After opening the day lower, Indian share markets continued the downtrend as the session progressed and ended the day lower.Indian benchmark indices declined on Tuesday as investors took home profits after solid gains in 2023, rising Covid-19 cases in the country, and mixed trends in the Asian market.At the closing bell, the BSE Sensex stood down by 379 points (down 0.5%).Meanwhile, the NSE Nifty closed lower by 76 points (down 0.3%).Cipla, Coal India, and Adani Ports were among the top gainers today.Eicher Motors, M&M, and L&T on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,752, down by 92 points, at the time of writing.Broader markets ended on a positive note. The BSE MidCap index and BSE SmallCap index ended marginally lower.Sectoral indices ended mixed with stocks in the energy sector and metal sector witnessing most of the buying. Meanwhile stocks in the realty sector and auto sector witness selling.Shares of Lupin, Cipla, and Tata Chemicals hit their respective 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended mixed. The Shanghai Composite ended 0.4% lower, while the Nikkei index ended 0.2% lower. Meanwhile, Hang Seng tanked 1.5%.The rupee is trading at 83.3 against the US$.Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 63,568 per 10 grams.Meanwhile, silver prices are trading 0.6% higher at Rs 74,850 per 1 kg.
Why Vodafone Idea Share Price is fallingIn news from the telecom sector, Vodafone Idea today denied that it was in talks with Elon Musk-promoted Starlink to manage its services in India.Following the clarification, the stock, which had run up significantly on the rumor, plunged over 4%.Several news reports last week claimed that the government could sell its 33% stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink.Earlier, stock exchanges had sought a clarification from the company on the circulating news.Plagued by a high debt burden, the company has been seeking fresh fund infusion from various sources, including promoters Aditya Birla Group and Vodafone.Both promoters were expected to bring in the funds by the end of the October-December quarter. However, that has not materialized so far.
Alok Industries Soars 20%. Here’s why.Moving on to news from the textile sector, shares of Alok Industries soared 20% and were locked in its upper circuit at Rs 25.8, also its highest level in 52 weeks, on 2 January after Reliance Industries Ltd (RIL) subscribed to non-convertible redeemable preferential shares worth Rs 33 billion (bn).The preferential shares were issued at a dividend rate of 9% on a private placement basis to RIL. Moreover, the preferential shares will also be redeemable at par at any time within a period not more than 20 years from the date of allotment.Reliance Industries is also a promoter in the textile manufacturing company. Back in 2020, RIL, along with JM Financial Asset Reconstruction acquired Alok Industries after the latter was auctioned through bankruptcy proceedings to recover its outstanding dues to creditors.As of the end of the September quarter, RIL held a 40% stake in Alok Industries, while JM Financial Asset Reconstruction Co. owned a 34.9% stake.
Ashok Leyland Skids 4%Moving on to news from the auto sector, shares of Ashok Leyland traded 4% lower to Rs 179 at mid-day on 2 January after the company reported a 10% decline in its total sales in December.During the month, the bus and truck manufacturer sold 15,323 units, against 17,112 units in December 2022.The sales of Medium and Heavy Commercial Vehicles (MHCV) declined 12% to 10,800 units from 12,262 units during the same month last year.In the segment, the company sold 8,485 trucks in December 2023, a steep 16% less than the 10,143 trucks sold in December 2022.Its light commercial vehicle segment also witnessed a drop, falling 6% during the month to 5,524 units from 5,876 units in the corresponding month.In December, the Chennai-headquartered company sold 2,315 busses, up 9% from 2,119 units in 2022.Last month, the automobile major increased its stake in Optare Plc UK to about Rs 6.6 bn. The company now has 92.2% of the company from the previous 91.6%.
Certain indicators show Ashok Leyland can scale new heights in 2024. The company is also a beneficiary of Modi’s Rs 576 Billion e-Bus Scheme.More By This Author:Sensex Today Trades Lower; M&M, L&T Top LosersSensex Today Ends 170 Points Lower; SBI & ONGC Top LosersSensex Today Trades Lower; NTPC, SBI Top Losers
