Sensex Today Hits Record High | Nifty Nears 25,300 | IT & Energy Stocks Shine

Mon, 2 Sep 10:30 am

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Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a US jobs report that could decide whether a rate cut expected this month will be regular or super-sized.

A holiday in the United States and Canada made for thin liquidity, while wins for far-right parties in German state elections added a fresh layer of political uncertainty.

Wall Street's main indexes rose on Friday and were set for monthly gains after a key inflation report reiterated moderating price pressures.

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	165.11	1.71	1.05%	165.28	163.41	193.3	121.46
Apple	229	-0.79	-0.34%	230.4	227.48	237.23	164.08
Meta	521.31	3.09	0.60%	523.54	515.2	544.21	279.4
Tesla	214.11	7.83	3.80%	214.57	207.03	278.97	138.8
Netflix	701.35	8.87	1.28%	701.86	688.16	711.33	344.73
Amazon	178.5	6.38	3.71%	178.9	172.6	201.2	118.35
Microsoft	417.14	4.02	0.97%	417.49	412.13	468.35	309.45
Dow Jones	41563.08	228.03	0.55%	41585.21	41145.85	41585.21	32327.2
Nasdaq	19574.64	249.18	1.29%	19582.17	19326.62	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 154 points higher and NSE Nifty is trading 48 points higher.

ITC, HCL Tech and Bajaj Finserv among the top gainers today.

Tata Motors, NTPC 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. The BSE Midcap index is trading 0.2% higher and the BSE Smallcap index is trading marginally higher.

Sectoral indices are trading positive today, with stocks in IT sector, FMCG sector and energy sector witnessing buying. Meanwhile stocks in telecom sector and metal sector witnessing selling pressure.

The rupee is trading at Rs 83.90 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 71,510 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...

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Tata Motors Sales Dip 8%

Tata Motors reported an 8% drop in total domestic sales on Sunday, at 70,006 units in August, as against 76,261 units in the year-ago period.

Domestic sales of commercial vehicles - including trucks and buses, fell 16% (year-on-year) to 25,864 units against 30,748 units in the year-ago period.

Total car sales, including electric vehicles and exports, declined 3% to 44,486 units, as against 45,933 units in the sale month last year.

Domestic sales of MH and ICV in August, including trucks and buses, stood at 12,008 units, compared to 13,506 units in August 2023.

Total sales for MH and ICV (domestic and international) in August, including trucks and buses, stood at 12,708 units compared to 14,016 units in August 2023.

Indian auto is entering the festive season with muted sales growth as the demand for oversized cars has come off in the world's third-largest automotive industry.

In the April-June quarter of the current fiscal, Tata Motors reported a 74% increase in net profit to Rs 55.7 bn, compared to the same period of the previous year, on the back of higher sales of its UK subsidiary Jaguar Land Rover.

Tata Motors' revenue from operations rose 5.7 per cent to Rs 1,073.2 bn during the first quarter from Rs 1,015.3 bn a year ago. The share of JLR models increased to 68 per cent of the total revenue.

In the Indian market, Tata Motors' commercial vehicle revenues grew 5.1% year-on-year to Rs 178 bn. In comparison, EBIT margins improved 2.4% to 8.9% on the back of better realisations and material cost savings.

NBCC Approves Bonus Issue

Shares of NBCC (India) Ltd were in the spotlight on 2 September after the PSU firm's board recommended issuing bonus shares to shareholders at a 1:2 ratio.

This means eligible shareholders will receive one new fully paid-up equity share of Rs 1 each for every two existing fully paid-up equity shares as of the record date, pending approval at the upcoming Annual General Meeting (AGM).

A bonus issue is when a company issues additional shares to existing shareholders for free, based on the number of shares they already own.

This is typically done using the company's reserves and surplus, and it increases the total number of shares outstanding without raising new capital.

NBCC (India) has set 7 October as the record date to determine eligibility for the bonus shares.

A total of 900 m shares are proposed to be issued, drawn from free reserves created out of profits as per the audited financial statements as of 31 March 2024. This bonus issue follows a 233% rally in NBCC's stock over the past year.

Established in 1960 as a government civil engineering firm, NBCC operates in three main areas: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and real estate development.

Biocon Receives USFDA Approval

Biocon Pharma, a wholly owned subsidiary of Biocon, has received approval of its ANDA for Sacubitril/Valsartan Tablets, from the US Food and Drug Administration (USFDA).

Sacubitril and valsartan combination is used to treat chronic heart failure in adults to help reduce the risk of death and hospitalization. This medicine is also used to treat paediatric patients over the age of one year.

Biocon stated that the approval further adds to its portfolio of vertically integrated, complex drug products.

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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