Sensex Today Trades Higher | Aarti Industries Rallies 6% | Axis Bank & Eicher Motors Top Gainers

Mon, 6 Nov 10:30 am

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Asian shares rallied for a fourth straight session on Monday after markets moved to price in earlier rate cuts in the United States and Europe.

The Nikkei is trading 1.8% higher while the Hang Seng index is up by 1.7%. The Shanghai Composite is trading 0.9%.

US stocks ended higher on Friday, extending the week's rally following a jobs report that showed moderation after the prior month's surge.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	130.37	1.79	1.39%	130.73	129.01	142.38	83.88
Apple	176.65	-0.92	-0.52%	176.82	173.35	198.23	124.17
Meta	314.6	3.73	1.20%	315.55	311.02	330.54	88.09
Tesla	219.96	1.45	0.66%	226.37	218.4	299.29	101.81
Netflix	432.36	7.65	1.80%	434.82	425.53	485	252.09
Amazon	138.6	0.53	0.38%	139.49	137.45	145.86	81.43
Microsoft	352.8	4.48	1.29%	354.39	347.33	366.78	213.43
Dow Jones	34061.32	222.24	0.66%	34163.63	33946.6	35679.13	31429.82
Nasdaq	15099.49	179.95	1.21%	15149.78	14965.29	15932.05	10632.39

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 higher by 330 points. Meanwhile, the NSE Nifty is trading up by 99 points.

Eicher Motors and Axis bank are among the top gainers today.

HUL and UPL on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index ended 0.5% higher and the BSE Small Cap index is trading higher by 1%.

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

Shares of Gillette India and Angel Broking hit their 52-week high today.

The rupee is trading at Rs 82.18 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 60,830 per 10 grams today.

Meanwhile, silver prices are trading 0.1% lower at Rs 72,166 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 Stake Sell

Engineering and construction company Larsen & Toubro (L&T) on Friday announced it was selling its entire stake in L&T Infrastructure Engineering Limited (LTIEL) to focus more on its core business.

The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France, an independent nuclear engineering group.

L&T said the transaction is subject to the completion of customary closing conditions and is expected to be concluded before 15 January 2024.

It aligns with L&T's commitment to focus on its core businesses and assets.

LTIEL, formerly known as L&T-Ramboll Consulting Engineers Limited, provides engineering consultancy services for India's infrastructure sector.

The acquisition will help complete Assystem's engineering service offering in India, increase the company's market share in the rail, transportation and energy sectors, and enhance its capability in project design and planning.

How sticky is L&T's business? And will it be successful in becoming the next wealth creator like HDFC. Read on to find Does L&T have what it Takes to Become India's Next Favourite Stock?

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.

The latest on Vedanta's Debt Obligation

Vedanta currently faces a debt obligation of US$ 2.2 billion (approximately Rs 200 bn) that is set to be paid by two entities within the conglomerate by the end of March. The company has expressed confidence in meeting these financial commitments.

Specifically, there are debts amounting to Rs 42 bn scheduled for repayment in the current quarter, with an additional Rs 55 bn due in the fourth quarter. Additionally, Vedanta Resources, the parent company, is responsible for a US$ 1 bn debt in the March quarter of 2023-24.

In terms of cash flow, Vedanta expects its financial performance in the latter half of the fiscal year to exceed the total debts due during that period.

As a result, the company feels at ease with the possibility of refinancing or repaying these debts.

Regarding Vedanta Resources, discussions are underway with bankers concerning bond repayment, and it is anticipated that these negotiations will be finalized by the end of December this year.

In their financial results, Vedanta noted the receipt of a final partial arbitration award related to a production-sharing contract for the Rajasthan block.

In line with this award, the company recognized a benefit of Rs 47.6 bn in its revenue from operations for the quarter under review and reversed a previously recognized impairment of Rs 11.8 bn.

Vedanta shares are down 25% in 2023 so far. The stock is currently trading at its 52-week low, leaving investors worried.

To know why, check out Why Vedanta Share Price is Falling.

Indigo To Ground More Aircraft From Q4

India's largest airline by market share and fleet size, IndiGo, could see the grounding of more aircraft from the fourth quarter of the current financial year.

As shop floor visits increase, things will become more clear, and this might lead to a high number of grounding aircraft.

Earlier this year Pratt and Whitney informed that around 600-700 engines are likely to get affected as the company detected powder metal contamination that can lead to some engine components cracking.

In September this year, P&W was directed by the Directorate General of Civil Aviation to issue a Service Bulletin in the next 60 days with the fleet management action plan.

The civil aviation regulator took up the matter with Pratt & Whitney on 1 September regarding the three incidents of engine failure with IndiGo & demanded OEM's urgent intervention.

IndiGo also said that the airline is taking mitigating measures. The company is looking forward to leasing more aircraft in the coming few months.

For more details, check out our detailed editorial on Indigo.

And 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