Sensex Today Ends Marginally Lower | DLF Drops 4% | Hero MotoCorp & Apollo Hospital Among Top Losers

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After opening the day higher, Indian share markets pared the gains as session progressed and ended the day lower.

Benchmark indices closed in the red on Tuesday on profit booking in select heavyweights, including Reliance Industries, Power Grid, SBI and ICICI Bank amid mixed global cues.

At the closing bell, the BSE Sensex stood lower by 68 points (down 0.1%).

Meanwhile, the NSE Nifty closed down by 20 points (down 0.1%).

NTPC and HCL Tech were among the top gainers today.

Hero MotoCorp and Apollo Hospital 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 Gift Nifty was trading at 19,819 up by 67 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.2% lower and BSE SmallCap ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the IT sector, and metal sector witnessing most of the buying.

On the other hand, stocks from the realty sector and power sector witnessed selling pressure.

Shares of MRF and Polycab India 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 mixed note. The Nikkei ended higher by 0.9%. while the Hang Seng ended 0.3% lower. The Shanghai Composite ended flat.

The rupee is trading at 82.25 against the US$.

Gold prices for the latest contract on MCX are trading 0.6% lower at Rs 59,720 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.9% at Rs 74,746 per kg.

Speaking of stock markets, Rahul Shah co-head of research at Equitymaster, talks about a simple rule to navigate this all-time high market.

The index has already gone up 16% from its March lows and there is nothing on the horizon for the time being that can stop the rally in its tracks.

This presents the classic dilemma for the average investor. Should we take advantage of this rally and exit a few stocks, or should he keep riding the bull to new highs?

Tune in to the below video to know how to navigate.

Why Hero MotoCorp share price is falling

In news from the auto sector, shares of Hero MotoCorp declined over 4% following a media report on a raid by the Enforcement Directorate (ED) on the residence of Pawan Munjal, Chairman of the company. The raid was initiated taking cognisance of a Directorate of Revenue Intelligence (DRI) case.

The searches were carried out at premises located in Delhi and neighboring Gurugram following provisions of the Prevention of Money Laundering Act (PMLA).

The investigation stems from a DRI complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.

The Income-Tax Department in March 2022 raided Munjal and his company Hero MotoCorp, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation.

Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year and has maintained the title for the past 20 years.

To know more, check out Why Hero MotoCorp is Underperforming in the Market?

Why M&M share price is falling

Moving on, Mahindra and Mahindra (M&M) shares rose over a percent today after the company announced that it is establishing an electric vehicle (EV) battery testing facility at Mahindra Research Valley (MRV) in Chengalpattu and a crash test facility at Mahindra SUV Proving Track (MSPT).

As per the disclosure to the exchanges, the EV battery testing facility will be set up for Rs 2.1 bn, which would lead to the employment of more than 1,000 people and the crash test facility will be constructed for Rs 2.9 bn. Additionally, the company will invest Rs 120 m in its Information Technology facility located in Coimbatore.

This gains significance as the M&M EV business is likely to get another round of fund infusion.

The electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to see how it pans out.

PVR Inox Q1 results

Moving on to news from the media sector, multiplex chain PVR Inox today reported a loss of Rs 441 m in the first quarter of fiscal 2024 against a profit of Rs 683 m in the year-ago period, hit by a below-average performance of Hindi films, a slow recovery in footfalls and cinema advertising revenue.

Sequentially, the multiplex operator managed to narrow the loss from Rs 3.3 bn in the previous quarter.

Revenue from operations was at Rs 12.7 bn, up from Rs 9.6 bn in the year-ago quarter.

Among other metrics, the company reported an average ticket price (ATP) of Rs 246 and spend per head (SPH) of Rs 130.

The theatre chain reported a 2% increase in ATP and 10% increase in SPH on a YoY basis. The company had reported an ATP of Rs 239 and SPH of Rs 119 in Q4 FY23.

Gros box office collection is down from Rs 10.5 bn in Q1 FY23 to Rs 8.3 bn in Q1 FY24.

The company reported a 9% increase in screen expansion in the June quarter with a total of 1,697 versus 1,550 in Q1 FY23.

To know what could happen next in the in the multiplex industry, check out PVR Inox: New Beginnings or the Beginning of the End?

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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Indian Share Market Update: Top Gainers and Losers