Indian share markets witnessed selling pressure throughout the trading session and ended lower for the third straight day.

Benchmark indices continued the downtrend and fell on Friday due to weak trends in global markets and soaring crude oil prices.

The sentiment was weak also because the 10-year US Treasury bond yields hit the 5% threshold.

Meanwhile, FII outflows dampened investor sentiment.

FIIs have continued their profit-booking spree and six sectors have been affected the most with the power sector seeing the highest selling of Rs 20.7 bn.

At the closing bell, the BSE Sensex stood lower by 232 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 82 points (down 0.4%).

Kotak Mahindra Bank, IndusInd Bank, and TCS were among the top gainers today.

ITC, Tata Steel, and HUL, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,520, down by 35 points, at the time of writing.

The BSE MidCap index fell 1% while the BSE SmallCap index ended lower by 0.8%.

All sectoral indices ended in red with stocks in the FMCG sector, metal sector, and power sector witnessing most of the selling.

Shares of Angel Broking, MCX, and Bombay Burmah hit their respective 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 in negative territory. The Shanghai Composite fell 0.7% while the Nikkei fell 0.5%.

The rupee is trading at 83.09 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 60,731 per 10 grams.
 

New Railway Order for Titagarh Rail

In the latest developments from the railway sector, Titagarh Rail Systems has bagged a contract worth Rs 3.5 billion (bn) from Gujarat Metro Rail Corporation (GMRC).

Under the pact, the company will design and manufacture 30 standard gauge cars for Ahmedabad Metro Rail Phase-II Project.

The prototype has to be delivered within 70 weeks from Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA.

These metro cars will be manufactured at the company's facility in Uttarpara, West Bengal.

Titagarh Rail Systems is a manufacturer of railway wagons and passenger coaches.

Shares of the company have churned out multibagger returns for investors in 2023.

The company's strong order book along with the government's push to expand rail infrastructure have been the two primary reasons why Titagarh Rail Systems share price is rising.

In May 2022, the company received the single largest order for 24,177 wagons from Indian Railways amounting to Rs 78 billion (bn).

Titagarh receives a large portion of its revenue from the Indian Railways. Yet, its revenue has grown at a meager 4% over the last three years (CAGR). It has also not delivered any profits during the same period.

The company is aiming to participate in more metro orders over the next year. It is looking to diversify its customer profile, which is dominated by Indian Railways at present.
 

Zomato Block Deal

Moving on to news from the food delivery space, shares of Zomato were in focus on Friday following a block deal by SoftBank.

Through its affiliate SVF Growth Singapore Pte, Softbank has reportedly sold a 1.09% stake in Zomato in a bulk deal worth Rs 10.4 bn.

Shares of new-age tech company ended 1.5% higher on the BSE.

SoftBank had a 2.17% stake in the company at the end of the September quarter.

Earlier this year in August, SoftBank had offloaded about a 1.17% stake in Zomato via a block deal, which was valued at Rs 9.5 bn.

SoftBank has been paring its stake in Zomato as the lock-in for the post-Blinkit deal ended in August 2023. As of June end, the Japanese investor, through its affiliate, held a 3.35% stake.

Apart from Zomato, SoftBank has also been reducing stakes in other companies. Earlier this month, it offloaded a partial stake in PB Fintech through a Rs 8.7 bn block deal.

Prior to that in July, it had offloaded about a 2% stake in Paytm.
 

Hindustan Zinc Q2 Results

Hindustan Zinc on Friday reported a 35% decline in its consolidated net profit at Rs 17.3 bn for the quarter ended September 2023.

The company's revenue from operations declined 16% YoY to Rs 66.2 bn as against Rs 81.3 bn in the same quarter of the previous year.

The company's board has approved the pledging of 26% equity held by Hindustan Zinc in Serentica Renewables India 4 (SRIPL 4) in favor of the lenders.

As a part of achieving the goal of 50% greenhouse gas emission reduction by 2030, Hindustan Zinc has already entered into a power delivery agreement with SRIPL 4, which is a subsidiary of SRIPL (Serentica Renewables India) under the captive scheme for delivering round-the-clock renewable power.

During the quarter, the company generated a cash flow of Rs 26.5 bn.

Shares of the company ended over 2% lower on Friday.

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