Sensex Today Trades Above 60,000 Mark| Auto Stocks Rally| Reliance, Maruti & NTPC Top Gainers

Fri, 28 Oct 10:30 am

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Asian share markets edged lower today as investors grappled with mixed earnings reports, while the Japanese yen held firm ahead of the Bank of Japan's policy review.

The Nikkei fell by 1.3% while the Hang Seng was down by 0.5%. The Shanghai Composite is trading lower by 0.6%.

The S&P 500 and the Nasdaq posted losses on Thursday, as investors contended with solid economic data and a mixed bag of corporate earnings.

The price-weighted Dow advanced, held aloft by industrials, while weakness in market-moving tech and tech-adjacent mega-caps depressed the S&P 500 and Nasdaq in the wake of downbeat quarterly results and dour guidance.

The Dow Jones ended higher by 0.6% while the tech heavy Nasdaq Composite ended lower by 1.6%.

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

Benchmark indices opened on a firm note today following the trend on SGX Nifty. And as the session progressed some of the gains were extended.

At present, the BSE Sensex is trading higher by 294 points. Meanwhile, the NSE Nifty is trading up by 84 points.

Reliance Industries and NTPC are among the top gainers today.

Tata Steel and Sun Pharma are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.1% and the BSE Small Cap index is trading lower by 0.1%.

If you are looking for smallcaps, start your search with the fundamentally strong smallcap stocks that offer cushion in this volatile period.

You can also check out the Diwali to Diwali: best performing penny stocks of 2022.

Sectoral indices are trading on a mixed note. Stocks in the metal sector and realty sector witness selling.

Meanwhile, stocks in the energy sector, and auto sector witness buying. Among the best auto stocks, Bajaj Auto and Maruti are trading over 1% higher.

Shares of Bharti Airtel and Godfrey Philips hit their 52-week high today.

In the commodity markets, gold prices trade higher by Rs 28 at Rs 50,765 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 58,375 per 1 kg.

The rupee is trading at 82.3 against the US dollar. Recently, the rupee touched its record low. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

Speaking of stock markets, auto stocks have had a good rally over the last two years. However, the ride has not been smooth and every auto stock has not delivered equally.

Maruti and Eicher have been the star players for a long time. But the technical charts are showing signs of new winners and losers in the auto space.

In the below video, Chartist Brijesh Bhatia discusses the next Maruti and Eicher Motors.

Indus Towers to raise funds

In news from the telecom sector, Indus Towers has decided to raise funds after posting its quarterly results.

Indus Towers will raise up to Rs 20 bn via non-convertible debentures (NCDs). A committee of directors will finalise terms and conditions 0f the NCDs which will be issued on a private placement basis.

The fund raise was approved by the company's board of directors following the second quarter of the financial year 2022-23 result which saw 44% year on year drop in net profit to Rs 8.7 bn.

Revenue for the period grew 16% on YoY basis to Rs 79.7 bn but profit declined due to challenges in the recovery of dues from Vodafone Idea.

Launch of 5G services by two major operators within three months of the spectrum auction provides an exciting opportunity for the strong role of infrastructure players in providing 5G-ready sites at speed.

Indus Towers is one of the 3 Indian stocks that pass the Warren Buffett filter.

Aditya Birla Sun Life quarterly results

Aditya Birla Sun Life AMC on Thursday reported an 11% rise in profit after tax (PAT) to Rs 1.9 bn for the September 2022 quarter.

The company had posted a profit after tax (PAT) of Rs 1.7 bn in the same quarter of the preceding financial year.

Its total revenue rose to Rs 3.9 bn in the period under review from Rs 3.7 bn a year ago.

Also, the company's board of directors approved the appointment of Vishakha Mulye as an additional director (non-executive).

The asset management firm serviced around 8.1 million investor folios and had total assets under management of over Rs 2.9 tn in the quarter ended 30 September 2022.

Aditya Birla Sun Life AMC, co-owned and backed by Aditya Birla Group and Sun Life Financial Inc of Canada, got listed on the stock exchanges in October 2021.

Tata Chemicals quarterly results

In news from the chemical sector, Tata Chemicals announced its quarterly results for the quarter ended 30 September 2022.

The total net sales of the company stood at Rs 11.8 bn in September 2022. It is 39.9% higher compared to the corresponding period of the last year.

Tata Chemical's quarterly net profit stood at Rs. 2.4 bn in the current quarter. It is 56.8% higher than Rs 1.5 bn reported in the corresponding period last year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs. 3.5 bn in September 2022 up 50% from Rs. 2.4 bn reported in the corresponding period last year.

Speaking of chemical stocks, the chemical sector has seen mammoth tailwinds due to initiatives being taken by western countries to avoid concentration of manufacturing activities in China.

India's chemical industry is expected to reach US$ 304 bn by 2025, clocking an annual growth rate of over 15%.

Tata Chemicals will be one of the stocks driving the sector to achieve the US$1 trillion mark.

The stock has been on a tear since July 2022 rising from under Rs 800 to touch a high of Rs 1,200 recently. This after the company reported better-than-expected earnings for the quarter ended June 2022.

Net profit increased 45% quarter on quarter. Operating margins have also improved from 34% in March 2022 to 45.6% in the June quarter.

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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