Sensex Today Tanks 550 Points, Nifty Below 18,950 | Tech Mahindra Down 3% | Adani Enterprises & Hindalco Top Losers

Thu, 26 Oct 10:30 am

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Asian stocks slid to 11-month lows on Wednesday, as Treasury yields spiked back toward peaks on fears that US interest rates will stay high.

The MSCI's fell 1.1%, Nikkei index was down 2% and Hang Seng was trading 0.5% lower.

US stocks ended lower amid a broad sell-off on Wednesday dragged by rising Treasury yields and disappointing set of corporate earnings.

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	126.67	-13.45	-9.60%	130.1	126.09	142.38	83.45
Apple	171.1	-2.34	-1.35%	173.06	170.65	198.23	124.17
Meta	299.53	-13.02	-4.17%	310.88	298.84	330.54	88.09
Tesla	212.42	-4.1	-1.89%	220.1	212.2	299.29	101.81
Netflix	411.25	-2.48	-0.60%	418.84	410.11	485	252.09
Amazon	121.39	-7.17	-5.58%	126.34	120.79	145.86	81.43
Microsoft	340.67	10.14	3.07%	346.2	337.62	366.78	213.43
Dow Jones	33035.93	-105.45	-0.32%	33267.91	32989.72	35679.13	31423.53
Nasdaq	14381.64	-364.21	-2.47%	14643.69	14362.24	15932.05	10632.39

Data Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

At present, the BSE Sensex is trading up by 590 points. Meanwhile, the NSE Nifty is trading 190 points lower.

Axis Bank are among the top gainers today.

Hindalco and Tech Mahindra 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 2.2% lower, and the BSE Small Cap index is trading 2.8% lower.

Sectoral indices are trading on a negative note with stocks in the realty sector, metal sector and power sector witnessing selling pressure.

The rupee is trading at Rs 83.23 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 60,971 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 71,950 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:

NTPC Inks MoA for Green Fuels

State-run NTPC on Wednesday said it has signed an MoA with Engineers India wherein NETRA, the R&D centre of NTPC, can take up collaborative projects in the energy transition space.

The projects will be in the domain of carbon capture utilization and storage, green fuel, and green chemicals including green hydrogen, green ammonia, green fertilisers, biofuels, decarbonisation, waste handling, water, and ash.

The MoA was signed by U K Bhattacharya, director - of projects, NTPC and Atul Gupta, director - of commercial, EIL in the presence of Jaikumar Srinivasan.

NTPC has an installed capacity of over 73 GW and a portfolio of thermal, hydro, solar, and wind power plants. NTPC Group has a plan of 60 GW of RE capacity by 2032 and it is taking up several initiatives towards decarbonisation such as hydrogen blending, carbon capture and fuel cell buses among others.

The stock has gained 41% till 13 September 2023.

As a part of its drive to diversify into clean energy, NTPC is stitching a grand green-hydrogen roadmap. For more, check out NTPC's Next Big Leap in the Green Hydrogen Space.

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

Welspun India Q2 Results

The consolidated net profit of Welspun India for the second quarter of the current financial year (Q2FY24) saw a rise of 2,305.8% to Rs 2 billion (bn), compared to Rs 83.3 million (m) for the corresponding quarter of the previous year.

The revenue from operations for Q2FY24 came in at Rs 25.1 bn, compared to Rs 21.1 bn year-on-year (y-o-y), registering a rise of 18.7%.

The total income for Q2 came in at Rs 25.4 bn, compared to Rs 21.4 bn, registering a rise of 19% YoY.

This is the highest ever quarterly revenue the company has ever posted.

The company in May 2023 announced a buyback.

TCS Gets Maharashtra Labour Ministry Notice

The Ministry of Labour and Employment of Maharashtra has issued a notice to information technology major Tata Consultancy Services (TCS) over a complaint of delaying the onboarding of 200 lateral recruits filed by a Pune-based IT union.

As per the letter issued by the government, a joint meeting of management has been called on 2 November 2023 in the morning to present TCS' case.

In July, Nascent Information Technology Employees Senate (NITES) filed a complaint with the Ministry of Labour & Employment, Government of India highlighting the delayed onboarding of over 200 lateral recruits by TCS.

Later, the complaint was transferred to the Maharashtra government.

In addition, NITES urged the Ministry to intervene in this matter and issue specific directives to TCS to pay the affected employees their full salaries for the months for which their onboarding has been delayed.

It also asked to provide the affected employees with access to TCS's employee assistance program.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

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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