Sensex Today Trades Lower | Nifty Below 22,700 Level | Paytm Surges 5%, Tata Steel Drops 3%

Thu, 30 May 10:30 am

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Most Asian stocks fell on Thursday amid persistent fears of sticky inflation inviting high interest rates, with the technology sector seeing the steepest declines as investors also locked-in recent profits.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%, tracking a negative lead from Wall Street and extending its 1.6% decline from the previous session.

US stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	177.4	-0.62	-0.35%	178.23	176.26	179.95	115.83
Apple	190.29	0.3	0.16%	192.25	189.51	199.62	164.08
Meta	474.36	-5.56	-1.16%	479.85	473.7	531.49	258.45
Tesla	176.19	-0.56	-0.32%	178.15	173.93	299.29	138.8
Netflix	654.62	5.62	0.87%	664.25	643.89	664.25	344.73
Amazon	182.02	-0.13	-0.07%	184.08	181.55	191.7	118.35
Microsoft	429.17	-1.15	-0.27%	430.94	425.69	433.6	309.45
Dow Jones	38441.54	-411.32	-1.06%	38716.28	38413.67	40077.4	32327.2
Nasdaq	18736.75	-132.69	-0.70%	18814.81	18706.63	18907.54	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 310 points lower and NSE Nifty is trading 97 points lower.

Axis Bank, SBI and ONGC are among the top gainers today.

Tata Steel, Nestle and Titan 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 on negative note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 0.3% lower.

Sectoral indices are trading mixed, with socks in financial sector and banking sector witnessed buying. Meanwhile the stocks in metal sector, realty sector and power sector witnessed selling pressure.

The rupee is trading at Rs 83.38 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 72,059 per 10 grams 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...

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

SJVN Q4 Results

State-run hydro power generating company SJVN reported a net profit of Rs 611 m for the January-March period. During the same period last year, the company reported a profit of Rs 172 m. The stark difference in bottom line figures is due to a tax credit during the current quarter.

SJVN had a tax credit of Rs 160 m during the quarter, compared to a tax expense of nearly Rs 400 m during the year-ago period.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined by 22.1% year-on-year to Rs 2.4 bn, while the EBITDA margin narrowed by nearly 12% to 49.6% from 61.3% during the same period last year. This is the first time in a year that SJVN's margin has slipped below the 50% mark.

Renewable energy sales contributed to Rs 1.1 bn during the financial year 2024, compared to Rs 680 m in the same quarter last year.

Additionally, the company has also declared a dividend of Rs 0.6 per equity share.

This is in addition to the interim dividend of Rs 1.15 per share that the company had announced earlier.

SJVN has also formed a Joint Venture Company with Indian Oil Corporation to develop renewable projects and other new technology-based projects. The JV formation is subject to approval from the Ministry of Power, the NITI Aayog and the Department of Investment and Public Asset Management (DIPAM).

Both SJVN and Indian Oil will hold a 50% stake each in the proposed Joint Venture. The JV will have an authorised capital of Rs 2.5 bn.

Tata Steel Q4 Profit Falls 64%

Tata Steel on 29 May reported a 64% fall in fourth-quarter profit (attributable to owners) at Rs 611.48 crore, amid lower steel realizations and poor performance in the steelmaker's international operations. The company had reported a net profit of Rs 17 bn in the same quarter a year ago.

The consolidated revenue from operations for the Tata Group company during the January-March quarter fell 6.7% to Rs 586.9 bn as compared to Rs 629.6 bn recorded in the year-ago period.

The company's board has approved the issue of additional debt securities, in one or more tranches, up to Rs 30 bn in the form of NCDs (Non-convertible debentures) on a private placement basis.

Meanwhile, Tata Steel has approved the proposal to infuse funds up to US$ 2.1 bn (Rs 174.1 Bn) into a wholly-owned subsidiary T Steel Holdings (TSHP) Singapore, to repay debt and to support the restructuring costs at Tata Steel UK.

Last month, Tata Steel announced that it will proceed with its £1.25-billion investment to build an electric arc furnace in Port Talbot, replacing two blast furnaces and commencing closure of the existing heavy end assets in the following months.

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

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