4 Factors Why Markets Plunged, Marico's Healthy Business Update, and Buzzing Stocks Today

Thu, 7 Oct Pre-Open

   Previous Close   

   09:30 am   

   12:30 pm   

   Closing   

Indian share markets ended on a weak note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 555 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 176 points (down 1%).

ONGC and Tata Consumer Products were among the top gainers.

Hindalco Industries and SBI Life Insurance, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.2% and 0.6%, respectively.

Sectoral indices ended on a negative note with stocks in the metal sector, healthcare sector and consumer durables sector witnessing selling pressure.

Shares of Tata Elxsi and Marico hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 46,729 per 10 grams at the time of closing stock market hours yesterday.

Here are 4 Factors Why Indian Stock Markets Fell Yesterday

Weak global cues: Asian share markets witnessed huge selling after Dow Jones futures tanked, following a steep rise gas prices in UK.

Also, Asian equities have seen heavy foreign outflows since the start of this month on concerns about China's property sector and on expectations that major central banks would raise interest rates soon amid concerns about rising inflationary pressures.

Oil prices at multi-year high: The gains in crude oil prices are driven by concerns about energy supply, and come two days after the organization of the petroleum exporting countries (OPEC+) group of producers stuck to its planned output increase rather than raising it further.

US crude rose to its highest level since 2014 yesterday but pared gains and was last off 0.1% to US$78.87 a barrel. Brent crude lost 0.1% to US$82.49 per barrel, having hit a three-year high in the previous session.

Evergrande crisis: Uncertainty about Evergrande's fate roiled Chinese property developers' bonds and Hong Kong-listed shares and bonds on Tuesday following fresh credit rating downgrades.

Profit booking: Apart from the above, losses were also seen as share market succumbed to profit-booking.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares why he thinks smallcaps will outperform the Nifty, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Jindal Steel and Power (JSPL).

Jindal Steel and Power reported a highest-ever quarterly jump in sales volume of 10% year-on-year (YoY) at 2.13 m tonnes in the September quarter of fiscal 2022 with production growing by 5% to 1.93 m tonnes.

The Naveen Jindal-led company's steel sales have breached the 2 m tonnes mark for the first time.

In a statement, the company said,

• Exports continue to boost sales with a share of exports rising to greater than 40% in Q2FY22, from 34% in Q1FY22 and 38% in Q2FY21.
  
  JSPL has now better raw materials security, which will add significant value to the company...We are fully committed and believe in India growth story.

Inventory levels continue to decline as sales volume surpassed production for the third consecutive month.

One of the company's Australian coking coal mines is operational and it is expecting the first shipment on 21 November.

This will reduce the company's coking coal dependency significantly.

JSPL has also been shortlisted as preferred bidder for Kasia (Odisha) iron ore mine by Government of Odisha.

IRCTC share price will also be in focus today.

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) hit a new high of Rs 4,512 after surging 8% on the BSE yesterday, on the back of heavy volumes, ahead of 1:5 stock split.

In the past one week, the stock of the state-owned travel support services company has rallied 20% after the company on 29 September 2021, said that it has fixed 29 October 2021 as the record date, to ascertain the name of shareholders entitled for subdivision or split of equity shares of Rs 10 each into 5 equity shares of face value of Rs 2 each.

On 12 August 2021, the board of IRCTC approved a stock split in the ratio of 1:5 to enhance the liquidity in the capital market, widen the shareholder base and make the shares affordable to small investors.

Another key trigger, according to market analysts, is the possibility of the stock being included in the MSCI Standard Index during the rebalancing in November.

IRCTC has a dominant position in online rail bookings and packaged drinking water with around 73% and 45% market share, respectively.

Coal India Board Approves Pre-Feasibility Report for Aluminium Project in Odisha

State-run Coal India said that its board has approved a pre-feasibility report for setting up an integrated aluminium project in Odisha.

The miner, in December 2020, had got an in-principle approval for venturing into the aluminium and solar sectors by creation of special purpose vehicles.

In a regulatory filing, the company said,

• CIL in its board meeting held on date had accorded its in-principle approval to pre-feasibility report for setting up of integrated greenfield aluminium project in Odisha which shall include bauxite mining, alumina refinery, aluminium smelter and associated captive power plant by its wholly owned subsidiary Mahanadi Coalfields.

The Maharatna PSU accounts for over 80% of the domestic coal output and has expertise in mining.

The government has also asked the state-owned miner to diversify its business and explore prospects in areas like electric vehicles and charging pods considering the future restriction on carbon emission which is inevitable.

Marico Hits Record High on Healthy September Quarter Business Update

Shares of Marico rallied nearly 6% to hit a record high of Rs 590 on the BSE yesterday after the company said it has recorded revenue growth in the low twenties with strong double digit volume growth during the September 2021 quarter.

The stock of the personal products company surpassed its previous high of Rs 587 touched on 13 September 2021.

During the quarter, the sector witnessed improved demand trends as mobility levels increased with reducing Covid infections and accelerated vaccination drives. Discretionary categories and out-of-home consumption also visibly picked up, Marico said in the July-September quarterly update.

Parachute, VAHO continued to witness high growth whereas Saffola's growth was muted due to high base and volatility in input prices. Foods, digital brand grew strongly in line with the company's target.

The international business delivered double digit constant currency growth as the company witnessed positive trends in all markets, except Vietnam.

Vietnam, where a large part of our portfolio is of a discretionary nature, was in the grip of a severe Covid surge and stringent lockdown restrictions.

Among key inputs, copra prices corrected further, crude remained firm, while edible oil prices oscillated at higher levels. Gross margin is expected to improve marginally from the previous quarter, but will be under pressure on a year on year (YoY) basis due to much higher input costs over the last year.

Operating margin is also expected to contract on a YoY basis given the arithmetic effect of significant pricing growth in the topline. As a result, the company expects modest bottom-line growth in the quarter.

We will keep you posted on more updates from this space. Stay tuned.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers