Sensex Today Rallies 490 Points | Triveni Turbine Surges 9% | Britannia & Hindalco Top Gainers

Thu, 2 Nov Closing

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After opening the day on the positive note, Indian share markets continued the momentum as the session progressed and ended the day on firm footing.

Equity benchmark indices traded higher after the sharp decline last week. In the first half, domestic benchmark indices witnessed a notable uptick of nearly 1%, taking cues from the positive trend in global equities.

The surge was fuelled by investor responses to the recent policy decisions and statements from the US Federal Reserve.

At the closing bell, the BSE Sensex stood up by 490 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 144 points (up 0.8%).

Britannia and Hindalco were among the top gainers today.

Bajaj Auto and Tech Mahindra, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,220, up by 35 points, at the time of writing.

The BSE MidCap index rose 1.2% while the BSE SmallCap index ended 1% higher.

Sectoral indices ended on a positive note with stocks in the power sector, metal sector and realty sector witnessing buying.

Shares of Colgate and REC 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 0.5% while the Nikkei index ended 1.1% higher. Meanwhile, Hang Seng ended 0.8% higher.

The rupee is trading at 83.25 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 60,980 per 10 grams.

Meanwhile, silver prices were trading 1.1% lower at Rs 72,061 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:

Berger Paints Q2 Results

In news from the paint sector, Berger Paints, on 2 November, reported a consolidated net profit of Rs 2.9 bn for the September quarter of the current financial year, up 33% from the year-ago period.

Consolidated revenue increased 3.6% YoY to Rs 27.7 bn in Q2FY24.

The paint manufacturer's earnings before interest tax depreciation and amortisation (Ebitda) were at Rs 4.7 bn, up 30.4% YoY.

Due to the delayed festive season and rains in September, the sale of topcoats especially exterior coatings was heavily impacted.

However, he sees this improving considerably in the December quarter.

It had double digit volume growth in the decorative segment with lesser value growth as sale of low end and commodity items is high during this quarter

The company continues to work firmly on network expansion and implementation of key digital initiatives, which should bear fruit in the months ahead.

The General Industrial and Powder coatings vertical witnessed robust value growth with a strong showing on the profit front as well.

The company stands among the top paint companies in India.

Ashok Leyland's October Sales Up 13%

Moving on to news from the auto sector, commercial vehicle maker Ashok Leyland on Wednesday reported a 13% increase in total sales at 16,864 units in October as compared to 14,863 units in the same month last year.

Domestic sales were up 14% at 15,759 units, as against 13,860 units in October 2022.

Sales of medium and heavy commercial vehicles in the domestic market were at 9,411 units, as against 8,189 units in the year-ago period, up 15%.

Light commercial vehicle sales in the domestic market last month stood at 6,348 units as against 5,671 units in the year-ago period, up 12%.

Earlier, Ashok Leyland Ltd reported a nine per cent year-on-year increase in its total sales, selling a total of 19,202 units in September 2023.

Certain indicators show Ashok Leyland can scale new heights in 2024. To know why, check out 5 Indian Midcap Stocks Set to Grow Dramatically in 2024. Add them to Your Watchlist.

The company is also a beneficiary of Modi's Rs 576 Billion e-Bus Scheme.

Godrej Properties Q2 Results

Godrej Properties Limited reported a jump of 8.4% in its consolidated net profit in the quarter ended 30 September to Rs 726.4 m compared to Rs 670.3 m in the same quarter last year. As compared to Rs 1.3 bn in Q1FY24, the net profit was down 45.6%.

The revenue from operations for Q2FY24 came in at Rs 3.4 bn, compared to Rs 1.7 bn year-on-year (y-o-y), registering a jump of 107.7%. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was down 63.4%. It stood at Rs 9.4 bn in Q1FY24.

The total income for Q2FY24 came in at Rs 6.1 bn, compared to Rs 3.7 bn YoY, registering a rise of 63.9%. On a QoQ the total income was down 52.2%. It was Rs 12.7 bn in Q1FY24.

Godrej Properties informed that its sales bookings jumped over two-fold to Rs 5,034 crore in the second quarter of this fiscal over Rs 2,409 crore in the year-ago period on higher Volumes. The company said this is the highest-ever quarterly sales-booking value.

Last month, the Municipal Corporation of Delhi (MCD) imposed a penalty of Rs 500,000 on a subsidiary of Godrej Properties for not taking environmental safety precautions in construction works at its project site in New Delhi.

For more, check out Godrej Properties or DLF: Should You Invest in Realty Stocks?

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