Sensex Today Ends 413 Points Higher; TCS, L&T Top Gainers

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After opening the day on a positive note, Indian share markets continued the momentum as the session progressed and ended the day higher.

A relief rally in global equities lifted sentiment on Dalal Street as well with the benchmark indices settling around 0.6% higher each.

At the closing bell, the BSE Sensex stood higher by 413 points (up 0.6%).

Meanwhile, the NSE Nifty closed up by 108 points (up 0.6%).

TCS and L&T were among the top gainers today.

Hindalco 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 19,559, up by 76 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended flat and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on a mixed note with stocks in the auto sector and capital goods sector witnessing buying. Meanwhile, stocks in the power sector and telecom sector witnessed selling pressure.

Shares of L&T and Zomato 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 higher. The Hang Seng rose 0.1% while Nikkei ended 1.8% higher.

The rupee is trading at 83.24 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 56,735 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.7% higher at Rs 67,324 per kg.

Why J&K Bank Share Price Is Rising

In news from the banking sector, Shares of Jammu & Kashmir Bank surged 3.8% in early trade on 5 October as the public sector bank recorded a 12% year-on-year (YoY) growth in total business at Rs 2.18 trillion (tn) for the second quarter of FY24.

Total deposits in the public sector lender grew 9.4% year-on-year to Rs 1.3 tn. CASA deposits came in at Rs 640.7 bn, up 1.2% from Q2FY23.

Gross advances grew 15.9% YoY to Rs 916.8 bn in the Q2 of the current fiscal quarter, up from Rs 791.1 bn in the corresponding quarter in the previous financial year. Gross investment slipped 7.5% year-on-year to Rs 335.8 bn.

Jammu & Kashmir Bank's share price grew by a meteoric 279.2% over the past year, compared to the Nifty's one-year run at 12.5%.

L&T's Multiple-Order Win

Moving on to news from the engineering sector, L&T on Thursday said its Buildings and factories business has bagged several 'large' projects under its various business units. One of the projects is for constructing a residential township in Bengaluru.

The business has also bagged orders from a renowned developer for constructing commercial towers in Hyderabad. Besides, it has got a contract from the Indian Institute of Technology, Kanpur to construct a super specialty hospital and an academic block.

The company classifies contracts worth Rs 25-50 bn as large orders. L&T is a US$ 23 bn Indian multinational firm which operates in over 50 countries worldwide.

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. 

L&T Financial Holdings' Retail Distribution Growth

Moving on to news from the finance sector, L&T Financial Holdings reported Rs 134.9 bn in retail disbursements.

L&T Finance Holdings said that the retailisation of the portfolio is estimated at 88% at the end of Q2FY24, against 58% for the same period last year.

According to the filing, Retail disbursements for Q2FY24 grew 32% year on year to Rs 134.9 bn.

On a quarter-to-quarter basis, Farmer Finance grew from Rs 13 bn to an estimated Rs 15.3 bn in Q2FY24, and Rural Business Finance grew from Rs 44.2 bn to Rs 57.4 bn.

The retail loan book at the end of Q2FY24 also grew 33% year-on-year to an estimated Rs 694 bn.

Mumbai-based L&T Finance Holdings is a Non-Banking Financial Company (NBFC) catering to the diverse financing needs of served and underserved customers.

Cash-rich midcap stocks are particularly attractive due to their strong financial position, which can serve as a catalyst for future expansion, acquisitions, and innovation. L&T Finance is one among them.

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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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