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

Asian shares were off on a choppy start on Tuesday, with any enthusiasm fostered by China’s latest steps to shore up its markets offset by another surge in the US bond yields and slide in the US rate cut expectations.

The Nikkei index was trading 0.6% lower, while Hang Seng was trading 1.5% higher. Meanwhile Shanghai index is trading 0.4% higher.

Wall Street stock indices closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of US earnings reports.

Here’s a table showing how US stocks performed on Monday:

Stock/IndexLTPChange ($)Change (%)Day HighDay Low52-Week High52-Week Low
Dow Jones38380.12-274.3-0.71%38633.8838220.438783.6231429.82

Source: Equitymaster

At present, the BSE Sensex is trading 166 points higher and NSE Nifty is trading 53 points higher.

TCS, HCL Tech and Wipro are among the top gainers today.

NTPC, Hindalco and Reliance Industries on the other hand are among the top losers today.

Broader markets are trading on higher. The BSE Mid Cap is trading 0.4% higher and the BSE Small Cap index is trading 0.9% higher.

Sectoral indices are trading mixed, with socks in IT sector, telecom sector and healthcare sector witnessing most buying. Meanwhile, stocks in power sector and realty sector witness selling pressure.

The rupee is trading at Rs 83.04 against the US dollar.

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In commodity markets, gold prices are trading flat at Rs 62,237 per 10 grams today.

Meanwhile, silver prices are trading 0.1% lower at Rs 70,380 per 1 kg.

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Speaking of stock markets, smallcaps were not the only outperformers of 2023.

Stocks from the defence, railways and electric vehicle sectors also found their place under the sun.

Stocks of the largest public sector entities in defence and railway sectors fetched handsome gains every time the government ordered more spending.

But there were also plenty of private sector entities in defence ecosystem that commanded premium valuations.

The EV sector became a stock market favourite in 2023.

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Paytm Denies Jio Buyout Talk

Fintech giant Paytm, on Monday, clarified that it is not in talks with any company to sell its wallet business. Amid media speculations about the sale of the Paytm wallet business to Mukesh Ambani’s Reliance-owned Jio Financial Services.

According to a media report, the troubled fintech was in exploratory talks with a few companies, including HDFC Bank and Jio Financial Services.

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So far, there has been no official statement by Paytm on the matter.

After the media reports claiming the sale of Paytm’s wallet services to Jio Financial Services, the company shares rose by nearly 14% on BSE on Monday. Jio Fin’s company shares closed 13.91% higher at Rs 289.1 per share on BSE on Monday.

Paytm landed in deep trouble after the Reserve Bank of India, on 31 January, ordered Paytm Payments Bank from taking deposits or allowing top-ups after 29 February. The RBI is considering scrapping the bank’s licence as early as March.

Paytm expects a “worst case impact” of Rs 3 bn to Rs 5 bn following the RBI’s latest directives on Paytm Payments Bank. For more, check out Why Paytm Share Price is Falling.

Ashok Leyland Q3 Profit Jumps 60%

Ashok Leyland has clocked a standalone net profit of Rs 5.8 bn in the quarter ended December 2023, which is 60% higher as compared to the year-ago period, as per the financial results declared by the Chennai-based automotive manufacturer on 5 February.

In the same quarter in FY23, the Hinduja group firm reported a net profit of Rs 3.6 bn.

The company’s standalone revenue during the quarter came in at Rs 92.7 bn, higher by 2.7% against Rs 90.3 bn in the third quarter of the preceding fiscal.

The earnings before interest taxes, depreciation and amortisation (EBITDA) came in at Rs 11.1 bn (12%) in Q3 FY24, as compared to Rs 7.9 bn (8.8%) in Q3 FY23, Ashok Leyland said in a media release.

This marks a double-digit percentage EBITDA in all three quarters of the fiscal year.

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Ashok Leyland’s debt at the end of the December quarter stood at Rs 17.5 bn, with debt-equity at 0.2 times as compared to 0.3 times at the end of the previous quarter.

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The company is also a beneficiary of Modi’s Rs 576 Billion e-Bus Scheme.

BSE Q3 Results

Bombay Stock Exchange (BSE) announced a net profit of Rs 1.1 bn for the quarter ended in December. This is an increase of 123.3% from Rs 476 m in the corresponding quarter of the previous year.

The revenue rose 82.5% to Rs 3.7 bn from Rs 2 bn in the previous year. The exchange’s EBITDA zoomed to Rs 920 m from Rs 390 m in the corresponding quarter in the previous fiscal year.

The increase in performance is driven by increased transactional charges in the exchange. Transaction charges of BSE jumped 163.1% YoY to Rs 1.7 bn in the quarter.

BSE’s average daily turnover (ADTV) for the futures and options (F&O) segment more than doubled to Rs 71 trillion (tn) in December from Rs 35 tn in November. Average Daily turnover volume reached 99.5 m in December from 53.5 m in November.

BSE has been improving its market share in the F&O segment since it brought back the weekly index options for the Sensex and the Bankex in May. BSE’s shares have gained almost 200% in the last 6 months.

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

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