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Sensex Today Hits Record High, Ends 339 Points Higher | Realty Stocks Shine | M&M Rallies 5%, Tata Motors 2%
Thu, 6 Jul Closing

Sensex Today Hits Record High, Ends 339 Points Higher | Realty Stocks Shine | M&M Rallies 5%, Tata Motors 2%

After opening the day on positive note, Indian share markets continued the momentum throughout the session and ended higher.

Benchmark indices ended higher amid unabated foreign fund inflows and ended at new closing highs. A hint of caution prevailed at the start amid weak global market trends, but investors set aside the worries for now and continued to bet on the Indian growth story.

At the closing bell, the BSE Sensex stood lower by 339 points (up 0.5%) .

Meanwhile, the NSE Nifty closed up by 98 points (up 0.5%).

M&M and Reliance Industries were among the top gainers today.

Eicher Motors and Maruti Suzuki on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,549, up by 38 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index and BSE SmallCap ended 0.7% higher.

Barring the IT sector all other sectoral indices ended the day on a positive note, with stocks in realty sector and oil & gas sector witnessing most buying.

Shares of Maruti Suzuki and Britannia hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

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Asian stock markets ended on a negative note. The Nikkei ended lower by 1.7%, while the Hang Seng ended down by 3%. The Shanghai Composite ended lower by 0.5%.

The rupee is trading at 82.49 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 58,467 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading marginally lower at Rs 71,300 per kg.

Speaking of stock markets, We Indians are very price conscious. No matter what we're buying, we always bargain first.

So, why don't we take the trouble to find bargains in the stock market? You see, most stocks are either trading at super-expensive valuation or they are trading way below their true worth because they are worthless stocks.

There are very few stocks in the market that you can call value for money stocks. But these value for money stocks are some of the safest stocks available in the market that you can buy at bargain prices. See the full video to discover this category of stocks where your downside is limited but upside potential is huge.

BSE Board Approves Share Buyback Proposal

In the news, the Bombay Stock Exchange (BSE) on 6 July 2023 approved the buyback of shares worth up to Rs 3.7 billion (bn) at Rs 816 per share. The buyback will be done via the tender route.

The buyback price is nearly 20% higher than Wednesday's closing price of Rs 680.35 per share.

The resultant equity shares to be bought back at the buyback offer price are 45,93,137 equity shares, representing 3.39% of the total paid-up equity capital of the company as on 31 March 2023.

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Meanwhile, the company's board has appointed Nuvama Wealth Management Limited as the manager of the buyback.

The buyback offer is subject to the approval of the shareholders by way of a special resolution at the ensuing eighteenth annual general meeting and all other applicable statutory approvals.

The BSE share price is up 24% in 2023 so far. In the past one year, it has gained by 12.9%.

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Adani Green weighs raising US$ 1.5 billion

Moving on to news from the power sector, Indian billionaire Gautam Adani's renewable energy unit is considering raising about Rs 123 bn (US$ 1.5 bn) to fund his coal-dependent conglomerate's green diversification, according to the media reports.

Adani Green Energy's board will discuss plans to raise funds from institutional investors on Thursday and will then seek approval from shareholders.

By selling shares through qualified institutional placement, or QIP, Adani Green is looking to bring on board more institutional investors and attract more research analysts to cover the firm, said one of the people.

Deliberations are ongoing, and details of the fundraising, including size, could still change.

The tycoon's conglomerate has already announced fundraising plans of as much as US$ 2.6 bn for two other companies, Adani Enterprises and Adani Transmission, as it attempts a comeback from the crisis triggered by Hindenburg Research.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analyses on one screen.

Dig deeper into Adani group stocks.

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Why Hindustan Zinc share price is rising

Moving on to news from the mining sector, shares of Hindustan Zinc (Hind Zinc) surged 8% to an intra-day high of Rs 336 apiece on the BSE after the Vedanta group company said it will consider an interim dividend payment for the financial year 2023-24.

With this, the stock is on its way to reclaiming its 52-week high of Rs 383 hit on 1 January this year.

The company's board of directors will hold a meeting on Saturday, 8 July 2023, to consider an interim dividend for FY24.

The record date for the eligibility of interim dividend payment, if any, will be Saturday, 15 July 2023.

In its June quarter 2023 production released Monday, the company posted its highest-ever mined metal production at 257,000 tonnes, up 2% YoY. This was on account of higher ore production largely at Rampura Agucha & Kayad mines supported by improved mined metal grades and better mill recovery.

Promoter Vedanta Group holds a 64.9% equity share of Hind Zinc, which is an integrated producer of zinc, lead, and silver.

To know which metal stock is best to trade, check out - Hind Copper vs Hind Zinc: the best metal stock of 2023.

In the first six months of the financial year 2023, the company paid a total dividend of 1,825%, amounting to Rs 36.5 per equity share. It has an average 7-year dividend yield higher than 8%.

And 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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