Sensex Today Ends 496 Points Higher | RVNL Soars 20% | ONGC & NTPC Top Gainers

Fri, 19 Jan Closing

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After opening the day on the positive note, Indian share markets continued the momentum as the session progressed and ended the day higher.

After three-day losing streak, both Sensex and Nifty rebounded sharply on Friday. Upbeat cues from overnight trade helped the sentiments back home apart from dip buying by investors.

Apart from that, Indian stock market will see some trading activity this time on Saturday (20 January 2024), a special live trading session in the equity F&O segment on Saturday.

At the closing bell, the BSE Sensex stood higher by 496 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 160 points (up 0.8%).

ONGC, NTPC and Tech Mahindra were among the top gainers today.

HDFC Bank, SBI and IndusInd Bank on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,678 up by 208 points, at the time of writing.

The BSE MidCap index ended 1.7% higher and BSE SmallCap index ended 1.1% up.

Sectoral indices ended on a positive note with stocks in the oil & gas sector and power sector witnessing most of the buying.

Shares of L&T, Ceat and Titan 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 on the mixed. The Shanghai Composite ended 0.5% lower, while the Nikkei index ended 1.4% higher. Meanwhile Hang Seng ended 0.5% lower.

The rupee is trading at 83.07 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 62,015 per 10 grams.

Meanwhile, silver prices are trading 0.2% higher at Rs 71,761 per 1 kg.

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

BSE & NSE to Conduct Live Session Tomorrow

BSE and NSE will shift to a disaster recovery site for a live session on 20 January 2024.

The first session will start at 9:15 AM and end at 10:00 AM. The second session will commence at 11:30 AM and conclude at 12:30 PM.

During this special live trading session, all futures contracts will be subject to an operating range of 5%. Securities, including those traded in the F&O segment, will have upper and lower circuit limits of 5%. Securities that have a 2% upper and lower circuit limits will continue to have a 2% limit.

Equity and futures contracts' price bands set at the beginning of the day in the Equity segment apply to the Disaster Recovery site. Changes in options contracts' bands until the Primary site's close time will be reflected at the Disaster Recovery site.

BSE in its release assured a smooth transition from its primary site (PR) to the Disaster Recovery site (DR) during specified timings, aligning with SEBI discussions on Market Infrastructure Institutions' readiness for handling operational disruptions and meeting Recovery Time Objectives at the DR Site.

Hindustan Zinc Q3 Net Profit Slips 6%

Moving on to from the mining sector, Vedanta group firm Hindustan Zinc reported its third quarter net profit at Rs 20.3 bn, marking an decrease of 5.9% on year.

In the corresponding quarter last year, Hindustan Zinc reported a net profit of Rs 21.6 bn. On a sequential basis, the net profit rose 17% from Rs 17.3 bn.

The firm posted a revenue from operations at Rs 7,067 for the quarter ended December 2023, lower by 7.4% from Rs 76.3 bn on an on-year basis. On a quarter-on-quarter basis, the revenue was higher by 8%.

The sequential increase was a result of zinc & silver volumes, higher zinc prices and favorable exchange rates partly offset by lower lead prices and volumes.

The earnings before tax, depreciation and amortization (EBITDA) was Rs 35.6 bn for the quarter under review, compared to Rs 37.2 bn in the same quarter last year, notching a 14% fall on-year.

Mined metal production for the quarter was 271 kt, up 8% sequentially and 7% YoY, driven by higher ore production and supplemented by improved mined metal grades year on year.

For the nine months ended December 2023 of the current financial year, the revenue from operations was Rs 21,383 crore, down 16% YoY. The profit during this time period was Rs 57.2 bn, down 28% on-year.

Hindustan Zinc is the world's second-largest zinc-lead miner and holds a 78% market share in India's primary zinc industry.

Further, the average 5-year dividend yield for Hindustan Zinc is a whopping 10.6%. Meanwhile, the average dividend payout ratio stands at 165.1%.

Atul Q3 Results

Moving on to news form the chemical sector, Atul posted a net profit of Rs 709.4 m for the quarter ended December 2023, marking a decrease of 32.5% from Rs 1.1 bn a year back.

On a sequential basis, though, the bottomline was up 6.2% from Rs 912.3 m.

The revenue from operations came in at Rs 11.4 bn for the quarter under review, down 10.8% on-year from Rs 12.7 bn from Q3FY23. The company's revenue also fell 4.7%, on a quarter-on-quarter from Rs 11.9 bn.

The poor performance of the chemical producer highlights the challenges faced by the sector. Chemical prices have tumbled in the international market, hurting margins and profitability.

On 7 November, Atul's board of directors approved a proposal to buy-back equity shares. The buy-back of equity shares through the open market stock exchange route commenced on 21 November 2023 and it was completed on 1 January 2024.

Atul bought back and extinguished 72,000 equity shares at an average buy-back price of Rs 6934.7 per equity share, constituting 0.24% of the pre-buy-back paid-up equity share capital of the Company. The buy-back resulted in a cash outflow of Rs 499.3 m.

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

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