Sensex Today Ends 330 Points Higher | Vodafone Idea Rallies 5% | BPCL & ONGC Top Gainers

Mon, 30 Oct Closing

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After opening the day on the negative note, Indian share markets pared the losses as the session progressed and ended the day higher.

Equity benchmark indices rebounded on Monday mirroring the upbeat European & Asian markets, as geopolitical risk in West Asia continues.

At the closing bell, the BSE Sensex stood higher by 330 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 93 points (up 0.5%).

BPCL and ONGC were among the top gainers today.

UPL and Tata Motors, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,222, up by 194 points, at the time of writing.

The BSE MidCap index rose 0.1% while the BSE SmallCap index ended marginally higher.

Sectoral indices ended mixed with stocks in the telecom sector, energy sector and realty sector witnessing buying. Meanwhile, stocks in auto and consumer durables witness selling pressure.

Shares of Trent and KPR Mill hit their respective 52-week highs today.

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...

Asian share markets ended on negative note. The Shanghai Composite rose 0.1% while the Nikkei fell 1%.

The rupee is trading at 83.25 against the US$.

Gold prices for the latest contract on MCX are trading up 0.1% at Rs 61,156 per 10 grams.

Meanwhile, silver prices were trading 1% higher at Rs 71,717 per 1 kg.

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about should one take more exposure to stocks right now or wait for the?markets to correct further?

Moreover, was Friday's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Find out more in the below video:

UPL Q2 Results

In news from the chemical sector, agrochemical player UPL on 30 October posted a net loss of Rs 1.9 billion (bn) for the July-September quarter on 30 October. The company had reported a net profit of Rs 9.9 bn in the year-ago period.

Revenue came in at Rs 10,170 crore, down 18.7% from Rs 125.1 bn in the same quarter of the previous year.

The weak performance of the agrochemical player was on account of subdued global demand as inventory destocking continued in this quarter as well. impacted by global channel destocking and elevated pricing pressure.

Margins also remained under pressure due to adverse geographical mix and currency headwinds. As a result, EBITDA margin contracted sharply to 15.5% in Q2 as against 22.5% in the base period.

It is the fifth largest agrochemical company and fourth largest seed manufacturing company in the world. UPL also has a presence in over 138 countries with access to over 90% of the world's food basket.

This undervalued gem can offer significant potential for capital appreciation, check out The 5 Most Undervalued Specialty Chemical Stocks Right Now.

Why Adani Green Energy Share Price is Rising

Moving on to news from the energy sector, shares of Adani Green Energy gained 1.6% to Rs 885 per share today.

The consolidated net profit for Adani Green Energy grew 149% on-year to Rs 3.7 bn in the September quarter of 2023-24 (Q2FY24), driven by higher sales of power as against Rs 1.5 bn a year back.

The Gautam Adani-controlled renewable power firm's total income rose 54% on-year to Rs 25.9 bn in Q2FY24 from Rs 11.1 bn in the year-ago period.

Meanwhile, total expenses grew 43% on-year to Rs 21.6 bn in Q2FY24, compared to Rs 15.1 bn in Q2FY23.

The total sale of energy jumped 87% on-year to 5,737 million units in the September-ended quarter compared to 3,067 million units in the year-ago period.

Despite falling over 50% since 2023 due to the Adani - Hindenburg crisis and poor quarterly results, the company still remains one of the most overvalued stocks in the market.

Adani Green shares are currently trading at a P/E and P/BV of 153.5x and 24.2x, respectively. Compared to the industry average P/E of 24.1x and P/BV of 2.3x, the shares of Adani Green are highly overvalued.

To know is this a warning sign, check out The 5 Most Overvalued Stocks in India. Will these Stocks Crash in 2024?

Dr Reddy's Receives USFDA Observations

Moving on to news from the pharma sector, Indian pharma major Dr Reddy's said that its manufacturing plant in Bachupally, Hyderabad was inspected by the United States Food & Drug Administration (US FDA) from 19 October 2023 to 27 October 2023.

As a result, the plant received a Form 483 with ten observations. The inspection was a routine cGMP inspection at the company's formulations manufacturing facility (FTO-3) in Hyderabad.

Dr Reddy stated that it will address the observations within the stipulated timeline.

The company achieved its highest-ever consolidated net profit of Rs 14.8 bn in the July-September quarter, which is a 33% increase from the same period last year when it reported a profit of Rs 11.1 bn.

In the second quarter, the company's North American business generated a revenue of Rs. 31.7 bn, showing a YoY growth of 13%, although it experienced a QoQ decline of 1%.

The growth was due to a rise in momentum in its core portfolio, Mayne integration, and favorable foreign exchange, which was partially offset by price erosion.

For more, check out Why Dr Reddy's Share Price is Rising.

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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Indian Share Market Update: Top Gainers and Losers