Sensex Today Trades Marginally Higher | Alok Industries Surges 6% | NTPC & ONGC Top Gainers

Thu, 16 Nov 10:30 am

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Asian share markets were trading lower on Thursday as investors adjust to what appears to be a decisive moment in the global interest rate and inflation cycle.

The Nikkei is trading 0.8% lower while the Hang Seng index fell 1.4%. The Shanghai Composite is trading 0.5% lower.

US stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target.

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	136.38	0.95	0.70%	136.84	135.33	142.38	85.57
Apple	188.01	0.57	0.30%	189.5	187.78	198.23	124.17
Meta	332.71	-3.6	-1.07%	338.4	330.02	338.4	108.32
Tesla	242.84	5.43	2.29%	246.7	236.45	299.29	101.81
Netflix	461.94	13.29	2.96%	462.75	452.45	485	273.41
Amazon	143.2	-2.6	-1.78%	147.29	142.59	147.29	81.43
Microsoft	369.67	0.15	0.04%	373.13	367.11	373.13	219.35
Dow Jones	34991.21	163.51	0.47%	35051.1	34868.48	35679.13	31429.82
Nasdaq	15817.18	4.7	0.03%	15904.63	15765.31	15932.05	10671.19

Data Source: Equitymaster

At present, the BSE Sensex and NSE Nifty is trading marginally higher.

NTPC and ONGC are among the top gainers today.

Hindalco and JSW Steel on the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Mid Cap index is trading 0.2% higher and the BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading on a positive note with stocks in oil and gas sector, telecom sector and energy sector witness buying.

Shares of DLF and HPCL hit their 52-week high today.

The rupee is trading at Rs 83.2 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 60,135 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 72,237 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 taking more exposure to stocks right now or waiting for the markets to correct, in his latest video.

Tune in for more.

TCS Buyback Date

The country's largest software company, Tata Consultancy Services (TCS), on Wednesday (15 November), fixed 25 November as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company's share buyback plan.

Back in October, Tata Consultancy Services had announced its share buyback. The Indian information technology bellwether will repurchase up to 40.9 m shares (1.12% of the total equity share capital) at Rs 4,150 apiece in a buyback valued at Rs 170 bn.

TCS had previously conducted a share buyback in 2022 when it repurchased shares at Rs 4,500 apiece in a buyback valued at Rs 180 bn. Its three earlier buybacks in 2020, 2018, and 2017 were worth Rs 160 bn each.

All the previous four buybacks were carried out via the tender offer route. A tender offer buyback is one where the company repurchases shares from existing shareholders at a fixed price.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

ONGC to Set Up Petrochemical Plants

India's top oil and gas producer, ONGC, plans to invest about Rs 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for an energy transition.

Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel.

With the world looking to transition away from fossil fuels, companies around the globe are looking at new avenues to use crude oil.

Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics.

One project is likely to be set up by ONGC on its own and the other in a joint venture. The details were not shared in the call. Demand for petrochemicals, the building blocks for plastics, fertilisers and pharmaceuticals, is projected to remain strong due to their wide range of uses across large industries, including construction, automotive and electronics.

Strengthening its chemicals business will also help the state-run oil explorer cut its reliance on the volatile oil market and improve profitability in the long run.

ONGC is optimistic of a recovery in its oil production going forward and would be able to reverse production constraints. For more, check out Rising Crude Oil Prices Drive OMC Stocks and ONGC. Is the Rally Sustainable?

Cipla Concludes Stake Sale

Cipla on Wednesday announced that it has completed the sale of its 51.18 per cent stake in Cipla Quality Chemical Industries Uganda (CQCIL) for a final consideration amount of US$ 25 million (m). The transaction was finalised on 14 November 2023, and as a result, CQCIL will no longer be considered a subsidiary of Cipla.

The sale was executed by Cipla (EU) Limited, UK, and Meditab Holdings Limited, Mauritius, both wholly-owned subsidiaries of Cipla.

Cipla is a global pharmaceutical company with a strong presence in emerging markets.

Pharmaceutical giant Cipla is reportedly exploring a stake sale, and contenders are cropping up in an intense competition. For more, check out Cipla Promoter Stake Sale: Billions of Dollars in Play.

It is among the Top 5 Nifty 50 Stocks that Beat Earnings Estimates by a Wide Margin in Q1.

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