Sensex Today Trades Flat; Nifty Below 22,500

Asian share markets followed Wall Street lower on Monday while the dollar looked vulnerable ahead of a reading on US inflation that could hasten, or delay, the start of global rate cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3%, after hitting an eight-month peak on Friday.

US stocks ended Friday's session softer on profit booking.

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 136.29 1.05 0.78% 138.99 134.8 155.2 89.94
Apple 170.73 1.73 1.02% 173.7 168.94 199.62 147.61
Meta 505.95 -6.24 -1.22% 523.57 499.35 523.57 174.82
Tesla 175.34 -3.31 -1.85% 182.73 174.7 299.29 152.37
Netflix 604.82 -3.69 -0.61% 616.09 600.84 624.42 285.33
Amazon 175.35 -1.47 -0.83% 178.79 174.33 180.14 88.12
Microsoft 406.22 -2.92 -0.71% 410.42 404.33 420.82 245.73
Dow Jones 38722.69 -68.66 -0.18% 38971.15 38705.03 39282.28 31429.82
Nasdaq 18018.45 -279.54 -1.53% 18416.73 17995.38 18416.73 11695.41

Source: Equitymaster

At present, the BSE Sensex is trading 130 points lower and NSE Nifty is trading 24 points lower.

Cipla, BPCL, and ITC are among the top gainers today.

Tata Steel, Bajaj Auto, and Tata Motors on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Midcap index is trading 0.5% higher and the BSE Small Cap index is trading 0.4% lower.

Sectoral indices are trading mixed, with socks in the realty sector, capital goods sector and FMCG sector witnessing buying. Meanwhile, stocks in the telecom sector and the auto sector are witnessing selling pressure.

The rupee is trading at Rs 82.7 against the US dollar.

In commodity markets, gold prices are trading 0.1% lower at Rs 65,980 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 74,196 per 1 kg.

RVNL's Multiple Order Win

Rail Vikas Nigam (RVNL) announced that it has received an order from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (MPPKVVCL) and Himachal Pradesh State Electricity Board (HPSEBL), aggregating to Rs 11.4 billion (bn).

The company has received an order from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (MPPKVVCL) for the supply, installation, testing and commissioning of 11 KV line associated works such as 11 KV Line Bifurcation, 11 KV Line Interconnection, 11 KV Line Conductor Augmentation.

The said order is worth Rs 2.5 bn, and it is expected to be completed within 24 months.

Meanwhile, the company has received a Letter of Award (LoA) from Himachal Pradesh State Electricity Board (HPSEBL) for the development of distribution infrastructure at the south zone of Himachal Pradesh under the revamped reforms based and results-linked distribution sector scheme (loss reduction works).

The total cost of the project is Rs 8.9 bn, and it will be executed within 24 months.

Rail Vikas Nigam is in the business of executing all types of railway projects, including new lines, doubling, gauge conversion, railway electrification, and metro projects.

After rallying 75% in January, RVNL Plunges 17% In a month.


GAIL Slashes CNG Prices

GAIL and its subsidiary GAIL Gas Limited have announced a Rs 2.5/kg price reduction in Compressed Natural Gas (CNG) prices across 20 key locations in India where they operate on 9 March.

The price cut aims to make CNG more accessible and affordable for consumers, promoting the use of cleaner fuel options and sustainable transportation practices.

This move aligns with GAIL's commitment to providing environmentally friendly fuel solutions at competitive prices, supporting national efforts to combat pollution and reduce carbon emissions.

The decision comes at a time when the automotive industry is witnessing increased production and adoption of CNG vehicles by leading manufacturers like Suzuki Motors, Tata, Hyundai, and Mahindra.

GAIL's goal with this price reduction is to encourage the transition to cleaner transportation options for a sustainable future.

In addition to GAIL, other CGDs (City Gas Distribution companies) have also cut CNG prices recently.

State-run Mahanagar Gas (MGL) reduced prices by Rs 2.5/kg to Rs 73.5/kg on 5 March, citing a decrease in gas input costs.

Similarly, on 7 March, IGL lowered CNG prices by Rs 2.5/kg in Delhi and the National Capital Region (NCR).

These price cuts aim to make CNG more economical for consumers while reflecting changes in input costs.

SJVN Arm to Supply Solar Power

A subsidiary of state-owned power producer SJVN, SJVN Green Energy, has entered into a long-term pact to supply 600 MW of solar electricity to Rajasthan.

The Power Usage Agreement is for 500 MW of Solar Power from the Bikaner Solar Power Project, and the Power Purchase Agreement (PPA) is for 100 MW of Solar Power from the Rajasthan Solar Power Project, both for 25 years.

SJVN Green Energy Limited, a subsidiary of SJVN, signed a 500 MW Power Usage Agreement and a 100 MW Power Purchase Agreement with Rajasthan Urja Vikas and IT Services Limited (RUVITL) on 10 March 2024.

Under the Agreement, SGEL would supply 500 MW of power at a tariff of Rs 2.57 per unit from the 1,000 MW Bikaner Solar Power Project being developed by SGEL under Phase-II (Tranche-3) of the Central Public Sector Units Scheme.

The project is being developed for Rs 54.9 bn and is expected to be commissioned by 30 September 2024.

More By This Author:

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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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