Sensex Trades Higher, Nifty Above 17,650; M&M, Infosys and IndusInd Bank Top Gainers

Mon, 19 Sep 10:30 am

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Share markets idled in Asia today as investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the US.

The Nikkei fell by 1.1% while the Hang Seng was down 0.5%. The Shanghai Composite is trading higher by 0.2%.

US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors' flight to safety at the conclusion of a tumultuous week.

The Dow Jones fell by 0.5% while the tech heavy Nasdaq ended lower by 0.9%.

Back home, Indian share markets are trading on a positive note.

Benchmark indices opened on positive note today following the trend on SGX Nifty. As the session progressed, gains were extended.

At present, the BSE Sensex is trading higher by 367 points. Meanwhile, the NSE Nifty is trading up by 114 points.

M&M and Bajaj Finserv are among the top gainers today.

UltraTech Cement and Asian Paints are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.1% while the BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading on a positive note today with the exception of telecom, metal and consumer durable sectors.

Stocks in the banking sector and oil and gas sector are witnessing most of the buying. Among the best bank stocks in India, HDFC Bank and ICICI Bank are up a percent each.

Gujarat Fluorochemicals and Thermax hit their 52-week high today.

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In the commodity markets, gold prices fall. Today, gold prices are trading lower by Rs 150. Currently, gold prices are trading at Rs 49,230 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading higher at Rs 56,826 per kg. Silver prices too have fallen a lot in recent days.

The rupee is trading at 79.6s against the US dollar.

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In news from power sector, Tata Power's joint venture company, Resurgent Power Ventures acquires South East UP Power Transmission.

South East UP Power Transmission has stepped out of bankruptcy with Resurgent Power Ventures buying the firm under the insolvency resolution process.

The transaction comprises repayment of debt to creditors and purchase of shares for a total consideration of Rs 32.5 bn as well as payout of South East UP Power Transmission Company's cash balance.

This comes after the resolution professional had selected Resurgent as a successful applicant in March.

Set up in 2016 to acquire stressed assets in the power sector, Resurgent is a private equity joint venture of Tata Power (26%), ICICI Venture (10%), and global investors (64%).

South East UP Power Transmission Company was incorporated as a special purpose vehicle by UP Power Transmission in 2009 to implement and operate an intra-state transmission system for 35 years under the public-private partnership model.

It has about 1,500 kilometre of transmission line and five substations.

The Tata group company Tata Power is trading 0.5% lower today.

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Further in news from the automobile sector, Maruti Suzuki to recall its vehicles.

Maruti Suzuki India said that the company has announced to recall 5,002 super carry vehicles manufactured between 4 May 2022 and 30 July 2022.

The auto maker said that the recall is being undertaken for inspection and torquing of a bolt attached to seat belt buckle bracket of co-driver seat. It is suspected that there is a possible defect in bolt torquing, which in a rare case, may loosen in the long run.

The company's net profit jumped 129.8% to Rs 10.1 bn on 50.5% rise in net sales to Rs 252.8 bn in Q1 of the financial year 2022-23 over Q1 of the financial year 2021-22.

Note that auto stocks are rising and Maruti Suzuki is no exception. It is currently trading near its 52-week high levels on renewed optimism for the sector.

Moving on to the news from the insurance sector, HDFC Life Insurance gets approval for merger.

The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance.

Earlier this year, HDFC Life had announced acquisition of 100% stake in Exide Life from its parent Exide Industries after issuing over 870 m shares at an issue price of Rs 685 and a cash payout of Rs 7.26 bn, aggregating to Rs 66.9 bn.

Exide Industries now holds 4.1% stake in HDFC Life.

The Scheme of Amalgamation is subject to the final approval of the Insurance Regulatory and Development Authority of India (IRDAI).

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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