Sensex Today Trades Flat | Adani Total Gas Jumps 5% | Power Grid & ITC Top Gainers

Wed, 24 May 10:30 am

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Asian shares markets are trading lower today as negotiations over raising the US debt ceiling remained at an impasse, sapping sentiment for risk taking.

The Nikkei is trading lower by 0.7%. Both the Hang Seng index and the Shanghai Composite are down 0.6%

Wall Street indices ended lower Tuesday amid growing worries over raising the debt limit after another round of talks between White House officials and Congressional Republicans ended without a conclusion.

The Dow Jones Industrial Average ended 0.7% lower and the tech heavy Nasdaq Composite ended 1.2% lower.

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	123.29	-2.58	-2.05%	125.42	123.05	127.05	83.45
Apple	171.56	-2.64	-1.52%	173.38	171.28	176.39	124.17
Meta	246.74	-1.58	-0.64%	251.61	246.65	253.57	88.09
Tesla	185.77	-3.10	-1.64%	192.96	185.26	314.67	101.81
Netflix	355.99	-7.02	-1.93%	364.17	354.31	379.43	164.28
Amazon	114.99	-0.02	-0.02%	117.14	113.78	146.57	81.43
Microsoft	315.26	-5.92	-1.84%	322.72	315.25	322.72	213.43
Dow Jones	33,055.51	-231.07	-0.69%	33,310.17	33,013.29	34,712.28	28,660.94
Nasdaq	13,672.54	-177.21	-1.28%	13,827.10	13,662.91	13,893.71	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a flat note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 90 points. Meanwhile, the NSE Nifty is trading up by 23 points.

Maruti Suzuki and Power Grid are among the top gainers today.

HDFC Twins and Tata Motors on the other hand are among the top losers today.

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

Broader markets are trading on a positive note. Both the BSE Mid Cap index the BSE Small Cap index are trading 0.5% higher.

Sectoral indices are trading on a positive note with the exception of metal sector and realty sector. Stocks in the power sector and utilities sector witness buying.

Shares of Ceat and Kajaria Cements hit their 52-week high today.

The rupee is trading at Rs 82.69 against the US dollar.

In commodity markets, gold prices are trading higher by 43 to Rs 60,240 per 10 grams today.

Meanwhile, silver prices are trading lower by 0.4% at Rs 71,909 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, 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.

Ashok Leyland Q4 results

Hinduja group flagship company Ashok Leyland posted a four-fold jump in net profit during the March 2023 quarter to Rs 8 billion (bn), from Rs 1.6 bn reported during the March 2022 quarter.

During the period under review, the Ashok Leyland's revenue from operations rose by 33% from Rs 99.3 bn last year to Rs 132 bn in March 2023.

The company is planning to invest Rs 6-7 bn during the current financial year. Cash generated during the quarter was Rs 22.9 bn and net cash surplus was Rs 2.4 bn as against a net debt of Rs 7.2 bn for the same period last year.

The company is looking for investments in the electric vehicle arm Switch Mobility and the company is waiting for the right partner. The company is planning to roll-out its battery-operated Dost and Bada Dost light commercial vehicles (LCV) during this financial year.

Good quarterly results may finally boost Ashok Leyland's share price because as of late it was falling.

To know why Ashok Leyland share price was under pressure, read our editorial on why Ashok Leyland share price is falling.

Syrma SGS Technologies' bulk deals

Two foreign investors and one domestic fund bought a stake in Syrma SGS Technologies through open market transactions on Tuesday.

While Norges Bank on account of Government Pension Fund Global has bought 38 lakh shares or 2.1% stake in the company, US-based Neuberger Berman has picked up 25 lakh shares or 1.4%.

Domestic fund house Union Mutual Fund has also bought 0.3% stake in the company, while South Asia Growth Fund Holdings sold about 3% stake through block deals.

Sanjiv Narayan, who is among the biggest shareholders in the company with 7.1% equity, has also offloaded part 0.8% stake through the block deal transaction.

The company is majority public owned with 52.73% stake, while the rest 46.27% lies with the promoters. Among the public shareholders, mutual funds have about 5.81% stake, while foreign investors own 4.61%.

Syrma SGS hit the Indian share markets in August last year with Rs 8.4 bn IPO, which received tremendous response from investors.

Mahindra and Mahindra to sell stake from Mahindra CIE Automotive

According to the media reports, Mahindra & Mahindra (M&M), an auto giant and promoter company, is set to sell a 3.2% stake in Mahindra CIE Automotive through a block deal soon.

The reports further state that the deal is anticipated to be offered at a discount of 5 - 6% from the current market price.

Kotak Securities is likely to act as the deal's broker according to the media report.

The auto company already sold 22,880,000 shares of Mahindra CIE Automotive, or 6.1% of the company, in a block transaction in March. Shares were sold by the firm for a gross price of Rs 357.4 per unit, or approximately 11% less than the previous close.

After the sale, Mahindra & Mahindra's ownership of Mahindra CIE Automotive dropped from 9.3% to 3.2%.

Mahindra CIE is a multi-technology automotive components supplier headquartered in Mumbai. During March 2023, M&M held a 9.3% stake in Mahindra CIE.

Mahindra CIE reported a consolidated net loss of Rs 6.6 bn for the December 2022 quarter. The company had declared a consolidated net profit of Rs. 8 bn during the same time last year.

The board of the company also recommended a final dividend of Rs 2.5 per share for the financial year that ends on 31 December 2022.

To know what's moving the Indian stock markets, 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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Indian Share Market Update: Top Gainers and Losers