Sensex Rallies 500 Points, Nifty Above 17,400; Tata Steel, Axis Bank & HCL Tech Top Gainers

Thu, 6 Oct 10:30 am

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Asian share markets opened higher, before turning mixed, bucking the trend after Wall Street faltered on profit-taking as recent global rallies fizzled out.

The Nikkei rose by 0.9% while the Hang Seng was down 0.6%. The Shanghai Composite is trading lower by 0.5%.

Wall Street indices closed lower on Wednesday, unable to sustain a late-day surge, after data showed US labour demand remained strong and as Federal Reserve officials stuck to their hawkish message that interest rates will stay higher for longer.

The Dow Jones fell by 0.1% while the tech heavy Nasdaq ended lower by 0.3%.

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

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

At present, the BSE Sensex is trading higher by 441 points. Meanwhile, the NSE Nifty is trading up by 140 points.

Tata Steel and HCL Technologies are among the top gainers today.

Bajaj Finance and HUL are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 1.1% and the BSE Small Cap index is trading higher by 1.3%.

Sectoral indices are trading on a positive note with the exception of FMCG stocks. Stocks in the IT sector and realty sector witness heavy buying.

Among the best IT stocks in India, Wipro, Tech Mahindra and HCL Technologies all are trading 1-2% higher.

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

Bucking the recent trend, all Adani group shares are trading on a positive note today. In recent weeks, Adani group stocks fell owing to higher interest rate concerns.

Higher interest rates don't go with growth stocks like Adani companies and in turn, could take the air out of them.

In the commodity markets, gold prices trade higher. Today, gold prices are trading higher by Rs 1,315 at Rs 51,480 per 10 grams.

The rupee is trading at 81.6 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 oil and gas sector, the centre has appointed a gas review panel led by Kirit Parikh to to recommend a "fair price to the end-consumer" by the end of September. However, the committee sought an extension. A final report from the panel is expected to come around mid-October.

Since April 2019 the natural gas price is soaring. This was good news for the gas manufacturing companies because their profits were shooting owing to a rise in gas prices.

Rising gas prices will lead to better profit margins, because the demand for natural gas cannot be reduced as there is no real alternative. Hence it was a win-win for the manufacturing companies.

However, this turned out to be bad news for gas distribution companies because their input costs have increased. Increased input costs and the inability to raise selling price has taken a hit on Indraprastha Gas' profit margins.

As a result, companies are forced to use liquefied natural gas (LNG) to meet the shortfall in domestic gas allocation, which added insult to injury and global LNG prices have shot through the roof.

Owing to this, Indraprastha Gas share price is falling.

In news from the renewable energy sector, JSW Energy enters in to an agreement with Maharashtra government.

JSW Energy has signed an agreement with the Maharashtra government to set up a 960 megawatt hydro pump storage project in Raigarh district of the state.

Hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, energy balancing and storage capacity.

JSW Energy did not disclose any financial details of the proposed project. The company through its "green growth vehicle" JSW Neo Energy has been expeditiously securing key resources for Hydro PSPs in various resource rich states for projects with a targeted capacity totalling up to 10 GW.

Moving on to news from the healthcare sector, Apollo Hospital Enterprises acquires a major stake in an Ayurveda hospital.

On Wednesday, Apollo Hospital Enterprises said it has acquired a 60% stake in leading classical Ayurveda hospital chain AyurVAID for a consideration of Rs 264 m.

The investment will be used to upgrade existing centres, set up new centres, strengthen enterprise platforms, and for digital health initiatives.

Beginning with a revenue estimate of over Rs 150 m for the current financial year for AyurVaid, the target is to achieve Rs 1 bn in the next three years.

Did you know that Apollo Hospitals is one of the stocks with highest promoter pledging.

Further in news from the real state sector, DLF has some good news.

Realty major DLF has sold all 292 luxury homes in Gurugram for over Rs 18 bn within few days of the launch of the project, signalling strong demand despite rise in interest rate on home loans and property prices.

On 26 September DLF had launched its project 'The Grove' located at DLF phase-5 in Gurugram, Haryana.

Reportedly, the project has been completely sold out in just eight days of the launch. The total sales revenue from this project is over Rs 18 bn.

Housing sales across all segments, affordable, mid-income, luxury and super luxury, have revived significantly after the second wave of the COVID pandemic. At present, the real estate sector cycle looks strong.

DLF is India's largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 m square feet.

The company has 215 m square feet of development potential across the residential and commercial segments.

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