Sensex Ends 334 Points Lower; Tata Motors and Adani Ports Among Top Nifty Losers

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Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Benchmark indices erased early gains and ended the day in the red amid muted investor sentiments across global markets.

At the closing bell, the BSE Sensex stood lower by 334 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 105 points (down 0.7%).

Power Grid Corp and SBI Life Insurance were among the top gainers today.

Tata Motors and Adani Ports, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,675, down by 89 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended down by 0.7% and 1%, respectively.

Sectoral indices ended on a negative note with stocks in the energy sector, oil & gas sector and realty sector witnessing most of the selling pressure.

Power stocks, on the other hand, witnessed buying interest.

Shares of Team Lease Services and Varun Beverages hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 0.1%, while the Shanghai Composite ended the day up by 0.3%.

The Nikkei ended down by 0.4% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 14 points.

The rupee is trading at 72.98 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 49,073 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how retail traders are moving the stock market.

As per Vijay, Indian retail traders are dominating the market and you need to react accordingly.

Tune in to the video below to find out more:

In news from the engineering sector, Videocon Industries was among the top buzzing stocks today.

Shares of debt-ridden Videocon Industries hit the upper circuit today after the National Company Law Tribunal (NCLT) approved the resolution plan of Twin Star Technologies.

Twin Star Technologies is a Vedanta Group company led by mining magnate Anil Agarwal. It is set to acquire the bankrupt Videocon Industries.

Anil Agarwal-owned Twin Star Technologies offered to pay Rs 29.6 bn against Videocon's liabilities of around Rs 620 bn.

The committee of creditors of Videocon had approved the plan last year with 95.1% votes. The plan was then filed for NCLT approval on 15 December 2020.

"NCLT has pronounced the order on 8 June 2021 approving the resolution plan for the consolidated corporate debtors, including the company, under section 31 of the code (Approval Order)," Videocon Industries said in a regulatory filing.

Videocon Industries is an Indian multinational conglomerate. The group has 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico. It was the third largest picture tube manufacturer in the world.

Videocon Industries share price ended the day up by 4.9% on the BSE.

On the other hand, Vedanta's share price ended the day down by 1% on the BSE.

Moving on to news from the power sector...

Power Stocks Rallied; Torrent Power, JSW Energy & Power Grid Hit New Life Highs

Shares of power generation and distribution companies continued their upward movement, with Adani Power, Torrent Power, JSW Energy and Power Grid Corporation hitting their respective all-time highs on the BSE in intra-day trade today amid strong demand.

Tata Power, CESC, Bharat Heavy Electricals (BHEL) and NTPC were quoting at their respective 52-week high levels.

In the month of June (last seven trading days), the power index has rallied 9%, against a 1% rise in the benchmark index.

The BSE Power Index was trading at its highest level since November 2010.

Among individual stocks, Tata Power soared 13% to Rs 132.5 per share in today's session after Competition Commission of India (CCI) cleared Tata Power's acquisition of stakes in three Odisha power utilities.

The company will purchase 51% stake each in three power utilities in Odisha.

The deal comes after separate competitive bidding processes initiated by the Odisha Electricity Regulatory Commission.

Power Grid Corporation hit a 52-week high of Rs 245.5 apiece, up 4.5% after the state-owned electric utilities company said it has acquired transmission project SATL, which will evacuate electricity from 8.1 gigawatt (GW) solar energy zones in Rajasthan.

India's power consumption grew 12.6% bn units (BU) to 25.4 BU in the first week of June.

Power consumption for the same period a year ago was 22.5 BU. This was, however, 3.4% lower on a monthly basis from 26.2 BU, consumed in the first week of May this year.

Peak power demand was recorded at 168.7 GW on June 7, up 15% from last year's 146.5 GW.

Meanwhile, the Ministry of Power (MoP) released a discussion paper on the implementation of Market-Based Economic Dispatch (MBED) which argues for redesigning of day-ahead scheduling of electricity markets in the country on a market based or integrated approach in order to realise the 'One Nation, One Grid, One Frequency, One Price' framework.

Shares of Adani Power, Tata Power, and Power Grid Corporation ended the day up by 0.3%, 6.5% and 3.4%, respectively.

Speaking of the power sector, it's interesting to note 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's 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).

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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Indian Share Market Update: Top Gainers and Losers