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Indian Indices Trade Higher; Power Grid & SBI Top Gainers
Fri, 21 Aug 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a positive note, tracking a rally in global markets.

The BSE Sensex is trading up by 285 points, up 0.7%, at 38,500 levels.

Meanwhile, the NSE Nifty is trading up by 79 points.

Power Grid and SBI are among the top gainers today.

The BSE Mid Cap index is trading up by 0.8%.

The BSE Small Cap index is trading up by 1.5%.

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On the sectoral front, gains are largely seen in the power sector and finance sector.

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Moving on, the rupee is currently trading at 74.87 against the US$.

Gold prices are currently trading up by 0.2% at Rs 52,262.

In the previous session, gold had slumped 1.8% or Rs 950 per 10 gram while silver had crashed 2% or Rs 1,400 per kg.

Gold prices have been volatile in India after hitting a new high of Rs 56,191 per 10 grams.

Speaking of gold, note that the media and experts have been taking potshots at Buffett of late for buying a gold mining stock. This seems to be an acknowledgement of his mistake in not buying gold a decade back.

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Should you too shun stocks and significantly increase your exposure to the yellow metal?

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Divi's Laboratories and SBI Life Insurance are among the top buzzing stocks today.

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Shares of both the companies rallied up to 5%, a day after the NSE Indices, a subsidiary of the National Stock Exchange (NSE) announced that both the stocks will enter the benchmark index Nifty50 from September 25, 2020.

Shares of Divi's Laboratories hit an all-time high of Rs 3,333.60 in the early trade, with its market capitalisation nearing Rs 900 billion.

On the other hand, Zee Entertainment Enterprises (ZEEL) is trading marginally higher while Bharti Infratel is trading. Both these stocks will be dropped from the Nifty50 index, NSE Indices said in a statement.

For the quarter ended June 2020, Divi's Lab reported a net profit of Rs 4.9 billion on account of robust sales. In comparison, the company had logged a profit of Rs 2.7 billion in the year-ago same period.

SBI Life Insurance, on the other hand, reported a 5% increase in net profit at Rs 3.9 billion for the first quarter of the current fiscal.

Moving on to news from the telecom sector, the Supreme Court on Thursday expressed concern over how statutory adjusted gross revenue (AGR) dues of bankrupt telecom companies would be recovered if their spectrum were transferred during the insolvency resolution process.

The court asked the telecom department who would pay the AGR dues of ailing telcos Reliance Communications, Aircel and Videocon, which are resolving cases under the Insolvency and Bankruptcy Code.

A three-judge bench led by Justice Arun Mishra asked solicitor general Tushar Mehta to provide this information and submit details of the spectrum held by these companies since 1999.

"We are extremely worried that all AGR dues will be wiped out in the IBC process. After the spectrum sale, the new user will deny pending demands against the spectrum," he observed.

The bench is examining claims that telcos facing insolvency proceedings were in no position to pay their AGR dues, estimated at over Rs 400 billion.

The bench asked the Department of Telecommunications (DoT) if the AGR dues of Videocon and Aircel could be fixed on Bharti Airtel, which had traded spectrum with both.

Bharti Airtel, through senior advocate Kapil Sibal, insisted that Airtel had already paid most of its AGR dues and was not party to any resolution process.

The ailing telcos have urged the court to treat them as a separate class because they were in no position to pay.

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

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


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Stock Market Updates

Sensex Ends 296 Points Higher; Coal India, UPL & Hindalco Surge Over 6% (Today's Market)

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Indian share markets ended on a positive note with the Sensex up by 296 points and the Nifty ending up by 119 points.

GRINDWELL NORTON at All Time High; BSE CAPITAL GOODS Index Up 2.1% (Today's Market)

May 10, 2021 01:12 PM

GRINDWELL NORTON share price has hit an all time high at Rs 1,142 (up 6.1%). The BSE CAPITAL GOODS Index is up by 2.1%. Among the top gainers in the BSE CAPITAL GOODS Index today are GRINDWELL NORTON (up 6.1%) and HONEYWELL AUTOMATION (up 0.4%). The top losers include AIA ENGINEERING (down 0.2%) and SOLAR INDUSTRIES (down 0.2%).

Sensex Trades Over 300 Points Higher, Dow Futures Up by 86 Points (Today's Market)

May 10, 2021 12:30 pm

BSE Sensex is trading up by 379 points, while the NSE Nifty is trading up by 131 points.

GE T&D INDIA Share Price Up by 5%; BSE CAPITAL GOODS Index Up 1.5% (Today's Market)

May 10, 2021 10:28 AM

GE T&D INDIA share price is trading up by 5% and its current market price is Rs 128. The BSE CAPITAL GOODS is up by 1.5%. The top gainers in the BSE CAPITAL GOODS Index are GE T&D INDIA (up 5.3%) and GRINDWELL NORTON (up 5.8%). The top losers are SCHAEFFLER INDIA and THERMAX (down 0.2%).

Sensex Opens 350 Points Higher; Dr Reddy's Lab & Tata Steel Top Gainers (Today's Market)

May 10, 2021 09:30 am

Indian share markets continue momentum. The BSE Sensex opened up by 352 points, while the Nifty is trading higher by 120 points.

CADILA HEALTHCARE at All Time High; BSE HEALTHCARE Index Up 1.9% (Today's Market)

May 10, 2021 09:58 AM

CADILA HEALTHCARE share price has hit an all time high at Rs 625 (up 3.4%). The BSE HEALTHCARE Index is up by 1.9%. Among the top gainers in the BSE HEALTHCARE Index today are CADILA HEALTHCARE (up 3.4%) and ABBOTT INDIA (up 1.0%). The top losers include J.B.CHEMICALS (down 0.4%) and GSK PHARMA (down 0.4%).

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