Sensex Today Trades in Red | IT Stocks Drag | Infosys, Dr Reddy's Lab & Tech Mahindra Top Losers

Fri, 4 Nov 10:30 am

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Asian share markets rose today, boosted by Hong Kong and China stocks, while the dollar was set for its best week in more than a month.

This comes as investors priced in the prospect of the Federal Reserve taking interest rates above 5% next year.

The Nikkei fell by 2.1% while the Hang Seng was up by 5.7%. The Shanghai Composite is trading higher by 2.1%.

US stocks closed lower for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought.

The Dow Jones ended lower by 0.5% while the tech heavy Nasdaq Composite ended lower by 1.7%.

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

Benchmark indices opened on a negative today following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 111 points. Meanwhile, the NSE Nifty is trading down by 20 points.

Bajaj Finserv and UltraTech Cement are among the top gainers today. Dr Reddy's Labs and Infosys are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is down by 0.1% and the BSE Small Cap index is trading higher by 0.3%.

Smallcaps is where growth is so check out the three smallcap growth stocks highlighted in this video.

Sectoral indices are trading on a mixed note. Stocks in the metal sector are witnessing buying.

While stocks in the IT sector witness selling.

Shares of Phoenix Mill and Raymond hit their 52-week high today.

Meanwhile, continuing the downtrend, Tata Elxsi share price is falling.

In the commodity markets, gold prices trade lower by Rs 172 at Rs 50,356 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 58,781 per 1 kg.

The rupee is trading at 82.6 against the US dollar. The rupee is once again falling, and showing signs of weakness like it did in the month of September.

If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

Speaking of stock markets, auto stocks have had a good rally over the last two years. However, the ride has not been smooth, and not every auto stock has delivered.

Maruti and Eicher have been the star players for a long time. But the technical charts are showing signs of new winners and losers in the auto space.

In the below video, Chartist Brijesh Bhatia discusses the next Maruti and Eicher Motors.

Sanofi India posts its quarterly results

Drug firm Sanofi India on Thursday reported a net profit of Rs 1.3 bn for the third quarter ended September 2022.

The company had posted a net profit of Rs 5.3 bn in the July-September quarter of last year. The drug firm follows a January-December financial year.

Revenue from operations stood at Rs 6.9 bn in the period under review. The same stood at Rs 7.5 bn in the corresponding period previous year.

The company said the results of the September quarter were not comparable with the same quarter last year as it had transferred its nutraceuticals business to Universal Nutriscience, enabling a gain of Rs 4.9 bn.

Speaking of Sanofi India, investors have been disappointed recently. Sanofi India's share price is down 31% on a YoY basis.

A fundamentally strong stock is trading near its 52-week low.

To know more, read our article on why Sanofi India share price is falling.

Hero MotoCorp posted its September quarter results

Hero MotoCorp on 3 November reported a 9.9% year-on-year decline in standalone net profit at Rs 7.2 bn for the quarter ended 30 September 2022. The country's largest two-wheeler maker had reported a net profit of Rs 7.9 bn in the year-ago period.

Revenue from operations in the quarter under review increased 7.4% to Rs 90.8 bn against Rs 84.5 bn in the same quarter last financial year.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at Rs 10.4 bn, down 2.6% from Rs 10.7 bn in the year-ago period, while its EBIT margin fell 120 basis points to 11.4% from 12.6%.

In half-yearly terms, the company's net profit stood at Rs. 13.4 bn in the first half of the current financial year, while the revenue rose 25.3% to Rs 174.7 bn over the corresponding period in the previous financial year.

Meanwhile, the automaker had reported a 17% dip in its total sales at 454,582 units last month as compared to 547,970 units in October 2021.

In the domestic market, the company's dispatches to dealers stood at 442,825 units, down 16% against 527,779 units in the year-ago period.

Since you are interested in Hero MotoCorp you might also be interested in our article on how India's best 2-wheeler EV stocks are powering ahead.

Indian Hotel Company signs a new deal

Indian Hotels Company (IHCL), one of the best hotel stocks in India, has signed a SeleQtions hotel in Munnar, Kerala. A brownfield project, this hotel is a management contract with CRB Hotels & Resorts. With the addition of this, IHCL has 14 hotels in Kerala including three under development.

Featuring a combination of 55 rooms and suites, the SeleQtions hotel will be located at an easy driving distance from Kochi airport. It will house an all-day restaurant and bar, in addition to a fitness centre, swimming pool and spa, making it ideal for a leisure getaway.

Located at a short driving distance from the Tata Tea gardens, this hotel will be the perfect location for those looking to revel in the midst of nature, while its banqueting facilities will cater to bleisure travel, events and conferences.

The Tata group company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. It operates in the luxury, premium, midmarket and value segments of the market.

IHCL is one of the fundamentally strong dividend paying 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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