Nifty50: 17,991 ▲+46(+0.2%)
Sensex: 60,284 ▲+148 (+0.2%)
Brushing aside weakness in global markets, the Indian market today closed positive. Amongst the Nifty50 pack, 31 stocks posted gains.
All Nifty sectoral indices made gains except IT (-0.8%). PSU Bank (+3.0%) and Media (+1.4%) were the top gainers.
| Top gainers | Today's change |
| Titan | ▲ 6.0% |
| Bajaj Auto | ▲ 3.2% |
| Bajaj Finserv | ▲ 2.9% |
| Top losers | Today's change |
| HCL Tech | ▼ 3.7% |
| HDFC Life | ▼ 1.9% |
| Coal India | ▼ 1.7% |
For more updates on F&O, click here.
Here are the top stories of the day.
Tata Power receives solar boost
Tata Power’s wholly owned subsidiary has received an order of ₹538 crore from the state-run Energy Efficiency Services (EESL) to set up multiple ground mounted solar projects totalling 100 MW.
The leading solar rooftop player said that EESL’s project sites in Maharashtra will include engineering, design and supply and commissioning of solar projects. Company in its statement said that with the new order, Tata Power Solar's order book now stands at an approximate value of ₹9,264 crore. Shares of Tata Power closed 2.3% higher today.
Delta Corp expects growth revival
The management of the gaming and hospitality company has reportedly said that it expects the revenue to hit pre-pandemic levels in October. This comes after the company’s Goa casino business managed to garner a month’s revenue in the last 10 days of September.
On Monday, the company reported that its loss had narrowed to ₹22 crore in September 2021 from about ₹55 crore in September 2020. The reduction in loss was mainly because of the rise in revenue which nearly doubled to ₹75 crores. On the back of improved financial performance and better outlook, shares of Delta Corp were up 4.6% coupled with high volumes indicating strong buying interest.
Tata Metaliks posts muted Q2 results
Kolkata-based pig iron and ductile iron pipe company’s September quarter net profit dropped by 33% year-on-year to ₹54 crore. The decline in profits came despite a 24% rise in revenues to ₹664.8 crore.
The management reportedly attributed the fall in profit to high input costs such as rising prices of coal. However, it expects the drop in prices of iron ore to provide some relief in the upcoming quarters. Meanwhile, shares of Tata Metaliks were down 6% today.
Closing bell
Ahead of the release of inflation data, the markets closed in the green. While the markets have risen for four days in a row, Nifty50’s trading range (high and low) today was confined within yesterday’s movement. Such a movement doesn’t give directional clues. It also indicates fatigue and inability of the bulls to take the market higher. Further, weakness in major international indices had a subduing effect. It is a holiday truncated festive week and it won't be a surprise if traders take some money off the table near the close of the week.
Good to know
What is IPO oversubscription?
An initial public offering (IPO) is deemed to be oversubscribed when the number of shares that investors have applied for exceed the shares offered by the company. For instance, if a company has offered 100 shares and there are applications for 1,000 shares, then it means that an IPO was 10 times oversubscribed. In case of an oversubscription, the shares are allotted through a lucky draw. Click here to read a detailed explainer on how shares are allotted in an IPO.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.