Indian Stock Market News, Equity Market and Sensex Today in India

Indian share markets erased gains during the last hour of trade but managed to end on a positive note.

Benchmark indices eked out gains following a hawkish monetary policy by the Reserve Bank of India (RBI).

While an in-line repo rate hike of 50 basis points improved sentiment, RBI governor’s comments on inflation projections dampened sentiment.

The Reserve Bank of India (RBI) today hiked the repo rate by 50 basis points. This is the third hike since the beginning of the current financial year aimed at taming the inflationary pressure.

At the closing bell, the BSE Sensex stood higher by 89 points.

Meanwhile, the NSE Nifty closed up by 15 points.

UltraTech Cement, ICICI Bank, and Bharti Airtel were among the top gainers today.

M&M, Maruti, and Reliance on the other hand, were among the top losers today.

M&M share price fell even after it reported a jump in profits. Note that M&M share price touched its all-time high recently as the company received superb response to its new vehicle launch.

The SGX Nifty was trading at 17,326, down by 67 points, at the time of writing.

The broader markets ended on a positive note. The BSE MidCap index climbed down by 0.1% and the BSE SmallCap index ended higher by 0.2%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, and auto sector witnessing selling.

FMCG, telecom, and energy stocks on the other hand, ended in green.

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Manappuram Finance share price soared nearly 10%, clocking its biggest intra-day gain while shares of SBI were up 2%. Both of these are rate sensitive stocks so they must have rallied post the RBI’s announcement.

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Shares of Himadri Specialty Chemicals, Tata Elxsi, and Lemon Tree Hotels hit their 52-week highs today.

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Reliance, M&M, ICICI bank were amongst the most active shares on the BSE today.

If you’re interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended mixed. The Nikkei ended up for the day by 0.8%, while the Hang Seng inched higher by 0.1%. The Shanghai Composite ended 1.1% higher.

The rupee is trading at 79.25 against the US$.

Gold futures on MCX were down by 0.2% or to Rs 52,165 per ten grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.3% at Rs 57,982 per 1 kg.

Of late, gold price is falling while silver isn’t far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

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In news from the automobile sector, Mahindra and Mahindra (M&M) June quarter performance came in below expectation.

Mahindra and Mahindra reported consolidated net profit which was up by 67% at Rs 14 bn against a profit of Rs 8.5 bn in the same quarter last year.

Its revenue surged by 66% to Rs 196 bn as against Rs 117 bn year-on-year (YoY).

Strong topline growth was aided by the farm equipment business as tractor volumes clocked 18% growth to 117,413 units.

Rajesh Jejurikar, executive director, M&M Ltd, said,

  • We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23.

    M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share.

    With 273k+ bookings, the demand for the automotive product portfolio remains strong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month.

M&M shares slumped over 2% to Rs 1,237 per share on the BSE today. This was due to the below expectation performance of the company.

The EBITDA margins of the company also came in lower than expected.

Moving on to the news from the retail sector, Titan was among the top buzzing stocks today.

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Titan June quarter profit manifolds, records second best quarterly revenue

Tata group company Titan today reported a consolidated net profit of Rs 7 bn against a profit of Rs 0.6 bn in the same quarter last year. This is an increase of 1,300% on a YoY basis.

The company’s revenue tripled to Rs 8.9 bn as against Rs 3.2 bn year-on-year (YoY).

Jewelry business registered 208% growth YoY and came in at Rs 76 bn in June 2022 quarter compared to Rs 24 bn in the same quarter a year ago.

Watches & wearables business reported its best quarterly income of Rs 7.8 bn with 169% growth as compared to Rs 2.9 bn in previous year.

Other businesses of Indian dresswear and fragrance & fashion accessories also had a strong quarter as income during the quarter jumped 300% YoY to Rs 560 m.

The company in its exchange filing said it added (net) 125 stores during the year.

Titan share price ended on a positive note today, up by 0.2% on the BSE.

To know more, check out Titan’s latest news and analysis.

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Believe it or not but Titan was a Tata group penny stock two decades ago.

To know what’s moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns,

Read the latest Market Commentary

What else is happening in the markets today? Dig in…

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( With inputs from equitymaster)