After opening the day marginally higher, Indian share markets reversed the trend as the session progressed and ended lower.

Benchmark indices remained under pressure for the second straight day after registering a 9-day rally amid weakness in IT and power stocks.

At the closing bell, the BSE Sensex stood lower by 184 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 47 points (down 0.3%).

HCL Tech, Nestle, and Cipla were among the top gainers today.

Power Grid Corporation, Reliance, and Adani Enterprises on the other hand were among the top losers today.

The SGX Nifty was trading at 17,710 down by 54 points, at the time of writing.

The BSE Midcap index rose 0.5% while the BSE SmallCap index ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector, metal sector, and healthcare sector witnessing most of the buying.

On the other hand, stocks from the telecom sector, power sector, and FMCG sector witnessed selling pressure.

Shares of DLF, ITC, and Aditya Birla Capital hit their 52-week high today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ended 0.5% higher, while the Hang Seng fell 0.6%. The Shanghai Composite ended 0.2% higher.

The rupee is trading at 82.04 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 60,324 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.1% at Rs 74,920 per kg.

Speaking of the stock market, IEX trades at a lofty PE multiple of close to 48x its trailing twelve-month earnings.

The stock is in a bit of a comeback mode lately having gone up 20% from its 52-week lows.
 

IHCL signs two new hotels

In news from the hotel sector, IHCL (Indian Hotels Company Limited), on Tuesday, signed two new hotels in Dhaka, Bangladesh.

The Taj and Vivanta branded hotels will be part of an integrated complex that will be included in high-end retail. These are greenfield projects.

The first mixed-use development project in Dhaka with the two hotels is strategically located at Gulshan, a key business hub in the city, and a short driving distance from the Shahjalal International Airport.

The 230-room Taj and 130-room Vivanta hotels will offer multiple new culinary options to the city.

The Indian Hotels Company (IHCL) and its subsidiaries, collectively known as Taj Group, is one of Asia's largest and finest group of hotels.

In calendar 2022, shares of the company rose 76% on the back of strong earnings and expansion plans, making it one of the biggest gainers of 2022.

To find out which company is set to benefit from the recovery in the tourism industry, read on Indian Hotels vs Lemon Tree- which hotel stock is better?
 

Why Schaeffler India shares declined 2% today

Moving on to news from the auto ancillary sector, the share price of Schaeffler India declined 2.6% today after it missed street expectations.

Vehicle components maker Schaeffler India on Tuesday posted its smallest quarterly profit growth since June 2020, hit by a drop in demand and margin contraction.

The company's profit climbed 6% to Rs 2.2 billion (bn), while revenue from operations rose 8% to Rs 16.9 bn.

However, its core profit margin contracted to 18.6 from 19.6% a year earlier, as expenses rose over 9%.

Revenue in the company's industrial segment, constituting nearly 32% of total revenue, fell 8.5% in the quarter.

However, an all-around miss led by the domestic industrial and export segment is what has disappointed the street.

Schaeffler India Limited, previously known as FAG Bearings India, is one of India's major ball and rolling bearing manufacturers servicing the automotive and multiple core industrial segments.

Shares of the company hit a roadblock in December 2022. 
 

Avalon Technologies makes weak debut

Moving on to news from the Initial public offerings (IPO) space, Avalon Technologies shares got listed at a mild discount of 1% to the issue price on Tuesday. The shares were listed at Rs 431 per share on BSE against an offer price of Rs 436.

It hit the day's low of Rs 387.75, translating into a fall of 11% from the IPO price. The tepid listing was expected after the downtrend in company shares in the unlisted market since the IPO opened for subscription.

The initial public offering (IPO) of Avalon Technologies was open for subscription between 3 April 2023 and 6 April 2023 as the company was looking to raise Rs 865 crore from the primary markets.

The company's offerings include PCB design and assembly, cable assembly and wire harnesses, sheet metal fabrication and machining, magnetics, injection molded plastics, and end-to-end box build of electronic systems.

Avalon Technologies has end-to-end capabilities in delivering box-build solutions in India, focusing on high-value precision-engineered products.

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