Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields pressured sky-high valuations on tech stocks and underpinned the dollar.
The Nikkei is trading 1.2% lower while the Hang Seng index is down 2.4%. The Shanghai Composite is trading down by 1%.
US stocks ended lower on Friday with an uneven finish for the major stock indexes, as mixed economic data stoked worries that the Federal Reserve's work on bringing inflation to heel isn't done.
Here's a table showing how US stocks performed on Friday:
Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
---|---|---|---|---|---|---|---|
Alphabet | 130.17 | -0.04 | -0.03% | 130.44 | 128.75 | 134.07 | 83.45 |
Apple | 177.79 | 0.06 | 0.03% | 178.62 | 176.55 | 198.23 | 124.17 |
Meta | 301.64 | -4.10 | -1.34% | 304.72 | 300.36 | 326.20 | 88.09 |
Tesla | 242.65 | -2.69 | -1.10% | 243.79 | 238.02 | 314.67 | 101.81 |
Netflix | 421.66 | -8.32 | -1.93% | 430.63 | 421.33 | 485.00 | 211.73 |
Amazon | 138.41 | -0.15 | -0.11% | 139.33 | 137.00 | 146.57 | 81.43 |
Microsoft | 321.01 | -1.92 | -0.59% | 322.41 | 319.21 | 366.78 | 213.43 |
Dow Jones | 35,281.40 | 105.30 | 0.30% | 35,354.60 | 35,059.99 | 35,679.13 | 28,660.94 |
Nasdaq | 13,644.90 | -93.10 | -0.68% | 13,720.33 | 13,609.98 | 14,446.55 | 10,088.83 |
Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.
At present, the BSE Sensex is trading lower by 300 points. Meanwhile, the NSE Nifty is trading down by 110 points.
ONGC and HUL are among the top gainers today.
Adani Ports and Eicher Motors on the other hand are among the top losers today.
Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.9% lower and the BSE Small Cap index is trading lower by 0.7%.
Sectoral indices are trading on a negative note with stocks in the realty sector and metal sector are witnessing selling pressure.
Shares of Coforge and ONGC hit their 52-week high today.
The rupee is trading at Rs 82.98 against the US dollar.
In commodity markets, gold prices are trading flat at Rs 58,889 per 10 grams today.
Meanwhile, silver prices are trading 0.2% lower at Rs 69,840 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, I TC's recent outperformance has kept the stock in the limelight.
What is most shocking is the fact that the periodical stagnation in the stock price did not stop it from beating the benchmark Sensex nearly 3x over past two decades.
Also, its latest move to demerge the hotels business could also unlock value over the long term.
But ITC is not the only stock that has had long periods of underperformance and has tested the patience of investors.
In fact, investors are often in quandary about whether to hold on to the 'ITC-like stocks' in their portfolios.
In the below video Research Analyst, Tanushree Banerjee talks about basic checklist to evaluate such stocks...
Rail Vikas Nigam Limited (RVNL) reported a 15% year-on-year (YoY) jump in its consolidated net profits which reached Rs 3.4 bn during Q1 from Rs 2.9 bn during the corresponding quarter last fiscal.
The revenue from operations of the RVNL jumped 20% year-on-year to Rs 46.4 bn from Rs 55.7 bn during Q1FY23.
In Standalone terms, the net profit of RVNL jumped 17% from Rs 2.9 bn during Q1FY23 to Rs 3.3 bn during the period under review. The revenue from operations in the standalone terms rose 17% to Rs 54.5 bn during the period under review.
The Earning Per Share (EPS) of the company jumped from Rs 1.4 during the same quarter last year to Rs 1.7 during the period under review. In standalone terms, the EPS grew from Rs 1.3 during Q1FY23 to Rs 1.3 during the quarter ending June 2023.
RVNL primarily focuses on the development and implementation of railway infrastructure projects.
It was established in 2003 as a public sector enterprise under the Ministry of Railways. RVNL plays a crucial role in modernizing and expanding the railway network in India to enhance connectivity, efficiency, and safety.
The shares of the company have been on a roll in 2023. To know why, check out railway stocks zoomed 40% in 4 days! More details inside.
ONGC reported an increase of 102%in consolidated net profit for the June 2023 quarter.
The net profit of the state-owned oil and gas explorer came in at Rs 173.8 bn in Q1, compared to Rs 85.8 bn in the year-ago period.
However, the company's standalone net profit tanked 34% to Rs 100.1 bn in the quarter, from Rs 152.1 bn last year.
Revenue from operations declined 10% to Rs 1.6 trillion (tn) in the June quarter, as against Rs 1.8 tn in the same period last year.
The crude oil output of the company declined 3.3% to 5.311 million metric tonnes (MMT) from 5.495 MMT in the year-ago period. Similarly, gas output was 3% lower in the quarter compared to last year.
Its output in the quarter declined on account of the shutdown of Panna-Mukta offshore platforms and cyclone Biparjoy.
To counter the decline in production from some of the matured and marginal fields, the company is taking proactive steps by implementing well interventions and advancing new well-drilling activities.
In the first quarter of FY24, ONGC declared a total of four discoveries in its operated acreages. Out of these, 3 are prospect (offshore) and 1 is pool discovery (on land).
ONGC ended Friday's trade not too far from its 52-week high and yet it trades at reasonable valuations compared to its global peers.
To know what is driving ONGC's recent outperformance, check out, is ONGC's share price poised for a comeback?
Amara Raja Batteries reported a 45.5% increase in consolidated profit after tax at Rs 1.9 bn in the June quarter. The company had posted a consolidated profit after tax of Rs 1.3 bn in the same quarter last fiscal, Amara Raja Batteries.
Consolidated revenue from operations was at Rs 27.9 bn against Rs 26.2 bn in the year-ago period. Total expenses were higher at Rs 25.6 bn compared to Rs 2,460 crore in the corresponding quarter last fiscal.
Amara Raja Batteries is an energy and mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry.
In India, Amara Raja is the preferred supplier to major telecom service providers, telecom equipment manufacturers, the UPS sector (OEM & Replacement), Indian Railways and to power, oil & gas, among other industry segments.
It is one of the 5 EV Stocks to Watch Out for Potential Multibagger Returns.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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