Sensex Today Ends 208 Points Lower, Nifty Below 18,300 | Adani Ports & HDFC Bank Among Top Losers | Jindal Saw Rallies 7%

Wed, 24 May Closing

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After opening the day on negative note, Indian share markets erased early losses but remained subdued throughout the session and ended lower.

Benchmark indices fell today, snapping a three-day winning streak, as gains in pharma, FMCG shares failed to offset losses in financials and metals.

At the closing bell, the BSE Sensex stood higher by 208 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 59 points (down 0.3%).

Sun Pharma, ITC and Titan were among the top gainers today.

Adani Ports, HDFC Bank and ICICI Bank on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,299, down by 63 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index and BSE SmallCap ended marginally higher.

Sectoral indices ended on a mixed note with stocks in the power sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the metal sector and banking sector witnessed selling pressure.

Shares of Ceat and TVS Motors hit their 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 stock markets ended on a positive note. The Nikkei ended lower by 0.9%, while the Hang Seng was down 1.6%. The Shanghai Composite ended 1.3% lower.

The rupee is trading at 82.67 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 60,192 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.4% at Rs 71,877 per kg.

Speaking of stock markets, the stock price of Siemens was on a roll until about last week. However, the rally seems to have come to halt. The stock has been under pressure recently.

But what do the charts say? Is it a good time to consider the stock or is it best to avoid it? Chartist Brijesh Bhatia answers all these questions in the below video.

Dixon Technologies gained 9% today. Here's why...

In news from the consumer electronic sector, shares of Dixon Technologies India gained over 9% today, its biggest gain in one year. This rally in the stock comes after the company reported better-than-expected earnings for the March 2023 quarter.

The company's consolidated revenue stood at Rs 30.7 billion (bn), up 3.8% YoY against Rs 29.5 bn a year ago.

Dixon Technologies reported a 27.7% YoY jump in consolidated net profit at Rs 806 million (m) for the March 2023 quarter.

EBITDA jumped 32.3% to Rs 1.6 bn in the fourth quarter over Rs 1.2 bn last year. EBITDA margin stood at 5.1% in the reporting quarter against 4% a year ago.

Management anticipates a rebound in 2024, primarily driven by the mobile segment. The company is currently in the final stages of securing partnerships with two customers, which is expected to generate revenues surpassing Rs 60 bn in the financial year 2024.

Barring the past one year's performance, the stock price has remained on fire. To know why the company is underperforming, check out our editorial on why Dixon Technologies' share price is falling.

Furthermore, with plans to enhance revenue through the Production-Linked Incentive (PLI) scheme, it stands among the top 6 companies benefiting from massive PLI boot to manufacturing.

It currently stands among the top 5 manufacturing stocks in India.

Why did Biocon's share price surge 8% today?

Moving on to news from the pharma sector, Shares of Biocon jumped nearly 8% today, buoyed by the drugmaker's robust Q4 earnings.

On the revenue front, the drugmaker's topline recorded a 56.7% surge to Rs 37.7 bn.

The rise in revenue was led by the over two-fold growth in the biosimilars business, which also contributes 56% to the total topline.

Further, specialty APIs (active pharmaceutical ingredients), and a ramp-up of some recently launched generic formulation products also aided the strong topline.

The drugmaker reported a 31.3% rise in Q4 net profit to Rs 3.1 bn.

In addition, operating metrics also improved as the EBITDA margin expanded to 26.4% from 24.6% a year ago.

Going ahead, it plans to integrate the newly acquired business Vitaris in a phased manner, with over 70 emerging markets transitioning to Biocon Biologics shortly followed by the US and EU.

The share price of this  Nifty 50 stock touched a 52-week low on 20 March 2023, tumbling 40% in one year.

To know what led to a 40% crash in Biocon shares, check out our editorial- why Biocon share price is falling.

Why polyplex corporation shares price plunged 8% today

Moving on to news from the packaging sector, shares of Polyplex Corporation plummeted 8% today after the company reported weak earnings results for Q4.

In the March 2023 quarter, the company reported an 11.6% YoY decline in revenue, amounting to Rs 16.7 billion (bn) compared to Rs 18.9 bn in the same quarter the previous year.

The net profit for the quarter stood at Rs 76.1 million (m), marking a 95.9% YoY decrease from Rs 1.9 bn in the corresponding quarter last year. This decline can be attributed to higher financial costs and increased depreciation during the quarter.

Also, on the operating front, earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 72.9% YoY to Rs 1.2 bn from Rs 4.4 bn in the same quarter of the previous year. This decline was driven by higher input costs.

Despite the challenging financial performance, the company's board announced a dividend of Rs 3 per equity share.

Further, the promoters of Polyplex Corporation agreed to sell a 24.2% stake in the Noida headquartered firm to Dubai-based AGP Holdco today.

The deal is valued at Rs 13.8 bn and includes a binding term sheet and provisions for put and call options, allowing AGP Holdco to increase its stake in the future.

Despite potential short-term uncertainties, Polyplex demonstrates many qualities of a high-quality stock.

Furthermore, Polyplex stands out as a  fundamentally strong company, delivering double-digit returns since 2017.

Notably, the company has a track record of paying consistent dividends, boasting a dividend yield of over 7%. This makes Polyplex one of the dividend stocks that consistently outperforms fixed deposit returns.

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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