Sensex Today Rallies 500 Points | Nifty Above 19,000 | Shriram Finance Jumps 8%, BSE 5%

Fri, 27 Oct 10:30 am

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Asian stocks rose at open on Friday after a sharp beatdown in the global equities and bucking the pessimistic signals from the US stocks after the treasury yield surge.

The MSCI's rose 0.8%, Nikkei index was up 1.1% and Hang Seng was trading 1.2% higher.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	123.44	-3.23	-2.55%	125.46	122.32	142.38	83.45
Apple	166.89	-4.21	-2.46%	171.38	165.67	198.23	124.17
Meta	288.35	-11.18	-3.73%	295	279.4	330.54	88.09
Tesla	205.76	-6.66	-3.14%	214.8	204.88	299.29	101.81
Netflix	403.54	-7.71	-1.87%	417.31	401.54	485	252.09
Amazon	119.57	-1.82	-1.50%	121.64	118.35	145.86	81.43
Microsoft	327.89	-12.78	-3.75%	341.63	326.94	366.78	213.43
Dow Jones	32784.3	-251.63	-0.76%	33105.03	32743.99	35679.13	31429.82
Nasdaq	14109.57	-272.07	-1.89%	14372.51	14058.33	15932.05	10632.39

Data Source: Equitymaster

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

At present, the BSE Sensex is trading up by 510 points. Meanwhile, the NSE Nifty is trading 151 points higher.

NTPC and SBI are among the top gainers today.

HUL and Asian Paints on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading 1.9% higher.

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

The rupee is trading at Rs 83.24 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 60,995 per 10 grams today.

Meanwhile, silver prices are trading 0.4% higher at Rs 71,831 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:

Adani To Raise Fund

Adani Group is seeking to raise as much as $4 billion to help develop manufacturing plants that would produce low-cost green hydrogen, according to media reports.

Adani New Industries, a wholly owned subsidiary of flagship company Adani Enterprises, will take the lead in raising the money from domestic and international banks and is in early-stage talks with several lenders.

France's TotalEnergies SE and Adani said in June they plan to invest $5 billion to produce green hydrogen and related products in India, as the world's third-largest polluting nation seeks to decarbonize.

Gautam Adani has said in the past that 75% of the group's forecast capital expenditure will be in green businesses, and his companies plan to invest US$ 20 billion (bn) over the next decade in renewables, green component manufacturing and related infrastructure.

Green hydrogen holds a strong promise for India's future energy self-reliance.

Adani New Industries will conduct the fresh capital raising independently of Total. One of the first projects that the money will be put toward is a 1 million metric tons per annum green hydrogen facility being built in Gujarat.

A transition from grey to green hydrogen is happening at a faster pace than expected and Adani Enterprises is contributing to this transition. For more, check out Full Update on India's Top Green Hydrogen Stocks and How They're Faring in 2023.

Vodafone Idea's Q2 Loss Widens

Telecom services operator Vodafone Idea's net loss for the quarter ended September widened to Rs 87.4 bn against Rs 75.9 bn in the same quarter last year.

Its revenue from operations stood at Rs 107.2 bn, rising 0.9% from 106.1 bn in the corresponding quarter, the company said in an exchange filing. Revenue was driven by a better subscriber mix and 4G subscriber additions.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) of the company rose from Rs 40.9 bn to Rs 42.8 bn. EBITDA margin improved 1.4% points year on year to 40%.

The blended average revenue per user (ARPU) per month improved quarter on quarter from Rs 139 to Rs 142.

Year on year, the same increased from Rs 131. However, the ARPU remains very low compared to its peers.

The total gross debt as of September 2023 stood at Rs 2.1 trillion (tn), comprising of deferred spectrum payment obligations of Rs 1.4 bn and AGR liability of Rs 681.8 bn that are due to the Government, debt from banks and financial institutions of Rs 78.6 bn and optionally convertible debentures amounting to Rs 16.1 bn.

To know the right way to trade Vodafone Idea, check out Vodafone Idea - Can Idea Change Your Life?

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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