Sensex Today Ends 238 Points Lower | BPCL & ONGC Top Gainers | Sun Pharma & ONGC Top Losers | Piramal Pharma Rallies 9%

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After opening the day on the negative note, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Equity benchmark indices took a breather on Tuesday as investors' sentiment remained sanguine amid aggressive bombing by Israel in Gaza region. Besides, mixed set of Q2FY24 results, back home, along with nervousness ahead of the US Federal Reserve's meeting kept investors on the sidelines.

At the closing bell, the BSE Sensex stood lower by 238 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 61 points (down 0.3%).

Titan and Asian Paints were among the top gainers today.

Sun Pharma and ONGC, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,160, down by 65 points, at the time of writing.

The BSE MidCap index rose 0.3% while the BSE SmallCap index ended marginally higher.

Sectoral indices ended mixed with stocks in the FMCG sector and realty sector witnessing buying. Meanwhile, stocks in energy and metal witness selling pressure.

Shares of TVS Motors and Blue Star 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 mixed. The Shanghai Composite fell 0.1% while the Nikkei index ended 0.5% higher. Meanwhile, Hang Seng tanked 1.7%.

The rupee is trading at 83.27 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 61,263 per 10 grams.

Meanwhile, silver prices were trading 0.3% lower at Rs 72,510 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:

IOC Q2 Results

In news from the energy sector, Indian Oil Corporation, India's largest downstream refining company has reported a 6% decline in its quarterly net profit on a sequential basis. The company reported a net profit of Rs 129.7 bn.

Meanwhile, revenue for the quarter stood at Rs 1.8 trillion (tn).

Operating profit or EBITDA for the quarter declined by 4% quarter-on-quarter to Rs 213.1 bn.

EBITDA margin expanded by 0.7% sequentially to 11.9% from 11.2% in June.

The company's refinery throughput stood at 17.8 MMT compared to estimates of 18.5 MMT. Refinery Throughput means the monthly volume of crude oil fed to the crude unit at the refinery in barrels each month.

Indian Oil's calculated Gross Refining Margin (GRM) for the quarter stood at US$ 18.4 per barrel.

The company's petchem business reported an EBIT of Rs 1.6 bn compared to Rs 884 m in the June quarter. The business had reported an EBIT loss of Rs 1.3 bn.

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

VIP Industries Q2 Profit Falls 69%

Moving on to news from the household and personal product sector, VIP Industries reported a consolidated net profit of Rs 132.8 m for the September quarter of FY24, registering a decline of 69% from Rs 434 m in the same quarter of the previous financial year.

Total revenue of the company came in at Rs 5.5 bn, rising 6.1% from Rs 5.1 bn in the year-ago quarter.

Consolidated Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter is at Rs 550 m, down by 28%. EBITDA margin is at 10.1% compared to 14.8% in the year-ago period.

The company's trade channels (offline and online) cumulative growth is at 13%, the company said in their investor presentation. E-commerce continues to grow at over 50% YoY.

Gross margins bounced back to 55.5% after being impacted in Q1 on account of hampered production at the company's Bangladesh facility.

The stock is part of Ashish Kacholia's portfolio. For more, check out Ashish Kacholia Loves this Stock. Is it Right for You?

Cello World IPO 96% Subscribed

Moving on, the Cello World IPO has seen a decent response from the market, with investors picking up 21.1 million equity shares against an offer size of 22 million, leading to a 96% subscription till the second day of bidding.

High net-worth individuals are at the forefront to boost the IPO subscription, bidding 2.6 times the allotted quota, while retail investors have bought 82% shares of the portion set aside for them. The part reserved for qualified institutional buyers was subscribed 3%, while employees bid for 89% of their quota.

The Mumbai-based consumer products company has reserved Rs 100 m worth of shares for its employees, who will be allotted the shares at a discount of Rs 61 each to the final issue price. The offer, excluding the employee quota, is the net issue.

Half of the net issue is reserved for qualified institutional buyers and 15% for high net-worth individuals, while the remaining 35% is kept for retail investors.

The price band for the issue is set at Rs 617-648 per share. Cello World aims to raise Rs 1,900 crore through its initial public offering, which consists of only an offer-for-sale by the Rathod family.

Hence, the company will not get any money through this offer. The entire net issue proceeds, excluding issue expenses, will go to promoters.

For more details, check out Cello World IPO: 5 Things to Know.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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