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Business News/ Markets / Live Blog/  Market Highlights: Sensex crashes 900 pts, Nifty ends sub-19,000; TechM, M&M lag; all sectors close in red
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Market Highlights: Sensex crashes 900 pts, Nifty ends sub-19,000; TechM, M&M lag; all sectors close in red

Share Market Updates: The Indian stock market crashed on Thursday as Nifty fell below 19,000 first first since June 2023 and Sensex shed 900 pts. TechM, Bajaj twins, HDFC Bank and M&M drop with all sectors ending in red and with IT, Bank and Metal falling the most.

Sensex Today | Share market Updates: Market continues to crash for 6th session in a row Premium
Sensex Today | Share market Updates: Market continues to crash for 6th session in a row

Share Market Updates: Indices remained on the backfoot on Thursday and felt the pressure of global negative cues including rising oil prices, tension in the Middle East and rising US bond yields.

Nifty ends below the psychological mark of 19,000 and Sensex closed below 63,200. 

In October alone, the Nifty index has undergone a 3.70% reduction in its value, marking the most substantial monthly fall since December 2022, when the Nifty 50 saw a significant tumble of 3.48%

Oil steadied after jumping Wednesday on signs Israel will proceed with a ground invasion of Gaza, reviving concerns the conflict could escalate and threaten energy supplies.

U.S Treasury yields were heading back towards 5% on Wednesday, dragging shares around the world to multi-month lows in the middle of a busy week for corporate earnings, with an ECB meeting and the release of U.S. GDP to come later in the day.

26 Oct 2023, 03:37:29 PM IST

Indices tumble for 6th session as Sensex and Nifty shed 1.4% each with all sectors ending lower in today's session

Indian shares tumbled 1.4% on Thursday and registered a loss for a sixth session in a row, dragged by information technology (IT) stocks after Tech Mahindra's disappointing earnings, while rising U.S. Treasury yields intensified fears of interest rates staying higher for longer.

The NSE Nifty 50 index closed 281 points down and closed below 19,000, at 18,841, while the S&P BSE Sensex fell 900 pts to close 63,148. All 15 major sectoral indexes logged losses.

M&M, Bajaj Finance, Tech Mahindra, Adani stocks, Nestle India were among the biggest laggards as they shed around 2% to 3% each in today's session. Axis Bank jumped more than 1.5% and remained the only stock to have witnessed some reasonable gains.

All sectoral indices ended in the red with all sectoral indices except FMCG shedding more than a per cent each. FMCG shed around half a per cent.

Asian stocks slid to a 11-month low as U.S. futures dropped and the dollar surged as Treasury yields spiked back toward peaks on fears that U.S. interest rates will stay high.

Japan's Nikkei share average slumped to its worst day in three weeks as chip-related stocks led a broad selloff amid rising long-term yields and a tumble in U.S. tech stocks overnight. The Nikkei closed down 2.14%. That was the weakest performance since Oct. 4, having snapped a two-day winning streak.

European shares dropped due to a rise in U.S. Treasury yields and a slew of weak earnings reports, ahead of the European Central Bank's policy decision later in the day.

The UK's FTSE 100 edged lower as Standard Chartered led a slide in bank stocks and Unilever led a drop in consumer shares after the two blue-chip companies posted disappointing earnings.

Sensex At Close
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Sensex At Close
26 Oct 2023, 03:24:19 PM IST

Sensex Today Live: ACC Q2 results: Net profit decreases 16.8% QoQ at ₹388 crore

The Indian cement maker, ACC, has recorded a 16.8% quarter-on-quarter (QoQ) decrease in its net profit, amounting to 388 crore in the September quarter. This marks a decline from the net consolidated profit of 466.14 crore reported in the preceding April-June quarter of the current financial year.

Comparatively, during the same quarter in the previous year, the company had reported a net consolidated loss of 87.35 crore. The company's improved profitability in the current financial year can be attributed to a reduction in the cost of power and fuel expenses. Additionally, the company noted an 11.22% increase in revenue from operations, with the figure rising to 4,434.73 crore from 3,987.34 crore, as reported in a regulatory filing. (Read More)

26 Oct 2023, 03:17:29 PM IST

Sensex Today Live | Share Market Updates: Drone startup UrbanMatrix Technologies raises ₹6 crore

Drone tech startup UrbanMatrix Technologies on Thursday said it has raised 6 crore from investors to fund expansion.

"The funds will be allocated towards product development, team expansion and expanding into new markets," the company said in a statement.

