The Nikkei closed with gains of 1.5% and the Hang Seng 0.3%. Shanghai Composite is trading with a gain of 0.2%.
In US stock markets, Wall Street indices closed mostly higher on Wednesday, led by gains in stocks of big growth names such as Amazon.com and Microsoft.
The Dow Jones ended on a flat note while the Nasdaq Composite rose 0.7%.
Back home after the SGX Nifty trend, Indian stock markets have opened on a strong note.
A total of 21 companies, including HCL Technologies, Cyient and Den Networks, are scheduled to announce their results today.
BSE Sensex is trading up 371 points. Meanwhile, NSE Nifty is trading with a gain of 121 points.
Wipro and Infosys are among the top gainers today. On the other hand, the power grid is the worst hit today.
BSE Mid Cap Index and BSE Small Cap Index opened with gains of 0.8% and 0.7% respectively.
All sectoral indices are trading in green and IT sector and realty sector are the biggest buyers.
Shares of Persistent Systems and ITC hit a 52-week high today.
Rupee is trading at 75.28 against US Dollar.
Gold prices are trading lower by 0.2% ₹47,805 per 10 grams.
Meanwhile, silver prices are trading lower by 0.6%. ₹62,530 per kg.
Crude oil prices today edged higher than previous losses, on hopes that higher natural gas prices as winter approaches could lead to a switch to oil to meet heating demand needs.
In news from the energy sector, Reliance Industries is one of the top buzzing stocks today.
Reliance Industries said on Wednesday that the differences between the two zee entertainmentThe managing directors of Puneet Goenka and Invesco fell into merger talks with Reliance’s media assets over how the Goenka family would increase their stake in the broadcaster.
Reliance Industries in February proposed to merge its media assets with Zee after Invesco helped arrange discussions between Goenka and representatives.
Reliance said it regretted being dragged into a dispute between Zee and the US investment firm.
The statement came after Invesco said that Reliance had approached Zee for the merger.
A day earlier, Zee said Goenka rejected a deal proposed by Invesco to merge Zee Entertainment with entities owned by an unnamed “large” Indian strategic conglomerate.
All these statements come amid a tussle between Invesco and Zee’s founding family. Invesco is seeking to restructure Zee’s board, while Zee has challenged Invesco’s attempt to restructure the board in the courts.
The share price of Reliance Industries opened with a gain of 0.4 percent in the day.
Talking about the power sector news, the power crisis in the five worst-hit states is likely to ease soon as Tata Power restarted its mega power plant in Mundra yesterday when Punjab and Gujarat are yet to pay the actual cost. let agreed.
Reports say that other states are likely to follow.
Gujarat government has agreed to buy 1,800 MW of power from Tata Power’s ultra-mega power project ₹4.50 per unit—more than the agreed tariff in its executed contract—for four weeks, a government official said.
According to sources, Rajasthan, Maharashtra and Haryana, beneficiaries of Tata Power’s 4,000 MW project and Adani Power’s 3,300 MW capacity, are also in talks with companies to supply at actual cost on a temporary basis.
states are buying power ₹13-16 per unit.
Replying to a query, a Tata Power executive said it commissioned one of its five 800 MW units at Mundra on Wednesday evening to supply power to Gujarat and Punjab.
The move is expected to bring down spot power prices immediately, easing pressure on domestic coal, whose supply has also started improving.
The share price of Tata Power opened with a gain of 2.4 per cent during the day.
Coming to Tata Power, take a look at the chart below to see how the company’s stock has performed over the past one year.
see full image
The Tata group company’s stock has gained a whopping 318%, with most of the gains coming in the last one month itself.
Yesterday, Tata group companies were on the rolls after Tata Motors announced new EV funding. All of the 21 group companies ended on a positive note.
Earlier this week, Rahul Shah, Co-Head of Research at Equitymaster, analyzed the stock of Tata Power and whether it is time to switch to another stock after the massive Tata Power surge.
You can read the full editorial here:Is it time to switch from Tata Power to NTPC?
This article is syndicated from equitymaster.com
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