Sensex Today Ends 286 Points Lower; Metro Brands Drops 6%

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After opening the day on a negative note, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Equity markets roiled under heavy selling pressure on Wednesday as US Treasury yields hit fresh 16-year highs overnight, triggering risk-averse sentiment. The benchmarks, however, ended off lows amid buying in IT and FMCG stocks.

At the closing bell, the BSE Sensex stood lower by 286 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 93 points (down 0.5%).

Nestle and HUL were among the top gainers today.

SBI and NTPC were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,469, up by 19 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended 1.5% lower and the BSE SmallCap index fell 1%.

Sectoral indices ended on a mixed note with stocks in the FMCG sector and IT sector witnessing buying. Meanwhile, stocks in the metal sector and realty sector witnessed selling pressure.

Shares of Bajaj Finance and PCBL hit their 52-week highs 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...

Asian share markets ended lower. The Hang Seng fell 0.8% while Nikkei ended 2.3% lower.

The rupee is trading at 83.24 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 56,843 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.2% lower at Rs 67,295 per kg.
 

Reliance's Brand Acquisition

In news from the energy sector, UK's struggling fashion retailer Superdry said on Wednesday it would sell its intellectual property assets in South Asia to Reliance Retail, a subsidiary of Reliance Industries, India's largest retailer, for 40 million pounds ($48.27 million) via a joint venture.

Superdry - which has been grappling with weak orders from wholesale partners cautious about stock levels and liquidity expects gross cash proceeds of 30.4 million pounds.

Superdry and Reliance Retail, whose more than 18,000 stores sell everything from groceries to electronics, will own 24% and 76%, respectively, of the joint venture vehicle.

Indian billionaire Mukesh Ambani-backed Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh, said Superdry, whose fashion line includes sweatshirts, hoodies, and jackets.
 

L&T Wins EPC order

Moving on to news from the engineering sector, L&T announced on Wednesday that its Power Transmission and distribution business has secured an Engineering, Procurement, and Construction (EPC) order from West Bengal Power Development Corporation.

The order is for setting up wet Flue Gas Desulphurisation (FGD) systems at its thermal power plant in Sagardighi, West Bengal.

The project features include three FGD absorbers catering to four thermal power units (2x300 MW, 2x500 MW). The balance of plant systems to be installed will serve five units of the plant.

For L&T, this marks the first FGD project secured from a state-owned power utility.

The Ministry of Environment, Forest and Climate Change has mandated the installation of FGD systems in both existing and upcoming thermal power plants to reduce sulfur dioxide emissions.

With this order, L&T is set to install FGD projects for thermal power plants with a total capacity of over 19 GW, actively contributing to the government's initiative to cut sulfur dioxide emissions.

Earlier on Tuesday, L&T Construction Transportation Infrastructure business vertical secured a contract to build a bridge connecting Dahisar and Bhayander in Mumbai.

L&T Shares hit a one-year high. 

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite 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. 
 

IndusInd Bank Launches INDIE

Moving on to news from the banking sector, IndusInd Bank has launched 'INDIE', a mobile banking app designed for customers seeking a personalized digital banking experience. 'INDIE' utilizes analytics to offer tailored financial insights.

The app introduces industry-first features, including ultra-flexible products that users can customize to meet their specific requirements.

It offers an instant line of credit of up to Rs 5 lakh, providing flexibility compared to standard personal loans.

Customers can choose the amount required and take only as much as needed each time, and pay interest only on what they take.

This app also offers the most transparent rewards program, which allows its customers the flexibility to choose their preferred brands out of top e-commerce brands and earn up to 3% rewards per Rs 100 spent on brands of their choice.


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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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