Sensex Today Ends 483 Points Lower; UCO Bank Tanks 6%

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 reeled under selling pressure on Monday as geopolitical developments between Israel and the Hamas group soured sentiment. Oil prices surged by up to 8% in two days, stoking fears of elevated inflation across the globe.

At the closing bell, the BSE Sensex stood higher by 483 points (down 0.7%).

Meanwhile, the NSE Nifty closed down by 141 points (down 0.7%).

TCS and HUL were among the top gainers today.

M&M and BPCL 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 19,508, down by 262 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended 1.2% lower and the BSE SmallCap index fell 1.7%.

Sectoral indices ended on a negative note with stocks in the power sector and metal sector witnessing selling pressure.

Shares of TCS and Oil India 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 mixed. The Hang Seng rose 0.2% while Nikkei ended 0.3% lower.

The rupee is trading at 83.24 against the US$.

Gold prices for the latest contract on MCX are trading 1.1% higher at Rs 57,496 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.7% higher at Rs 68,711 per kg.

Oil India Rallies To 8-Year High. Here's Why.

In news from the energy sector, Oil India's share price soared up to 8% to an eight-year high today as a surprise attack by Hamas and Israel's war call re-ignited geopolitical tensions and sent crude oil prices surging.

Brent crude oil futures climbed nearly 5% to US$ 88.76 a barrel. On the other hand, US WTI crude also saw a 5% rise to US$ 87.0 a barrel level.

Any supply disruptions from the Middle East following the Israel-Hamas war can lead to a further rise in Crude prices.

The rising crude prices are to provide a sentimental boost to the stock.

Oil India stands among 5 Indian Midcap Stocks Set to Grow Dramatically in 2024. Add them to Your Watchlist.

A transition from grey to green hydrogen is happening at a faster pace than expected. Oil India is contributing to this transition. 

Why Did Hero Motocorp Tumble 2.75% Today?

Moving on to news from the auto sector, plunged 3% in Monday's trade after the Delhi Police registered an FIR (first information report) against the company's chairman, managing director and CEO Pawan Kant Munjal, and three others, alleging 'forgery'.

The FIR relates to an old matter dating back to before 2010. This case has nothing to do with any of the ongoing investigations and tax probes.

Earlier in August this year, the Enforcement Directorate (ED) recovered assets worth US$ 3 m from Munjal and others following a money-laundering investigation.

ED's probe follows complaints shares of Hero MotoCorp that US$ 6.53 m worth of foreign currency and other valuable items were illegally moved to offshore locations by Hero's third-party vendor that was later used by Munjal for his expenses.

The agency recovered foreign currency, cash, gold, and diamond jewelry worth about Rs 250 m after it conducted searches at 12 premises owned by the company and its promoter.

The ED's actions come after the Ministry of Corporate Affairs in June had ordered an investigation into Hero's relationship with the third-party vendor, Salt Experience and Management, in a case related to the alleged diversion of funds.

Hero MotoCorp one of the top companies in the EV sector could be prime beneficiaries as Nifty heads towards 40,000.

Why Adani Port's Share Price Is Falling.

Moving on to news from the ports sector, the stock price of Adani Ports fell 4% on mounting concern over the fate of the Haifa Port that the Gautam Adani-led company controls in northern Israel after the Hamas launched an attack on the country.

The company had acquired the port in northern Israel earlier this year for a total consideration of US$ 1.18 bn.

Last year, a consortium of Adani Ports and Gadot Group won the tender to privatize the Haifa Port, with the Adani Group holding a 70% stake in the consortium. The port is one of Israel's major seaports and is responsible for the majority of the country's imports and exports.

The Haifa Port is the second largest port in the country, the biggest in terms of tourist cruise ships. It is located north of the region of conflict, which is the southern and central parts of Israel.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot.

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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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