Indian share markets witnessed negative trading activity throughout the day today and ended lower.
After a sharp selling pressure hit the benchmark indices in the afternoon session, pushing them over 1% lower, recovery was visible as investors lapped up stocks at lower levels.
Negative global market cues and profit-taking pushed both Sensex and Nifty lower for the first time in four days.
The rise in US bond yield and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market.
At the closing bell, the BSE Sensex stood lower by 400 points (down 0.7%).
Meanwhile, the NSE Nifty closed lower by 107 points (down 0.6%).
Power Grid Corp and Coal India were among the top gainers today.
Bharti Airtel and Tech Mahindra, on the other hand, were among the top losers today.
The SGX Nifty was trading at 17,769, down by 88 points, at the time of writing.
The BSE Mid Cap index and the BSE Small Cap index ended down by 0.7% and 0.6%, respectively.
Sectoral indices ended on a negative note with stocks in the realty sector, telecom sector, and IT sector witnessing most of the selling pressure.
Oil & gas and power stocks, on the other hand, witnessed buying interest.
Shares of Tejas Networks and JSW Energy hit their respective 52-week highs today.
Asian stock markets ended on a mixed note today.
The Hang Seng and the Shanghai Composite ended the day up by 1.2% and 0.5%, respectively. The Nikkei ended down by 0.2% in today's session.
US stock futures are trading on a negative note today with the Dow Futures trading down by 193 points.
The rupee is trading at 74.04 against the US$.
Gold prices for the latest contract on MCX are trading down by 0.4% at Rs 45,870 per 10 grams.
Speaking of stock markets, in his latest video, Aditya Vora talks about the top 4 sectors for 2022.
The relentless rally in the stock market over the past 15 months has lifted the tide on all the boats. So, which sectors should you bet on in 2022?
In news from the power sector, NTPC was among the top buzzing stocks today.
Shares of state-owned electric utility company NTPC registered a fresh 52-week high at Rs 133.6, up 4% on the BSE today after the company confirmed the winning of 1.9 gigawatts (GW) solar projects under the central public sector undertaking (CPSU) scheme.
The stock surpassed its previous high of Rs 127 hit on 24 September 2021. In past one month, the stock has rallied 16%.
NTPC has won 1.9 GW in the auction of CPSU Scheme-II, Tranche-III of 5 GW. However, the company has no material information to add to the above-mentioned news item which is in the normal course of business of the company.
The Indian power sector is evolving at a fast pace and the power demand is increasing rapidly. India recently witnessed all-time high peak demand of 200.6 GW and energy met of 4,508 mega units (Mus) in a day on 7 July 2021. The country also registered a generation growth of 17.17% in quarter one of 2022.
The growth in demand augurs well for the company. These numbers coupled with the 'Atmanirbhar Bharat initiative indicate that there is huge potential for growth in the power sector going forward.
NTPC is a market leader in power generation, supplying around 23% of the country's electricity supply and thus plays a key role in India's economic activity.
NTPC's share price ended the day up by 3.5% on the BSE.
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.
Moving on to news from the telecom sector...
Tejas Networks Hits 5% Upper Circuit for 4th Day on Order Win from Airtel
Shares of Tejas Networks were locked in the upper circuit of 5% for the fourth straight session today at Rs 480.1 on BSE after Bharti Airtel selected the company for optical network expansion.
The counter was trading at its all-time high level and has rallied 22% during the period.
Tejas Networks on Thursday, 23 September 2021, announced that it has been selected by Bharti Airtel (Airtel) to enhance its optical network capacity in key metropolitan markets.
Tejas will supply, install and support its state-of-the-art TJ1600 DWDM/OTN products for extending Airtel's optical networks towards the edge, supporting 5G backhaul, B2B services, and broadband applications.
The enhanced capacity will enable Airtel to deliver a superior experience to its customers as data consumption in India grows rapidly.
Tejas Networks designs develop and sell high-performance networking products to telecommunications service providers, internet service providers, utilities, defense, and government entities in over 75 countries.
Tejas Networks' share price ended the day up by 5% on the BSE.
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