The company said it has raised 6 crore in a Pre-series A funding round led by Inflection Point Ventures.

UrbanMatrix Technologies was founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik. It is developing industrial drones and software used in drones for various use cases, including survey, surveillance, agriculture, AI-aided inspection and defence. (PTI)

26 Oct 2023, 02:59:53 PM IST

Sensex Today Live: SME IT stock, Sahana System, hits record high despite stock market crash. Share touches upper circuit

Sahana System, despite the recent stock market downturn that heavily affected IT and banking stocks, has been consistently experiencing an upward trend over the past three consecutive trading sessions. Notably, the stock hit the upper circuit in the last two sessions, and on Thursday, it continued its bullish trajectory by opening with an upward gap and reaching a new peak of 332.75 per share on the NSE.

Regarding Sahana System's Q2 results for the financial year 2023-24, the company has evidently been in a bullish trend since the announcement of these results. Furthermore, the IT company disclosed its H-1FY24 figures while revealing its Q2 results for the financial year 2023-24, which likely contributed to the positive market sentiment surrounding the stock. (Read More)

26 Oct 2023, 02:47:42 PM IST

Sensex Today: September records highest apartment registrations in 2023 in Kolkata: Knight Frank India

Knight Frank reported today that 31,026 apartments have been registered in Kolkata Metropolitan Area (KMA) since the beginning of the calendar year 2023. Out of the total registrations in 2023, 14% occurred in September this year, marking a 21% increase compared to August 2023. However, on a year-on-year (YoY) basis, the registrations have dipped by 25% when compared with September 2022.

Key Highlights:

  • 4,347 apartments registered in September 2023
  • Units sized 500-1,000 sq ft command 56% of total registration pie
  • Remission of stamp duty by 2% extended till June 30th 2024, continues to support homebuyers

26 Oct 2023, 02:36:10 PM IST

Sensex Today Live: PNB Q2 Results: Net profit jumps 327% to ₹1,756 crore; NII up 20%

Punjab National Bank (PNB), the state-run lender, reported its financial results for the second quarter of FY24 today, October 26. PNB posted strong earnings with net profit jumping 327% YoY to 1,756 crore, while net interest income (NII) rising 20% YoY. The public sector bank’s asset quality for the quarter improved sequentially.

PNB’s provisions in Q2FY24 dropped to 3,444.18 crore from 3,965.26 crore, QoQ, and versus 4,906.28 crore, YoY. (Read More)

26 Oct 2023, 02:23:41 PM IST

Sensex Today Live | Share Market Updates: India's Asian Paints misses Q2 profit estimates on muted sales

India's Asian Paints on Thursday reported a smaller-than-expected jump in second-quarter profit, hurt by muted sales.

The paint maker reported a consolidated net profit of 12.05 billion rupees ($144.90 million) for the quarter ending Sept. 30, below analysts' estimate of 12.42 billion rupees, as per LSEG data.

Revenue from operations was largely flat, with a 0.3% rise to 84.79 billion rupees. (Reuters)

26 Oct 2023, 02:14:55 PM IST

Sensex Today: All sectoral indices are trading deep in the red with heavyweights like IT, Finance, Bank and Metal leading the race to the bottom 

Sectoral Indices
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Sectoral Indices
26 Oct 2023, 02:13:17 PM IST

Sensex Today Live: Women hold only 13% of senior roles in Indian media and entertainment industry: report

Despite some progress, women still hold only 13% of senior leadership roles in Indian media and entertainment (M&E) companies, according to the third edition of the 'O Womaniya!' report. While this is slightly higher than the 10% reported in 2021, it underscores a persistent gender gap in the industry.

The 'O Womaniya!' study, conducted by media consulting firm Ormax Media and Film Companion with the support of Prime Video, assesses the representation of women in various aspects of content production, marketing, and corporate leadership within India's entertainment industry. (Read More)

26 Oct 2023, 01:55:40 PM IST

Sensex Today Live | Share Market Updates: Hong Kong stocks end with losses

Hong Kong stocks fell Thursday, in line with losses across most global markets, on worries about a possible widening of hostilities in the Middle East after Israel said it was preparing a ground incursion in Gaza.

The Hang Seng Index shed 0.24 percent, or 40.72 points, to 17,044.61.

