Sensex Today Ends 8 Points Lower | Nifty Below 23,000 | Aegis logistics Rallies 12%

Fri, 24 May Closing

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After opening the day marginally higher, Indian share turned muted as the session progressed and ended the day flat.

Equity markets hit fresh record highs for a second straight day on Friday, lifted by financial shares.

At the closing bell, the BSE Sensex stood lower by 8 points.

Meanwhile, the NSE Nifty closed lower by 17 points (down 0.1%).

HDFC Bank, BPCL and Bharti Airtel among the top gainers today.

M&M, Adani Ports and Titan on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,049, up by 34 points, at the time of writing.

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

The BSE MidCap index ended 0.2% higher and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed with socks in capital goods sector, telecom sector and energy sector witnessing most buying. Meanwhile stocks in FMCG sector and realty sector witnessed selling pressure.

Shares of SKF India, Eicher Motors and Trent 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...

The rupee is trading at 83.1 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 71,510 per 10 grams.

Meanwhile, silver prices were trading 0.6% higher at Rs 91,000 per 1 kg.

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks about solar stocks. Tariffs on EV batteries will be raised by over 100%. Duties on semiconductors will be up 50%. On photovoltaic cells used to make solar panels, the duties will be doubled.

The public on twitter can't celebrate this move enough. Companies in the solar ecosystem are in news. Some stocks in the sector have hit upper circuits.

If you are planning to join this frenzy, keep in mind the potential second order effects of this move.

Tune in for more

Hindalco Q4 Results

In news from the aluminium sector, Aluminium and copper manufacturing company Hindalco reported a more than three times jump in its net profit at Rs 81.7 bn for the January to March 2024 quarter, the firm said in a regulatory filing on 24 May. In the fourth quarter of the previous fiscal, the firm's profit was recorded at Rs 24.1 bn.

The aluminium and copper maker's revenue for the quarter under review rose a marginal 0.2% year-on-year to Rs 559.9 bn as against Rs 558.6 bn in the March ended quarter of the previous year.

The Aditya Birla Group metals flagship Hindalco's margin expanded 2.5% annually to 12% in Q4 of FY24 compared to 9.5% last year.

EBITDA, or earnings before interest, taxes, depreciation, and amortisation, came in at Rs 66.8 bn against the same quarter of the 2022-23 financial year.

Hindalco has also recommended a dividend of Rs 3.5 per equity share of Rs 1 each for the year ended 31 March 2024, subject to the approval of shareholders at the ensuing annual general meeting of the company.

Along with its quarterly result, Hindalco also announced that its Board of Directors has approved an acquisition of the fabrication facility of HBT, by way of entering into a binding MoU.

The copper business has grown to become the 2nd largest in the world for Copper rods (excluding China). It achieved its best-ever performance, with sales crossing 500,000 tonnes for the first time and an all-time high EBITDA for the quarter and the year. Similarly, the Aluminium India Upstream Business reported industry-best quarterly EBITDA margins of 32%, driven by higher volumes and cost optimisation.

Aurionpro Partners Fime

Moving on to news from the IT sector, Fime and Aurionpro Transit, an Aurionpro subsidiary and a global leader in transit ticketing solutions, have announced a strategic collaboration to explore opportunities in the field of transit ticketing, payments, and fare collection projects worldwide.

With a shared vision to revolutionize transit experiences, the collaboration aims to harness the collective expertise and resources of Fime and Aurionpro Transit to meet the dynamic needs of public transport operators and authorities worldwide.

Through meticulously crafted initiatives, the partnership aspires to catalyze change, propelling the transportation industry toward a future defined by innovation and efficiency. Central to this collaboration is the commitment to educate and empower key stakeholders within the public transport sector.

Adani Stocks Surge Past Pre-Hindenburg Levels

Six Adani Group stocks, including Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Ports & SEZ, have erased the losses triggered by a critical Hindenburg report and are now trading above their January 2023 levels, when the report was published by the short-seller.

The other four stocks Adani Total Gas, Adani Energy Solutions, Adani Wilmer and NDTV still trade below pre-Hindenburg levels. Adani Total Gas is still down 74% from its pre-Hindenburg high, Adani Energy Solutions is down 59%, Adani Wilmar is 35%, and NDTV 11%.

The rally in Adani Group's stocks in the past two sessions has pushed the market value of group stocks above US$ 200 billion. Year to date, Adani Ports and Special Economic Zone Ltd and Adani Power Ltd have been standout performers, gaining more than 40% and 35%, respectively.

However, broadcaster New Delhi Television Ltd has been a laggard, losing 5.5%. Ambuja Cements and Adani Entertainment have also seen significant gains, rising 25% and 20%, respectively.

On 24 January 2023, Hindenburg Research published a report accusing Adani group companies of stock manipulation and accounting fraud, ahead of a proposed Rs 200 bn share sale by Adani Enterprises. The conglomerate termed the report as malicious and baseless.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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