What's moving the Sensex on Tuesday? NTPC, Power Grid, TCS, ICICI Bank

NTPC, Power Grid contributed over 100 points to the BES Sensex so far; while, heavyweights HDFC Bank, Reliance and ICICI Bank were the chief laggards.

The S&P BSE Sensex was seen holding marginal gains in Tuesday’s morning trade despite weak cues from Asian peers. Globally markets traded on a cautious note ahead of the Bank of Japan and the US Federal Reserve policy decisions.

In Asia, Hang Seng and Kospi were down over 1 per cent each. Nikkei and Shanghai Composite shed 0.5 per cent each. Taiwan and Straits Times, however, were flat.

Back home, the S&P BSE Sensex slipped a low of 81,230 in opening deals, and thereafter rebounded into the positive zone to hit a high of 81,520. At 10:20 AM, the Sensex was up 0.1 per cent or 74 points at 81,425 levels, while the NSE Nifty 50 index quoted around 24,863 - up 28 points.

 

Shares of state-run power generation companies - NTPC and Power Grid Corporation - were the top gainers, up 4 per cent each after the former beat analysts’ expectations on the earnings front on reporting 11 per cent growth in net profit. NTPC was up for the second straight trading sessions. 

These apart, Tata Motors and Asian Paints were the key gainers, while UltraTech Cement was down 1 per cent on profit-taking post the India Cements-deal triggered rally yesterday.

Among the Nifty 50 stocks - BPCL up nearly 5 per cent at Rs 355 was the major gainer followed by Power Grid and NTPC. On the flip side, SBI Life Insurance was the top loser, down 2 per cent. Hindalco, Cipla, LTIMindtree and Shriram Finance were the other major losers, down over 1 per cent each. 

Here's what moving the Sensex so far on Tuesday, July 30, 2024:

Gains in NTPC and Power Grid Corporation cumulatively have contributed 110 points to the BSE Sensex. That apart, Tata Motors has been a key contributor on the upside so far, having added 40-odd points to the BSE benchmark index.

NTPC accounts for a 2 per cent weightage on the Sensex, while Power Grid 1.7 per cent. Hence, despite the sharp 4 per cent rally, the contribution to the BSE Sensex seems limited to less to mere 100-odd points.

On the other hand, index heavyweights ICICI Bank and TCS, with up to 9.1 per cent and 4.8 per cent, weightage on the Sensex accounted for a loss of 30 odd points each. These stocks were merely down 0.3 per cent and 0.7 per cent so far in trades.

The leading two heavyweights – HDFC Bank and Reliance with up to 13.1 per cent and 10.9 per cent weightage were down 0.2 per cent and 0.5 per cent, respectively, accounting for a decline of around 20 and 42 points on the Sensex.

UltraTech Cement, Mahindra & Mahindra and ITC were the other notable laggards, each accounting for up to 20 points loss.