But the Shanghai Composite Index gained 0.48 percent, or 14.19 points, to 2,988.33, and the Shenzhen Composite Index on China's second exchange added 0.45 percent, or 8.21 points, to 1,825.39. (AFP)

26 Oct 2023, 01:54:45 PM IST

Sensex Today: RIL Q2 Results Preview: Profit, EBITDA to show healthy YoY growth; updates on new energy, retail, telecom to be in focus

After a subdued show in the April-June quarter, the September quarter (Q2) earnings of India's diversified behemoth Reliance Industries (RIL) is expected to show healthy year-on-year (YoY) growth in profit and EBITDA (earnings before interest, taxes, depreciation, and amortization) led by decent growth in oil to chemicals (O2C) segment as well as telecom and retail.

In Q1FY24, the company witnessed a 10.8 per cent decline in its net profit at 16,011 crore, while revenue from operations fell 4.69 per cent to 2,31,132 crore.

RIL will announce its Q2FY24 results on Friday, October 27. (Read More)

26 Oct 2023, 01:31:58 PM IST

Sensex Today Live: European Stocks Close to Erasing 2023 Gains as Earnings Weigh

European stocks dropped on Thursday, bringing the benchmark Stoxx 600 close to wiping out its 2023 gains, as glum company results in Europe and the US hit risk appetite before the European Central Bank’s rate decision.

The Stoxx 600 was down 1% at 8:10 a.m. in London. The benchmark is now just 1.28% away from erasing its year-to-date advance. Automakers and banks declined the most, while the utilities and energy sectors outperformed.

Among single stocks, Unilever Plc fell after it reported third-quarter sales that missed expectations, as price rises for products like Hellmann’s mayonnaise and Sure deodorant eased. BNP Paribas SA dropped after posting weaker revenue from fixed-income trading, and advertising giant WPP Plc also declined after slashing its outlook for revenue growth. (Bloomberg)

26 Oct 2023, 01:30:20 PM IST

Sensex Today Live | Share Market Updates: Mercedes says 'brutal' EV market will pressure car sales margins

Mercedes-Benz said a "brutal" electric vehicle market of heavy price cuts and supply chain issues meant it would likely hit the lower end of its 12-14% adjusted return on sales forecast for the cars division, as third-quarter earnings fell.

The luxury carmaker said it remained committed to its EV targets, but could bolster earnings with better returns from its combustion engine portfolio if margins on EVs remained lower than previously assumed, its chief financial officer said on an analyst call.

With some traditional players selling battery electric vehicles below the level of internal combustion engine cars despite their higher production costs, "this is a pretty brutal space," Harald Wilhelm said.

"I can hardly imagine the current status quo is fully sustainable for everybody," he said. (Reuters)

26 Oct 2023, 01:11:17 PM IST

Sensex Today Live: Sona BLW Precision stock spikes over 5% post Q2 earnings

Sona BLW Precision Forgings, an automotive technology company, demonstrated a remarkable surge in its share prices on Thursday, despite the prevailing bearish trend in the overall market. This increase followed the company's announcement of achieving its highest-ever revenue, EBITDA, and net profit for the September quarter.

In its recent financial report, the company revealed a notable 34% year-on-year (YoY) and 15.7% quarter-on-quarter (QoQ) growth in its consolidated net profit, amounting to 124 crore. Additionally, the revenue from operations for the same quarter stood at 791 crore, reflecting a substantial 20% YoY increase. The company also reported an EBITDA of 223 crore for Q2 FY24, marking an impressive 35% YoY improvement and 28.2% QoQ growth. (Read More)

26 Oct 2023, 12:55:47 PM IST

Sensex Today Live | Share Market Updates: Blue Jet Healthcare IPO: Check GMP, subscription status on day 2

Blue Jet Healthcare's initial public offering (IPO) commenced on Wednesday, October 25, and is scheduled to conclude on Friday, October 27. On the first day of the IPO, the subscription rate reached 69%. Within this, the retail investors' portion was subscribed 78%, the Non-Institutional Investors (NII) portion was oversubscribed at 1.37 times, and the portion allocated for Qualified Institutional Buyers (QIB) was subscribed to 1%.

The price band for the Blue Jet Healthcare IPO has been set within the range of 329 to 346 per equity share, with a face value of 2.

