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Sensex Opens 250 Points Higher; Coal India & Power Grid Top Gainers
Fri, 11 Jun 09:30 am

Asian stock markets are trading on a mixed note today. The Hang Seng is up 0.5% while the Nikkei is trading on a flat note.

The Shanghai Composite is trading down by 0.3%.

In US stock markets, Wall Street indices closed at record high as inflation figures exceeded expectations.

The Dow Jones Industrial Average gained 19 points or 0.1% while the Nasdaq Composite rose 109 points or 1%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants will track shares of BEML, BHEL, and Cochin Shipyard as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 248 points. Meanwhile, the NSE Nifty is trading higher by 75 points.

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Power Grid is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.4% and 0.9%, respectively.

All sectoral indices are trading in green with stocks in the metal sector and energy sector witnessing most of the buying interest.

Shares of Bajaj Finance and SKF India hit their 52-week highs today.

The rupee is trading at 72.93 against the US$.

Gold prices are trading up by 0.2% at Rs 49,280 per 10 grams.

Meanwhile, silver prices are trading up by 0.5% at Rs 72,332 per kg.

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 to the video below to find out more:

In news from the infrastructure space, as much as Rs 3.5 tn worth of assets are likely to get monetised through InvITs (Infrastructure investment trust) and REITs (real estate investment trust) as a platform in next one year, rating firm ICRA said on Thursday.

Till date, assets worth Rs 2.1 tn have been floated through these platforms.

In the last two years, Rs 853 bn worth of InvITs have been monetised.

During the same period, all three REITs, valued at Rs 771 bn, were listed.

ICRA said that with InvITs and REITs now recognised as borrowers under the Sarfaesi Act, lenders to these trusts shall have adequate statutory enforcement options.

Earlier, the absence of this act was becoming a constraint for bankers to lend directly at trust level.

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Recently, the Insurance Regulatory and Development Authority of India (IRDAI) had allowed insurers to invest in debt instruments of InvITs and REITs rated AA and above as a part of their approved investments.

This shows growing comfort of lenders as well as investors.

Recently, Power Grid successfully raised Rs 77.4 bn via its InvIT IPO, which comprised a fresh issue of Rs 49.9 bn and an offer for sale (OFS) of Rs 27.4 bn by unit holders.

PowerGrid InvIT debuted at Rs 104 on the BSE as well as National Stock Exchange, a 4% premium over issue price of Rs 100 per unit.

Presently, it is trading at Rs 114.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to news from the power sector, NHPC is among the top buzzing stocks today.

State-owned hydro power giant NHPC on Thursday reported nearly 80% jump in its consolidated net profit to Rs 4.6 bn for the March 2021 quarter.

The company's consolidated net profit stood at Rs 2.6 bn in the same quarter last year.

Total income during January-March 2021 stood at Rs 20.9 bn, compared with Rs 23.8 bn in the year-ago period.

For the full financial year 2020-21, the company's consolidated net profit stood at Rs 35.8 bn as compared with Rs 33.4 bn in 2019-20.

The company's board of directors also recommended a final dividend of Rs 0.35 per equity share.

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This is in addition to the interim dividend of Rs 1.25 per equity share for 2020-21 paid in March 2021.

Moreover, the company's board also approved the proposal to raise debt up to Rs 43 bn during the financial year 2021-22.

NHPC share price has opened the day up by 1.1%.

Speaking of public sector undertakings (PSU), have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE-PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in a recent edition of Profit Hunter:

  • However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.

    In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

Richa's latest stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a 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

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

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