The Hang Seng is up 1.1% while the Shanghai Composite jumped 1.9%. Japan’s Nikkei was the biggest gainer and was up with a massive 4% gain.
Back home after the SGX Nifty trend, Indian stock markets opened on a strong note.
Reversing global markets, benchmark indices are trading strongly.
BSE Sensex is trading up 1,165 points. Meanwhile, NSE Nifty is trading with a gain of 340 points.
Axis Bank and SBI are among the top gainers today.
On the other hand, Coal India is the biggest loser today.
In line with the rise in the benchmark, the broader markets also extended profits.
BSE Mid Cap Index and BSE Small Cap Index are trading up 1.7% and 2.1% respectively.
All sectoral indices are trading in the green with the banking sector, automobile sector and realty sector being the biggest buy in stocks.
Shares of Gujarat Narmada and Swan Energy reached 52-week high today.
Rupee is trading at 76.27 against US Dollar.
Gold prices are trading lower by 0.5% 52,495 per 10 grams.
Meanwhile, silver prices are trading with a fall of 0.2%. 69,450 per kg.
Gold fell as US Treasury yields rose, while investors opted for riskier assets amid plunging crude prices as the UAE said it would help ramp up oil production, making safe-haven bullion less attractive .
Crude oil prices have risen today. EU leaders will stop buying Russian oil, gas and coal as the bloc seeks to reduce its reliance on Russian sources of energy.
In news from global markets, US and European stock markets broke their recent losing streak with a strong rebound on Wednesday, as energy prices eased and traders bet EU leaders to limit the economic impact of Russia’s invasion of Ukraine. will take action for
However, investor sentiment has changed ahead of the EU summit today when leaders will discuss a new development and investment model and ways to reduce dependence on Russian energy.
US stocks have declined for several days led by financial and tech stocks.
The tech-heavy Nasdaq Composite jumped 3.6%, while the Dow Jones gained 2%.
Meanwhile, renewed risk appetite propelled the S&P 500 to post its biggest one-day gain since June 2020.
Coming to the S&P 500, ace chartist of Equitymaster Brijesh Bhatia shared an update on the broad-based index on his Telegram channel yesterday.
Brijesh shares the levels one needs to watch if the S&P wants to continue its bullish trend.
Here is Brijesh:
Selling over the past few hours ended the day near S&P500 (SPX) lows after a spectacular return from 4,114.
Surprisingly, the low of 4114 is also a palindromic number which has significance in astrological analysis. (I am no astrology analyst)
Technically, the dip could be an opportunity for the bulls to reversal from the bullish nine-star harmonic pattern and test the lower.
A bullish cipher pattern is forming near yesterday’s lows, which indicates that the bears may call this a day for bearish momentum.
The bullish divergence on the RSI indicates a weak bear trend and it is time for the bulls to enter the zone.
If the bears want to continue their bearish momentum, they need to break the 4,000-4,052 area where the bullish harmonics will turn negative.
If you are interested in being a part of Brijesh’s charting journey as he shares how to make money from profitable trade setups, we highly recommend you join. His Telegram Channel – Fast Profit,
You will get access to the best trading ideas in the stock market.
In news from the engineering sector, PNC Infratech is one of the top buzzing stocks today.
PNC Infratech has been declared as L1 (lowest bidder) by National Highways Authority of India for the project ‘Improvement and Upgradation’.
The scope of the project includes improvement and up-gradation of a 54.4 km long four-lane road with paved shoulders in Hardoi district of Uttar Pradesh on hybrid annuity mode.
bid is project cost 8.6 billion and the project is to be constructed in 30 months and operated for 15 years after construction.
The EPC company is engaged in infrastructure development through construction of highways including BOT (Build, Operate and Transfer Projects), airport runways, bridges, flyovers and power transmission projects.
Shares of PNC Infratech are currently trading with a gain of 2.6 percent.
Moving from the power sector to the news, Tata Power On Wednesday, its Singapore-based JV Resurgent Power Ventures has won the bid to acquire stressed assets of South East UP Power Transmission Company (SEUPTCL).
This was done through its resolution process under the Insolvency and Bankruptcy Code (IBC).
The Tata group company, through its Singapore-based wholly owned entity, Tata Power International Pte Ltd, holds a 26% stake in the joint venture. The remaining 74% stake is held by ICICI and others.
SEUPTCL was incorporated as a Special Purpose Vehicle constituted by UP Power Transmission (UPPTCL) on 11 September 2009 to operate the specified intra-state transmission system for a period of 35 years.
The company has a transmission line of about 1,500 km.
Praveer Sinha, CEO and MD, Tata Power said,
This asset will bring significant value to our transmission business and diversify the Resurgent Power portfolio following the successful turnaround of the 1,980 MW Prayagraj Power Plant and acquisition of the System Strengthening Scheme in Northern Region NRSS XXXVI Transmission.,
The share price of Tata Power is currently trading with a gain of 2.7 percent.
Coming to Tata Power, take a look at the chart below to see how the company has performed over the past year.
Trading at a price-to-book value (P/BV) of 3.4x, which is more than 1.2 times the average P/BV of the past five years, Tata Power stock has more than doubled in the past one year.
For more information on Tata Power, visit company fact sheet on our website.
This article is syndicated from equitymaster.com
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