Stock market highlights: Tata Power, Adani Power, JSW Energy, and Torrent Power rise up to 6%; check details

The Indian benchmark indices, NIFTY50 and SENSEX, ended lower on Monday after registering gains through the day, following their biggest uptick in three months last week. The key index erased its early gains in the session and ended in the red due to profit booking towards the end of the day, led by poor cues from global markets and dampened investor sentiment.

The NSE NIFTY dropped 92.2 points, or 0.41%, to 22,460.3, ending its three-day rally. On the other hand, BSE SENSEX fell 217.41 points, or 0.29%, to end the session below 74,200 levels at 74,115.17.

However, despite a fag-end selling witnessed in the session today, power and utility stocks surged up to 6% in a tepid market.

Thermal power producer Adani Power’s shares rose sharply by 5.8% on Monday, recording an intraday high of ₹535.65 per piece on the NSE. The stock has climbed almost 4% in a week, while it is down 5% so far in the new calendar year. The stock closed 0.52% lower at ₹503.5 apiece on the NSE.

Shares of JSW Energy surged 4.6% on Monday to hit the day’s high at ₹514.4 per piece on the NSE and closed the session 2.8% higher. The utility stock Torrent Power climbed 4.5% on Monday to record the day’s peak at ₹1,391.95 per share and closed nearly 1% higher.

Shares of state-owned Power Grid Corporation of India jumped 4.16% in Monday’s session, hitting the day’s high at ₹274.25 per share. The Maharatna PSU stock closed over 3% higher at ₹271.25 apiece on the NSE.

The Tata Group stock Tata Power rose 3.22% to ₹362.8 per share on March 10, while India’s largest power generation company NTPC’s shares gained 1.63% during the day to record the session’s peak at ₹334.95 per piece on the NSE.

The rally in Tata Power stock was witnessed after the company announced its renewable energy arm entering into an MoU with the Andhra Pradesh government. The company informed the stock exchanges after market hours on Friday that Tata Power Renewable Energy Ltd has signed a Memorandum of Understanding with the Andhra Pradesh government for renewable energy projects up to 7,000 MW.