Sensex, Nifty End Higher As IT And Energy Stocks Outperform; ONGC Rallies 6.8%

Indian share markets witnessed buying interest during closing hours and ended today's volatile session higher.

Both the benchmark indices touched their fresh record highs during the day but pared some gains before closing their session.

At the closing bell, the BSE Sensex stood higher by 194 points (up 0.4%).

The NSE Nifty closed higher by 67 points (up 0.5%).

ONGC and IndusInd Bank were among the top gainers today.

The SGX Nifty was trading at 12,953, up by 71 points, at the time of writing.

The BSE Mid Cap index ended up by 1.3%. The BSE Small Cap index ended up by 1.4%.

On the sectoral front, gains were largely seen in the IT sector and the oil & gas sector.

Finance stocks and banking stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng ended up by 0.1% while the Nikkei ended down by 0.4%.

The rupee is trading at 74.03 against the US$.

Gold prices are trading down by 0.2% at Rs 50,114 per 10 grams.

In news from the defense sector...

The government is planning to sell up to a 10% stake in defense PSU Mishra Dhatu Nigam Ltd (MIDHANI) in the current fiscal ending March. The company got listed on stock exchanges in April 2018 and the government had raised Rs 4.4 billion by selling a 26% stake through IPO.

As per the reports, with the opening of the space sector to foreign investment and bringing the defense sector under automatic route for 74% foreign direct investment (FDI), MIDHANI shares are expected to attract investors.

MIDHANI manufactures special steel and superalloys for use in defense, nuclear, and space sectors.

At the current market price, the government can raise about Rs 3.6 billion by selling a 10% stake in the company.

Note that with big-ticket divestment plans hit by the COVID-19 pandemic, the government is readying public-sector companies for minority stake sales in the remaining months of the current fiscal.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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