The company has reserved up to 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), a minimum of 15% for Non-Institutional Investors (NII), and at least 35% of the offer is reserved for Retail Investors. (Read More)

26 Oct 2023, 12:45:13 PM IST

Sensex Today Live: Centrum Broking Jubilant Foodworks - Q2FY24 Result Update: Despite weak consumption held on LFL decline - Buy, TP: Rs625 

Centrum Broking views on Jubilant Foodworks – Despite weak consumption held on LFL decline (Buy, TP: Rs625): JUBI’s Q2 print was in-line; standalone revenue grew 4.5% led by 1.3% decline in LFL, yet EBIDA/PAT cut by 10.2%/39.5%. Given stretched consumer spends, and extended Shravan saw 1.2% decline in ADS. Delivery channel grew 7.9%, whilst dine-in declined by 3.8% in Q2. With 50% order contribution, enrolment for loyalty program (Cheesy rewards) grew 16.1% QoQ (19.5mn customers), yet with 10.6mn app download its MAU stood at 10.8mn grew 4.8% QoQ. JUBI stepped up Its efforts to revive LFL growth by, (1) re-imaging 33 stores and ACE 2.0 to upgrade customer experience, (2) sharpened on ground execution – 7 regions, (3) launched new range of Pizzas – mutton and prawns, and (4) guaranteed 20-minute delivery service in Bengaluru. Despite high dairy inflation, gross margin inched up to 76.4% (+20bp), yet higher employee cost (+12.3%), rent (+11.7%) and SG&A (+11.3%) ensued post-INDAS EBITDA margins at 20.9% (-341bp). JUBI held store expansion target with single digit LFL led by strong menu innovation. We introduce FY26E earnings and maintain BUY, with a revised DCF-based TP Rs625 (implying EV/EBITDA of 20.0x avg. FY25E/FY26E).

26 Oct 2023, 12:36:47 PM IST

Sensex Today: Mint Contramoney column: Who is to blame for your smallcap losses?

Since this past Monday, almost every talking head on TV is claiming they called the top of the market. They referred to past statements and TV appearances. Yet, I don’t recollect any such thing. But then I don’t watch TV all the time!

The important question is this: If all these gurus were warning about the stock market having become irrational how come money continued to pour into the frothiest of segments i.e., smallcaps? (Read More)

26 Oct 2023, 12:22:44 PM IST

Sensex Today Live: Axis Bank jumps 1.5% despite an otherwise lacklustre market on the back of a solid quarterly earnings report

Axis Bank Ltd on Wednesday reported a net profit of 5,863 crore in the second quarter of FY24 registering a 10% growth from 5,329.8 crore in the corresponding quarter of last year. NII during Q2FY24 rose 18.9% to 12,314.56 crore from 10,360.26 crore YoY. NIM for Q2FY24 was 4.11%, up 1 basis point QOQ and 15 basis points YOY, according Axis Bank's filing exchange. For Q2FY24, core operating profit increased by 5% QOQ and 12% YoY to 8,733 crores.

Axis Bank
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Axis Bank
26 Oct 2023, 12:11:52 PM IST

Sensex Today Live | Share Market Updates: HMA Agro Industries to consider stock split after four months of listing

HMA Agro Industries, which was listed on the Indian stock market on June 23, 2023, has announced its plans to consider a stock split in the near future. The company has informed the Indian bourses that its board of directors will be convening to review and approve the proposal for the stock split in the upcoming board meeting. The scheduled date for the board meeting is set for November 8, 2023, at 3:00 PM. (Read More)

26 Oct 2023, 12:01:50 PM IST

Sensex Noon Update: Indices continue to tumble for 6th session with Sensex shedding 800 pts and Nifty 250 pts; TechM, M&M, HDFC Bank and Bajaj twins drag the most; Axis Bank gains

Sensex at Noon
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Sensex at Noon
26 Oct 2023, 11:43:52 AM IST

Sensex Today Live: JM Financial views on Sona BLW Precision Forgings (SONACOMS IN) | Healthy operating performance; robust order book to drive growth

Ronak Mehta of JM Financial Institutional recommendations on Sona BLW Precision Forgings (SONACOMS IN) | Healthy operating performance; robust order book to drive growth

BUY - INR 700

Sona BLW Precision Forgings (Sona Comstar) consol. revenue was broadly in-line. EBTIDA margin at 28.2% was 50bps above our estimate. Margin improvement (+40bps QoQ) was led by favourable mix and higher operating leverage. Management indicated that US / EU / India light vehicle market remains healthy. EV revenue grew 12.5% QoQ led by ramp-up of new programs. Share of EV revenue stood healthy at 27% during 1H and the company continues to win new EV orders (c.78% of net order book). Strong net order book (INR 221bn as on Sept’23) and expansion in product portfolio (added 7 new products during 2Q) is expected to aid growth. Higher operating leverage is expected to support margins (LT guidance remains in the range of 25-27%). Diversified revenue, increasing share of EVs and strong order book makes Sona Comstar one of the best plays in the EV space. We expect Sona Comstar to post a c.28% / 36% revenue / EPS CAGR over FY23-26E. We maintain our BUY rating with Sept’24 TP of INR 700 (based on DCF). Key risks are delayed adoption of EVs and inability to win order for new products.

26 Oct 2023, 11:41:49 AM IST

Sensex Today Live: Global minimum tax on billionaires could generate $250 billion annually, finds EU Study

The EU Tax Observatory has recommended that governments initiate a global minimum tax on billionaires as part of international efforts to combat tax evasion, as per a Reuters report. This measure could potentially yield $250 billion per year, it added.

This suggested tax would amount to just 2 percent of the collective $13 trillion in wealth owned by the world's 2,700 billionaires, as reported by the research group located at the Paris School of Economics. (Read More)

26 Oct 2023, 11:27:45 AM IST

Sensex Today: Google, Nvidia Back AI Startup That Helps Combat Chip Shortage

Nvidia Corp. and a Google venture fund have joined a seed round of funding for a startup that helps developers squeeze more computing power out of specialized processors used to train AI, potentially alleviating a major logjam for the burgeoning field.

CentML, which builds software to help machine learning systems work more efficiently, raised $27 million from investors including Google’s Gradient Ventures and Radical Ventures. Deloitte Ventures and Thomson Reuters Ventures also took part in the financing, the startup said in a statement.

The Toronto-headquartered startup aims to address one of the biggest bottlenecks in AI development, a shortage of the graphic processor units from Nvidia and its rivals that process the enormous amounts of data required to train and run AI systems. Supply could remain tight well into 2024 as prices skyrocket, analysts predict. (Bloomberg)

26 Oct 2023, 11:16:07 AM IST

Sensex Today Live: IT stocks plunge led by selloff in Tech Mahindra shares; Nifty IT index down over 1.4%

With Tech Mahindra's disappointing earnings, the Nifty IT index plummeted more than 1% on Thursday's trade amid an overall gloomy market environment. Among the top laggards of the Nifty IT index were shares of Persistent Systems Ltd (down 3.07%), Tech Mahindra Ltd (down 2.91%), and Coforge Ltd (down 1.95%). Analysts witnessed selling pressure to continue in the IT Index following the release of lower-than-expected earnings from major IT companies, along with lower guidance indicating less spending for the upcoming year. Tech Mahindra shares today was also one of the Nifty 50 index's biggest laggards. (Read More)

26 Oct 2023, 11:15:26 AM IST

Sensex Today Live | Share Market Updates: Adani Group stocks under pressure as co's auditor EY under inquiry by NFRA

On Thursday, the Adani Group's stocks experienced significant pressure in the market, primarily due to reports indicating an inquiry initiated by the National Financial Reporting Authority (NFRA) against S.R. Batliboi, a member firm of EY, which is the long-time auditor of the Adani Group.

As a result, Adani Power took the hardest hit, plummeting as much as 7.4 percent to a day's low of 289.30, followed by a 7 percent decline in Adani Green. Furthermore, Adani Total Gas and Adani Wilmar both saw a decline of 5 percent each, while Adani Enterprises and Adani Energy Solutions lost over 4 percent each. Adani Ports also experienced a decline of 2 percent. (Read More)

26 Oct 2023, 11:02:00 AM IST

Sensex Today: Realty index is the biggest laggard as Lodha, Sobha and Prestige stock sheds more than 3% each

Realty index
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Realty index
26 Oct 2023, 10:58:19 AM IST

Sensex Today Live: Oil Steadies After Surge as Israel Confirms Gaza Invasion Plan

Oil steadied after jumping Wednesday on signs Israel will proceed with a ground invasion of Gaza, reviving concerns the conflict could escalate and threaten energy supplies.

Global benchmark Brent traded near $90 a barrel, after rising more than 2% in the prior session, while West Texas Intermediate held above $85. Israel’s Prime Minister Benjamin Netanyahu said his nation was in a battle for its very existence, and that an invasion was being prepared.

