Benchmark indices recovered early losses and ended higher for the second consecutive session supported by power, metals and oil and gas stocks.
The BSE Sensex rose 478 points (up 0.8%) at the closing bell.
Meanwhile, the NSE Nifty closed with a gain of 152 points (up 0.9%).
IOC and Titan were among themToday’s Top Beneficiaries.
On the other hand, IndusInd Bank and Divi’s Laboratories were among the top losers today.
At the time of writing the news, SGX Nifty was trading 209 points higher at 18,126.
In the afternoon trade, IT stocks rose with gains in broader markets.
Both midcap and smallcap indices witnessed hectic activity with many stocks indicating a move towards a good festive season.
The BSE Midcap index and BSE Smallcap index ended up 1.3% and 0.9%, respectively.
The sectoral index ended on a positive note with stocks in the oil and gas sector, consumer durables and power sector witnessing most of the buying interest.
Healthcare stocks, on the other hand, witnessed selling pressure.
Muthoot Finance and Shriram Transport shares hit their respective 52-week highs today.
Asian stock markets today closed with a mixed trend.
The Hang Seng closed down 0.4%, while the Shanghai Composite was down 0.2%. The Nikkei closed down 0.4% in today’s session.
US Stock Futures is trading on a positive note today, with Dow Futures trading up 64 points.
The rupee is trading at 74.02 against the US dollar.
Gold prices are trading lower by 0.1% for the latest contract on MCX ₹47,945 per 10 grams.
Coming to the stock markets, Vijay Bhambwani shares his top 2 investment ideas for Diwali 2022 in his latest video for Fast Profit Daily. you can see video here.
In engineering sector news, Inox Wind was one of the most talked about stocks today.
Inox Wind share price rose 4.4% on BSE today after the company received an order from NTPC Renewable Energy for its wind power project in Gujarat.
The company has received an order for a 150 megawatt (MW) wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC, to be commissioned in the state of Gujarat.
The project will be implemented on turnkey basis at Dayapar in Kutch district and is to be commissioned by April 2023.
Inox Wind CEO Kailash Tarachandani said in a statement,
We are very excited to receive this prestigious project from NTPC. This being a double order of NTPC, Inox Wind executed a 50 MW turnkey wind project for NTPC in Gujarat a few years back, which speaks volumes about Inox Wind’s credentials and capabilities.
We look forward to be a long-term and reliable supplier to NTPC and partner in NTPC’s vision to achieve its ambitious renewable energy target. This is also the largest order placed by a PSU in recent times.
Inox Wind will supply and install the DF113/92 – 2.0 MW capacity wind turbine generator with 113 m rotor diameter and 92 m hub height.
Common infrastructure facilities such as a 220 kilovolt (kV) pooling substation and an extra-high voltage transmission line have already been commissioned at Dayapar and thus the project will be executed on a plug and play basis with a shorter duration.
Inox Wind will also provide comprehensive operation and maintenance for the life of the project.
Inox Wind’s share price on the BSE rose 3.3% at the end of the day.
Moving on to the news of the pharma sector…
Divis Labs falls 9% on weak operating performance in September quarter
Divi’s Laboratories slips 9% ₹The company’s earnings before interest, tax, depreciation and amortization (EBITDA) margin of 4,751 in today’s intra-day trade on BSE contracted by 180 basis points year-on-year (YoY) to 41.5% higher in the September quarter on account of higher other expenses or employee expenses. Cost.
The pharmaceutical company’s stock had reached a 52-week high ₹5,425 on 18 October 2021.
During the second quarter of fiscal year 2022, Divi’s Labs’ profit after tax (PAT) increased by 17% to 17%. ₹6.1 billion against PAT ₹5.2 billion in the same quarter of the previous fiscal.
Revenue also up 13.6% ₹to 19.9 billion ₹17.5 billion in the year-ago quarter.
The company posted earnings in Q2 on the back of strong offtake in the Custom Synthesis (CS) segment and a pick-up in the nutraceuticals segment.
However, the firm lowered its FY22 expected earnings per share (EPS) estimate by 5% to reflect some slowdown in volatility related to the generic segment and higher operating costs.
Divi’s Laboratories share price declined 5.5% on the day on BSE.
Speaking of stocks, there is a pattern here that if you see it, you must sell your position. After all, exits are more important than entries.
In the chart below, we can see the head and shoulders pattern – stock goes up, makes higher, falls slightly, moves to higher high, doesn’t make higher low, rallies again, rallies to a new Fails to build high, and then begins to crumble.
see full image
This usually happens in a situation where the stock or index is usually in a bull trend for some time. Finding it the right way can help you save money.
This article is syndicated from equitymaster.com
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.