Sensex Trades Flat, Dow Futures Up by 200 Points

Wed, 22 Sep 12:30 pm

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Share markets in India are presently trading flat.

The BSE Sensex is trading up by 4 points, flat, at 59,009levels.

Meanwhile, the NSE Nifty is trading up by 3 points.

Tech Mahindra and Coal India are among the top gainers today. HDFC and HUL are among the top losers today.

The BSE Mid Cap index is trading up by 1.2%

The BSE Small Cap index is trading up by 1.1%.

On the sectoral front, stocks from the real estate sector are witnessing most of the buying interest.

On the other hand, stocks from the utilities sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 61 points (up 0.4%) while Dow Futures are trading up by 200 points (up 0.6%).

The rupee is trading at 73.79 against the US$.

Gold prices are trading up by 0.2% at Rs 46,725 per 10 grams.

In global markets, gold rates were flat today ahead of US Fed policy decision later in the day. Uncertainties triggered by China Evergrande's debt crisis also supported gold on the lower side. Spot gold was flat at US$ 1,775.6 per ounce.

Gold prices struggled in Indian markets today amid weak global cues. On MCX, gold futures prices were slightly lower at Rs 46,633 per 10 grams. In the previous session, gold had jumped 0.7%.

Note that gold prices have been volatile in India this year after hitting a record high of Rs 52,200 last year.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock-specific news...

Among the buzzing stocks today is Nucleus Software Exports.

Shares of Nucleus Software Exports surged 16% on the BSE in intra-day trade today after the company said its board will meet on Friday, 24 September, 2021 to consider a proposal for share buyback.

The stock of the information technology (IT) software products company had hit a 52-week high of Rs 765.4 on 2 July, 2021.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple.

Despite today's surge, in the past three months, Nucleus Software Exports has underperformed the market by gaining 0.5%, as compared to a 12% rally in the S&P BSE Sensex.

The company is a leading provider of lending and transaction banking solutions to the global financial services industry.

For the June 2021 quarter, Nucleus Software posted an 83% year on year (YoY) and 78% quarter on quarter (QoQ) drop in its consolidated net profit at Rs 60 m.

How the share buyback pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, Nucleus Software Exports shares were trading up by 10% on the BSE.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani talks about why he is bullish about the year 2022, in his latest video for Fast Profits Daily.

Moving on to news from the power sector...

Torrent Power Acquires 156 MW Wind Energy Capacities from CESC

Torrent Power has announced the acquisition of Surya Vidyut, a wholly-owned subsidiary of RP-Sanjiv Goenka Group's CESC.

The enterprise value estimated for this acquisition is about Rs 7.9 bn, subject to closing price adjustments. The acquisition is further subject to customary conditions for transaction closure.

Surya Vidyut operates 156 MW wind power plants, spread across Gujarat, Rajasthan and Madhya Pradesh.

Prior to the transaction, CESC (53.8%), Haldia Energy (46.2%) along with other nominal shareholders collectively held 100% equity share capital of Surya Vidyut.

This acquisition marks Torrent Power's foray into the renewable energy space in the states of Rajasthan and Madhya Pradesh. It is in line with the company's strategy to grow and strengthen its position in the renewable energy sector.

With the acquisition of 156 MW wind power plants, Torrent Power's total generation capacity, including under development portfolio, will reach to around 4.9 GigaWatt (GW) with renewable portfolio of more than around 1.8 GW.

The projects have long-term power purchase agreements (PPAs) with the respective state discoms for a period of 25 years, with weighted average PPA tariff of Rs 4.7/kWh/

We will keep you posted on more updates from this space. Stay tuned.

Speaking of the power sector, it is interesting to note that 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 is 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.

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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