Sensex Today Trades Marginally Higher | Multibagger PSU Banks Continue Uptrend | Maruti Suzuki & SBI Top Gainers

Wed, 23 Nov 10:30 am

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Asian share markets were trading mostly in positive territory despite rising Covid-19 cases in mainland China leaving investors uncertain over how much the fresh outbreaks could slow the reopening of the world's second-largest economy.

The Nikkei is up 0.6% while the Hang Seng is trading higher by 0.4%. The Shanghai Composite is down 0.2%.

US stocks rallied on Tuesday, with the S&P 500 closing at its highest level in two and a half months, as a sales forecast by best buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares.

The Dow Jones ended 1.2% lower while the Nasdaq rose 1.4%.

Here's a table showing performance of US indices and US stocks on Tuesday.

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	97.3	1.5	1.57%	97.6	94.4	152.1	83.5
Apple	150.2	2.2	1.47%	150.4	146.9	182.9	129.0
Meta	111.4	1.6	1.44%	111.6	108.3	352.7	88.1
Tesla	169.9	2	1.22%	170.9	166.2	402.7	166.2
Netflix	286.7	1.6	0.58%	287.0	277.3	676.4	162.7
Amazon	93.2	0.7	0.80%	93.4	90.9	185.7	85.9
Microsoft	245	3	1.23%	245.3	240.7	344.3	213.4
Dow Jones	34,098.1	397.8	1.18%	34,115.7	33,810.1	36,952.7	28,660.9
Nasdaq	11,174.4	149.9	1.36%	11,179.9	10,975.7	16,212.2	10,088.8

Source: Equitymaster

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

The BSE Sensex is trading up by 74 points. Meanwhile, the NSE Nifty is trading higher by 23 points.

Maruti Suzuki and SBI are among the top gainers today. ITC and HUL, on the other hand, are among the top losers today.

The BSE Mid Cap index is up 0.3% while the BSE Small Cap is trading higher by 0.5%.

Sectoral indices are trading on a mixed note with stocks from the banking sector and finance sector witnessing buying.

While stocks in the FMCG sector and IT sector are trading in red.

PSU banks continued their uptrend today with Syndicate Bank and IDBI Bank rising over 2%.

Shares of VST Industries and Hindustan Aeronautics hit their 52-week highs today.

The rupee is trading at 81.8 against the US$.

Gold prices are trading down by 0.2% at Rs 52,208 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 60,920 per kg.

Speaking of stock markets, Adani group stocks have been everyone's favourites. These stocks were on fire for a long time.

They have created huge wealth for investors. But what do the charts say now? Is the rally over?

Chartist - Brijesh Bhatia answers these question in the below video.

Why Adani Green Shares are Under Pressure

After witnessing a massive rally in the past two years, the fastest growing stock of 2022 - Adani Green Energy has slowed down.

Shares of the green energy company have remained rangebound in latter part of 2022.

Since August 2022, shares have fallen from Rs 2,500 to Rs 2,000 at present.

The downtrend is seen in the past five days where it has fallen over 6.1% and over a 3-month period where it shows 21% losses.

To know more, read our editorial on why Adani Green share price is falling.

L&T buys remaining stake in its joint venture

Larsen & Toubro (L&T) on Tuesday said it has bought the entire stake held by Chiyoda Corporation in L&T-Chiyoda Ltd for Rs 75 crore (about Rs 750 million).

L&T-Chiyoda (LTC) is a joint venture between L&T and Japan-based Chiyoda Corporation.

The buyout is likely to be completed by the end of next month, the engineering and construction conglomerate said in a regulatory filing.

LTC was formed with an aim to provide engineering and related services for the hydrocarbon industry to support L&T's EPC business in the domestic and international market.

In the past 27 years, LTC has worked on more than 300 projects, including complex refinery and petrochemical processes.

L&T and Chiyoda hold 50% shares in LTC. Hence, purchase of Chiyoda's share by L&T is a related party transaction. The transaction is done at arm's length as the price was determined through valuation by an independent valuer.

L&T is one of the Indian companies with insane cash reserves which is also betting big on green hydrogen.

Vedanta declares third interim dividend

Billionaire Anil Agarwal-led mining giant, Vedanta Group on Tuesday approved the third interim dividend of Rs 17.5 per share or 1750% for the financial year 2022-23.

The record date for the same has been fixed as Wednesday, 30 November 2022. The interim dividend will be paid within stipulated timelines as prescribed under law.

The Mumbai-headquartered company paid its first interim dividend of Rs 31.5 per equity share for the financial year 2022-23 to shareholders in May 2022, followed by the second interim dividend of Rs 19.5 per share to eligible shareholders in July.

Vedanta, an arm of Vedanta Resources, is one of the world's leading oil and gas and metals firm with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Vedanta is India's favourite dividend stock which scores well on all dividend parameters. But can it continue its dividend paying spree? Find out here: Vedanta or NALCO - Which is the Better Dividend Stock?

BNP Paribas Arbitrage offloads Wipro shares

BNP Paribas Arbitrage on Tuesday offloaded shares of IT company Wipro for Rs 1.9 bn through the open market transactions.

According to the block deal data available with the BSE, BNP Paribas Arbitrage sold 48,00,000 shares of the company in two tranches.

The shares were disposed of at an average price of Rs 387 per piece.

Meanwhile, Societe Generale acquired the company's shares at the same price. Following the news Wipro share price rises. This will be breath of relief for investors because as of late Wipro share price was falling.

Bad news for Dr Reddy's Laboratories

The drug maker said it is among several generic pharmaceutical companies, including Celgene and Bristol Myers Squibb, against which an antitrust litigation has been filed in the US.

The company said a complaint was filed and it along with other generic pharmaceutical firms have been named as defendants.

Made on behalf of indirect purchasers, the complaint seeks damages for overpayments along with equitable relief.

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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