Sensex Today Recovers 600 Points From Day's Low

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After opening the day on a negative note, Indian share markets staged a smart recovery in the second half of the session and ended the day higher.

Benchmark indices ended in green on Monday as investors awaited India's consumer price inflation (CPI), or retail inflation, prints for the month of July which is expected to see an uptick because of the recent rise in vegetables, pulses, and cereals prices.

At the closing bell, the BSE Sensex stood higher by 79 points (up 0.1%).

Meanwhile, the NSE Nifty closed up by 6 points.

HUL and Infosys were among the top gainers today.

SBI and Hindalco on the other hand, 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 19,479, marginally lower, at the time of writing.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading 0.6% lower and the BSE Small Cap index is trading 0.5% lower.

Sectoral indices ended on a mixed note with stocks in the IT sector and FMCG sector witnessing most of the buying.

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

Shares of ONGC and Trent India hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a negative note. The Nikkei ended lower by 1.3%, while the Hang Seng ended 1.6% lower. The Shanghai Composite ended 0.3% lower.

The rupee is trading at 83 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 58,905 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.2% higher at Rs 70,090 per kg.
 

L&T to construct cricket stadium

In news from the engineering sector, the buildings and factories business arm of Larsen & Toubro (L&T) construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket Stadium in Varanasi on a Design & Build Turnkey basis.

The seating capacity of the stadium will be for 30,000 spectators and as a part of the contract, the business will also build various key facets of the stadium, such as the main ground as per International Cricket Council standards, display scoreboard, flood lights, corporate boxes, VIP lounges and office areas.

The total site area under development is slated to be 30.67 acres.

The company has also secured an order from the Bangladesh Hi-Tech Park Authority, where it will construct Hi-Tech IT Parks at four locations across Bangladesh.

The project is funded by Export-Import Bank (EXIM Bank).

As part of the project, L&T will construct seven storied structural steel buildings at eight locations across districts in Cox's Bazar, Chattogram, Cumilla and Sylhet in Bangladesh.

L&T is a US$ 23 bn multinational engaged in engineering procurement and construction (EPC) projects, hi-tech manufacturing, and services in over 50 countries.

Note that L&T 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.

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In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. 
 

Why PVR Inox share price is rising

Moving on to news from the media sector, shares of PVR Inox traded nearly 2% higher after the multiplex chain reported the highest-ever daily and weekend admissions and box office collections.

Over the weekend, PVR Inox reported that the chain had entertained around 33.6 lakh guests and earned a box office revenue of more than Rs 1 bn. The company reported that it achieved the highest-ever admissions and box office in a single day across its circuit on 13 August 2023, with 12.8 lakh guests and a gross box office revenue of Rs 395 m.

The box office picked up pace in May with hits across Indian and Hollywood releases. The momentum continued into June.
 

SpiceJet Q1 results

Moving on to news from the airlines' sector, SpiceJet flew back into the black in the first quarter of 2023-24 after reporting a loss in the fourth quarter of 2022-23, as the cash-strapped airline announced the earnings for the two quarters together.

The Gurugram-based airline reported a net loss of Rs 620 m for the March quarter of FY23 and a net profit of Rs 1.9 bn for the June 2023 quarter.

A fall in Aviation Turbine Fuel (ATF) seen during April-June 2023 directly contributed to SpiceJet reporting a profit during the quarter.

The airline's Aviation turbine fuel cost halved when compared to the year during the quarter.

ATF prices during April-June fell to around Rs 89,303 per Kilo Litre in June 2023 compared to Rs 1,41,233/kg in the same period last year.

The total revenue from operations for the January-March 2023 quarter came in at Rs 21.5 bn, higher than Rs 18.7 bn reported in the year-ago quarter.

The revenue for the Q1FY24 came in at Rs 20 bn, 18.5% lower from Rs 24.6 bn in the same period a year ago.

The airline did not share its available seat miles (ASKM) for the last two quarters.


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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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