Nifty50: 18,343 ▼ 65 (-0.3%)
Sensex: 61,750 ▼ 230 (-0.3%)
Hello, people!
Netizens are obsessed with a 16th century engagement ring. Why, you ask? Well, it has the whole universe in it! Yes, you read it right. The ring was designed to turn into a mini astronomical map, while portraying how the entire universe is in the hands of the person’s better half.
- After a gap-down opening, benchmark indices closed in the red amid weak global cues.
- In all, 37 of the Nifty50 stocks closed lower.
- Meanwhile, the rupee closed at 81.62 on Thursday as compared to the previous close of 81.25 on Wednesday.
Among the Nifty sectoral indices, PSU Bank (+0.7%) and Realty (+0.04%) saw most gains, while Auto (-1.3%) and Media (-1.0%) were the top losers.
| Top gainers | Today's change |
| Tata Consumer | 784 ▲ 14 (+1.9%) |
| Adani Enterprises | 4,017 ▲ 60 (+1.5%) |
| LT | 2,029 ▲ 25 (+1.2%) |
| Top losers | Today's change |
| Titan | 2,583 ▼ 60 (-2.2%) |
| M&M | 1,259 ▼ 27 (-2.1%) |
| Tata Motors | 422 ▼ 8.6 (-2.0%) |
What’s trending
⭐ Centre raises windfall tax on oil products
ONGC (NSE): 143 ▲ 0.4 (+0.2%), OIL (NSE): 203 ▼ 1.8 (-0.9%)
The government on Thursday raised the windfall tax on domestic crude oil to ₹10,200 per tonne from ₹9,550 per tonne. Meanwhile, the export duty on diesel was slashed to ₹10.50 per litre from ₹13 per litre. Meanwhile, the government kept the tax on aviation turbine fuel exports unchanged at ₹5. These tax changes will come into effect from Thursday. This is the ninth revision in rates since the introduction of the windfall tax on 1 July 2022.
⭐ Tata Power, Union Bank join hands
TATAPOWER (NSE): 221 ▼ 3.2 (-1.4%)
Public sector lender Union Bank of India (UBI) has tied up with Tata Power Solar Systems which is a subsidiary of Tata Power Renewable Energy. The aim of the tie up is to help the micro, small and medium enterprises (MSME) set up rooftop mounted solar units through term loans. MSMEs, which are customers of Tata Power, can avail loans up to ₹8 crore with no or minimum collateral.
⭐ Timken India shares rally
TIMKEN (NSE): 3,506 ▲ 584 (+20.0%)
Shares of the ball and roller bearing manufacturing company surged over 18% intraday. The rally comes after the company announced its plans to set up a new facility in Bharuch. The new facility will manufacture spherical roller bearings and cylindrical roller bearings and components. The company will invest ₹600 crore to set up the new facility. This will be funded by the internal accruals.
⭐ Ircon bags a new order
IRCON (NSE): 56 ▼ 1.5 (-2.6%)
Ircon International, a wholly owned subsidiary of the Indian Railways, has won an order. The order is for construction of balance work of Bahuti Canal project on turnkey basis. It also includes completion of earth work of the main canal system and ancillary works. The value of the project is ₹392 crore and the duration is of three years. Meanwhile, the management, operation and maintenance period will be of five years.
In Focus
Sugar industry in a sweet spot
Shares of major sugar producers such as Shree Renuka Sugars, EID-Parry, Dwarikesh Sugar have surged in the range of 30% to 90% in 2022. The sugar industry is witnessing several changes which has drawn investor’s attention towards these stocks. What are those changes? Let’s find out.
The international raw sugar prices are at a seven month high of 20.2 cents/lb. This comes at a time when the Indian sugar mills are renegotiating and defaulting on their export contracts with overseas buyers. The government’s decision to cut this year's export quota has impacted Indian sugar mills and also led to a rise in prices. Besides this, the supply hiccups in Brazil (one of the top sugar exporters) due to excessive rains coupled with the delay in sugarcane crushing has driven up the prices.
Secondly, the Oil Marketing Companies (OMCs) are targeting a higher ethanol blending of 12%. Sugar manufacturers are one of the key sources of ethanol. Further, the government has also increased ethanol prices by ₹1.65 per litre to ₹2.65 per litre for different types of feedstock. This augurs well for sugar makers with ethanol manufacturing facilities.
Also, the government has allowed six million tonnes (MT) of export quota in the first tranche. This might be increased further after reassessing the domestic production. This could mean lower domestic inventory by the end of the year. A low closing stock could help to keep sugar prices firm.
All in all, the sugar industry is poised to climb new heights supported by upbeat fundamentals and favourable conditions.
Ready-made Option Strategies on Upstox
Options offer traders the potential to make a profit whether the markets are moving up, down or sideways. However, options are complex instruments, and option strategies can be even more complicated. If not used in a disciplined way, they could lead to severe capital losses.
To solve such problems and to make options trading easier, Upstox has introduced Ready-made Option Strategies, which allow traders to:
- Choose from pre-curated option strategies
- Know profit probability, maximum profit and loss, and funds required for each strategy
- Trade with unique one-click entry and exit orders
Click here to know more about Ready-made Option Strategies.
Good to know
What is a put option?
A put option is a derivative contract that gives the holder or buyer the right, but not the obligation, to sell a specified quantity of an underlying asset at a predetermined price in a specific time frame. The put option is available for various types of underlying asset like stocks, indices, commodities, and more. The value of a put option increases, when the price of the underlying asset decreases. Hence, put options are used for hedging and speculating on an asset's downward price movement.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.