Sensex Today Falls 215 Points Ahead Of US Fed Rate Decision; Nifty Ends Below 18,100; IT & Realty Stocks Witness Selling

After opening the day on a flat note, Indian share markets slipped into the red and traded in negative territory throughout the session.

Benchmark indices had a subdued day and ended lower as investors chose to wait for the Fed's signal on the course of future rate hikes.

Sectoral indices did not see a lot of swings today. Realty and IT indices traded in the negative zone and topped the list of laggards. Metal and healthcare, on the other hand, ended in green with decent gains.

At the closing bell, the BSE Sensex stood lower by 215 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 71 points (down 0.4%).

Both benchmarks recorded their decline after four consecutive days of rising.

Hindalco, Sun Pharma, and ITC were among the top gainers today.

Bharti Airtel, Apollo Hospital, and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,152, down by 104 points, at the time of writing.

The BSE Midcap index ended lower by 0.1% while the BSE SmallCap index ended higher by 0.2%.

Sectoral indices ended on a mixed note with stocks in the energy sector, metal sector, and healthcare sector witnessing most of the buying.

On the other hand, stocks from the realty sector, telecom sector, and power sector witnessed selling pressure.

Shares of Torrent Pharma, ITC, and Coal India hit their 52-week highs today.

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ended the day lower by 0.1%, while the Hang Seng inched 2.4% higher. The Shanghai Composite ended 1.2% higher.

The rupee is trading at 82.8 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.5% at Rs 50,502 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 58,846 per 1 kg.

Speaking of stock markets, the Nifty has crossed the 18,000 mark. But there are a lot of questions. Will it stay above the mark? What stocks are driving the rally?

HDFC and HDFC Bank shares are up by more than 4% in the last couple of trading sessions.
 

Bharti Airtel Achieves Customer Milestone in 5G Space

In the news from the telecom sector, Bharti Airtel was among the top buzzing stocks today.

The telecom giant on Wednesday crossed the 1 m unique 5G user mark on its network. The company has achieved this milestone in less than 30 days of its commercial launch.

Commenting on this success, Chief Technology Officer of Bharti Airtel, Randeep Sekhon, said,

Our network is being built every day even as all 5G devices are now capable of working on the Airtel 5G Plus network barring a few exceptions, which should be done in the coming weeks. We will continue to advance our network with a vision to connect the entire country.

Airtel began offering 5G services in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi earlier this month.

As the corporation continues to build its network and complete the distribution, the services are being introduced in these cities gradually.

In addition to 20 to 30 times faster speeds than the existing speed, the company also guarantees excellent sound quality and lightning-quick call connections.

Airtel 5G Plus will provide quick access to high-definition video streaming, gaming, multiple chats, immediate photo uploads, and more.

Speaking of 5G sector stocks, here's how India's most popular 5G stocks are performing in 2022.

With improving quarterly numbers and 5G plans, shares of Bharti Airtel are up by 17% so far in 2022.

chart


JSW Group Bets Big on Karnataka

The JSW Group disclosed its ambition to invest Rs 1 tn in all of its Karnataka-based companies over the next five years at the Global Investors Meet in Bengaluru.

In addition to the corporation's investment of Rs 1 tn in the state, it is also planning to invest in steel, green energy, cement, paints, and a new greenfield port in Karnataka.

India is already experiencing supply-side restrictions that are outweighing the demand.

Commenting on it, the Chairman of JSW Group, Sajjan Jindal, said,

Minerals like iron ore will not always be needed to produce steel, and hence these assets must be monetised at the earliest. Mineral auctions will further encourage investments in the manufacturing sector and support Karnataka's growth trajectory.

The company has budgeted Rs 200 bn for capital expenditure for 2023. The company runs a steel mill in the Bellari district of Karnataka and a production facility in Vijayanagar. The manufacturing operation in Vijayanagar is India's largest single-location integrated steel-making facility, with a current capacity of 12 m tons per annum.

Representing a state with various opportunities has made Karnataka one of the most preferred investment destinations in India for the company.

JSW Group is an Indian multinational conglomerate diversified into steel, energy, and cement.
 

DCX Systems IPO Receives Strong Response

Moving on to the news from the IPO space, DCX Systems IPO got 40 times subscribed on the final day.

On 2 November 2022, the final day of bidding, investors bid for 582.5 m shares against an offer size of 14.5 m, exceeding the IPO's subscription size 40.1 times.

Since day one, retail investors have continued to lead the way, purchasing their quota 51.1 times.

The non-institutional investors have also continued to participate, subscribing to shares 33.9 times, while the quota for eligible institutional purchasers was purchased 39.6 times.

Through its public offering, DCX Systems hopes to raise Rs 5 bn at a price range of Rs 197-207 per share. A fresh issue of Rs 4 bn and an offer-for-sale of Rs 1 bn are included in the offer, which expires on November 2.

The corporation will use the newly issued money for general corporate objectives, working capital needs, capex investments in subsidiaries, and debt repayment.


More By This Author:

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Sensex Today Zooms 500 Points To Reclaim 61,000; Pharma Stocks Rally; Divi's Lab & NTPC Top Gainers

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

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