Sensex Today Rallies 500 Points | JK Tyre Soars 12% | Apollo Hospital & Britannia Top Gainers

Thu, 2 Nov 10:30 am

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Asian shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve Chair had markets double down on bets that US interest rates have peaked and cuts are on the way.

The Nikkei is trading 1.1% higher while the Hang Seng index is up by 1.4%. The Shanghai Composite is trading flat.

US stocks ended higher on Wednesday after the US Federal Reserve kept interest rates unchanged.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	127.57	2.27	1.81%	127.74	124.93	142.38	83.45
Apple	173.97	3.2	1.87%	174.23	170.12	198.23	124.17
Meta	311.85	10.58	3.51%	312.74	301.85	330.54	88.09
Tesla	205.66	4.82	2.40%	205.99	197.85	299.29	101.81
Netflix	420.19	8.5	2.06%	420.6	414.18	485	252.09
Amazon	137	3.91	2.94%	137.35	133.71	145.86	81.43
Microsoft	346.07	7.96	2.35%	347.42	339.65	366.78	213.43
Dow Jones	33274.58	221.71	0.67%	33337.15	33010.85	35679.1	31429.8
Nasdaq	14664.91	255.12	1.77%	14677.86	14441.9	15932.1	10632.4

Data Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 573 points. Meanwhile, the NSE Nifty is trading up by 175 points.

Apollo Hospital and Britannia are among the top gainers today.

Tata Steel and Hero MotoCorp on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading higher by 1%.

Sectoral indices are trading on a positive note with stocks in the telecom sector, finance sector and realty sector are witnessing buying.

Shares of Macrotech Developers and REC hit their 52-week high today.

The rupee is trading at Rs 82.19 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 60,875 per 10 grams today.

Meanwhile, silver prices are trading 0.7% lower at Rs 71,844 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:

Hero MotoCorp Q2 Results

Hero MotoCorp on 1 November reported a 47% jump in net profit at Rs 10.5 bn for the September 2023 quarter. The two-wheeler major had reported a profit of Rs 7.2 bn in the year-ago period.

The net profit growth in Q2FY24 was driven by higher prices and easing commodity costs.

The company's profits exceeded analysts' expectations, which according to five brokerage estimates was anticipated to grow 33% year-on-year to Rs 9.6 bn in Q2FY24, compared to Rs 7.2 bn in Q2FY23.

The New Delhi-headquartered firm's revenue from operations increased 4.1% to Rs 94.5 bn in the quarter under review as against Rs 90.8 bn in the same period last fiscal.

Hero MotoCorp's earnings before interest, depreciation, taxes and amortisation (EBITDA) or operating margin came in at Rs 13.3 bn in the September 2023 quarter, witnessing a jump of 27.9% against Rs 10.4 bn reported in the same period last year. Its operating margin during Q2FY24 improved by 2.7%, as it went up to 14.1% from 11.4% in Q2FY23.

The consolidated revenue and PAT for the quarter were Rs 95.3 bn and Rs 10.1 bn, and for H1, it came in at Rs 183.8 bn and Rs 17.1 bn, respectively.

It's also building its presence in the electric vehicle (EV) space and is on track to cover 100 cities by December this year. Besides this, it is accelerating its presence in the premium space.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to see how it pans out.

To know more, check out Why Hero MotoCorp is Underperforming in the Market.

Hero MotoCorp, one of the top companies in the EV sector could be prime beneficiaries as Nifty heads towards 40,000.

Tata Steel Reports Loss in Q2

Tata Steel reported a consolidated net loss of Rs 65.1 bn in the second quarter of 2023-24 as against a net profit of Rs 12.9 bn a year ago, as the company was hit by a double whammy of impairment charges and shrinking margins in Europe.

Late evening on 1 November, the Tata group steelmaker reported a consolidated total revenue from operations of Rs 556.8 bn against Rs 598.8 bn reported in the year-ago period. While, the street had expected that the company would report a consolidated loss.

The company said that it has assessed the potential impact of the Electric Arc Furnace route (EAF) based decarbonisation project and restructuring in Tata Steel UK (TSUK).

Subsequently, it has undertaken an impairment charge of Rs 125.6 bn in standalone financial statements and Rs 27.5 bn in consolidated financial statements. Tata Steel continued to flag ongoing concern for its European business, citing inadequate cash flow and liquidity.

Tata Steel has also taken charge towards restructuring and other provisions of Rs 36.1 bn in consolidated financial statements.

In September, the UK government agreed to give a grant of £500 million to help Tata Steel decarbonise its Port Talbot project in Wales after months of negotiations to save the project.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group 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!

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers