Stock Market Closing Update: Sensex, Nifty End Broadly Flat; Realty Stocks Top Laggards

After a bullish performance, Indian markets ended broadly flat on Tuesday with Sensex holding over 69,900 mark and Nifty 50 above 19,400 levels. Realty stocks were major draggers followed by significant selling in media, consumer durables and auto stocks,

Sensex ended at 64,942.40, down by 16.29 points or 0.03%, while Nifty 50 slipped 5.05 points or 0.03% to end at 19,406.70.

Sun Pharma, BPCL, NTPC, Dr Reddy's Lab, and IndusInd Bank were top gainers. Hero MotoCorp, Bajaj Finance, JSW Steel, Divi's Lab, and Reliance were top laggards.

Talking about the market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "The market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade."

He added, "Despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated, a positive for India in the midst of geopolitical tension. This, along with the moderation in US bond yields and the positive ongoing earnings season, will support long-term returns."

LIVE Feed

Nov 07, 2023, 3:07 pm IST

Jyothy Labs Q2 Results

One of the top FMCG firms in India, Jyothy Labs Limited, released its financial results for the quarter that ended on September 30, 2023, today. The company reported sales of Rs 732 crores, increase of 11.1% growth against the same period last year. EBITDA margin stood at 18.5% (Rs 135.4 Crore) versus 12.2% (Rs 80.4 Crores in Q2FY23), up by 68.3% YoY. The firm announced a 59.1% increase in net profit to Rs 104 crores from Rs 65.4 crores. With focused execution, the company is strengthening its core business and achieving double-digit growth for the quarter as well as on a two- and three-year compound annual growth basis.

Nov 07, 2023, 2:52 pm IST

UNO Minda Approves NCDs of Rs. 400 Cr

In its meeting today, November 07, 2023, the Board of Directors approved in principle the issuing of Listed, Non Convertible Debentures (NCDs/Debentures) up to Rs. 400 crores in one or more tranches. As per a stock exchange filing, the Board of Directors has approved the setting up of new manufacturing unit for manufacturing of alloy wheels for four wheelers.

Nov 07, 2023, 2:25 pm IST

Trent Q2 Results

The company reported a consolidated net revenue of Rs 3164 Cr in Q2FY24 up by 52% YoY from Rs 2081 Cr in Q2FY23. Its overall, operating EBIT margin for Q2FY24 was 10.8% (9.7% for Q2FY23). As of September 30, 2023, its portfolio consisted of 27 stores featuring various lifestyle themes, 411 Zudio, and 223 Westside. Six Westside and twenty-seven Zudio stores were added during the quarter, spanning 19 cities (4 Westside and Zudio stores were consolidated). Trent Ltd. said on November 7 that its consolidated net profit for the September quarter of FY24 was Rs 289.6 crore. This represents a 55.9% growth over the profit of Rs 186 crore in the corresponding period of the previous fiscal year. At Rs 461 crore, earnings before interest, tax, depreciation, and amortisation (EBIDTA) jumped by 73%. The EBIDTA margin was 15.9% as opposed to 14.7 percent at the same time last year.

Nov 07, 2023, 12:55 pm IST

Dividend, Stock Split Likely Tomorrow: Pearl Global Stock Soars 224% YTD

Board of small cap stock operating in apparels sector Pearl Global Industries are scheduled to meet tomorrow (November 8, 2023) to consider and approve unaudited financial results for the quarter ended September 30, 2023, 2nd interim dividend, and sub-division/stock split of equity shares. Pearl Global Industries shares soared 224% year-to-date (YTD) and offered return of 712% in last 3-years.

Nov 07, 2023, 12:54 pm IST

HPCL Rallies More Than 3% After Q2 Results

Shares of Hindustan Petroleum Corporation Limited (HPCL) gained approximately 3.5% today as the oil refining and marketing public sector undertaking swung to a robust net profit in Q2 FY24 on the back of lower crude prices. The stock was trading at Rs 271.90 on the NSE at around 11:40 am today. HPCL on November 6 declared a consolidated net profit of Rs 5,826.96 crore for the second quarter of 2023-24, turning into green from Rs 2,476 crore in the red a year back because of record-high crude oil prices.

Nov 07, 2023, 12:14 pm IST

L&T Construction Awarded Contracts Worth Rs 1,000-2,500 Crore For Its Water & Effluent Treatment (WET) Business

Larsen and Toubro Ltd said on Tuesday that the Water and effluent Treatment Business of L&T Construction has secured repeat orders from the Water Resources Department, Government of Odisha to execute Cluster XXII & Cluster XXV Mega Lift Irrigation Projects. According to the company, the Business has also secured an add-on order from the Water Resources Department, Government of Madhya Pradesh to execute Pressurized Piped Lift Irrigation Projects on a turnkey basis to irrigate about 34,942 Ha of culturable command area in the Dewas District of Madhya Pradesh.

Nov 07, 2023, 11:23 am IST

Atul Ltd To Buy Back Shares Worth Rs 50 Crore At Rs 7,500 Per Share

The Board of Directors of Atul Ltd on Tuesday approved the Buy-back of fully paid up Equity Shares by the Company having a face value of Rs 10/- each at a price not exceeding Rs 7,500 per share from open market through stock exchanges NSE and BSE Limited for an amount not exceeding Rs 50,00,00,000. At 11:10 am IST today, the share price of Atul Ltd was trading 2.57% lower at Rs 6,536 per share.

Nov 07, 2023, 11:07 am IST

D B Realty Limited Divests 100% Stake In Rustomjee Crown Project For Consideration Of Approx. Rs.231.42 Crore

D B Realty informed via an exchange filing on Tuesday that it has executed a Share Purchase Agreement on November 6, 2023, to dispose off/sale of its 100% stake in equity and preference shares in Real Gem Buildtech Private Limited (RGBPL) for a consideration of approx. Rs.231.42 crores to Kingmaker Developers Private Limited (“KDPL”/”Purchaser”), a company of Rustomjee Group. The stock was up 3.92% at Rs 188.40 per share at 10:59 am IST today.

Nov 07, 2023, 10:30 am IST

Mamaearth Shares Debut At 2 Percent Premium Over Issue Price

Shares of Honasa Consumer got listed at a premium of just 1.8% over the issue price on Tuesday. The stock was listed at Rs 330 on NSE compared to the IPO price of Rs 324. Meanwhile, on BSE, Honasa Consumer shares debuted at Rs 324.

Nov 07, 2023, 9:59 am IST

Sobha Snaps 5-Day Winning Streak Following Q2 Earnings

Sobha shares have reversed their upward trend after five days, experiencing a 4.3% decline. The company reports a 22.4% decrease in net profit, dropping to Rs 14.9 crore from Rs 19 crore the previous year. On the positive side, revenue shows a 10.6% increase, reaching Rs 741.2 crore. However, the operating profit (EBITDA) records a 20.5% decline to Rs 75.4 crore, with the EBITDA margin standing at 10.2%, down from 14.2% the previous year. Year-to-date, the stock has gained 27.8%.

Nov 07, 2023, 9:50 am IST

Gland Pharma Continues Its Positive Momentum

Gland Pharma's shares maintain their upward trend for the third consecutive day, marking a 5.3% gain. The company's revenue slightly surpasses expectations, supported by the acquisition of Cenexi. Both year-on-year and sequential growth is observed in US revenue. The EBITDA margin stands at 23.6%, a slight decline from 24% the previous year but surpassing the estimated 22.7%. The US business contributes significantly, accounting for 54% of total sales. Gland Pharma also forecasts 63 new product launches, including relaunches in the US, during the fiscal year 2024. The stock has already gained 19.9% year-to-date.

Nov 07, 2023, 9:43 am IST

Nykaa Shares Maintain Uptrend Following Q2 Earnings

Nykaa's shares continue their positive streak for the fifth consecutive day, posting a 3.6% increase. The company reports a 41.5% year-on-year growth in net profit for the September quarter, reaching Rs 5.8 crore, primarily driven by a significant other income component of over Rs 8 crore. Revenue also showed a robust growth of 22.4% compared to the previous year, and the operating profit (EBITDA) saw a 32.1% year-on-year increase. The EBITDA margin for the quarter improved to 5.4% from 5% last year.

Nov 07, 2023, 9:35 am IST

Market Outlook Today

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The market construct is favourable for consolidation around current levels and gradual up move. The 6-day winning streak in S&P 500 provides global stability to markets. Stable crude, steady dollar, down trending US bond yields and declining gold are indicators of stability in markets. Investors have to appreciate the fact that the rally in small and midcaps is primarily driven by retail buying on every dip. The explosive growth in demat accounts which have touched 132 million now is playing a major role in the rally in the broader market while the large caps are under pressure from FII selling. But large caps particularly ICICI Bank, HDFC Bank, RIL, Tata Motors, Bajaj Auto, L&T and Bajaj Finance have fundamental strength reinforced by the Q2 results. FIIs turning buyers in India is only a question of time. When that happens, large caps will outperform the broader market."

Nov 07, 2023, 9:26 am IST

Market Opens With Slight Declines, Nifty Dips Below 19,400

The Indian market's benchmark indices start Tuesday's trading session with minor setbacks. BSE Sensex slips below 64,900, while Nifty falls beneath the critical 19,400 level. Among the 50 Nifty stocks, 38 record losses, with Divi's Lab experiencing the most significant decline.

Nov 07, 2023, 9:12 am IST

Market Outlook Today

Aditya Gaggar, Director of Progressive Shares said, "Northward journey extended for the 3rd successive day and Nifty50 ended the 06th November trade at 19,411.75. By breaching its stiff hurdle of 19,200-19,250, the Index has made a strong bullish candle on the daily chart and is now heading towards its next resistance zone of 19,450-19,500 while the zone of 19,270-19,310 will be considered as a strong support area. BankNifty stands well above its trendline but encounters a resistance of 21DMA as well as a zone of 43,440-43,600 while immediate support comes at 43,275. The Energy sector is performing as per our expectations and we continue to hold our view on the same. Keeping the largecaps aside, one should focus on the Small and Mid-sized IT stocks. A double bottom breakout in the Metal sector indicates a short-term bottom has been placed well and is all set to move higher (Tata Steel-strong reversal from the lower end of the rising channel with a 50WMA support). After a steep rally, the Realty sector has made a DOJI candlestick pattern at record levels which suggests a probable pause in its journey towards the north; one should capitalize on declines. With a sharp uptick in the preceding session, chemical stocks are showing a sign of reversal and some of them are on the verge of a breakout (SRF- Symmetrical Triangle Formation)."

Nov 07, 2023, 9:12 am IST

Frontline Indices Edge Higher In Pre-Opening Session

In the pre-opening session, benchmark indices are edging slightly higher. The Sensex gained 75.16 points or 0.12% at 65,033.85, while the Nifty rose by 11.40 points or 0.06% to reach 19,423.20.

Nov 07, 2023, 9:09 am IST

Rupee Opens Flat At 83.23 Against US Dollar

The Indian Rupee opened 2 Paise lower at 83.23 per US Dollar compared to Monday's closing rate of 83.21 per Dollar.

Nov 07, 2023, 8:57 am IST

Cipla Transfers Rs 350 Crore Generics Business to Wholly-Owned Subsidiary

Cipla is drawing attention as it greenlights the transfer of its generics business through a slump sale to its wholly-owned subsidiary, Cipla Pharma & Life Sciences, for Rs 350 crore. This significant move comes as the generics market is predicted to experience rapid growth, with Cipla being a major player in this sector. The transfer is poised to boost investments in new product launches, enhance market reach in tier 2-6 cities, and ensure improved patient access to high-quality generic medications. This strategic maneuver reflects Cipla's commitment to leveraging opportunities in the generics market.

Nov 07, 2023, 8:33 am IST

Bajaj Finance Gains Attention With Rs 8,800 Crore QIP Launch

Bajaj Finance has taken the spotlight today as it initiates a Qualified Institutional Placement (QIP) aimed at raising Rs 8,800 crore. The indicative floor price of Rs 7,250 represents a 4.1% discount to Monday's closing price, while the SEBI floor price of Rs 7,533.8 stands at a 3.8% discount to Monday's close. Notably, the company had recently secured nearly Rs 1,200 crore through the allotment of warrants to Bajaj Finserv.

Nov 07, 2023, 8:23 am IST

Oil Prices Dip Amid China Demand Concerns, Investors Await Trade Data

Oil prices declined on Tuesday, erasing much of the previous day's gains, as apprehensions about weak demand in China took center stage. Investors anxiously awaited trade data later in the day to assess the demand trends of the world's second-largest oil consumer. Brent crude futures slid 23 cents, or 0.3%, to settle at .95 a barrel by 0127 GMT, while US West Texas Intermediate crude dipped by 23 cents, or 0.3%, to reach .59 a barrel.

Nov 07, 2023, 8:15 am IST

US Market Ends With Minor Gains, Nasdaq Up 0.3%

All three major indices on Wall Street manage narrow gains on Monday. The Nasdaq Composite registers its longest gaining streak since January, concluding 0.3% higher. The S&P 500 gains 0.2%, while the Dow adds 30 points, demonstrating resilience and stability in the global financial landscape.

Nov 07, 2023, 8:13 am IST

Asian Markets Open Lower Ahead Of China Trade Data, RBA Outcome

Across the Asia-Pacific region, markets open on a cautious note in anticipation of trade data from China and the Reserve Bank of Australia's interest rate decision. The Nikkei 225 drops by 0.5% in the first trading hour, while the Topix is down 0.4%. South Korea's Kospi erases Monday's gains with a 1.7% decline, following the re-implementation of a ban on short-selling. Futures on the Hang Seng also signal a negative start to the trading day.

Nov 07, 2023, 8:12 am IST

GIFT Nifty Slightly Lower, Indicates Start With Minor Cuts For Indian Market

The GIFT Nifty trades with minor cuts compared to Nifty Futures' Monday closing rates, indicating a slightly lower start for the Indian market.

Nov 07, 2023, 8:10 am IST

Market Defies Global Trends, Nifty Likely To Open With Mild Cuts

The Nifty Index has displayed strength, with a surge of more than 400 points, resulting in a significant increase of Rs 8 lakh crore in investor wealth. Breaking through key resistance levels and closing above 19,400 for the first time in weeks, the index showcases the Indian stock market's robustness. Domestic investors remain steadfast in their buying, even as foreign investors exit the cash market.