The remarks reignited a war premium in oil futures that had been subsiding over the last few days. The main threats in the Middle East, which accounts for about a third of the world’s crude, include the US taking steps to curb Iranian exports and disruptions to shipping. (Bloomberg)

26 Oct 2023, 10:45:30 AM IST

Sensex Today Live | Share Market Updates: Nifty 50 plummets 3.7% in October so far, biggest monthly drop since September 2022

The recent market trends suggest a significant bearish sentiment, as indicated by the substantial decline in the Indian benchmark indices over the past three trading sessions. The Nifty 50, in particular, has experienced a continued losing streak for the sixth consecutive session on Thursday, breaching the crucial 19,000 mark for the first time since June 28, 2023. In October alone, the index has undergone a 3.70% reduction in its value, marking the most substantial monthly fall since December 2022, when the Nifty 50 saw a significant tumble of 3.48%. (Read More)

26 Oct 2023, 10:38:17 AM IST

Sensex Today: Why Sensex crashed 3,000 points in six days — explained

Indian stock market today extended its losing spree for a sixth straight session during morning deals. BSE Sensex today opened lower at 63,774 levels and went on to hit an intraday low of 63,403 within a few minutes of the stock market's opening bell today. The 30-stock index has been under-sell of heat for the last six days and it has fallen from 66,428 levels to 63,403 levels, losing over 3,000 points in this time. (Read More)

26 Oct 2023, 10:35:18 AM IST

Sensex Today Live: PSU Bank comes under tremendous pressure as it sheds 2% with all stocks trading in the red 

PSU Bank
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PSU Bank
26 Oct 2023, 10:32:03 AM IST

Sensex Today Live | Share Market Updates: Oil Refiners Struggle for Financing as Banks Shun Fossil Fuels

Oil refiners are finding it harder to secure funding for projects as more banks shy away from fossil-fuel financing, with plant owners now pressed to show their businesses have cleaner-energy goals, executives said.

While the business is still profitable, getting financing is increasingly challenging, according to Alwyn Bowden, chief executive officer of Malaysia’s Pengerang Energy Complex. From the point of view of many lenders, “if you have the word ‘refinery’ anywhere in your title, you’re not going to get finance," Bowden told the Asian Downstream Summit in Singapore.

With the threat from climate change growing and the world trying to move toward net-zero emissions goals, Bowden’s comments highlight a growing struggle for the industry. Despite worldwide crude demand hitting an all-time high this year, lenders are more wary of offering funding. That’s left the global refining system stretched, raising the risk of bottlenecks and volatile prices. (Bloomberg)

26 Oct 2023, 10:23:08 AM IST

Sensex Today: Bajaj Finserv sheds around 2.5% and is now among the biggest droppers in today's session

Bajaj Finserv
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Bajaj Finserv
26 Oct 2023, 10:22:03 AM IST

Sensex Today Live: Reliance Jio partners with Plume to deliver AI-enhanced in-home services

India's top telecom operator, Reliance Jio Infocomm, announced a partnership with California-based Plume to deliver smart home and small business services to its nearly 200 million subscribers across India, leveraging Plume's cloud platform.

"With this new partnership, Jio will deploy 'HomePass' and 'WorkPass' consumer services enabled by Plume's AI-powered and cloud-based platform, including whole-home adaptive WiFi, connected device and application performance optimisation, cyberthreat protection for connected devices, advanced parental controls, WiFi motion sensing and more," the carrier said in a statement Wednesday.

26 Oct 2023, 10:05:25 AM IST

Sensex Today: IRM Energy IPO listing: IRM Energy share price debuts at 5.5% discount at ₹477.25 on NSE

On the listing date, IRM Energy faced a decrease in its share price, being listed on both the NSE and BSE at a discount. The share price on the NSE was 477.25 per share, which was 5.49% lower than the issue price of 505. On the BSE, the share price was listed at 479 per share.

Notably, the IRM Energy IPO had opened for subscription on October 18 and closed on October 20. The IPO price band had been set within the range of 480 to 505 per equity share, with a face value of 10 per share. (Read More)

26 Oct 2023, 09:57:49 AM IST

Sensex Today Live: M&M among the biggest laggards and leads the drag in the Auto index

M&M
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M&M
26 Oct 2023, 09:54:19 AM IST

Sensex Today Live | Share Market Updates: HMD Global to launch and make own brand of smartphones in India in 2024

HMD Global, the global licensee of Nokia smartphones, plans to introduce its brand of smartphones, tablets, and wearables in India as early as 2024, with the country serving as the global launchpad, said Ravi Kunwar, vice president for India and Asia Pacific, on Wednesday.

