Sensex Today Trades Lower | Jindal Steel Tanks 6% | Axis Bank & Asian Paints Top Losers

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Asian equities were mixed on Wednesday as investors digested the huge moves in Japan's government bond and currency markets ahead of the US Fed's decision.

The MSCI's down 0.3%, Nikkei index was down 0.2% and Hang Seng was trading 0.5% lower.

US stocks ended Tuesday's session with gains as investors looked ahead to the Federal Reserve's monetary policy update while they digested a mixed batch of earnings reports.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	125.3	-0.45	-0.36%	126.56	123.93	142.38	83.45
Apple	170.77	0.48	0.28%	170.9	167.9	198.23	124.17
Meta	301.27	-1.39	-0.46%	303.68	296.86	330.54	88.09
Tesla	200.84	3.48	1.76%	202.8	194.07	299.29	101.81
Netflix	411.69	1.61	0.39%	412.52	404.63	485	252.09
Amazon	133.09	0.38	0.29%	133.57	131.71	145.86	81.43
Microsoft	338.11	0.8	0.24%	339	334.69	366.78	213.43
Dow Jones	33052.87	123.91	0.38%	33070.28	32787.12	35679.13	31429.82
Nasdaq	14409.78	74.28	0.52%	14420.44	14232.4	15932.05	10632.39

Data Source: Equitymaster

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

At present, the BSE Sensex is trading down by 131 points. Meanwhile, the NSE Nifty is trading 32 points lower.

ONGC and BPCL are among the top gainers today.

Axis Bank 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 is trading flat and the BSE Small Cap index is trading 0.4% higher.

Sectoral indices are trading mixed with stocks in the telecom sector and realty sector witnessing buying. Meanwhile, stocks in the metal and power sector witness selling pressure.

The rupee is trading at Rs 83.27 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 60,730 per 10 grams today.

Meanwhile, silver prices are trading 0.7% lower at Rs 71,128 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, 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:

L&T Q2 Results

Larsen & Toubro (L&T)'s net profit during the second quarter of fiscal year 2023-24 climbed 45% year-on-year to Rs 32.2 bn as per the financial results declared by the company.

L&T reported a 19% rise in consolidated revenue for Q2FY24 to Rs 510 bn, compared to Rs 427.6 bn clocked in the corresponding quarter of the previous fiscal.

Higher-than-expected sales growth was driven by execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT and ITeS portfolio.

There was an expectation that the conglomerate would increase its revenue and order inflow guidance upwards for the rest of the fiscal year.

L&T won orders worth Rs 891.5 bn at the group level during Q2, logging a 72% growth over the corresponding quarter of the previous year when it had won orders worth Rs 519.1 bn.

During the reporting quarter, orders were received across multiple segments, including public spaces, nuclear power, and the irrigation, ferrous metal, health, renewables and refinery sectors.

The group's consolidated order book was at Rs 4507.3 bn as of the end of September, with international orders having a share of 35%. Last year, L&T ended the same period with a group consolidated order book of Rs 3723.8 bn.

The order book of Rs 4,126.5 bn represents a growth of 13.5% over Rs 3,634.5 bn as of 30 June 2022.

Its operating margin for the second quarter of FY2023-24 came in at 11%, compared to 11.4% in the year-ago quarter and 10.2% in the June quarter.

L&T Shares hit a one year high. To know why, check out Why L&T Share Price is Rising.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out L&T's next big leap in the green hydrogen space.

Adani Ports Unit Acquires Stake In Veracity Supply Chain

Adani Ports and Special Economic Zone, through its wholly-owned arm, Adani Logistics Ltd., subscribed to a 50% stake in Veracity Supply Chain Pvt. The newly incorporated company will provide last-mile connectivity to customers from inland container depots, powered by a digital transport management system.

Adani Logistics has subscribed to 50,000 equity shares for Rs 10 each for a total of Rs 500,000. Riddhi Infocom Solutions LLP will subscribe to the remaining 50% of the Veracity Supply Chain.

Shares of Adani Ports and Special Economic Zone closed 0.1% lower at Rs 784.5 apiece, as compared with a 0.3% decline in the benchmark Nifty 50 on Tuesday.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Lupin Passes US FDA Inspection

Indian pharma major Lupin on 31 October received Establishment Inspection Report (EIR) from the US health regulator for its Mandideep Unit-2 manufacturing facility in Madhya Pradesh.

The inspection closed with the facility receiving an inspection classification of No Action Indicated (NAI).

Mandideep site has been caught under regulatory challenges since November 2022, and the management had said that it was addressing the US FDA's warning letters to the company in its first quarter results investor meeting.

Lupin had a consolidated net profit of Rs 4.5 bn for the April-June quarter FY24, as against a consolidated net loss of Rs 868 m reported in the same period a year ago.

Lupin has 15 manufacturing sites, 7 research centres and over 20,000 professionals working globally.

Lupin is top pharma company in India that have solid growth in sales and profits and a high Return on Equity (ROE).

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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