Sensex Today Ends 283 Points Lower | Jindal Steel & Natco Pharma Tank 7% | Coal India, Tata Steel Top Losers

Wed, 1 Nov Closing

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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 traded with a negative bias on Wednesday dragged by persistent selling pressure in metal and select IT stocks.

At the closing bell, the BSE Sensex stood lower by 283 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 90 points (down 0.5%).

Sun Pharma and BPCL were among the top gainers today.

Coal Indian and Tata Steel, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,065, down by 75 points, at the time of writing.

The BSE MidCap index fell 0.4% while the BSE SmallCap index ended marginally lower.

Sectoral indices ended mixed with stocks in the oil & gas sector and realty sector witnessing buying. Meanwhile, stocks in powe and metal witness selling pressure.

Shares of DLF and Welspun India 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 ended marginally higher while the Nikkei index ended 2.4% higher. Meanwhile, Hang Seng ended flat.

The rupee is trading at 83.32 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 60,884 per 10 grams.

Meanwhile, silver prices were trading 0.7% lower at Rs 71,154 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:

Safari Industries Q2 Result

In news from household sector, Safari Industries reported a consolidated net profit of Rs 398 m for the September quarter of FY24, registering a growth of 53.7% from Rs 260 m last year.

Total revenue of the company stood at Rs 3.7 bn in Q2FY24, rising 18% from Rs 3.1 bn in the year-ago quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at Rs 634 m, growing by 51.3% against Rs 419 m in the year-ago period. The EBITDA margin grew to 17.1%.

The Board of Directors has declared and approved an Interim Dividend of Rs 2.50 (125%) per equity share of Rs 2/- each for the financial year 2023-24. The aforesaid Interim Dividend will be paid on or before 30th November 2023. The Board has also approved bonus issues in the ratio of 1:1.

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

KEI Industries Q2 Revenue Jumps 21%

Moving on to news from the power sector, shares of KEI Industries jumped nearly 3% in early trade on 1 November, post registering solid profit growth of 31% in Q2 numbers.

KEI Industries, the electrical wires & cables manufacturer, has recorded a standalone profit of Rs 1.4 bn for the quarter ended September FY24, growing 31.2% over a year-ago period. Revenue from operations during the quarter grew by 21% to Rs 19.5 bn compared to the same period last fiscal.

KEI Industries stock has given a return of 30.7% over the last six months. The benchmark Nifty50 index has given a return of 4.8% over the same duration.

KEI Industries is leading electricity generation companies in India. For more, check out Equitymaster's stock screener of Top power Companies in India.

Mamaearth IPO Subscribed 62%

Moving on, Mamaearth's parent, Honasa Consumer IPO has been subscribed 62% so far on 1 November, receiving bids for 17.7 m shares against the issue size of 28.9 m shares.

Retail investors bought 54%, high net worth individuals (HNI) bought 6% and qualified institutional buyers (QIB) picked 91% of the allotted quota.

Varun Alagh and Ghazal Alag owned firm has reserved 75% of the net issue size for QIBs, 15% for HNIs and the remaining 10% for retail investors. The price band for the offer, which will close on 2 November 2023, has been fixed at Rs 308-324 per share.

Employees, who have Rs 10 million worth of shares reserved in the IPO, have bought 2.73 times the allotted quota. Employees will get the reserved shares at a discount of Rs 30 per share to the final issue price.

Honasa Consumer aims to raise Rs 17 bn via IPO. The offer comprises a fresh issuance of shares worth Rs 3.7 bn by the company and an offer-for-sale (OFS) of 41.3 m equity shares by a few shareholders.

The Gurugram-based direct-to-customer (D2C) company will utilize the net process for multiple purposes. The Rs 1.8 bn will be used to fund advertisement expenses towards enhancing the awareness and visibility of the brands, and Rs 206 mfor setting up new exclusive brand outlets (EBOs).

Honasa Consumer will also invest Rs 26 crore in its subsidiary, BBlunt to set up new salons. The remaining part of the proceeds will be used for general corporate purposes and unidentified inorganic acquisitions.

For more about this one of the most anticipated IPOs of 2023, check out Stop Scrolling if You Have no Idea About the Mamaearth IPO.

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

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