Sensex Today Snaps 7-Day Winning Streak to End 288 Points Lower | FMCG Stocks Witness Selling | Nestle & HUL Falls 3%

Tue, 25 Oct Closing

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After starting the session on a positive note, Indian share markets erased gains as the session progressed and ended lower.

Indian benchmark indices broke their seven-day gaining streak dragged by losses in the FMCG sector. Even the best FMCG stocks like HUL, Emami, among others fell.

Profit booking was seen after a 7-day winning streak, with investors dumping FMCG and private bank stocks.

At the closing bell, the BSE Sensex stood lower by 288 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 74 points (down 0.4%).

Tech Mahindra, Maruti Suzuki, and JSW Steel were among the top gainers today.

Nestle, HUL, and Kotak Mahindra Bank on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,659, down by 185 points, at the time of writing.

The BSE Midcap index ended higher by 0.5% while the BSE SmallCap index ended 0.4% lower.

Sectoral indices ended on a mixed note with stocks in the auto sector, IT sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the FMCG sector, finance sector, and telecom sector witnessed selling pressure.

Nykaa share price is falling and it slipped below the IPO price today.

Shares of Sun Pharma, Bharat Dynamics, and SBI hit their 52-week high today.

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Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ends up by 1%, while the Hang Seng ended lower by 0.1%. The Shanghai Composite ended on a flat note.

US stock futures are trading on a negative note with Dow futures trading lower by 0.5%.

The rupee is trading at 82.7 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 50,580 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1.4% at Rs 57,748 per kg.

India celebrated pre-Diwali on Saturday when the Indian cricket team won the match against arch-rivals Pakistan! It was a treat to watch that match. The last over had people biting their nails, crossing their fingers and praying for the win.

Well, we know the results of the India vs Pakistan match, but there is one match that has been going on for long in India's corporate industry. This match is equally interesting. I am talking about the match between two biggest business houses in India - Adani vs Ambani.

In his latest video, Yazad Pavri talks about the Adani-Ambani-Roys saga.

Tune in for an exciting tale...

Infosys Expands Australia's Living Labs Ecosystem

In the news from the IT sector, Infosys was among the top buzzing stocks.

India's second-largest IT company Infosys would be extending its living labs ecosystem to help Australian startups to advance their go-to-market.

The inaugural event was held in Melbourne's Infosys living lab with partner Telstra Ventures. This venture capital business invests globally in market-leading, high-growth technology firms and manages more than AU$ 1.3 billion in assets.

For participating startups with a presence in Australia, Infosys Living Labs in Melbourne and Sydney offer digital innovation as a service.

To co-create, test, and shorten their time to market, these startups can take advantage of Infosys' multi-tiered, global, on-demand digital ecosystem. It includes the newest technologies, solution accelerators, and domain experts.

At the Startup Day, entrepreneurs from the Infosys Innovation Network (IIN) with a presence in Australia could pitch their goods and services to Infosys' business customers from the private, public, and non-profit sectors.

Infosys has consistently ranked among the most respected companies in the world.

The IPO investment of Rs 10,000 in Infosys is now worth more than Rs 20 m. Since listing, it has distributed over Rs 20 lakh in dividends.

Tech Mahindra's Share Subscription Agreement

In other news, Tech Mahindra share price was also in focus today.

The share price of Tech Mahindra jumped 3.3% today after it acquired 26% stake in Upendra Singh Multi Transmission.

To purchase 26% of the equity shares in Upendra Singh Multi Transmission, Tech Mahindra has engaged in a share subscription agreement. With the acquisition, the business would be able to purchase 1.5 MW of solar energy for internal use at its Noida, Uttar Pradesh facilities.

The total consideration for it stands at Rs 4.8 m.

The company has a climate action plan in place that lays out a route for the company to achieve net zero status by 2040. While it has placed rooftop solar panels at each of its owned sites, it also wants to use captive projects to obtain Renewable Energy at each of those locations.

The RE produced by group captive projects will be consumed by the company following government regulations. Tech Mahindra must provide a minimum equity commitment of 26% to the project.

Tech Mahindra is a medium-sized Indian provider of IT services that offers software to the world's telecommunications sector. It holds a dominant position in India's vacation ownership, financial services, information technology, and utility vehicle industries.

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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