Home / Markets / Stock Markets /  Sensex gains 150 points, Nifty nears 17,900; ONGC, IOC surge 4%
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Asian share markets are trading on a negative note today. The Hang Seng is down 0.8% while the Nikkei is trading lower by 1.4%.

In US stock markets, Wall Street indices ended sharply higher on Tuesday as Microsoft and Apple spearheaded a strong rebound in growth stocks and investors awaited monthly payrolls data later this week.

The Dow Jones jumped 0.9% while the Nasdaq advanced 1.3%.

Back home, Indian share markets have opened on a positive note.

The BSE Sensex is trading up by 161 points. Meanwhile, the NSE Nifty is trading higher by 54 points.

ONGC and M&M are among the top gainers today. Titan, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4% while the BSE Small Cap index is trading higher by 0.6%

Sectoral indices are trading mixed with stocks in the power sector and oil & gas sector witnessing most of the buying.

Consumer durable stocks, on the other hand, are trading in red.

Shares of Deepak Nitrite and HPCL hit their 52-week highs today.

The rupee is trading at 74.56 against the US$.

Gold prices are trading down by 0.2% at 46,643 per 10 grams.

Meanwhile, silver prices are trading down by 0.4% at 60,740 per kg.

Crude oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.

In news from the steel sector, Jindal Steel and Power (JSPL) on Tuesday reported a highest-ever quarterly jump in sales volume of 10% year-on-year (YoY) at 2.13 m tonnes in the September quarter of fiscal 2022 with production growing by 5% to 1.93 m tonnes.

The Naveen Jindal-led company’s steel sales have breached the 2 m tonnes mark for the first time.

In a statement, the company said,

Exports continue to boost sales with a share of exports rising to greater than 40% in Q2FY22, from 34% in Q1FY22 and 38% in Q2FY21.

JSPL has now better raw materials security, which will add significant value to the company…We are fully committed and believe in India growth story.

Inventory levels continue to decline as sales volume surpassed production for the third consecutive month.

One of the company’s Australian coking coal mines is operational and it is expecting the first shipment on 21 November.

This will reduce the company’s coking coal dependency significantly.

JSPL has also been shortlisted as preferred bidder for Kasia (Odisha) iron ore mine by Government of Odisha.

Jindal Steel & Power share price has opened the day up by 0.6%.

Moving on to news from the telecom sector, Bharti Airtel is among the top buzzing stocks today.

Bharti Airtel’s rights entitlement (RE) shares rallied 40% on day one of listing. Yesterday, Bharti Airtel-RE shares were trading 39.97% higher at 204.50 on BSE.

The value of the RE shares is more or less close to the spread between the company’s share price and the offer price of the rights issue. The actual traded price may differ depending upon the demand.

In case of Bharti Airtel RE, a rights share has been offered at 535 and the market price of Bharti Airtel is 681.10. This means the intrinsic value of RE is 146.

Bharti Airtel’s mega 210-bn rights issue will remain open for investors till 21 October 2021.

At the time of application to the rights issue, investors have to pay 133.75 per share, while the remaining will be collected in two separate installments.

The company has decided on a rights entitlement ratio of 1:14. The shares issued to investors will then be converted to partly paid-up shares and listed on the BSE and NSE, separately.

As of 28 September, Bharti shareholders were allotted RE shares in their demat accounts. Those REs not renounced or exercised on or before 21 October will lapse.

The company's promoters will subscribe to the full extent of its aggregate right and any unsubscribed shares in the issue.

Market experts are suggesting that shareholders could consider subscribing to the company's rights issue.

Bharti Airtel share price has opened the day up by 0.2%.

Speaking of Bharti Airtel, have a look at the chart below to see how the stock has performed over the past one year.

Bharti Airtel 
View Full Image
Bharti Airtel 

To know more, check out the latest shareholding pattern of BHARTI AIRTEL.

(This article is syndicated from

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