Sensex Today Trades Flat | FMCG Stocks Shine | ITC Soars 6%, BSE 3%

Wed, 13 Mar 10:30 am

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Asian share markets opened higher as traders held on to Federal Reserve rate cut bets for this year despite hotter-than-expected inflation data.

Equity benchmark climbed in Japan, South Korea and Australia.

The S&P 500 and a gauge of global equity index closed at fresh records following the US CPI print.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	139.62	0.68	0.49%	140.28	138.21	155.2	89.94
Apple	173.23	0.48	0.28%	174.03	171.01	199.62	147.7
Meta	499.75	16.16	3.34%	502.31	484.73	523.57	174.82
Tesla	177.54	-0.23	-0.13%	179.43	172.41	299.29	152.37
Netflix	611.08	10.15	1.69%	615.3	596.27	624.42	285.33
Amazon	175.39	3.43	1.99%	176.76	171.98	180.14	88.12
Microsoft	415.28	10.76	2.66%	415.57	406.79	420.82	245.73
Dow Jones	39005.49	235.83	0.61%	39071.56	38711.39	39282.28	31429.82
Nasdaq	18219.12	267.42	1.49%	18228.37	17919.33	18416.73	11695.41

Source: Equitymaster

At present, the BSE Sensex is trading 32 points higher and NSE Nifty is trading 11 points lower.

ITC, TCS and Nestle are among the top gainers today.

NTPC, Tata Steel and Adani Ports on the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading mixed. The BSE Midcap index and the BSE Small Cap index is trading 1% lower.

Sectoral indices are trading mixed, with socks in IT sector, FMCG sector and banking sector are witnessing buying. Meanwhile, stocks in power sector and FMCG sector is witnessing selling pressure.

The rupee is trading at Rs 82.85 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 65,548 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 73,771 per 1 kg.

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...

Speaking of stock markets, does back of the envelope calculation work in a field like investing as well? Or is it a field where one is required to apply scientific rigor and precision?

Well, if you look at all the great investors like Ben Graham, Warren Buffett, and Peter Lynch, I don't think any of them applied complex mathematical formulae to evaluate their investments.

Co-head of Research at Equitymaster, Rahul Shah show how you can use a simple back-of-the-envelope calculation to decide whether a stock can be considered for investment or whether it should be rejected, in his latest video.

Tune in to the below video:

Vedanta to Pay Cairn UK

The market regulator has asked Vedanta India, earlier known as Cairn India Ltd, to pay Cairn UK Holdings Limited (CUHL) Rs 776.2 m plus a simple interest of 18% per annum for delayed payment of dividends.

Vedanta, through a filing dated March 12, informed the exchanges that the regulator had issued this order.

The filing added that the company is in the process of taking appropriate legal steps in respect of the same.

The company's filing stated that there is no major financial impact from the order.

In April 2017, CUHL raised a complaint with Sebi alleging nonpayment of a dividend of Rs 3.4 bn by Cairn India in respect of 184,125,764 equity shares of CIL owned by CUHL.

CIL had submitted that all outstanding unpaid dividends of Rs 6.7 bn to the account of CUHL had been paid to the Income Tax Department against recovery notice from Deputy Commissioner of IT, International Taxation, New Delhi, issued under Section 226(3) of the Income Tax Act, 1961, on 19 June 2017 and 20 June 2017. With the matter before the IT department, SEBI closed the complaint of CUHL.

But the tribunal added that if Cairn India (now Vedanta India) had not released the dividends when there was no embargo on it, then Sebi should inquire into this and take action if there has been a violation.

For more details, check out Best High Dividend Stock 2024: Vedanta vs Coal India.

Kotak Mahindra Bank Divests Stake in KFin Technologies

Kotak Mahindra Bank on Tuesday divested a 2% stake in KFin Technologies for Rs 2.1 bn through an open market transaction.

After the stake sale, shares of KFin Technologies plunged 5.7% on Tuesday.

According to the bulk deal data available with the BSE, Kotak Mahindra Bank sold 34,70,000 shares, amounting to a 2% stake in KFin Technologies.

The shares were offloaded at an average price of Rs 600.3 apiece, taking the transaction value to Rs 2.1 bn.

After the latest transaction, Kotak Mahindra Bank's shareholding has declined to 7.8% in KFin Technologies from 9.8% stake.

Details of the buyers could not be ascertained.

KFin Technologies serves the critical needs of asset managers with clients spanning mutual funds, AIFs (alternative investment funds), pensions, wealth managers and corporates in India and abroad.

Indiabulls Housing Finance to Mull Fund Raising

Indiabulls Housing Finance said that its board will meet on Friday, 15 March 2024 to raise funds through debt securities.

A meeting of the board of directors of the company is scheduled to be held on Friday to consider and approve the raising of funds through the issuance of any kind(s) of debt securities, in one or more tranches, whether domestic or international.

Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.

The company's consolidated net profit rose 4% to Rs 3 bn on a 5.5% decline in total income to Rs 22.1 bn in Q3 FY24 over Q3 FY23.

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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