Sensex Ends 123 Points Higher; Bharti Airtel and Eicher Motors Among Top Nifty Gainers

Thu, 5 Aug Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended higher.

Extending their winning run, benchmark indices settled at fresh closing peaks in today's session, amid buying in FMCG and IT stocks, and supported by firm global trends.

At the closing bell, the BSE Sensex stood higher by 123 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 36 points (up 0.2%).

Bharti Airtel and Eicher Motors were among the top gainers today.

SBI and IndusInd Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,302, up by 42 points, at the time of writing.

The BSE Mid Cap index ended on a flat note, while the BSE Small Cap index ended down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, energy sector and metal sector witnessing most of the buying interest.

Realty stocks, on the other hand, witnessed selling pressure.

Shares of Tejas Networks and Wipro hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended down by 0.8% and 0.3%, respectively.

The Nikkei ended up by 0.5% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 91 points.

The rupee is trading at 74.16 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 47,821 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares an update on his next trade in energy, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the power sector, Adani Green Energy was among the top buzzing stocks today.

Adani Green Energy (AGEL) said on Wednesday its cash profit in the June quarter advanced by 35% to Rs 4.6 bn from Rs 3.4 bn in the same period of previous year.

Total income increased by 23% to Rs 10.8 bn in the first quarter of 2022 from Rs 8.8 bn in the same period last year.

Revenue from power supply jumped 39% to Rs 8.5 bn from Rs 6.1 bn.

Operationally, the sale of energy rose 48% to 2,054 m units from 1,385 m units in the first quarter of the previous fiscal.

Solar capacity utilisation factor improved with 20 basis points (bps) improvement in grid availability, consistently high plant availability of 99.6% and consistent solar irradiation.

The overall wind portfolio capacity utilisation factor improved backed by higher efficiency of new wind plants with technologically advanced wind turbine generators.

Gautam Adani, Chairman of the Adani Group, said,

• AGEL's growth continues to accelerate.
  
  In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world.

He added, the acquisition of SB Energy's high quality renewable energy portfolio has further consolidated their position as the world's largest solar player thereby keeping them on track to become the world largest renewables player by 2030.

Renewable energy is at a massive inflexion point in its young journey and the company is very well positioned.

Adani Green Energy share price ended the day up by 0.5% 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.

Moving on to news from the retail sector...

Food Delivery App Zomato Incorporates Digital Payments Entity

After listing about two weeks ago, food-tech giant Zomato is now entering fintech with a digital payments entity called Zomato Payments.

In a regulatory filing on 4 August 2021, the Deepinder Goyal-led company announced the incorporation of Zompany Payments Private Limited (ZPPL) as its wholly owned subsidiary.

Zomato said ZPPL would provide payment aggregator and gateway services.

The entity, Zomato said, would handle all types of electronic and virtual payment systems, e-wallets, mobile-wallets, cash cards for consumers.

It would set up a payment and settlement system and offer payment gateway services, prepaid and post-paid payment instruments, including closed or semi-closed payment instruments and direct debit facility on mobile phones.

The company, incorporated with an initial subscription of 10,000 equity shares of Rs 10, would also offer mobile-based solutions to let customers pay for payment for goods and services as well as utility bills.

The authorized capital of the company is Rs 200 m, divided into 2 crore shares of Rs 10 each.

With this move, Zomato will be competing directly against the giants of Indian fintech space, including Google Pay, PhonePe, and initial public offering (IPO) bound Mobikwik and Paytm.

Zomato share price ended the day down by 2.3% on the BSE.

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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