Sensex Today Ends 335 Points on Muhurat Trading Session | Nifty Ends Above 24,250 | Zomato & PNB Top Gainers

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Sensex, Nifty start Muhurat trading session on a sweet note. All sectors trade in green. Buying was seen in auto stocks as the companies released their monthly sales numbers.

Muhurat trading, a long-standing tradition in the Indian stock markets, holds special significance as it coincides with the festival of Diwali and the start of the Hindu New Year, which is Samvat 2081 this time.

Conducted for just one hour in the evening, this symbolic trading session is believed to bring prosperity and success to investors and traders for the year ahead.

At the closing bell, the BSE Sensex stood higher by 335 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 94 points (up 0.4%).

M&M, ONGC and Adani Ports among the top gainers today.

HCL Tech, Britannia, Grasim Industries on the other hand, were among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.7% higher and BSE SmallCap index ended 1.2% higher.

Sectoral indices were trading positive today with socks in auto sector and oil & gas sector witnessing buying.

Crisil, Suven Pharma and fortis Healthcare 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...

The rupee is trading at 84.096against the US$.

Speaking of the stock market, the market can stay irrational longer than you can stay solvent.

This oft-cited quote, or versions of it, is attributed to famous economist John Maynard Keynes.

However, its significance is often lost on investors who like to believe that market downsides always come with loud warnings. Or that a market index cannot correct 30% after having gained 50%.

Tanushree Banerjee, Research Analyst at Equitymaster talk about market correction in her latest video.

Watch now.

HDB Financial IPO

In news, HDB Financial Services, a key non-banking financial company (NBFC) and subsidiary of HDFC Bank, has submitted its preliminary IPO filing with SEBI.

The upcoming IPO will involve a combination of a fresh issue of equity shares alongside an Offer-for-Sale (OFS), where HDB Financial aims to raise Rs 125 bn in total. Known for its comprehensive offerings across retail and commercial lending segments, HDB Financial provides personal loans, vehicle loans, loans against property, and more.

This IPO is expected to see Rs 25 bn raised via the fresh equity issue, with funds directed towards reinforcing the company's Tier-I capital base to support future growth.

Additionally, Rs 100 bn will be raised through an OFS by HDFC Bank, which currently holds a 94.4% stake in HDB Financial.

Positioned as the NBFC arm of one of India's largest private banks, this IPO will mark an important step for HDB Financial as it seeks to fortify its capital base and expand its market footprint.

Aegis Logistics Invests in ATVL

Moving on to news from the logistics sector, just days after confirming plans for a Rs 4 bn IPO of logistics joint venture Aegis Vopak Terminals (AVTL), Aegis Logistics has invested Rs 3 bn in the subsidiary through a preferential allotment of shares, raising its stake to 51.1%.

Aegis Vopak Terminals (AVTL), is a joint venture between Aegis Logistics and Dutch-based Royal Vopak. On 30 October, Vopak had confirmed plans of an initial public offering (IPO) for its Indian joint venture.

Aegis Logistics is in the business of storing and handling petrochemicals, with a market capitalisation of Rs 280 bn. Shares of Aegis Logistics are higher by 4% in the last one month, in an otherwise weak market. The management said it plans to drive the next phase of growth through its subsidiary.

For the September quarter, Aegis Logistics recorded its highest-ever revenue and EBITDA, along with record logistics volumes.

AVTL is engaged in storage and handling chemicals, petroleum products, LPG, and other gases, and the company's FY24 turnover was Rs 4.2 bn, growing 44% each year due to robust demand in logistics and storage for gas and chemical products.

With the proposed IPO, AVTL aims a become a prominent logistics and energy infrastructure player in Asia. The company has laid out ambitious expansion goals, particularly for enhanced gas storage and logistical infrastructure, which it intends to finance through its upcoming IPO.

JTL Industries Ramps Up Manufacturing Capacity

Moving on to news from the steel sector, Steel pipes manufacturer JTL Industries Ltd announced on Wednesday that it has increased its annual manufacturing capacity to 2 lakh tonnes as part of its Rs 3.5 bn expansion plan. With this boost, the company's total pipe production capacity has now reached 6.86 lakh tonnes per annum.

The company aims to achieve a total expansion of 4 lakh tonnes by the financial year 2026-27, bringing its overall capacity to 10 lakh tonnes annually.

JTL Industries is among India's leading producers of electric resistance welded (ERW) steel pipes, with manufacturing facilities in Raipur, Malegaon (Maharashtra), and Mandi and Derabassi (Punjab).

JTL Industries Limited is a private sector company that manufactures and sells steel pipes and tubes in India.

JTL Industries has a manufacturing capacity of over 6 lakh metric tonnes per annum.

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

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