Sensex Today Ends 316 Points Lower, Nifty Below 19,550 | Delta Corporation Down 4% | ONGC & Titan Top Losers

Tue, 3 Oct Closing

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After opening the day on a negative note, Indian share markets continued the downtrend as the session progressed and ended the day higher.

Equity benchmark indices declined on Tuesday amid unabated foreign fund outflows and sluggish Asian market cues. The fall in index majors Reliance Industries and HDFC Bank also dragged the benchmark indices lower.

At the closing bell, the BSE Sensex stood lower by 316 points (down 0.5%).

Meanwhile, the NSE Nifty closed down by 110 points (down 0.6%).

L&T, Adani Ports and Titan were among the top gainers today.

ONGC, Eicher Motors and Hindalco 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 19,558, up by 55 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended marginally higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on a mixed note with stocks in the capital goods sector and realty sector witnessed heavy buying. Meanwhile, stocks in auto sector and energy sector witnessed selling pressure.

Shares of L&T and Torrent Power 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 share markets ended mixed. The Hang Seng rose 2.7% while Nikkei ended 1.6% lower.

The rupee is trading at 83.19 against the US$.

Gold prices for the latest contract on MCX are trading up by 1.2% at Rs 56,930 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 3.7% higher at Rs 67,248 per kg.

Speaking of stock markets, recently, the sentiment towards PSUs has shifted from pessimism to extreme optimism.

Railway stocks are the latest beneficiaries of the euphoria.

The managements of the railway companies and their investors seem to be more keen on EBIDTA, completely ignoring the risk of capex.

Is there a case to switch from Defence to Railway Stocks?

Research analyst, Tanushree Banerjee answers this in the below video.

NTPC's Coal Output

In news from the mining sector, state-run power giant NTPC on Tuesday reported an 83% rise in coal production in the April-September period of this financial year compared to a year ago.

The company achieved coal production of 16.05 million metric tonnes (MMT) during H1 FY24, compared to 8.76 MMT in H1 FY23 (April-September 2022).

In addition, NTPC has also achieved a coal despatch of 17.20 MMT in H1 FY24, marking a significant 94% increase over the previous year for the same period.

To date, NTPC has produced more than 85 million metric tonnes (MMT) of coal from its four operational captive coal mines i.e., Pakri Barwadih & Chatt-Bariatu Coal Mines in Jharkhand, Dulanga Coal Mine in Odisha and Talaipalli Coal Mine in Chhattisgarh.

Further, mine operations have also started from the Kerendari mine, in Jharkhand in April 2023, and coal production is expected to start in the current fiscal.

NTPC Ltd is India's largest integrated power utility, contributing 25 per cent of the power requirement of the country.

To know will NTPC be the next to rally, check out SBI and NTPC: What Next for these Stocks?

Ashok Leyland September sales rise

Moving on to news from the auto sector, Ashok Leyland reported a 9% year-on-year (Y-o-Y) increase in its total sales as the company sold a total of 19,202 units in September 2023. The number stood at 17,549 vehicles for September 2022.

The company's domestic sales registered an impressive growth of 10 per cent at 18,193 units. These sales included medium and heavy commercial vehicles (M&HCV trucks) along with buses and light commercial vehicles (LCVs).

Bus sales for the company more than doubled in domestic sales as Ashok Leyland dispatched 1,851 units in September, which is 119% more than the 847 units sold during the same period a year ago. Total domestic sales of medium and heavy trucks grew by 14%.

The combined figure for domestic sales and exports of buses was also impressive as the company registered a 79% rise in its sales. The growth was small regarding total (domestic plus exports) sales of light commercial vehicles, at 3%.

Certain indicators show Ashok Leyland can scale new heights in 2024. To know why, check out 5 Indian Midcap Stocks Set to Grow Dramatically in 2024. Add them to Your Watchlist.

The company is also a beneficiary of Modi's Rs 576 Billion e-Bus Scheme

Jindal Steel Gare Palma Commences Production

Moving to news from the steel sector, Jindal Steel & Power (JSP), on 3 October 2023, announced the commencement of production at the Gare Palma IV/6 coal mine in Chhattisgarh.

The mine will aid in the planned expansion of the Raigarh integrated steel plant, boosting its capacity from 3.6 million tons per annum to 9.6 million tons per annum.

The proposed expansion aligns perfectly with the vision of AtmaNirbhar Bharat, as it will substantially bolster India's steel production capacity using our swadeshi coal.

The company aim to finance this expansion predominantly through internal accruals, ensuring a healthy balance sheet.

It is one of India's leading steel producers with a significant presence in mining and power generation.

The company has its operations in India and in other countries through its subsidiaries.

It is among the Top 5 Steel Companies in India by Growth.

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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