Sensex Today Trades Lower; Nifty Below 22,350

Asian markets largely fell on Tuesday after China set a five percent annual growth target and Wall Street shares dropped ahead of the release of key US economic indicators.

Tokyo and Hong Kong dipped at the open, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000 points for the first time.

Wall Street retreated on Monday as investors locked in profits after recent rallies fuelled by tech optimism.

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 134.2 -3.88 -2.81% 136.63 132.86 155.2 89.94
Apple 175.1 -4.56 -2.54% 176.9 173.79 199.62 147.61
Meta 498.19 -4.11 -0.82% 504.42 496.42 504.42 174.82
Tesla 188.14 -14.5 -7.16% 199.75 186.72 299.29 152.37
Netflix 615.83 -3.51 -0.57% 624.42 615.08 624.42 285.33
Amazon 177.58 -0.64 -0.36% 180.14 177.49 180.14 88.12
Microsoft 414.92 -0.58 -0.14% 417.35 412.32 420.82 245.73
Dow Jones 38989.83 -97.55 -0.25% 39087.86 38913.3 39282.28 31429.82
Nasdaq 18226.48 -76.43 -0.42% 18313.43 18218.25 18333.26 11695.41

Source: Equitymaster

At present, the BSE Sensex is trading 127 points lower and NSE Nifty is trading 29 points lower.

Tata Motors, UPL, and Bajaj Auto are among the top gainers today.

TCS, HCL Tech, and Infosys on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Midcap index is trading 0.3% and the BSE Small Cap index is trading flat.

Sectoral indices are trading positive, with socks in the auto sector and the realty sector witnessing buying. Meanwhile, stocks in the media sector and banking sector witnessed selling pressure.

The rupee is trading at Rs 82.88 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 63,370 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 73,262 per 1 kg.0

Tata Motors Demerger

Tata Motors Ltd (TML) on 4 March informed the stock exchanges of its decision to demerge its businesses into two separate listed entities, namely the commercial vehicles (CV) and passenger vehicles (PV) businesses.

The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses to pursue their respective strategies to deliver higher growths with greater agility while reinforcing accountability.

Over recent years, Tata Motors' CV, Passenger Vehicles (PV+EV), and Jaguar Land Rover (JLR) businesses have implemented distinct growth strategies and since 2021, these businesses have been functioning independently under their respective CEOs.

The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of TML shall continue to have identical shareholding in both the listed entities.

While there are limited synergies between Commercial Vehicles and Passenger Vehicles businesses, there are considerable synergies to be harnessed across PV, EV, and JLR, particularly in the areas of EVs, autonomous vehicles, and vehicle software, which the demerger will help secure.

Tata Motors overpowers Maruti Suzuki to become the largest auto company by market cap. 

Cyient Partners With MassMedic

Cyient, a global Intelligent Engineering and Technology solutions company, on Monday, announced its membership with the Massachusetts Medical Device Industry Council (MassMedic), which is the largest regional MedTech association in the United States.

Cyient's proven track record in delivering end-to-end solutions will empower MedTech companies to navigate the complexities of the healthcare market more efficiently.

As part of the partnership, Cyient and MassMedic will launch a series of initiatives aimed at addressing critical challenges in the MedTech sector. These will include collaborative workshops, thought leadership sessions, and innovation-driven projects designed to foster technological advancements and encourage knowledge sharing among industry leaders.

This partnership is expected to yield substantial benefits for the MedTech community, enhancing the development and deployment of cutting-edge medical technologies that can lead to better health outcomes worldwide.

RBI bars IIFL Finance From Disbursing Gold Loans

The Reserve Bank of India (RB) on 4 March asked IIFL Finance to stop sanctioning or disbursing gold loans with immediate effect after observing certain material supervisory concerns in the company's gold loan portfolio.

Explaining the action, the central bank said an inspection of the company was carried out by the RBI concerning its financial position as of 31 March 2023, which revealed certain material supervisory concerns were observed in the gold loan portfolio of the company.

These include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default, breaches in Loan-to-Value ratio (LTV), significant disbursal and collection of loan amount in cash far over the statutory limit among others.

Further, the RBI inspection revealed non-adherence to the standard auction process and a lack of transparency in charges being levied to customer accounts, etc.

According to the central bank, over the last few months, the RBI has been engaging with the senior management and the statutory auditors of the company on these deficiencies.

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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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