Sensex Today Plunges 700 Points | Nifty Below 25,600 | Dabur India Down 5%

Thu, 3 Oct 10:30 am

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Asian markets traded higher on Thursday following overnight gains on Wall Street.

Japan's Nikkei 225 rose 2.57%, while the Topix added 2%. Hong Kong's Hang Seng index futures indicated a slightly lower opening.

US stock market ended with modest gains on Wednesday led by gains in technology shares, but investors remain cautious amid Middle East tensions and more US labor data due this week.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	167.31	-1.11	-0.66%	168.88	166.25	193.31	121.46
Apple	226.78	0.57	0.25%	227.37	223.02	237.23	164.08
Meta	572.81	-3.66	-0.63%	576.00	569.34	583.04	279.40
Tesla	249.02	-9.00	-3.49%	251.16	241.50	271.00	138.80
Netflix	711.09	4.96	0.70%	716.21	704.69	725.26	344.73
Amazon	184.76	-0.37	-0.20%	186.60	184.04	201.20	118.35
Microsoft	417.13	-3.56	-0.85%	422.82	416.71	468.35	311.21
Dow Jones	42196.52	39.55	0.09%	42259.52	41968.79	42628.32	32327.20
Nasdaq	19802.58	29.28	0.15%	19876.70	19630.91	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 653 points lower and NSE Nifty is trading 202 points lower.

ONGC, NTPC and Hindalco among the top gainers today.

BPCL, Bajaj Auto 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 0.8% lower and the BSE Smallcap index is trading 0.7% lower.

Barring metal stocks all other sectoral indices are trading lower today with stocks in realty sector, auto sector and FMCG sector witnessing most selling pressure.

The rupee is trading at Rs 83.93 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 76,220 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 Strengthens Green Energy Ecosystem

Adani Enterprises (AEL) has merged two subsidiaries with Adani New Industries (ANIL) to strengthen its green energy ecosystem, as it gears up to ramp up capex with the much-talked-about fundraising through the QIP route expected to start next week.

ANIL, one of the incubating portfolio companies of Adani Enterprises, merged Adani Infrastructure and Mundra Solar Technology with itself effective October 1, and all procedural formalities and statutory filings have been completed, the exchange was informed by AEL.

Adani New Industries has been ramping up solar and wind power manufacturing as well as optimizing the supply chain. ANIL's wind manufacturing business has received the certification for 3 MW of wind turbine, and the solar manufacturing has operated at full capacity of 4GW as of the June quarter.

NIL, the new industries vertical of Adani Enterprises has lined up manufacturing in solar and wind power business, as well as electrolyzer and green hydrogen.

The company has already said that any additional capex requirement for ANIL will be funded through the planned QIP of Adani Enterprises, expected to launch next week.

ANIL is part of the Adani ecosystem with related businesses in data centres, airports and roads. Compared to the June quarter of 2023, ANIL witnessed a 125% growth in the sale of solar modules manufactured by the company at 1379 MW.

Adani New Industries Limited (ANIL) is a subsidiary of Adani Enterprises, set up in 2022 to lead the investments in green energy and sustainable technologies. ANIL is being seen as a key entity for Adani Group's plans for green hydrogen production.

Mankind Pharma Receives CCI's Acquisition's Approval

India's anti-trust regulator approved Mankind Pharma Ltd.'s Rs 136.3 bn (US$ 1.6 bn) acquisition of vaccine-maker Bharat Serums and Vaccines, according to a release by the Competition Commission of India.

Mankind Pharma, which has brands including Manforce condoms and Prega News pregnancy tests, signed an agreement to acquire Bharat Serums from a number of funds owned by private equity giant Advent International back in July. The proposed acquisition also requires approvals from the Turkish Competition Authority and the Federal Ministry of Economic Affairs and Climate Action.

Mankind was in talks with Barclays Plc and Deutsche Bank AG to finance the acquisition of Bharat Serums through rupee-denominated bonds. The pharmaceutical company's board approved a proposal to raise Rs 100 bn in bonds on 20 September.

The acquisition will expand Mankind's product portfolio and establish itself as a market leader in Indian women's health and fertility segment.

Suzlon Receives Advisory Warning

Suzlon Energy has been issued an advisory cum warning letter from both the National Stock Exchange (NSE) and BSE Ltd, concerning non-compliance with the market regulator's Listing Obligations and Disclosure Requirements (LODR).

These warnings follow the company's handling of disclosures related to the resignation of the Independent Director.

The issues highlighted by the stock exchanges pertain to the company's 8 June 2024, disclosure, which did not meet SEBI's expectations regarding transparency and completeness. The Desaedeleer 's resignation letter pointed out lapses in corporate governance.

Furthermore, Suzlon's disclosure also failed to provide necessary details regarding other directorships held by Desaedeleer.

The exchanges also flagged another instance of non-compliance concerning an analyst and investor call held on 9 June 2024.

However, the company scheduled the call on short notice to address concerns following the director's resignation.

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

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