Sensex Ends 385 Points Higher, Nifty Settles Above 17,000; Realty & Power Stocks Rally

Thu, 23 Dec Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended higher.

Despite the Omicron fear, benchmark indexes gained for the third straight trading day as investors bet on a possible year-end rise.

At the closing bell, the BSE Sensex stood higher by 385 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 117 points (up 0.7%).

Power Grid Corp and IOC were among the top gainers today.

Divi's Lab and JSW Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,059, up by 81 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.7%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, power sector and oil & gas sector witnessing most of the buying interest.

Telecom and metal stocks, on the other hand, witnessed selling pressure.

Shares of Birlasoft and Metropolis Healthcare hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended up by 0.4% and 0.6%, respectively. The Nikkei ended up by 0.8% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 61 points.

The rupee is trading at 75.24 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 48,234 per 10 grams.

Moving on to the stock-specific news, Tata Motors was among the top buzzing stocks today.

Tata Motors Incorporates EV Subsidiary Tata Passenger Electric Mobility

Auto major Tata Motors on Wednesday informed that the company has incorporated a wholly owned subsidiary, Tata Passenger Electric Mobility Limited, which will be involved in manufacturing of electric motor vehicles.

The Ministry of Corporate Affairs has issued the certificate of incorporation for the same on 21 December 2021.

The subsidiary has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles (EV)/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel.

Tata Motors, which will be the promotor of Tata Passenger Electric Mobility (TPEML), would hold 100% share capital in the EV unit. TPEML has been incorporated with the initial capital of Rs 7 bn, the Tata Group's auto unit announced in an exchange filing.

In October this year, Tata Motors had unveiled its plans to invest over US$2 bn in its EV business over the next five years after the Indian automaker announced it had raised funds from private equity firm TPG.

TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about US$1 bn to expand the company's EV business for which it would form a separate unit, as informed by the auto manufacturer.

Tata Motors share price ended the day up by 0.3% on the BSE.

Speaking of electric vehicles, Co-head of Research at Equitymaster, Tanushree Banerjee talks about Green Hydrogen and how this new age fuel can impact EV riches, in her latest video.

Tune in to find out more:

Moving on to news from the IPO space...

MedPlus Health Services Lists at 30% Premium Over Issue Price

MedPlus Health Services, the country's second largest pharmacy retailer, listed with a decent 30.4% premium today.

The stock opened at Rs 1,015 on the BSE, and at Rs 1,040 on the NSE, higher than the issue price of Rs 796 per share.

The initial public offering (IPO) had seen a healthy response from investors, and was subscribed about 53 times during 13-15 December 2021.

The portion set aside for qualified institutional buyers was booked 112 times and that of non-institutional investors saw 85 times subscription.

The portion reserved for retail investors and employees was subscribed 5.23 and 3.05 times, respectively.

The pharmacy retailer has mobilised Rs 13.4 bn from its public issue, which comprised a fresh issue of Rs 6 bn that will be used for working capital requirements of its subsidiary Optival Health Solutions.

Incorporated in November 2006 in Hyderabad, Medplus Health Services has a network of over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra. It operates via physical stores and online mode.

Medplus Health Services share price ended the day up by 10% over its listing price of Rs 1,015 on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

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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