Sensex Today Trades Lower | Adani Total Gas Tanks 6% | TCS & Axis Bank Top Losers

Wed, 13 Dec 10:30 am

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Asian markets dropped early on Wednesday ahead of the US Federal Reserve's latest interest rate decision, guidance and economic projections later in the day.

The Nikkei is trading 0.4% higher while the Hang Seng index is trading 0.6% lower.

US stocks advanced and the dollar dipped after a report showed sticky US inflation meandering lower as the Federal Reserve convened to assess policy and investors awaited a sign on when to expect interest rate cuts.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	133.64	-1.06	-0.79%	134.54	132.83	142.38	85.57
Apple	194.71	1.53	0.79%	194.72	191.72	198.23	124.17
Meta	334.22	8.94	2.75%	334.47	324.56	342.92	112.46
Tesla	237.01	-2.73	-1.14%	238.99	233.87	299.29	101.81
Netflix	463	3.11	0.68%	465.61	459.2	485	273.41
Amazon	147.48	1.59	1.09%	147.5	145.3	149.26	81.43
Microsoft	374.36	3.06	0.82%	374.42	370.46	384.3	219.35
Dow Jones	36577.94	173.01	0.48%	36596.11	36373.22	36596.11	31429.82
Nasdaq	16354.25	132.51	0.82%	16354.25	16175.46	16354.25	10671.19

Source: Equitymaster

At present, the BSE Sensex is trading 83 points lower and NSE Nifty is trading 24 points lower.

BPCL, Eicher Motors and NTPC are among the top gainers today.

TCS, Axis Bank and Infosys on the other hand are among the top losers today.

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

Sectoral indices are trading mixed today, with stocks in realty sector and power sector witnessing most buying. Meanwhile the stocks in media sector and IT sector witness selling pressure.

Shares of Colgate and Trent hit their 52-week high today.

The rupee is trading at Rs 83.38 against the US dollar.

In commodity markets, gold prices are trading 0.1% lower at Rs 61,101 per 10 grams today.

Meanwhile, silver prices are trading 0.4% lower at Rs 71,594 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, check out the video below where we talk about Indian companies supplying EV components to Tesla.

Tesla's entry into Indian markets will provide multifold benefits. It will accelerate the adoption of EVs and boost the growth of Indian auto component manufacturers.

In the below video, we discuss six Indian companies that are already supplying their products to Tesla.

Axis Bank Block Deal

Six years after making a big-bang entry into Axis Bank, private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth US$ 444 million (m).

In November 2017, in one of the largest private equity investments in the Indian banking sector as part of a Rs 116.3 bn capital raise via issuance of equity and warrants, Bain Capital invested Rs 68.5 bn in Axis Bank.

The private equity fund has been gradually diluting its stake in tranches via the block deal route.

A third person also confirmed the plans for the fresh block deal by Bain Capital entities and added that investment bank Goldman Sachs was advising on the proposed transaction.

The company touched its 52-week high of Rs 1,151 on 5 December 2023.

For more, check out Why Axis Bank Share Price is Rising.

Laurus Labs Arm Receives USFDA Observations

Drug firm Laurus Labs on Tuesday said its wholly-owned subsidiary Laurus Synthesis Private Ltd (LSPL) underwent a comprehensive inspection by the US Food and Drug Administration (FDA) at its manufacturing facility in Parawada, Anakapalli.

The inspection, from 4-12 December 2023, culminated in the issuance of a Form 483 outlining five observations.

Laurus Labs assured its stakeholders that the company is committed to addressing these observations promptly.

Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic active pharmaceutical ingredients (APIs).

Laurus Labs stands among 5 undervalued midcap stocks to watch out for in 2024.

Force Motors To Acquire A Stake In TP Surya

Commercial vehicle maker Force Motors on Tuesday acquired a 12.2% stake in TP Surya for Rs 26.8 m.

The strategic move, approved by the board of directors in a meeting held on 12 December 2023, marks Force Motors' entry into the renewable energy sector.

TP Surya, a wholly-owned subsidiary of Tata Power Renewable Energy Ltd, is a special purpose vehicle (SPV) focused on establishing ground-mounted solar photovoltaic power projects in Maharashtra.

The acquisition is in line with Force Motors' vision to contribute to green energy initiatives.

The procurement of shares in TP Surya is specifically tied to the solar power generated from a new solar plant that TP Surya is poised to establish.

This strategic collaboration reinforces Force Motors' commitment to sustainable practices and aligns with the company's efforts to diversify its portfolio.

Through this acquisition, Force Motors joins hands with Tata Power Renewable Energy, leveraging the Maharashtra Group Captive arrangement to advance the development of green energy solutions.

The completion of the acquisition is anticipated before 31 March 2024, contingent upon meeting closing conditions.

As TP Surya is still in the initial stages of operationalisation, the collaboration holds promise for Force Motors to actively contribute to the burgeoning green energy landscape in Maharashtra and beyond.

For more, check Equitymatser's stock screener for top auto companies in India.

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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