Sensex Today Trades Lower; Tata Steel & Coal India Top Losers

Asian shares kicked off Thursday on a bearish note as another surge in the US treasury yields soured the sentiments ahead of the Fed Chair's commentary due later today.

The MSCI's fell 0.8%, the Nikkei index was down 1.5% and China's Shanghai fell 0.5%.

US stocks ended sharply lower on Wednesday, with the S&P 500 and Nasdaq falling more than 1 percent each, as Treasury yields rose again, and investors assessed the latest batch of quarterly corporate results and forecasts.

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

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 139.28 -1.71 -1.21% 141.99 138.71 142.38 83.45
Apple 175.84 -1.31 -0.74% 177.58 175.11 198.23 124.17
Meta 316.97 -7.03 -2.17% 325.94 315.56 330.54 88.09
Tesla 242.68 -12.17 -4.78% 254.63 242.08 299.29 101.81
Netflix 346.19 -9.53 -2.68% 354.79 344.73 485 252.09
Amazon 129.64 -1.83 -1.39% 130.67 127.51 145.86 81.43
Microsoft 330.11 -1.95 -0.59% 335.59 328.3 366.78 213.43
Dow Jones 33665.08 -332.57 -0.98% 33991.51 33598.64 35679.13 30206.28
Nasdaq 14909.26 -212.75 -1.41% 15103.87 14865.81 15932.05 10632.39

Data Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

At present, the BSE Sensex is trading down by 300 points. Meanwhile, the NSE Nifty is trading 83 points lower.

Bajaj Auto and BPCL are among the top gainers today.

Wipro and Tata Steel on the other hand are among the top losers today.

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

Barring realty stocks, sectoral indices are trading mixed with stocks in the auto sector and telecom sector witnessing buying. Meanwhile, stocks in the realty sector and the metal sector are witnessing selling pressure.

The rupee is trading at Rs 83.27 against the US dollar.

In commodity markets, gold prices are trading 0.4% lower at Rs 59,856 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 71,689 per 1 kg.

Bajaj Auto Q2 Results

The consolidated net profit of Bajaj Auto for the second quarter of the current financial year (Q2FY24) saw a rise of 17.5% to Rs 20.2 bn, compared to Rs 17.2 bn for the corresponding quarter of the previous year.

Sequentially, the net profit was up 22.9%. In Q1FY24, the net profit of the company was Rs 16.4 bn.

The revenue from operations for Q2FY24 came in at Rs 108.4 bn, compared to Rs 102.0 bn year-on-year (YoY), which is a rise of 6.2%.

The total income for Q2FY24 came in at Rs 112.1 bn, compared to Rs 105.4 bn YoY, rising 6.4%.

It has surplus funds of Rs 173.3 bn as of 30 September 2023. Amid volatile market conditions, the company's exports gradually recovered as it volumes up 8% sequentially.

Investor sentiment around Bajaj Auto has received a boost due to falling raw material prices. So, Is Bajaj Auto the Next Big Growth Story in the Indian Auto Industry?

LTIMindtree Q2 Profit Declines

The country's sixth biggest IT services company by revenues, LTIMindtree, on 18 October 2023, reported a decline in the September quarter net profit at Rs 11.6 bn. The city-headquartered company had a net profit of Rs 11.9 bn in the year-ago period, and the same stood at Rs 11.5 bn in the preceding June quarter.

Its overall revenues grew 8.2% to Rs 89.1 bn for the reporting quarter, from Rs 82.3 bn in the year-ago period and Rs 87 bn in the June quarter.

However, there was a sharper contraction in the operating profit margin to 16%, as against 17.5% in the year-ago period, which seems to have been the biggest reason for the decline in the overall profits.

The deal pipeline is also flowing, and the company reported new wins of US$ 1.3 bn for the reporting quarter.

The overall employee base increased to 83,532 at the end of September, which was up from 82,738 in June but down from 86,936 in the year-ago period.

The company stands among the Top 5 Companies That Have the Potential to Create Lasting Generational Wealth.

Coal India Push for UG Mines

Coal India Limited (CIL) is planning to scale up production from its underground (UG) mines to 100 Million Tons (MT) by 2030 through a slew of mass production technologies alongside a revenue-sharing model with private entrepreneurs.

Till 17 September 2023, CIL, the largest coal-producing company in the world, had produced about 12 MT of coal from underground coal mines.

The thrust by the CIL on increasing output from UG mines comes at a time when 96% of its output was from open cast (OC) mines.

Along with eco-concerns, the pursuit of UG mining by CIL is also signaled by necessity, as at the current rate of production mineable coal reserves of existing OC mines will soon approach their ultimate pit level.

This Maharatna company contributes 80% of the country's coal production. It supplies more than 80% of its production to the power sector.


It is poised to benefit from the rare mineral race. 

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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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