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Home >Markets >Stock Markets >Sensex ends 55 points higher; ONGC and Bharti Airtel among top Nifty gainers

Indian share markets ended today’s rangebound session on a flat note.

Fag-end buying helped benchmark indices eke out gains and close in the green after a gap of two days.Bharti Airtel, Nestle India, TCS and ITC contributed the most to gains.

At the closing bell, the BSE Sensex stood higher by 55 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 16 points (up 0.1%).

ONGC and Bharti Airtel were among the top gainers today.

SBI Life Insurance and HDFC Life Insurance, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,384, up by 13 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.6% and 0.5%, respectively.

Sectoral indices ended on a mixed note with stocks in the power sector, and telecom sector witnessing most of the buying interest.

Realty stocks, on the other hand, witnessed selling pressure.

Shares of Abbott India and Marico hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 2.3%, while the Shanghai Composite ended the day up by 0.5%. The Nikkei ended down by 0.6% in today’s session.

US stock futures are trading on a negative note today with Dow Futures trading down by 79 points.

The rupee is trading at 73.50 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at 46,920 per 10 grams.

In news from the power sector, Tata Power was among the top buzzing stocks today.

Macrotech Developers (Lodha) on Thursday announced that it has partnered with Tata Power to provide end-to-end electric vehicle (EV) charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune.

Under this partnership, Tata Power will install EV charging stations at Lodha developments across MMR and Pune. These chargers will be accessible to all Lodha residents and visitors who are EV owners.

Installation and charging support will be provided for the electric vehicles along with 24x7 service, maintenance support, remote vehicle charging monitoring and e-payments through the EZ Charge mobile application by Tata Power.

This partnership will enable Lodha residents’ access uniform and ubiquitous EV charging experience

The company further added that with vehicular emissions being a growing source of pollution in Maharashtra, the government of Maharashtra recently announced its plans to aggressively develop EV charging infrastructure in the state and this partnership will play a major role in fulfilling the agenda of decarbonizing transportation in the state.

Tata Power boasts of an expansive network of over 5,000 home chargers and over 600 public chargers in more than 120 cities in India.

The company is present across all segments of the EV ecosystem – public charging, captive charging, home and workplace charging stations, and has deployed all types of chargers including DC chargers as well as AC Chargers.

Tata Power share price ended the day down by 0.3% on the BSE.

Speaking of EV charging stations, after the government announced the extension of the FAME II scheme, several states like Maharashtra, Gujarat, Rajasthan, and Delhi have announced their own policies for the faster adoption of EVs.

Under the FAME II scheme, 350 new EV charging stations have been installed across the country.

Here's a summary of stations that have been installed in each city.

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The government is actively formulating guidelines such as setting EV charging infrastructure by the Ministry of Power, amendment in model building bye-laws (MBBL-2016) for EV charging infrastructure by Ministry of Housing and Urban Affairs, etc.

Moving on to news from the engineering sector…

Greaves Cotton Announces Entry in Multi-Brand EV Retail Segment

Greaves Cotton share price jumped over 5% on the BSE today after the company entered into multi-brand EV retail segment.

Nagesh Basavanhalli, Managing Director and Group CEO at Greaves Cotton said,

These will be the first of its kind multi-brand retail stores for clean tech or electric mobility. We will start first with Bangalore. We will gauge the response and then we will go to the other major EV cities in the country.

Introduced under the brand name AutoEVMart, the platform serves as a marketplace for EVs in the country, will offering e-two-wheelers and e-three-wheelers, among others, along with accessories.

‘AutoEVmart’ platform is a concept that will enable consumers with a wide range of electric vehicles to choose from Ampere Electric to other brands in the EV space.

The company said it will be launching the first retail store under this new business soon.

The announcement comes on the World EV Day, which is observed on 9 September every year.

The day marks the celebration of e-mobility. Special awareness campaigns are organised globally to educate people about the benefits of electric vehicles.

The company's entry into the multi-brand EV retail segment comes in line with the its ambitious campaign - ‘Moving Billions with Greaves,’ it said.

With this launch, Greaves Electric Mobility is participating in this global movement to accelerate the adoption of electric vehicles.

Greaves Cotton share price ended the day up by 2.3% on the BSE.

This article is syndicated from Equitymaster.com

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