The company will also make HMD-branded devices in India, having recently started exports of Nokia featurephones from the country. (Read More)

26 Oct 2023, 09:47:32 AM IST

Sensex Today Live: Rupee falls 6 paise to 83.23 against US dollar in early trade

The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment.

Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to USD 90 a barrel amid geopolitical tensions in the Middle East. (PTI)

26 Oct 2023, 09:38:13 AM IST

Sensex Today: Renault commits 3 bn euro to expand outside Europe, build India-bound platform

Renault, the French carmaker, is set to invest 3 billion euros as part of its global strategy through 2027, with a significant focus on India as a key market outside Europe.

The company is introducing a new modular platform tailored for regions including India, Latin America, North Africa, and Turkey. This platform, designed for adaptability, will feature customizations ranging from varied vehicle sizes to a diverse array of energy sources, such as E100 flex fuel, advanced 48V mild hybrid, and full hybrid systems. Renault aims to assemble this platform locally in several hubs, including India.

Renault currently holds a near 1.5% market share in the Indian passenger vehicle industry. (Read More)

26 Oct 2023, 09:37:24 AM IST

Sensex Today Live | Share Market Updates: Metal index drags in early trading as it sheds 2% with all stocks turning red

Metal index
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Metal index
26 Oct 2023, 09:28:44 AM IST

Sensex Today Live: Geojit Financial Services views on today's market: With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth, too, when the global economy is already in the midst of a slowdown. In the near term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode. Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates.

26 Oct 2023, 09:23:51 AM IST

Sensex Today: Indices fall around 0.5% at the start on Thursday with all heavy-weighted indices like Bank, IT and Metal retreating in early trading

Sensex at open
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Sensex at open
26 Oct 2023, 09:13:19 AM IST

Sensex Today Live | Share Market Updates: Q2 Results today: PNB, Asian Paints, ACC, others to announce earnings

Following Tech Mahindra and Axis Bank's Q2 Results from Wednesday, the street today looks forward to some of the major players' numbers such as Punjab National Bank Ltd (PNB), Asian Paints Ltd, Canara Bank Ltd, ACC Ltd, Colgate-Palmolive (India) Ltd, Aditya Birla Sun Life Amc Ltd, and Vodafone Idea Ltd. (Read More)

26 Oct 2023, 09:03:09 AM IST

Sensex Today Live: Sensex starts in red at the preopen session; Axis Bank, Tech Mahindra to be in focus in today's session

Sensex at Preopen
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Sensex at Preopen
26 Oct 2023, 09:01:11 AM IST

Sensex Today: Pre-market comment by Choice Broking: Market participants are advised to exercise prudence and adopt a discerning, stock-specific approach

Ameya Ranadive CMT CFTe, Research Analyst, Choice Broking: GIFT Nifty signals a negative start for the Broader Index today.

The recent market trends indicate a cautious outlook for Nifty and Bank Nifty. Nifty concluded Wednesday's session with a notable decline, breaching a significant support level at the 20-week EMA and shattering a crucial demand zone that had been intact since July 2023.

The forthcoming monthly October expiry holds substantial importance, as today's closing figures will be instrumental in charting the course ahead. Presently, the short-term trajectory for Nifty remains pessimistic.

While there exists a potential for a minor upside rebound in the vicinity of 19,100-19,000 levels, a breach of the 19,000 mark could potentially pave the way for a further downturn towards 18,800-18,650 levels in the near future.

Any potential upward movement is likely to encounter robust resistance at 19,250-19,350 levels. Meanwhile, Bank Nifty has also witnessed a breach of its support range at 43,400-43,800, coupled with a close below its 200 EMA, indicating a forthcoming period of weakness. The next crucial support level for Bank Nifty is situated at 42,000-41,700. It remains to be seen whether short covering will materialize or if fresh short positions will be established in both Nifty and Bank Nifty.

Given the prevailing bearish sentiments in both indices, market participants are advised to exercise prudence and adopt a discerning, stock-specific approach in their investment strategies.

 

26 Oct 2023, 08:51:56 AM IST

Sensex Today Live: Indus Towers Q2 results: Net profit up 49% YoY at ₹1,295 crore, revenue down 10%

Indus Towers recorded a net profit of 1,295 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 49% higher as against 872 crore reported in the year-ago period, as per the unaudited consolidated financial results released on October 25.

