Sensex Today Trades Lower; Metal & PSB Stocks Shine

Asian shares slipped before a Bank of Japan policy decision where authorities are likely to bring an end to the world's last negative rates regime.

A gauge tracking the region's benchmarks declined, led by tech stocks in Hong Kong and South Korean equities, which both fell over 1%.

US stock market rose Monday as Wall Street looked to a key artificial intelligence conference and awaited new monetary policy guidance from the Federal Reserve.

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

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 148.48 6.31 4.44% 152.93 148.14 155.2 100.28
Apple 173.72 1.1 0.64% 177.71 173.52 199.62 154.15
Meta 496.98 12.88 2.66% 497.42 486.81 523.57 193.64
Tesla 173.88 10.31 6.31% 174.72 165.9 299.29 152.37
Netflix 618.39 12.51 2.06% 627.41 610.45 627.41 293.54
Amazon 174.48 0.06 0.03% 176.69 174.28 180.14 95.7
Microsoft 417.32 0.9 0.22% 420.73 413.78 427.82 269.52
Dow Jones 38790.43 75.66 0.20% 38898.41 38760.79 39282.28 31805.18
Nasdaq 17985.01 176.76 0.99% 18124.32 17973.09 18416.73 12407.82

Source: Equitymaster

At present, the BSE Sensex is trading 366 points lower and NSE Nifty is trading 111 points lower.

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

TCS, BPCL, and Nestle on the other hand are among the top losers today.

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

Sectoral indices are trading mixed, with socks in the metal sector, and the telecom sector witnessing buying. Meanwhile, stocks in the oil & gas sector, IT sector, and auto sector are witnessing selling pressure.

The rupee is trading at Rs 82.94 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 65,685 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 75,625 per 1 kg.

TCS to offer Salary Hike

Tata Consultancy Services (TCS), India's largest IT services firm, is planning to increase salaries by an average of 7-8% for its offsite employees and 2-4% for its onsite staffers in 2024-25. High performers can expect a raise of 12-15%.

The company, which had a headcount of 603,305 as of December 31, 2023, will be closely looking at the promotions, and the process may also get pushed to the first quarter of FY25, revealed a source on condition of anonymity because he is not authorized to speak to the media.

The company recently announced its intention to increase its workforce, countering speculation about potential downsizing. TCS chief executive officer K Krithivasan has talked about TCS's goal of hiring in 2024 during a NASSCOM session, asserting that there are no plans to curtail recruitment efforts.

Krithivasan in his talk addressed concerns about hiring trends.

He affirmed TCS's commitment to its hiring agenda, indicating that while adjustments may be made in the hiring process, there will be no reduction in recruitment initiatives.


Tata Steel to Shut Down Coke Ovens

Tata Steel has decided to cease operations of the coke ovens at its Port Talbot plant in Wales, UK.

The company said the decision followed a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.

The move is part of Tata Steel's transition from an emission-intensive blast furnace technology to low-carbon steelmaking through the electric arc furnace route.

The company said it had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.

On 19 January, Tata Steel announced the closure of Port Talbot's two blast furnaces and coke ovens, following consideration of an alternative proposal from the UK trade unions' representative body and their advisor.

The company agreed to adopt parts of it but said that continued blast furnace operation was neither feasible nor affordable. The transition was expected to result in up to 2,800 potential job losses across the businesses.

Tata Steel today said that it is in advanced consultations with US trade unions on its proposal for the planned restructuring plan.

This involves closing the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking.

The plan involves a £1.25 billion investment in electric arc furnace technology in Port Talbot and asset upgrades.

Lemon Tree Makes Debut in Tripura

Lemon Tree Hotels announced its latest signing - Lemon Tree Hotels, Agartala. The property is expected to open in FY27 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.

Agartala, the capital of the northeastern state of Tripura in India, is steeped in rich history and vibrant culture.

Initially, a small town, Agartala flourished under the rule of the Manikya dynasty and later became a princely state under British colonial rule. Today, it serves as a bustling hub for trade and commerce, with a growing economy driven by sectors such as agriculture, handloom, and tourism.

The city's markets buzz with activity, offering a diverse array of goods, including handicrafts, textiles, and spices.

Lemon Tree Hotels, Agartala will feature 80 well-appointed rooms, two restaurants, a bar, banquet facilities, meeting rooms, a swimming pool, a fitness center, and other public areas.

The Maharaja Bir Bikram Airport is about 11 km from the property, while the Agartala Railway Station is about 6.5 km away. The hotel is connected by both public and private transport from all major cities in India.

This is the first property of Lemon Tree Hotels in Tripura, a state that has several tourist attractions that showcase its natural beauty, cultural richness, and diversity of people along with historical and religious monuments.

More By This Author:

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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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