Sensex Today Tanks 453 Points | IT & Metal Stocks Witness Selling | Dabur, TCS & IndusInd Bank Shed 3%

Fri, 6 Jan Closing

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After opening the day on a flat note, Indian share markets extended losses as the session progressed and ended deep in the red.

Benchmark indices shed for the third straight day to end the first week of 2023 on a negative note. Investors remained nervous ahead of the earnings season after recent warnings by some major companies.

At the closing bell, the BSE Sensex stood lower by 453 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 133 points (down 0.7%).

Britannia, M&M, and Reliance were among the top gainers today.

TCS, JSW Steel, IndusInd Bank on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,965 down by 100 points, at the time of writing.

Broader markets settled on a weak note. The BSE Midcap and the BSE SmallCap index ended the day 0.7% lower.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term.

Barring FMCG sector, all sectoral indices ended on a negative note with stocks in IT sector, metal sector, and banking sector witnessing most of the selling.

Shares of Abbott India, Apollo Tyres, and Abirami Financial hit their 52-week highs today.

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

Asian stocks ended on mixed note. The Hang Seng inched lower by 0.3%, while the Shanghai Composite index ended higher by 0.1%. The Nikkei edged 0.6% higher.

US stock futures are trading on a negative note. Dow futures are trading flat while Nasdaq futures are trading lower by 0.2%.

The rupee is trading at Rs 82.8 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.1% at Rs 55,340 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.6% at Rs 68,078 per kg.

Speaking of stock markets, the Tata group is gearing up to bring another TCS to the market - Tata Electronics.

The recent development that has put Tata Electronics in the spotlight is Tata Sons Chairman Natarajan Chandrasekaran confirming the company's plans to venture into the semiconductor business, which is pegged to reach US$ 1 trillion revenue by 2030 globally.

Tata Electronics could get listed anytime in 2023.

In the below video, co-head of research Tanushree Banerjee talks about how this Tata group stock can ride tailwinds that TCS rode for decades.

Why Dabur India share price is falling

In the news from the FMCG sector, shares of Dabur India fell 4% today.

Dabur India suffered a steep decline after the company said demand trends for the industry has remained weak during the third quarter, with rural markets staying under pressure.

In its business update, the company highlighted that the pressure was further accentuated by the late onset of winter in North India, but early signs of moderate recovery were visible towards the latter part of the quarter, coupled with some cool-off in inflation.

On account of the challenging macroeconomic environment and muted category growths in the quarter, the management anticipates reporting low to mid-single-digit revenue growth.

With the healthcare portfolio returning to a positive growth trajectory, navigating the high bases of the pandemic, the food & beverages (F&B) business, too, saw healthy trend levels.

However, the management also foresees moderation in F&B's growth on account of the early onset of the festive season.

Moreover, the improving macroeconomic environment, positive steps by the government and expected stimulus of the upcoming Union Budget should help speed up the recovery of the industry.

Besides, the international business, too, is expected to post double-digit revenue growth during the quarter in constant currency terms. However, currency headwinds in Turkey and Egypt may weigh growth in rupee terms.

The company with is continuous expansion is among the top 5 FMCG companies in India.

Macrotech developers Q3 record the best pre-sales

Moving on to news from the real estate sector, the share price of Macrotech Developers was in focus today.

The realty major today reported a 16% YoY growth in its sales bookings at Rs 30.4 bn in the third quarter of this fiscal on better housing demand. In comparison, the company had posted pre-sales of Rs 26.1 bn in the December 2021 quarter.

Pre-sales for the nine months of the current financial year (April-December) reached Rs 90.4 bn, growing 62% from the same period in the financial year 2022.

It is on track to surpass its full-year pre-sales guidance of Rs 115 bn.

The collections of money from customers against sales grew 26% in the December quarter to Rs 26.8 bn.

The realty major added four new projects during the quarter with a saleable area of 5 million square feet and gross development value of Rs 85 bn across the Mumbai Metropolitan Region (MMR) and Pune.

The company's projects cover all segments of society, such as premium, middle income and affordable.

Some of its residential property brands are Lodha, Crown, CASA, and Lodha Luxury.

It is currently among the top 6 real estate stocks in India.

Vodafone Idea's Rs 70 billion capital infusion

Moving on to news from the telecom sector, shares of Vodafone Idea fell 1.3% today.

Vodafone Idea (Vi) has reportedly approached several banks to get loans adding up to Rs 70 bn.

The telco has approached the State Bank of India, Punjab National Bank, HDFC Bank and IDFC First Bank.

The lenders have sought clarity from the telco on the government's potential shareholding and its plans to infuse capital in Vodafone Idea.

The bulk of the loans will be used to pay a part of its dues to Indus Towers.

The company has dues of Rs 75 bn that it needs to pay to Indus Towers. The company has committed to the tower company that it would pay 100% of the dues from January onwards.

Indus Towers has warned Vi that if the company fails to clear its dues, it will lose its access to tower sites.

Apart from Indus Towers, the company also needs urgent funds to pay Nokia and Ericsson.

It also needs funds for the rollout of 5G services and expanding its 4G coverage to arrest the fall in customer base.

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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