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

On Friday, Indian share market ended the volatile session marginally higher.

Benchmark indices remained somewhat immune to negative global cues and ended the day in green, aided by auto and oil & gas stocks. Stellar results from auto major Maruti added to the rally.

However, nervousness persisted among the investors about the steep hike in the interest rates on economic growth, after ECB announced a 75 bps increase in the benchmark rate.

At the closing bell on Friday, the BSE Sensex stood higher by 203 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 50 points (up 0.3%).

Maruti Suzuki, Reliance, and Apollo Hospital were among the top gainers.

Tech Mahindra, Tata Steel, and Sun Pharma, on the other hand, were among the top losers.

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Stocks from the metal sector, IT sector, and realty sector witnessed selling pressure.

Shares of Maruti Suzuki, Cummins India, and Coal India hit their 52-week high on Friday.

Gold prices for the latest contract on MCX were trading lower by 0.6% at Rs 50,737 per 10 at the time of Indian market closing hours on Friday.

At 8:20 AM today, the SGX Nifty was trading up by 167 points, or 1% higher at 18,000 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about a green energy stock that trumped Voltas and Siemens, in her latest video.

Top Buzzing Stocks Today

Maruti Suzuki will be among the top buzzing stocks today.

Maruti Suzuki, India’s largest automaker, reported a fourfold increase in consolidated profit for the September quarter, at Rs 20.6 bn. In the same quarter of the previous fiscal year, the company had a net profit of Rs 4.7 bn.

Bandhan Bank will also be in focus today.

For the quarter that ended in September, private lender Bandhan Bank on Friday recorded a net profit of Rs 2.1 bn. Comparatively, the bank reported a loss of Rs 30.1 bn in the same fiscal quarter previous year. It was on the back of the increase in total advances of the bak.

Nykaa Exits Top-100 Valued Firms Club

The shares of the fashion e-commerce venture continued to sink under pressure and struck a new low of Rs 975.5 on Friday’s intraday in an otherwise firm market.

The stock dropped for the third day in a row, dropping as much as 15%.

The price of Nykaa’s shares dropped to its lowest point since its listing and dropped 24% over the past month.

Before the expiration of the one-year post-IPO lock-in period, which is next month, there has been a strong sell-off in Nykaa stock. When the lock-in period for IPO anchor investors expires, selling pressure is noticeable, especially in businesses with private equity investor backing.

As a result, Nykaa has lost its ranking among India’s top 100 market-capitalized corporations.

In Friday’s intraday trade, Nykaa’s market cap decreased from Rs 500 bn to Rs 46.3 bn.

The stock witnessed a steep fall since the start of this month and is now trading in oversold territory.

Check out other factors pushing Nykaa’s share price down.

Also check out how to deal with losing stocks like Tata Elxis and Nykaa.

Boat’s IPO Goes for a Toss

IPO-bound Imagine Marketing, operating audio gear and wearables brand Boat, on Friday closed a US$60 m or Rs 5 bn deal. The financing was done through the convertible preferred stock, formally withdrawing its listing plans. The withdrawal was due to concerns related to market conditions.

The company has set a minimum valuation threshold for this investment of around US$1.2 bn.

This means that once Boat closes its next round of fundraising or goes public, Warburg and Malabar, an India-focused investment vehicle, will receive their preferred stocks converted into equity at a business valuation of $1.2 bn, even if other investors come in at a greater price.

The company will use the funding primarily to expedite efforts to expand across channels and geographic boundaries and ramp up the smartwatch category.

Additionally, it aims to strengthen its R&D and design capabilities, expand local manufacturing, and further advance the audio category.

The company filed its DRHP in January of this year to raise Rs 20 bn through an initial public offer (IPO). However, due to the challenging market conditions, the company put the listing plans on hold, just like several other startups, including PharmEasy and Droom Technologies.

Vedanta Q2 Profit Declines 53%

Vedanta, a metals-to-oil conglomerate, reported a 53% year-on-year fall in consolidated profit after tax (PAT) at Rs 26.9 bn in the September quarter.

In the same fiscal quarter last year, the company reported a net income of Rs 58.1 bn.

The consolidated revenue from operations increased by 20% to Rs 362.4 bn from Rs 300.5 bn recorded during the same period of the previous year.

The September quarter’s performance was impacted by lower commodity prices. Due to a dramatic price reduction in the aluminium industry, as well as the windfall tax and reduced crude prices, the impact on the company’s oil and gas segment was particularly severe.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) fell by 24% YoY to Rs 80.4 bn from Rs 105.8 bn in the quarter.

Depreciation and amortisation for the company rose by 24% year over year to Rs 26.2 bn, mostly due to higher depletion charges for oil and gas and amortisation at zinc India.

With forming a joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among India’s top 5 semiconductor stocks.

To know what’s moving the Indian stock markets, 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


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( With inputs from equitymaster)