Sensex Today Trades Lower, Slides 700 Points | Nifty Below 26,000 | BHEL & RITES Down 4%

Mon, 30 Sep 10:30 am

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Asia share markets turned hesitant on Monday as strife in the Middle East offset more stimulus measures in China, while the Nikkei dived on concerns Japan's new prime minister favoured normalising interest rates.

US stock market ended mixed on Friday, with the blue-chip Dow Jones index closing at a record high.

The Dow Jones Industrial Average rallied 137.9 points, or 0.3%, to 42,313, while the S&P 500 lost 7.2 points, or 0.1%, to 5,738.2.

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	165.29	1.46	0.89%	166.97	163.83	193.3	121.46
Apple	227.73	0.21	0.09%	229.52	227.3	237.23	164.08
Meta	567.36	-0.48	-0.08%	570.84	564.51	577.36	279.4
Tesla	260.46	6.24	2.45%	260.7	254.12	271	138.8
Netflix	707.35	-4.08	-0.57%	710.71	701.25	725.25	344.73
Amazon	187.99	-3.17	-1.66%	190.9	187.34	201.2	118.35
Microsoft	428.02	-3.29	-0.76%	431.85	427.47	468.35	309.45
Dow Jones	42313	137.89	0.33%	42628.32	42227.95	42628.32	32327.2
Nasdaq	20008.63	-106.91	-0.53%	20152.53	19964.13	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 718 points lower and NSE Nifty is trading 204 points lower.

Hindalco, JSW Steel and Tata Steel among the top gainers today.

Hero MotoCorp, Coal India and ICICI Bank 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 and the BSE Smallcap index is trading 0.7% lower.

Sectoral indices are trading mixed today with stocks in metal sector and consumer durables sector witnessing most buying. Meanwhile stocks in realty and auto sector are witnessing selling pressure.

The rupee is trading at Rs 83.8 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 75,965 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, ever wondered why NTPC, a seemingly boring PSU, has outperformed market favourites like HUL and Nestle?

Rahul Shah, Co-head of Research at Equitymaster talks about the secrets behind its transformation and assess whether it's still a good investment.

Tune in for more

Adani Enterprises JV's Acquisition

Adani Enterprises Ltd on Friday announced that April Moon Retail Private Ltd (AMRPL), a joint venture of its step-down subsidiary Adani Airport Holdings Ltd (AAHL), will acquire a 74% stake in Cococart Ventures Private.

The acquisition, set at a total consideration of Rs 2 bn, will be completed through a combination of share purchase and subscription agreements.

This strategic acquisition was formalised through a share purchase agreement (SPA), share subscription agreement (SSA), and joint venture agreement (JVA) signed on 27 September 2024.

Under the SPA, AMRPL will acquire 14,73,518 shares, representing 36.9% of CVPL's equity, while under the SSA, AMRPL will subscribe to 14,76,471 shares, equivalent to 37% of CVPL's equity.

The combined transactions will give AMRPL a controlling 74% stake in CVPL, with the aim of expanding the retail operations of the Adani Group. CVPL, incorporated in September 2020, operates in the buying, selling, relabelling, and trading of goods on both retail and wholesale levels and also runs cafes in India.

The acquisition highlights Adani's foray into the retail and food & beverage sector, building on its broader strategy to diversify beyond its core infrastructure and energy operations.

Reliance Infra Wins Arbitration Case

The Calcutta High Court has upheld a Rs 7.8 bn arbitration award in favour of Reliance Infrastructure Ltd in a dispute with West Bengal-based Damodar Valley Corporation, the Anil Ambani group firm said in a stock exchange filing.

More than a decade back, Reliance Infrastructure had won a contract to set up a 1,200 MW thermal power plant in Purulia in West Bengal for Rs 37.5 bn.

The project was delayed due to disputes and other reasons, leading to DVC seeking damages from Reliance Infrastructure. Reliance Infrastructure, however, challenged this, and an arbitration tribunal in 2019 ruled in favour of the company and directed DVC to pay Rs 8.9 bn.

DVC challenged the order of the arbitral tribunal in the Calcutta High Court, which was dismissed by the court.

The company said the court with the exception of relief on pre-award interest and reduction in the rate of interest on bank guarantee totalling Rs 1.8 bn upheld the (arbitration) award, totalling approximately Rs 7.8 bn, including accrued interest. In addition, the bank guarantee of Rs 6 bn will also be released.

Reliance Infra said it is currently conducting a detailed review of the judgment and will proceed, based on legal advice, either to enforce the Award to the extent upheld or to challenge the judgment dated 27 September 2024, where it interferes with the Award.

Biocon Gets USFDA Observations

Biotech company Biocon, on 28 September, announced that the US Food and Drug Administration (US FDA) has completed a surveillance inspection of its Active Pharmaceutical Ingredient (API) facility in Bengaluru.

The inspection, which took place between September 23 and September 27, 2024, resulted in four observations by the regulatory body.

Biocon has not disclosed the specifics of the observations, but in an exchange filing, the company said that it would address the cited observations within the stipulated time.

This inspection was part of the routine checks carried out by the US FDA to ensure compliance with regulatory standards in pharmaceutical manufacturing.

On Thursday, 26 September, Biocon announced that it had entered into a licensing and supply agreement with Astra Industrial Group's subsidiary Tabuk Pharmaceutical Manufacturing Company.

Under the pact, the company will commercialise its glucagon-like peptide-1 (GLP-1) products in the Middle East.

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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