Sensex Gains 500 Points, Nifty Tops 15,700; IndusInd Bank, HUL & Bharti Airtel Top Gainers

Fri, 24 Jun 10:30 am

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Asian share markets are trading on a positive note today following a rally on Wall street indices. Investors finally weighed the risk of inflation and recession.

The Nikkei is up 0.7% while the Hang Seng is up 1.7%. The Shanghai Composite is up 0.3%.

In US stock markets, Wall Street indices ended on a positive note on Thursday, as treasury yields fell to two-week lows.

The Dow Jones rose 0.6% while the tech heavy Nasdaq added 1.6%.

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

Benchmark indices opened in green following the trend on SGX Nifty and extended gains as the session progressed.

FII & DII data is widely tracked as FIIs continue to offload Indian shares.

At present, the BSE Sensex is trading up by 488 points. Meanwhile, the NSE Nifty is trading higher by 157 points.

HUL and Bharti Airtel are among the top gainers today.

Tech Mahindra 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 1.1%. The BSE Small Cap index is trading higher by 1.1%.

Sectoral indices are trading in the green with the exception for IT sector. Stocks in the FMCG sector and auto sector are witnessing most of the buying.

Vedanta share price is trading up by 1.5%. Shares of the mining company have fallen lately following the company's plant sale.

In the commodity markets, gold price finally breaks the pattern. Today, prices are up by Rs 137, trading at Rs 50,731 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 59,972 per kg.

Crude oil prices rose slightly in early Asian trade as nations seeks to address global crude oil and fuel supply tightness

Crypto investors are finally breathing a sigh of relief as the markets trade on a positive note. Bitcoin finally moves above US $ 20,000.

The rise was much needed for investors in crypto markets, because they were not having a good night's sleep these days as coins continued to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

We have been seeing that gold prices are falling recently. But today the pattern has changed. The gold price is trading on a positive note.

But why is that? Will gold price rise or fall in inflation?

Find out how gold reacts to inflation in this video.

In news from the power sector, let us take a look at rising prices of Tata Power.

Tata Power share price was continuously falling since the beginning of June.

However, the fall seemed like a temporary blip.

But the trend has changed. Tata Power share price has started rising from 21 June 2022.

Tata Power has kicked off an ambitious nation-wide plan of setting up electric vehicle (EV) charging stations from North to South, connecting Kashmir to Kanyakumari and from East to West, from Guwahati to Dwarka and Bikaner over next the next 3-5 years.

The move is part of the company's transformation programme, Tata Power 2.0, which focuses on customer centricity, sustainability, digital so as to become the 'utility of the future' said CEO Praveer Sinha.

Tata Power has tied up with OEMs like Tata Motors under which home charger solution is provided to each of the vehicle owner, as part of the vehicle purchase and nearly 15,000 home chargers have been provided.

In addition to this, nearly 2,000 plus public chargers are provided in nearly 170 cities including highways between cities so as to provide flexibility to users to top up their charging, as and when required.

In addition to this fleet charging facility is being provided along with captive charging for public transportation and buses at their depot.

All these plans pose huge growth opportunities but will the plans actually transform into profitable actions? Only time will tell.

To know more about Tata Power, check out Tata Power's 2021-22 annual report analysis.

Now let us take a look at a PSU that has big news to share with its shareholders.

ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC) has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia.

The well was spudded on 20 April 2022 and drilled to target depth of 10,956 feet, encountering 17 feet thick oil-bearing sands at a depth from 10201-10218 feet, said a company statement.

It said:

• During initial testing with Electrical Submersible Pump (ESP), fluid flowed at approximately 600 barrels/day with around 40-50% W/C and oil of 16o API. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.

ONGC Videsh has earlier discovered commercial oil in the Lower Sand play in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing 20,000 barrel oil per day.

Block CPO-5 was awarded to ONGC Videsh Limited in the 2008 bid round of Colombia. ONGC Videsh holds 70% participating interest in the block along with operatorship, remaining 30% is held by partner Geopark.

ONGC Videsh has a significant presence in oil and gas sector in Colombia, with three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia Ltd (MECL).

Following the news, ONGC's share price opened on a positive note today.

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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