Sensex Today Ends Flat; Nifty Below 19,400

Man, Computer, Stock Trading, Iphone, Hands, Finance

Image Source: Pixabay
 

After opening the day marginally higher, Indian shares pared early gains as the session progressed and ended the day flat.

Benchmark indices were muted on Tuesday as a slide in information technology (IT) stocks offset broader sectoral gains amid risk aversion due to persistent concerns over the health of China's economy and US interest rates.

IT firms, which earn a significant share of their revenue from the U.S., lost 0.5% on rising rate concerns in the world's largest economy.

At the closing bell, the BSE Sensex stood higher by 4 points.

Meanwhile, the NSE Nifty closed up by 3 points.

Adani Enterprises, NTPC, and ITC were among the top gainers today.

BPCL, Cipla, and TCS on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,379, down by 9 points, at the time of writing.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading 0.9% higher.

Sectoral indices ended on a mixed note with stocks in the power sector, telecom sector, and capital goods sector witnessing buying.

On the other hand, stocks in the IT sector and banking sector witnessed the most selling pressure.

Shares of Dixon Technologies, CRISIL, and Trent hit their 52-week highs today.

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

Asian stock markets ended on a positive note. The Nikkei ended higher by 0.9%, while the Hang Seng ended 1% higher. The Shanghai Composite ended 0.9% higher.

The rupee is trading at 82.94 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 58,625 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.3% higher at Rs 71,854 per kg.

Speaking of stock markets, interesting events have unfolded over the last few days.

Fitch has downgraded the US credit rating.

Morgan Stanley recently upgraded India's outlook to overweight, suggesting we are entering a long growth phase.

The world is acknowledging that the elephant can dance and that the dragon's fire is losing heat.

And guess gave India's growth story the thumbs up?

Well, it's none other than China.

China's top State-run bank and biggest lender has joined India's dedicated investment fund, citing that India offers the best opportunity for double-digit growth.

While China itself is slowing down after a spectacular growth phase triggered by manufacturing, capex, and infra revolution lasting decades, it seems to be India's turn now.
 

Why Adani Enterprises share price is rising?

In news, shares of billionaire Gautam Adani-led Adani Enterprises rose over 3% to Rs 2,721 in Tuesday's intraday trade on NSE after the promoters of the Adani Group increased their stake in the conglomerate's flagship company by 2.22% through open market purchases.

Kempas Trade and Investment, a promoter group company, acquired 2.53 crore shares of Adani Enterprises between 7 August and 18 August, raising the promoters' overall stake in the company to 69.87%.

The purchased stake is worth Rs 6,675 crore as of the stock's closing price on Monday.

On Monday, Adani Enterprises closed at Rs 2,639.75 per share on the NSE, up 2.41%.

At the end of the June quarter, the promoters held a 67.65% stake in Adani Enterprises, with the remaining shares owned by public shareholders, including the US-based investor firm GQG Partners, which holds 2.67%.

In June, GQG Partners invested approximately Rs 82.7 bn in Adani Enterprises and renewable energy firm Adani Green Energy. Back in March, they had invested over Rs 150 bn in Adani stocks and acquired stakes in four Adani companies, including Adani Enterprises.

The transition from grey to green hydrogen is happening at a faster pace than expected. Adani Enterprises is one of the companies contributing to this transition. 
 

Patel Engineering hits a 52-week high today. Here's why.

Moving on to news from the real estate sector, Patel Engineering shares gained 3% to hit a 52-week high of Rs 58.54 in early trade on 22 August 2023 after a joint venture bagged an urban infrastructure development project from Madhya Pradesh Jal Nigam.

The Government of Madhya Pradesh Undertaking declared Patel Engineering as the lowest bidder in a joint venture (JV) deal a for Rs 12.8 bn contract.

The contract is for engineering, procurement, construction, testing, commissioning, trial run, and operation and maintenance for 10 years of Narmada-Gambhir, District Ujjain, and Indore multi-village drinking water supply scheme in a single package on a turn-key basis.

The company's share in the contract is 35% or Rs. 4.5 billion (bn), for the project, which has a timeframe of 24 months. The project is located in Ujjain and Indore, Madhya Pradesh.

Patel Engineering is a real estate stock that has seen an impressive surge of about 158% from April 2023 to July 2023.


More By This Author:

Sensex Today Trades Higher; Adani Power Rallies 4%
Sensex Today Ends 267 Points Higher, Nifty Tops 19,350
Sensex Today Trades Flat; NTPC & Adani Ports Among Top Gainers

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

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.