Sensex Today Trades Flat | BSE Surges 13% | Amber Enterprises & MMTC Top Losers

Mon, 23 Oct 10:30 am

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Asian shares drifted lower on Monday as the risk of a wider conflict in the Middle East clouded sentiment in a week laden with data on US growth and inflation.

The MSCI's fell 0.4%, Nikkei index was down 4% and China's Shanghai fell 0.8%.

US stocks ended sharply lower for the day and week on Friday as investors worried about more interest rate hikes and the Israel-Hamas conflict spreading.

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	136.74	-2.24	-1.61%	139.04	136.25	142.38	83.45
Apple	172.88	-2.58	-1.47%	175.42	172.64	198.23	124.17
Meta	308.65	-4.16	-1.33%	315.3	306.47	330.54	88.09
Tesla	211.99	-8.12	-3.69%	218.86	210.42	299.29	101.81
Netflix	400.96	-0.81	-0.20%	410.64	398.01	485	252.09
Amazon	125.17	-3.23	-2.52%	128.17	124.97	145.86	81.43
Microsoft	326.67	-4.65	-1.40%	331.92	325.45	366.78	213.43
Dow Jones	33127.28	-286.89	-0.86%	33425.77	33118.12	35679.13	30206.28
Nasdaq	14560.88	-222.25	-1.50%	14781.22	14552.12	15932.05	10632.39

Data Source: Equitymaster

Back home, Indian share markets are trading on a mixed.

At present, the BSE Sensex is trading up by 18 points. Meanwhile, the NSE Nifty is trading 2 points lower.

M&M and ICICI Bank are among the top gainers today.

Grasim and Bajaj Auto on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading 0.3% lower, and the BSE Small Cap index is trading 0.9% lower.

Sectoral indices are trading mixed with stocks in the finance sector and banking sector witnessing buying. Meanwhile, the realty sector and metal sector are witnessing selling pressure.

The rupee is trading at Rs 83.14 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 60,566 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 72,749 per 1 kg.

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 stock markets, what do you feel about buying a stock that's trading at a PE multiple of 85x?

Well, for value conscious investors like Co-head of Research at Equitymaster, Rahul Shah, who believe in following rules and having strict upper limits for valuations, I will simply give the stock a pass.

A PE of 85x is quite high and does not offer margin of safety of any kind.

However, there are a few exceptions to this rule. Is the fertiliser company FACT one such exception? Or is the stock price in a bubble?

Find out more in the below video:

ICICI Bank Q2 Results

ICICI Bank on October 21 registered 35.7% year-on-year growth in standalone profit and a 24% rise in net interest income in the July-September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.

The standalone profit of the Mumbai-based bank jumped to Rs 102.6 billion (bn) for the quarter, rising from Rs 75.6 bn in the same period last year.

The total income in the second quarter of the current fiscal rose to Rs 406.9 bn from Rs 310.9 bn in the same period a year ago.

Interest earned by the bank improved to Rs 349.2 bn from Rs 260.3 bn in the September 2022 quarter. Interest earned by the bank improved to Rs 349.2 bn from Rs 260.3 bn in the September 2022 quarter.

Its net interest income (NII) increased by 24% YoY to Rs 183.1 bn in the quarter against Rs 147.9 bn in the corresponding quarter a year ago.

At the same time, the net interest margin rose to 4.5% compared to 4.3% in the same period a year ago.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.5% of gross advances at the end of the September quarter from 2.8% a year ago.

For more, check out ICICI Bank Share Price - An Investment in the 'India Growth Story'.

For the June 2023 quarter, ICICI Bank was among the Top 5 Nifty 50 Stocks that Beat Earnings Estimates by a Wide Margin in Q1.

L&T Finance Q2 Profit Rises 46%

L&T Finance Holdings on Friday reported a 46% on-year growth in net income at Rs 5.9 bn for the September 2023 quarter on the back of record retail loan sales.

It achieved the highest-ever quarterly retail disbursements of Rs 134.9 bn, a growth of 32% YoY.

Its retail portfolio mix now stands at 88 per cent of the total loan book, even as it continued to reduce the wholesale book by a steep 76% on-year or by Rs 287.4 bn.

Its asset quality improved with gross Non-Performing Assets (NPAs) falling to 3% from 3.8% and net NPAs to 1% from 1.1%.

Net income from retail loans came in at Rs 6.1 bn, up 86 per cent, on the back of a strong net interest margin of 12.2%, which rose from 11.3% leading to a reduction in credit cost to 2.7% from 3.5%.

Net interest income rose 11% to Rs 17.3 bn, while credit cost declined 10% to Rs 5.2 bn from Rs 5.8 bn.

Capital adequacy ratio improved to 25.2% of which tier 1 capital stood at 22.9%.

Cash-rich midcap stocks are particularly attractive due to their strong financial position, which can catalyze future expansion, acquisitions, and innovation. For more, check out the Top 5 Cash-Rich Midcap Stocks to Add to Your Watchlist.

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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