Sensex Today Ends 379 Points Lower | Vodafone Idea Tanks 5% | Eicher Motors, L&T Top Losers.

Tue, 2 Jan Closing

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After opening the day lower, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Indian benchmark indices  declined on Tuesday as investors took home profit after solid gains in 2023, rising Covid-19 cases in the country, and mixed trends in Asian market.

At the closing bell, the BSE Sensex stood down by 379 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.3%).

Cipla, Coal India and Adani Ports were among the top gainers today.

Eicher Motors, M&M and L&T on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,752, down by 92 points, at the time of writing.

Broader markets ended on positive note. The BSE MidCap index and BSE SmallCap index ended marginally lower.

Sectoral indices ended mixed with stocks in the energy sector and metal sector witnessing most of the buying. Meanwhile stocks in realty sector and auto sector witness selling.

Shares of Lupin, Cipla and Tata Chemicals hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite ended 0.4% lower, while the Nikkei index ended 0.2% lower. Meanwhile Hang Seng tanked 1.5%.

The rupee is trading at 83.3 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 63,568 per 10 grams.

Meanwhile, silver prices are trading 0.6% higher at Rs 74,850 per 1 kg.

Speaking of stock markets, with the rise of electric vehicles and renewable energy, the world may be on the verge of a revolution in transportation and energy technology.

This could transform the oil market the way the coal market was transformed a century ago.

Like coal then, oil could see its share in energy demand plummet in the coming decades.

In the below video, Research Analyst Tanushree Banerjee talks about green energy stock to profit from the end of the oil age.

Why Vodafone Idea Share Price is falling

In news from the telecom sector, Vodafone Idea today denied that it was in talks with Elon Musk-promoted Starlink to manage its services in India.

Following the clarification, the stock, which had run up significantly on the rumour, plunged over 4%.

Several news reports last week claimed that the government could sell its 33% stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink.

Earlier, stock exchanges had sought a clarification from the company on the circulating news.

Plagued by a high debt burden, the company has been seeking fresh fund infusion from various sources, including promoters Aditya Birla Group and Vodafone.

Both promoters were expected to bring in the funds by the end of the October-December quarter. However, that has not materialised so far.

For more, check out India's Telecom Bill 2023 Promises a New Regime: A Boon or Bust for Investors?

Alok Industries Soars 20%. Here's why.

Moving on to news from the textile sector, shares of Alok Industries soared 20% and were locked in its upper circuit at Rs 25.8, also its highest level in 52 weeks, on 2 January after Reliance Industries Ltd (RIL) subscribed to non-convertible redeemable preferential shares worth Rs 33 billion (bn).

The preferential shares were issued at a dividend rate of 9% on a private placement basis to RIL. Moreover, the preferential shares will also be redeemable at par at any time within a period not more than 20 years from the date of allotment.

Reliance Industries is also a promoter in the textile manufacturing company. Back in 2020, RIL, along with JM Financial Asset Reconstruction acquired Alok Industries after the latter was auctioned through bankruptcy proceedings to recover its outstanding dues to creditors.

As of the end of the September quarter, RIL held a 40% stake in Alok Industries, while JM Financial Asset Reconstruction Co. owned a 34.9% stake.

Ashok Leyland Skids 4%

Moving on to news from the auto sector, shares of Ashok Leyland traded 4% lower to Rs 179 at mid-day on 2 January after the company reported a 10% decline in its total sales in December.

During the month, the bus and truck manufacturer sold 15,323 units, against 17,112 units in December 2022.

The sales of Medium and Heavy Commercial Vehicles (MHCV) declined 12% to 10,800 units from 12,262 units during the same month last year.

In the segment, the company sold 8,485 trucks in December 2023, a steep 16% less than the 10,143 trucks sold in December 2022.

Its light commercial vehicle segment also witnessed a drop, falling 6% during the month to 5,524 units from 5,876 units in the corresponding month.

In December, the Chennai-headquartered company sold 2,315 busses, up 9% from 2,119 units in 2022.

Last month, the automobile major increased its stake in Optare Plc UK to about Rs 6.6 bn. The company now has 92.2% of the company from the previous 91.6%.

Certain indicators show Ashok Leyland can scale new heights in 2024. To know why, check out 5 Indian Midcap Stocks Set to Grow Dramatically in 2024. Add them to Your Watchlist.

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

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, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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