Sensex Today Tanks 600 Points | Nifty Below 24,800 | Tata Motors Down 3%

Fri, 2 Aug 10:30 am

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Asian stocks tumbled as sentiment was hit by a triple whammy of a Japan selloff, a global tech rout and weakness in the US economy.

The MSCI Asia Pacific Index dropped as much as 2.8%, the most since June 2022.

US stock market ended sharply lower on Thursday amid concerns over a slowing economy.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	172.45	-0.7	-0.40%	175.68	170.51	193.3	121.46
Apple	218.36	-3.72	-1.68%	224.48	217.02	237.23	164.08
Meta	497.74	22.91	4.82%	527.17	492.1	542.79	274.39
Tesla	216.86	-15.21	-6.55%	231.87	214.33	278.97	138.8
Netflix	624.85	-3.5	-0.56%	646.71	617.61	697.47	344.73
Amazon	184.07	-2.91	-1.56%	190.6	181.87	201.2	118.35
Microsoft	417.11	-1.24	-0.30%	427.46	413.09	468.35	309.45
Dow Jones	40347.97	-494.82	-1.21%	41096.66	40098.57	41376	32327.2
Nasdaq	18890.39	-472.04	-2.44%	19538.97	18737.09	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 633 points lower and NSE Nifty is trading 195 points lower.

Coal India, ONGC and Power Grid Corporation among the top gainers today.

Tata Steel, SBI and M&M 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 positive note. The BSE Midcap index is trading 0.6% lower and the BSE Smallcap index is trading 0.5% lower.

Sectoral indices are trading negative today, with stocks in metal sector, realty sector and auto sector witnessing selling pressure.

The rupee is trading at Rs 83.73 against the US dollar.

In commodity markets, gold prices are trading 0.6% higher at Rs 70,374 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 the stock market, learn why a surprising stock skyrocketed while this investor stayed cautious.

Discover the two investment styles - safe & steady vs. high risk, high reward - and how to choose the right one for YOU.

Rahul Shah, co-head of research at Equitymaster in his latest video talks about Suzlon and where did he go wrong.

Tune into below video for more details.

ITC Q1 Results

ITC on Thursday reported a marginal uptick in its standalone net profit for the quarter ended 30 June 2024 at Rs 49.2 bn versus Rs 49 bn reported by the company in the year-ago period. The profit after tax was below Street's estimates of Rs 51.2 bn.

The standalone revenue from operations for the reported quarter stood at Rs 182.2 bn, which was up by 7% over Rs 169.9 bn posted by the cigarette-to-hotel conglomerate in the corresponding quarter of the previous financial year.

On a sequential basis, PAT was down by 2% from Rs 50.2 bn reported by the company in Q4FY24. Meanwhile, the revenue was 2.6% higher than Rs 177.5 bn reported by the company in the January-March quarter.

Gross revenue was up 7.3% YoY in a challenging operating environment, driven by hotels, value-added agri products and leaf tobacco, the company filing said, adding that the FMCG (Others and cigarettes) delivered resilient performance amidst subdued demand conditions.

FMCG segment revenue jumped 6.3% on a high base with staples, snacks, dairy, personal wash, fragrances, homecare and agarbatti driving growth. The segment's EBITDA margin expanded 25 bps YoY to 11.3%. Cigarettes net segment revenue was up 7% and segment PBIT (Profit Before Interest and Taxes) was up 6.5% YoY.

Tata Motors' Board Approves Demerger

The Board of Directors of Tata Motors Ltd (TML) has approved a composite scheme of arrangement amongst TML, TML Commercial Vehicles Limited (TMLCV), Tata Motors Passenger Vehicles (TMPV) and their respective shareholders, taking the demerger plan of entities announced in March 2024.

As a part of the scheme, TML will demerge its commercial vehicle undertaking involving the CV business including all the assets, liabilities and employees relating to the business and all its related investments into TMLCV.

Further, the existing passenger vehicle business in TMPV will be merged into TML, the existing listed entity.

Once the scheme takes effect, both TMLCV and TML will be renamed, resulting in two separate listed entities-- the commercial vehicle business and its related investments, under the name TML, and the passenger vehicle business, the Electric Vehicle (TPEM) business, JLR and their related investments, under the name TMPV.

Under the scheme, shareholders of TML will receive one share of TMLCV of face value Rs 2/- fully paid up for every 1 fully paid-up share of Rs 2/- held in TML of the same class.

Zomato Q1 Results

Food delivery aggregator Zomato Ltd. reported a net profit of Rs 2.5 bn compared to the Rs 20 m net profit it had reported during the same quarter last year. The base quarter was the first time when Zomato had reported a quarterly net profit.

Profitability has also been aided by a higher other income component, which stood at Rs 2.4 bn, compared to Rs 1.8 bn during the year-ago quarter. Zomato generates higher other income by the Rs 120 bn-plus cash that it has on its books.

Revenue for Zomato increased by nearly 74% year-on-year during the June quarter to Rs 42.1 bn, compared to Rs 14.2 bn last year.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at a positive Rs 1.8 bn. The company had reported an EBITDA loss of Rs 480 m during the same period last year.

Zomato reported EBITDA margin of 4.2%.

Zomato's gross order value (GOV) during the quarter increased by 53% and was Rs 154.6 bn. The company defines gross order value as the combined GOV of consumer-facing businesses such as food delivery, quick-commerce, and going-out.

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

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