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Sensex Rises 550 Points, Nifty Nears 16,000; Bajaj Finserv and Power Grid Top Gainers
Tue, 5 Jul 10:30 am

Sensex Rises 550 Points, Nifty Nears 16,000; Bajaj Finserv and Power Grid Top Gainers

Asian share markets opened with gains today thanks to speculation that US President Joe Biden is preparing to wind back some of the tariffs imposed on Chinese goods by Donald Trump.

The Nikkei rose by 0.8% while the Hang Seng rallied 0.9%. The Shanghai Composite is down 0.3%.

US stocks markets were closed on Monday on the account of 4 July, which is marked as the US independence day.

On Friday, Wall Street stocks shrugged off early weakness to secure solid gains as markets try to pivot from a grim first half of 2022.

Back home, Indian share markets are trading on a firm note, following strong Asian peers.

Benchmark indices opened on a positive note tracking the trend on SGX Nifty and extended gains as the session progressed.

At present, the BSE Sensex is trading higher by 575 points. Meanwhile, the NSE Nifty is trading higher by 128 points.

Tata Steel and Infosys are among the top gainers today.

ITC and M&M among the top losers today.

Broader markets are also trading on a positive note. The BSE Mid Cap index is up 0.5%. The BSE Small Cap index is trading higher by 0.9%.

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Sectoral indices are trading on a positive note. Stocks in the metal and power sector witness heavy buying.

In the commodity markets, gold prices move downwards. Today, prices are down by Rs 155, trading at Rs 51,967 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 57,942 per kg.

Crypto market rebounded sharply today as major crypto tokens were trading higher.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Speaking of stock markets, 2021 was a stellar year for IPO market. Indian IPO market had the highest ever collection from IPOs.

But with the beginning of 2022, IPO markets have been facing the headwinds of volatile markets. It seems that the IPO markets are dead.

But even in these tough times, one upcoming IPO might change the situation.

In the latest episode of investor hour, Ajit Dayal talks about investing in IPOs and his philosophy on investing.

In news from the mining sector, Vedanta records an increase in aluminium production.

Mining giant Vedanta  on Monday reported a 3% increase in its aluminium production to 5,65,000 tonnes in the April-June quarter of the ongoing fiscal.

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The company had produced 5,49,000 tonnes of aluminium in the corresponding quarter of the previous fiscal.

Mined metal production at Zinc India increased by 14% to 2,52,000 tonnes due to higher ore production across all the mines and supported by better mill recovery.

The production of saleable iron ore in Karnataka in the first quarter declined by 14% to 1.26 million tonnes over 1.46 MT on account of heavy rainfall which impacted ore handling.

The company's total production of saleable steel declined by 7% to 2,69,000 tonnes over 2,89,000 tonnes in the year-ago period.

It achieved 14% rise in ore production to 1,40,000 tonnes in the Q1 FY'23, over the corresponding quarter of previous fiscal.

Total power sales increased by 32% to 3,577 million units, over 2,716 MU in the year-ago period.

Following the good news Vedanta share price opened on a positive note today.

This is a much needed relief for the investors because of late, Vedanta share price is falling constantly.


Further in news is a stock from the Adani group.

The flagship company of Adani group - Adani Enterprises emerges as the lowest bidder in India's first coal import tender.

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Tender floated on behalf of power generation companies. Adani Enterprises quoted Rs 40.3 bne for the supply of 2.4 million tonnes (mt) of coal on a freight-on-road (FOR) basis.

The bids were opened on Friday. This imported coal will go to seven state generating companies 19 private power plants.

Adani Enterprise has bagged multiple coal import contracts from NTPC between January and June.

The Adani Group in December last year shipped out the first consignment of coal from its Carmichael mines in Queensland, Australia. Industry insiders said it is also eyeing Coal India's two e-tenders totalling 6 mt, for which bids have to be submitted by Tuesday.

The government is looking at imported coal to build adequate stocks at power plants before monsoon rain hits coal mining and supply decreases. India's power demand peaks post-monsoon due to high agricultural consumption and warm weather conditions.

The latest data available from the Central Electricity Authority showed thermal power plants had 26.8 million tonnes of coal stock. The plants will blend this with domestic coal.

All Adani group stocks are trading in green today with Adani Wilmar being the biggest gainer.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Read the latest Market Commentary


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