Sensex Today Trades Flat; M&M, IndusInd Bank Top Losers
Asian stocks slipped slightly today as investors figured an abortive weekend mutiny by Russian mercenaries raised questions about stability and crude supply.
The Nikkei is trading 1.0.2% lower, and the Hang Seng index is trading lower marginally. While Shanghai composite was down 0.7%
US stocks closed lower on Friday, capping a week dominated by Federal Reserve Chairman Jerome Powell's testimony in which he signaled more interest rate hikes ahead but vowed the central bank would proceed with caution.
The Dow Jones Industrial Average ended 0.7% lower, and the tech-heavy Nasdaq Composite ended 1% lower.
Here's a table showing how US stocks performed on Friday:
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 123.02 | -0.85 | -0.69% | 123.44 | 121.86 | 129.55 | 83.45 |
| Apple | 186.68 | -0.32 | -0.17% | 187.56 | 185.01 | 184.95 | 124.17 |
| Meta | 288.73 | 3.85 | 1.35% | 289.67 | 278.95 | 276.57 | 88.09 |
| Tesla | 256.60 | -8.01 | -3.03% | 262.45 | 252.80 | 314.67 | 101.81 |
| Netflix | 424.02 | 1.54 | 0.36% | 425.82 | 417.73 | 425.90 | 164.28 |
| Amazon | 129.33 | -0.82 | -0.63% | 130.84 | 128.28 | 146.57 | 81.43 |
| Microsoft | 335.02 | -4.69 | -1.38% | 337.96 | 333.45 | 338.56 | 213.43 |
| Dow Jones | 33,727.43 | -219.28 | -0.65% | 33,835.66 | 33,646.49 | 34,712.28 | 28,660.94 |
| Nasdaq | 14,784.30 | -150.84 | -1.00% | 14,983.73 | 14,821.81 | 15,284.65 | 10,440.64 |
Source: Equitymaster
Back home, Indian share markets are trading flat.
At present, the BSE Sensex is trading lower by 39 points. Meanwhile, the NSE Nifty is trading up by 2 points.
IndusInd Bank and M&M are among the top gainers today.
TCS and Power Grid on the other hand are among the top losers today.
Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher 0.4% and the BSE Small Cap index is trading 0.2% lower.
Sectoral indices are trading on a mixed note with stocks in the healthcare sector and FMCG witnessing the most buying. While stocks in the IT sector and metal sector are witnessing selling pressure.
Shares of Force Motors and HCL Technologies hit their 52-week high today.
The rupee is trading at Rs 81.94 against the US dollar.
In commodity markets, gold prices are trading higher by Rs 129 at Rs 58,436 per 10 grams today.
Meanwhile, silver prices are trading 1.2% higher at Rs 68,928 per 1 kg.
Rail Vikas Nigam's other order win
Rail Vikas Nigam (RVNL) emerges as the lowest bidder from Maharashtra Metro Rail Corporation for the design and construction of an elevated metro viaduct of length 6.92 kilometers (km) of Nagpur Metro Rail Project, phase-2.
The total cost of the project is more than 3.9 billion (bn). It is estimated to be completed in the next 30 months.
Phase-II will connect the satellite cities of Nagpur and highly benefit a population of over 10 lakh residing in these areas. When it is operational, the total length of Nagpur Metro project will be 82 km.
The 2 phases will collectively lead to an investment of Rs 153.9 billion (bn). There will be a substantial increase in ridership after the Phase-II of Nagpur Metro is operational.
The total ridership of the 2 phases after the completion of Phase II is expected to be 5.5 lakh daily. This is expected to increase to 6.3 lakh in 2031 and 7.7 lakh in 2041.
As of late, RVNL gained a lot of investor traction on the back of multiple order win. Little wonder its share price rallied 305.6% last year.
NHPC signs an agreement with Odisha State utility
State-owned NHPC has inked an initial pact with an Odisha state utility to develop 2,000 MW of pumped storage projects and 1,000 MW of renewable energy in the state.
The MoU signed with GRIDCO envisages setting up self-identified pumped storage projects of at least 2,000 MW and renewable energy projects (ground-mounted solar projects /floating solar projects) of at least 1,000 MW in the state.
The MoU was signed, by the executive director (strategy business development and consultancy), NHPC, Rajat Gupta, and managing director, Limited, Trilochan Panda.
NHPC Limited is the largest hydropower development organization in India, with the capability to undertake all the activities from conceptualization to commissioning of hydro projects. NHPC has also diversified in the field of solar energy and wind energy development.
Godrej Properties acquires 15 acres of land
Godrej Properties share price was under focus after the company acquired approximately 15 acres of land in Gurugram, Haryana through an outright purchase for the development of premium residential apartments. The company announced the enhancement in the commercial paper (CP) limits to Rs 20 bn from Rs 17.5 bn.
Prior to this, on 15 June the company announced that it will acquire an approximately 7.4 acre land parcel at New Alipore, a premium residential locality in Kolkata, from the West Bengal Housing Infrastructure Development Corporation., having been declared as the highest bidder in its e-auction.
The company will develop this land parcel as a luxury group housing project.
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
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