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After opening the day lower, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Indian benchmark indices fell for the second straight session dragged by IT and financial stocks tracking a downfall in the global markets.

At the closing bell, the BSE Sensex stood down by 535 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 148 points (down 0.7%).

ITC, Bajaj Auto and Adani Ports were among the top gainers today.

Hindalco, Tata Steel and Infosys on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,582 down by 171 points, at the time of writing.

Broader markets ended on a positive note. The BSE MidCap index ended 0.3% higher and the BSE SmallCap index ended 0.2% higher.

Sectoral indices ended mixed with stocks in the power sector and realty sector witnessing most of the buying. Meanwhile stocks in the metal sector and media sector witness selling.

Shares of MRF, Bajaj Auto and Apollo Hospital hit their respective 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite ended 0.2% higher, while the Nikkei index ended 0.2% lower. Meanwhile, Hang Seng tanked 0.9%.

The rupee is trading at 83.3 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 63,094 per 10 grams.

Meanwhile, silver prices are trading 0.8% lower at Rs 73,442 per 1 kg.
 

Railtel Corporation shares hit a 52-week high. Here's why.

In news from the railway sector, Railtel Corporation of India gained more than 5% to hit a fresh 52-week high of Rs 374 per piece on BSE on Wednesday after the company announced bagging a work order worth Rs 350 m from Rail Vikas Nigam.

The state-owned company has received a work order worth Rs 350.8 m from RVNL. The order is related to Data Centre Hosting and Application Support services.

Railtel Corporation has bagged the contract for a service period of three years.

The railway PSU recently received an order worth Rs 1.2 bn, including the GST prices from South Central Railway, last week on 28 December 2023.

The contract includes comprehensive signalling and telecommunication works to provide an automatic block signalling system in the Yermaras-Nalwar section of the Guntakal division in the South Central Railway. The period for the execution of this order stands at 720 days.
 

GAIL Partners TruAlt Bioenergy

Moving on to news from the energy sector, GAIL India and TruAlt Bioenergy have entered into a US$ 72-million compressed biogas (CBG) joint venture to set up 10 plants with targeted production of over 33 million kg of CBG using organic waste as raw material.

GAIL will hold a 49% stake and TruAlt Bioenergy 51% in the joint venture, named Leafinti Bioenergy.

The investment, a mix of debt and equity, is contingent on due diligence and regulatory approvals.

Each plant will process 10,000 kg of organic waste per day and produce 100,000 kg of CBG.

The initiative is expected to generate over 600 jobs while also producing solid-fermented organic manure (SFOM) and liquid-fermented organic manure (LFOM).

The company reported that the collaboration aligns with India's focus on cleaner and greener fuel, supporting the country's vision of Atmanirbhar Bharat.

TruAlt Bioenergy, which is part of India's ethanol-blended petrol (EBP) programme, aims to create a CBG ecosystem for a smooth transition to economical and ecological energy sources.

The company also plans to set up India's largest green hydrogen plant to supplement its natural gas business with a carbon-free fuel.

Gail stands among the Top 5 Oil Companies in India by Growth.
 

Adani Wins SC Greenlight

Moving on, fundraising efforts of the Adani Group, which has close to $2 billion of bond repayments due to mature this year alone, are set for a significant boost, after Wednesday's favourable verdict by the Supreme Court (SC).

The case relates to the allegations raised by a Hindenburg report on the group's business and financial transactions.

Sources close to the group said that several global investors who have been in discussions with the group for potential equity and debt infusion into the group's businesses, ranging from ports to green energy, had decided to wait until there was full clarity on the case.

The Supreme Court on Wednesday disposed of petitions filed on the Hindenburg issue to initiate a Special Investigation Team (SIT) or CBI probe.

After the report came out in January 2023, the share prices of Adani group companies had fallen significantly.

The apex court said that there was no ground to quash Foreign Portfolio Investment (FPI) regulations.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot.

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