Sensex Today Ends 65 Points Lower; Laxmi Organic Falls 4%

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

Benchmark indices snapped their two-day winning streak as weak quarterly results by Tata Consultancy Services (TCS) in Q2-FY24 took investor funds away from the IT pack.

At the closing bell, the BSE Sensex stood higher by 65 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.1%).

Coal India and BPCL were among the top gainers today.

HCL Tech and Tech Mahindra 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 19,854, up by 24 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended mixed with stocks in the metal sector and oil & gas sector witnessing buying. Meanwhile, stocks in the It sector and the realty sector witnessed selling pressure.

Shares of Angel Broking and Bosch 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 on a positive note. The Hang Seng rose 1.9% while Nikkei ended 1.8% higher. Meanwhile Shanghai Composite closed 0.9% higher.

The rupee is trading at 83.24 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 58,156 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 1% higher at Rs 69,888 per kg.
 

MOIL hits 10 Year high. Here's why

In news from the mining sector, hares of MOIL hit over a decade high of Rs 256.9 as they surged 12% in Thursday's intraday trade after Quant Mutual Fund (MF) acquired 1.1 million equity shares of the company via the open market on Wednesday.

On 11 October, Quant MF Gilt Fund purchased 1.1 million equity shares, representing 0.5% of the total equity of MOIL, via a block deal on the NSE, the exchange data shows. The mutual fund bought shares for Rs 226.8 per share. The names of the sellers were not ascertained immediately. Shares of the state-owned MOIL were trading at their highest level since December 2010. It had hit a record high of Rs 295 touched on 15 December 2010.

MOIL achieved the best-ever six-monthly performance during April-September 2023 (H1-FY24). Production of Manganese ore jumped to 8.15 lakh MT in H1-FY24, registering a growth of 45% over the corresponding period last year (CPLY).

Production of 1.35 lakh MT in September was the best-ever production for any September month since inception.

The company is poised to benefit from the rare mineral race. 
 

Why PCBL share price is rising

Moving on to news from the carbon black sector, Shares of PCBL rallied 7% on 12 October 2023 to a 52-week high after the company was granted two patents for inventions related to specialty-grade and surface-modified carbon black.

The first patent, IN444448, is for a process that modifies speciality-grade carbon black for use in inks and coating applications. The second patent introduces an innovative carbon black composition aimed at enhancing fuel efficiency and tire longevity.

So far this year, PCBL's shares have experienced a noteworthy surge of approximately 60%, vastly outperforming the Nifty 50's 8% rise. This includes an impressive 80% jump in the last six months alone.

Promoters held a 51.4% stake in the company as of the April-June quarter.

FIIs and FPIs increased their holdings from 0.2% to 6.5% in the quarter. Mutual Funds also raised their holdings by 1% to 6%. The company has a debt-to-equity ratio of 0.33, implying that its assets are financed mainly through equity.
 

KP Energy's new order win

Moving on to news from the energy sector, KP Energy's share price rose more than 4% intraday on 12 October 2023 after the company received a new order from Aditya Birla Renewable Energy.

The order is for the development of a 23.1 MW wind capacity forming part of the wind-solar hybrid power project to be connected to the existing 140MW power evacuation facility at Fulsar PSS.

The project includes the installation of a Suzlon-made wind-operated electricity generator each of model S120 having a rated capacity of 2100 kW.

KP Energy will be responsible for providing a range of services, including engineering, procurement, construction, and commissioning (EPCC) for the project.

The project is scheduled to be completed in 2024-25.


More By This Author:

Sensex Today Trades Lower; TCS & Nestle Top Losers
Sensex Today Rallies 567 Points; 4 Reasons Why Indian Share Market is Rising
Sensex Today Trades Higher; Tata Motors, M&M Top Gainers

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

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments