

Tracking weak global cues, gold prices dipped in India today. On MCX, gold futures were down 0.2% in early trade at Rs 49,020 per 10 grams. Gold had ended flat in the previous session.

Note that gold jumped to a five-month high of Rs 49,750 last week and has since then struggled amid weak global cues.

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 explains why the stock market fell the way it did on Wednesday, 9 June, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Tata Power.

The Competition Commission of India (CCI) has cleared Tata Power's acquisition of 51% stake each in three power utilities in Odisha.

The company will buy stakes in Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha (CESCO).

The deal comes after separate competitive bidding processes initiated by the Odisha Electricity Regulatory Commission. The CCI has approved the proposed combinations, according to a release issued on 8 June.

The company has also received a Letter of Award(LoA) to build 210 megawatts (MW) of Solar PV projects for NTPC. The total order value of the projects is approximately Rs 6.9 bn.

With this addition, the order pipeline of Tata Power Solar stands at approximately 2.8 gigawatts (GW) with an approximate value of Rs 130 bn, thereby cementing its position as India's leading Solar EPC player.

The scope of work includes land, transmission, engineering, procurement, installation, and commissioning of the solar projects. The NTPC project site is located in Gujarat.

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

At the time of writing, Tata Power shares were trading up by 2.7% 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, Co-Head of Research at Equitymaster, 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 macroeconomic space...

Retail Inflation in India Likely Rebounded to 5.3% in May

India's retail inflation likely rose last month after a three-month low in April, lifted by higher food and energy prices, but stayed within the Reserve Bank of India's (RBI) target range for the sixth consecutive month, a Reuters poll found. Kunal Kundu, India economist at Societe Generale, said -

• In April, the retail prices of petroleum products were kept unchanged because of multiple state elections being held, despite rising crude prices.
  
  But immediately thereafter, the retail prices were increased about seven times in May itself, which led to substantial shooting up of this inflation component.

The June poll of 40 economists showed that consumer price inflation rose to 5.3% in May from a year ago, after dipping to a three-month low of 4.3% in April. If realised, inflation will have held within the RBI's 2-6% comfort range for the sixth month in a row.

While there were fewer supply chain disruptions during the recent pandemic lockdowns compared with last year, a general rise in inflation globally has elevated domestic price pressures.

Inflation was forecast to average 5% this fiscal year, according to a Reuters poll of economists late last month. That was similar to the RBI's estimated average of 5.1%, at its June meeting.Inflation holding within the target range will likely help the RBI to focus its policies more towards the economy, which has taken a hit from a second coronavirus wave.

Even before that wave struck, India's economy expanded just 1.6% in the March quarter from a year ago. For this fiscal year, predictions for growth have been repeatedly downgraded by economists and major institutions in recent weeks.

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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