The company's revenue during the September 2023 quarter, however, dipped by 10% on-year, as it came in at 7,133 crore as compared to 7,967 crore reported in the September 2022 quarter. (Read More)

26 Oct 2023, 08:42:14 AM IST

Sensex Today Live | Share Market Updates: Mamaearth IPO: Honasa Consumer sets price band at ₹308-324 a share

Mamaearth IPO: Honasa Consumer sets price band at 308-324 a share

26 Oct 2023, 08:30:03 AM IST

Sensex Today Live: Hotel industry to report double-digit revenue growth in FY24: Report

The hotel industry will report double-digit revenue growth in FY2024, supported by the sustenance of domestic leisure and business travel and an increase in foreign tourist arrivals, rating agency Icra said on Wednesday.

The industry has also benefitted from the G20 summit and ongoing ICC World Cup 2023, it added.

Icra estimates pan-India premium hotel occupancy at around 70-72 per cent in FY24, after recovering to 68-70 per cent in FY23.

Pan-India premium hotel average room rates (ARRs) are expected to be at around 6,000-6,200 in FY2024, it said. (PTI)

26 Oct 2023, 08:22:45 AM IST

Sensex Today Live | Share Market Updates: India bond yields seen marginally higher as US peers rise

Indian government bond yields are likely to rise in early trading on Thursday, as U.S. yields rise again after a sharply volatile session, hurting sentiment.

The 10-year benchmark bond yield is expected to be in the 7.31%-7.36% range after ending at 7.3408% in the previous session, a trader with a private bank said.

"The way U.S. yields are moving, we cannot be assured whether any move upwards or downwards would sustain for a larger period, and so there may be some caution in local bonds today," the trader said. (Reuters)

26 Oct 2023, 08:14:14 AM IST

Sensex Today: Stocks to Watch: Axis Bank, TechM, TCS, IRM Energy, Jubilant Foodworks, NTPC, EIL, Welspun India, Indus Towers, Hotel stocks, and Sona BLW Precision

  • Axis Bank (Q2FY24):

Net Profit: 5,863 crore (10% growth YoY)

NII: 12,314.56 crore (18.9% growth YoY)

NIM: 4.11% (1 basis point QOQ, 15 basis points YOY)

Core Operating Profit: 8,733 crores (5% QOQ, 12% YoY)

  • Tech Mahindra (Q2FY24):

Net Profit: $59.5 million (62% drop QOQ, 62.5% drop YoY)

Revenues: $1.55 billion (2.8% decrease sequentially in constant currency terms)

  • TCS:

Notice Issued: Notice by Maharashtra labor department over delayed onboarding of "200 lateral recruits."

  • IRM Energy:

IPO Listing Date: Listed on October 26, estimated listing price at 537 apiece (6.34% higher than the IPO price of 505).

  • NTPC/Engineers India:

Agreement: Signed agreement with Engineers India Ltd for joint projects on carbon capture utilization and storage, green fuel, R&D, etc.

  • Jubilant Foodworks (Q2FY24):

Net Profit: 97.20 crore (26.1% decline YoY)

Revenue: 1,368.63 crore (5.15% increase YoY)

  • Welspun India (Q2FY24):

Net Profit: 200.41 crore (multi-fold rise YoY)

Revenue: 2,509.08 crore (18.71% increase YoY)

  • Indus Towers (Q2FY24):

Net Profit: 1,295 crore (49% higher YoY)

Revenue: 7,133 crore (10% dip YoY)

  • Hotel Industry (Icra Analysis):

Forecast: Double-digit revenue growth in FY2024 supported by domestic and foreign travel resurgence.

  • Sona BLW Precision Forgings (Q2FY24):

Net Profit: 124 crore (34% rise YoY)

Revenue: 791 crore (20% increase YoY) (Read More)

26 Oct 2023, 08:05:21 AM IST

Sensex Today Live: Ford Agrees to 25% Wage Hike in Tentative Deal to End UAW Strike

The United Auto Workers reached a tentative labor agreement with Ford Motor Co., putting pressure on the carmaker’s two chief rivals to end a protracted strike that has cost the industry billions of dollars.

Ford agreed to a record 25% hourly wage hike over the life of the contract, which exceeds four years. With cost-of-living allowances, the top wage rate is expected to increase by 33%. The top pay will be over $40 an hour, the union said.

UAW leadership will vote on the deal Oct. 29. It then must be ratified by Ford’s 57,000 US hourly workers, a process that could take weeks.

“We won things nobody thought was possible," said UAW President Shawn Fain Wednesday night in a video posted on X. “Since the strike began, Ford put 50% more on the table." (Bloomberg)

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