Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 456 points, down 0.9% at 49,401 levels.

Meanwhile, the NSE Nifty is trading down by 86 points.

Adani Ports & SEZ and Sun Pharmaceuticals are among the top gainers today. IndusInd Bank and Power Grid Corporation are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap are trading up by 0.5%.

On the sectoral front, stocks from the real estate sector, are witnessing most of the buying interest.

On the other hand, stocks from the banking sector, are witnessing most of the selling pressure.

US stock futures are trading mixed today.

Nasdaq Futures are trading up 75 points (up 0.6%) while Dow Futures are trading down 85 points (down 0.3%)

The rupee is trading at 72.38 against the US$.

Gold prices are trading down by 0.6% at Rs 44,768 per 10 grams.

In global markets, gold today edged lower amid a strong dollar and hardening US bond yields. Spot gold fell 0.3% while other precious metals like silver, platinum, and palladium all retreated.

Amid weak global cues, gold prices today slipped below the key Rs 45,000 level in Indian markets while silver rates tumbled. On MCX, gold futures dipped 0.1% to Rs 44981 per 10 grams while silver futures slumped 1.4% to Rs 66,562 per kg.

Moving on to stock-specific news...

Among the buzzing stocks, today is Adani Green Energy.

Shares of Adani Green Energy hit an upper circuit after its subsidiary received a letter of award for 300-megawatt (MW) wind power projects. Adani Renewable Energy Holding Fifteen had participated in a tender issued by Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system-connected wind power projects, according to an exchange filing.

The fixed tariff for this project capacity is Rs 2.7 per kilowatt-hour (kWh) for a period of 25 years.

With this, Adani Green's total renewable capacity now stands at 15,165 MW, of which 3,395 MW renewable plants are operational and 11,770 MW projects are under implementation."Wind energy forms an essential part of our business and is expected to continue to give a vital contribution to our growth plans," according to Vineet Jain, managing director, and chief executive officer at Adani Green Energy.

Shares of Adani Green Energy are locked in an upper circuit of 5%. The stock is up for the second straight session.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, shares of Adani Green Energy were trading up by 5% on the BSE.

Moving on to news from the power sector...

Power Grid Acquires 74% Stake of Jaiprakash Power Ventures

The Power Grid Corporation of India (PGCI) signed a Share Purchase Agreement with Jaiprakash Power Ventures Limited (JPVL) on March 19, 2021, to acquire a 74% shareholding of JVPL in Jaypee PowerGrid (JPL) for Rs 3.5 billion.

The board of Power Grid Corporation of India had approved the acquisition on February 11, 2021.

After the acquisition, JPL will become a wholly-owned subsidiary of the Power Grid Corporation of India, a regulatory filing said.

JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from the Karcham-Wangtoo project in Himachal Pradesh.

The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan.

PGCI was established by the Centre as the central transmission utility of India. As of December 31, 2020, the Government of India owned a 51.3% stake in the company.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

As per Tanushree Banerjee, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.