Nifty50: 17,655 ▼ 10 (-0.06%)
Sensex: 59,196 ▼ 48 (-0.08%)
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- Despite a gap-up opening and favourable cues from international indices, Indian markets moved indecisively through the day.
- In all, 29 of the Nifty50 stocks closed in the red.
- Indian markets have been moving in a range since the beginning of this month indicating a tug-of-war between the bulls and bears.
Among the Nifty sectoral indices, Metal (+1.3%) and Oil and Gas (+1.1%) saw maximum gains, while FMCG (-0.5%) and Media (-0.4%) were the top losers
| Top gainers | Today's change |
| Apollo Hospitals | 4,415 ▲ 132 (+3.0%) |
| Bharti Airtel | 759 ▲ 18 (+2.5%) |
| NTPC | 168 ▲ 4 (+2.4%) |
| Top losers | Today's change |
| TATA Consumer | 818 ▼ 18 (-2.2%) |
| Bajaj Finserv | 17,007 ▼ 369 (-2.1%) |
| Britannia | 3,610 ▼ 52 (-1.4%) |
What’s trending
⭐ RIL’s greentech buy
RELIANCE (NSE): 2,594 ▲ 24 (+0.9%)
Reliance Industries has acquired a 79.4% stake in SenseHawk, a US-based early stage company engaged in developing software for the solar power industry. The acquisition cost $32 million. For FY22, SenseHawk had a turnover of $2.3 million. It has served customers in 15 countries.
⭐ NTPC acquires Jhabua Power
NTPC (NSE): 168 ▲ 4 (+2.4%)
State-owned power company NTPC has acquired Madhya Pradesh based Jhabua Power (JP). JP is an insolvent company and was originally promoted by Avantha Power. This ₹925 crore acquisition will bring 600 MW of power-gen capacity under NTPC’s fold and take its total capacity above 70,000 MW. For FY22, JP had a turnover of ₹1,584 crore.
⭐ High user volume boosts Paytm
PAYTM (BSE): 708 ▲ 0.3 (+0.05%)
For July and August 2022, Paytm reported a strong growth in its payments and credit business. Its loan disbursals rose nearly 5 times to ₹4,517 crore as compared to last year. It also reported a 72% year-on-year jump in its merchant payment volumes (aka. GMV) to ₹2.1 lakh crore. GMV is the total value of payments made to merchants through its various platforms. In the same period, average monthly transacting users increased to 7.8 crore, up 40% year-on-year.
⭐ Brahmastra effect on PVR, INOX
PVR (NSE): 1,925 ▼ 12 (-0.6%), INOXLEISUR (NSE): 517 ▼ 6.1 (-1.1%)
It might be an early Diwali for multiplex giants PVR and INOX. The movie exhibitors have, reportedly, witnessed strong advance bookings for the upcoming multi-starrer movie Brahmastra Part 1 — Shiva. This comes as a relief to the industry after the slack seen during the July-August period due to failures of big budget movies such as Lal Singh Chaddha and Shamshera. Meanwhile, the stocks of PVR (5.4%) and Inox (2.5%) have outperformed the broader markets so far this month.
⭐ Dream debut for Dreamfolks Services
DREAMFOLKS (NSE): 462 ▲ 136 (+41%)
Airport service aggregator, Dreamfolks Services, made a stellar debut on the exchange on Tuesday. Shares of the company were listed at ₹508 against an issue price of ₹326, that is a 56% premium. The company had raised ₹562 crore through its public issue. The company also declared its June quarter results wherein it reported a net profit of ₹13 crore as compared to loss of about ₹1 crore in the same period last year.
In Focus
CVs sales take the freeway
The demand for commercial vehicles (CV) or trucks and buses is zooming. Take a look at the monthly sales numbers reported by companies. India’s largest CV maker, Tata Motors’ domestic CV sales increased 12% year-on-year. The growth was mainly contributed by a 170% jump in the sale of buses (as schools and offices reopened) and a 49% rise in sales of medium and heavy trucks.
In the case of goods carriers; better fleet utilisation, rise in freight rates and pick-up in economic activity is creating a healthy demand outlook. Further, the government's push for infrastructure is generating a strong demand for tipper trucks.
Ashok Leyland also reported strong demand growth recording an 83% increase in sales for trucks and 340% increase in bus sales in August.
Aided by pent up demand and a low base, Tata Motors is confident of double digit CV sales in FY23. In fact, the company plans to invest up to ₹4,000 crore over the next two years in this space.
IPO corner
On day 2, the IPO of Tamilnad Mercantile Bank continued to receive strong traction. The 100-year-old private sector bank’s public issue was subscribed more than 1.5 times. Meanwhile, the retail investors’ segment witnessed robust response and was subscribed around 3.6 times. Click here to apply for the IPO on Upstox.
Good to know
What is short selling?
Short selling involves selling shares or derivatives in anticipation of a fall in price. Interestingly, unlike in normal selling when you buy first and sell later, in short selling, you sell first and buy later. You can go short in the equities segment only on an intraday basis. Meanwhile, an overnight short position can be created in derivatives (i.e. futures and options) segment. After going short, if the price falls, the position will result in a profit, whereas if the price rises, it will result in a loss.
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