After opening the day on a negative note, Indian share markets swung between gains and losses to end flat.

Benchmark indices witnessed volatile trading activity as investors kept a watch on RBI's MPC meeting. While the news of India's services activity growing at its quickest pace in three months arrested a steep fall in the market.

At the closing bell, the BSE Sensex stood lower by 34 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 5 points (up 0.03%).

Tata Steel, Hindalco, and UPL were among the top gainers today.

Apollo Hospital, Tata Motors, and Reliance, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,975, up by 60 points, at the time of writing.

Broader markets settled on a firm note. The BSE MidCap gained 0.1% while the BSE SmallCap index ended 0.3% higher.

The sectoral indices ended on a mixed note with stocks in the metal sector, banking sector, and realty sector witnessing heavy buying.

While stocks in the healthcare sector and telecom sector witness maximum selling pressure.

Shares of United Breweries, Apollo Tyres, and Cummins India hit their 52-week highs today.

Asian share markets ended on a positive note.

The Hang Seng rose 4.5% extending sharp gains, while the Shanghai Composite index rallied 1.8%. The Nikkei edged higher by 0.2%.

US stock futures were trading on a negative note. Dow futures are trading down by 0.3% while Nasdaq futures are down by 0.2%.

The rupee is trading at 81.7 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.5% at Rs 54,132 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.8% at Rs 66,962 per Kg.
 

L&T bags order from National High-Speed Rail Corporation

In news from the engineering sector, Larsen & Toubro was in focus today.

Larsen & Toubro's construction arm has received an order from the National High-Speed Rail Corp. Ltd. (NHSRCL) to build the Sabarmati Depot (MAHSR - D-2) in Gujarat for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project, led by Sojitz Corporation of Japan.

The major project is worth between Rs 25 and Rs 50 billion (bn).

The MAHSR -D-2 project includes design, supply, building, and testing.

It involves putting in place the many specialized tools needed to check and repair the rolling stock based on the tried-and-true Shinkansen technology at the depot, which spans an area of around 82 hectares.

Commenting on it, L&T, in exchange filing said,

Upon completion, will be the biggest depot in India for this purpose. It is already executing civil viaduct and station packages C4, C5 & C6, special steel bridges packages P4(X) & P4(Y) and ballast less track works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. It operates in over 50 countries worldwide.

The company 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.
 

Why Adani Enterprises Shares are Falling

Moving on, Adani Enterprises was among the top buzzing stocks today.

The share price of Adani Enterprises tumbled 2.5% intraday after the Adani Group increased the borrowing limit of its airport arm.

Adani Airport Holdings (AAHL) has raised funds from Rs 140 billion (bn) to Rs 16.5 bn to expand its eight airports nationwide.

It currently operates seven airports in Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. Additionally, it is constructing Navi Mumbai Airport, scheduled to open at the end of 2024.

At least 90% of these loans were obtained as intercorporate deposits at interest rates ranging from 8% to 13.5% from other Adani Group firms, including Adani Enterprises, Adani Properties, and Adani Rail Infra.

It obtained a three-year external commercial borrowing facility from Standard Chartered Bank and Barclays Bank in May of this year for US$250 m (about Rs 1,950 crore). This has a $200 m additional fundraising possibility.

By 2027, the seven operating airports owned and operated by the Adani Group would be able to handle 75 million passengers.

With a 1,528% rise in the stock price in the last two years, Adani Enterprises is among the top 5 best-performing stocks since the March 2020 crash.
 

Vodafone Group CEO to step down

Moving on to the news from the telecom sector, Vodafone Idea was among the top buzzing stocks.

Britain's Vodafone Group Monday announced that Chief Executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief Margherita Della Valle.

Following the update, the shares of Vodafone Idea fell by 1.2%.

Nick Read will be available as an adviser to the Board until 31 March 2023.

Margherita Della Valle, who has been appointed interim Group Chief Executive, will accelerate the execution of the company's strategy to improve operational performance and deliver shareholder value

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