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Sensex Rallies 1,200 Points, Nifty Above 17,200; IndusInd Bank, Bajaj Finance & Adani Ports Surge 4%
Tue, 4 Oct 10:30 am

Asian share markets opened higher today after Wall Street shares rebounded, with the rise coming despite a North Korean missile test shortly before the opening bell.

The Nikkei rose by 2.8% while the Hang Seng was down 0.8%. The Shanghai Composite is trading lower by 0.6%.

Wall Street's three major indexes rallied to close over 2% higher on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year's final quarter.

Wall Street soared to its best day in months.

The Dow Jones rose by 2.7% while the tech heavy Nasdaq ended higher by 2.3%.

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

Benchmark indices had a gap up opening following the trend on SGX Nifty. As the session progressed, gains were extended.

At present, the BSE Sensex is trading higher by 1,174 points. Meanwhile, the NSE Nifty is trading up by 339 points.

IndusInd Bank and Bajaj Finance are among the top gainers today.

Power Grid and Dr Reddy's Laboratories are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 1.6% and the BSE Small Cap index is trading higher by 1.3%.

Sectoral indices are trading on a positive note with stocks in the technology sector and banking sector witness heavy buying.

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Among the best IT stocks in India, Wipro, Tech Mahindra and TCS all are trading 2-3% higher.

Solar Industries and Gujarat Fluorochemicals hit their 52-week high today.

In the commodity markets, gold prices trade flat. Today, gold prices are trading at Rs 50,165 per 10 grams.

Note that gold prices have fallen and have taken a big knock in recent months.

The rupee is trading at 81.4 against the US dollar. After touching record low last week, the rupee stabilized. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

In news from the power sector, Indian Energy Exchange (IEX) is under pressure amid concerns of losing its monopoly status.

IEX share price reached its 52-week high price on 19 October 2021. Ever since then, IEX share price has seen a sharp fall.

Only two companies - IEX and Power Exchange India (PXIL) - were operating in the power exchange sector. And IEX had a monopoly.

CERC was concerned about this. Hence it was expected that very soon another power exchange may come into existence to rob IEX of its monopoly status.

Around four years ago, Hindustan Power Exchange (HPX) was incorporated to be the third power exchange company. After 3 years of approval and all the procedures, HPX finally started its operation on 6 June 2022.

On a YTD basis, IEX's share price has fallen by 45%.


Moving on to news from the steel sector, Tata Steel - one of the best steel stocks in India, is running on high speed.

Odisha-based Neelachal Ispat Nigam (NINL) has started operations in just 90 days after it was acquired by a Tata Steel subsidiary - Tata Steel Long Products for Rs 120 bn.

The plant with a 1.1 m tonnes steel-making capacity had remained shut for almost two years on account of various reasons.

Tata Steel Long Products has achieved a milestone with the restarting of the blast furnace at its subsidiary NINL, just 90 days after the completion of its acquisition on 4 July 2022.

Tata Steel has plans to invest in the NINL site to build a dedicated 4.5 m tons per annum long products complex over the next few years.

Further in news from the FMCG sector, Britannia Industries acquired a stake in a new company.

Britannia Industries acquired 51% stake in Kenya's Kenafric Biscuits (KBL) while also fully taking over Catalyst Britania Brands (CBBL).

KBL makes biscuits. The object of the acquisition is to manufacture and sell biscuits in Kenya and African markets.

The KBL stake was acquired for Rs 92 m. Post the acquisition, KBL has become a subsidiary of Britannia Industries. There is no turnover of KBL to be reported since it has not commenced operations. KBL has its presence in Nairobi, Kenya.

Meanwhile, the 100% stake of CBBL was acquired by Britannia and Associates (Dubai) Private Company, a wholly-owned subsidiary of the company. The stake was acquired for Rs 14.2 m.

CBBL is an investment company which owns 'Britania' trademark in Kenya. The object of the acquisition is acquire the trademark 'Britania'. The trademark "Britania" is not the same as the "Britannia" trademark of the Britannia Industries.

Post the acquisition, CBBL has become wholly-owned step-down subsidiary of Britannia Industries. There is no turnover of CBBL to be reported since there are no operations.

Britannia Industries is India's largest bakery foods company and produces India's favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold, Little Hearts, and others and is consumed in over half of Indian households.

The company is present in more than 80 countries across North America, Europe, Africa, Southeast Asia, and GCC.

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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