Sensex Today Trades Lower; IT Stocks Drag

Asian stocks mostly rose on Thursday amid a rally across global equities in the wake of a Federal Reserve decision late Wednesday that inspired confidence over interest rate cuts. Upbeat economic data releases have added to positive sentiment.

Tokyo's Nikkei 225 jumped 2% while Hong Kong's Hang Seng Index advanced 1.9%. The Shanghai Composite, however, fell less than 0.1%.

US stocks climbed on Thursday and added to the previous session's gains, powering the major averages to new record closing levels.

Here's a table showing how US stocks performed on Thursday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 148.74 -0.94 -0.63% 151.31 148.01 155.2 100.28
Apple 171.37 -7.3 -4.09% 177.49 170.84 199.62 155.98
Meta 507.76 2.24 0.44% 515.04 506.01 523.57 197.9
Tesla 172.82 -2.84 -1.62% 178.18 171.8 299.29 152.37
Netflix 622.71 -4.98 -0.79% 634.36 622.33 634.36 293.54
Amazon 178.15 0 0.00% 181.42 178.15 181.42 96.29
Microsoft 429.37 4.14 0.97% 430.82 427.16 430.82 272.05
Dow Jones 39781.37 269.24 0.68% 39889.05 39589.23 39889.05 31805.18
Nasdaq 18320.38 80.27 0.44% 18464.7 18317.1 18464.7 12517.87

Source: Equitymaster

At present, the BSE Sensex is trading 231 points lower and NSE Nifty is trading 69 points lower.

Apollo Hospital, Cipla, and BPCL are among the top gainers today.

Tech Mahindra, Wipro, and Infosys on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading flat and the BSE Small Cap index is trading 0.5% higher.

Sectoral indices are trading mixed, with stocks in the realty sector, and the telecom sector witnessing buying. Meanwhile, stocks in the IT sector, metal sector, and power sector witnessed selling pressure.

The rupee is trading at Rs 83.35 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 66,139 per 10 grams today.

Meanwhile, silver prices are trading 0.6% higher at Rs 74,640 per 1 kg.

L&T's Fund Raising Proposal

Larsen & Toubro yesterday informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27 March 2024, inter alia, to consider and approve fundraising by way of debt issue.

The company is the most respected multinational conglomerate that operates in over 50 countries with unmatched capabilities in all its businesses, including construction, engineering, technology, and manufacturing.

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.

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

Hero MotoCorp Launches EV Ownership Package

Hero MotoCorp, the leading manufacturer of motorcycles and scooters, has launched the Vida Advantage package for its Vida V1 Pro electric scooter. A category-first proposition by Vida, Powered by Hero, the emerging mobility brand of Hero MotoCorp, the Vida Adavnyage package makes EV ownership hassle-free.

The Vida Advantage offers an enhanced ownership experience with benefits and services worth Rs 270 bn, valid for 5 years. This unique after-sales package will be available to customers at no cost till 31 April 2024.

Vida Advantage offers a comprehensive package of benefits to promote EV adoption.

Hero MotoCorp, erstwhile popularly known as Hero Honda is one of India's first motorcycle manufacturers.

The company was incorporated in 1984 and introduced as a technological collaboration with Honda, Japan.

With strong household spending and increased demand for two-wheelers, which two-wheeler stock is leading the race? 

Mazagon dock Shipbuilders to lease land parcel

State-run Mazagon Dock Shipbuilders on Thursday said the company will lease a land parcel measuring 14.55 acres from the Mumbai Port Authority (MbPA) for its Mumbai yard.

MDL's board approved the offer from MbPA, paving the way for the acquisition of the land on a long-term lease basis.

The allotment, effective from 1 April 2024, until 31 March 2053, comes at a total cost of approximately Rs 3.5 bn.

This cost encompasses various components, including the upfront lease premium, expenses related to buildings and structures, as well as GST, stamp duty, and registration charges. MDL is set to make payments towards the allotment cost to MbPA in due course.

Established in 1774 as a small dry dock, Mazagon Dock Shipbuilders has emerged as a renowned shipbuilding company.

It builds vessels, warships, submarines, cargo and passenger ships, and offshore platforms.

More By This Author:

Sensex Today Rallies 540 Points; Hitachi Energy Surges 11%
Sensex Today Rallies 600 Points; Nifty Above 22,000
Sensex Today Ends Higher Ahead Of Fed Outcome

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

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