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Sensex Today Ends 65 Points Lower | Laxmi Organic Falls 4% | Tech Mahindra & HCL Tech Top Losers

Thu, 12 Oct Closing

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After opening the day on a negative note, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices snapped their two-day winning streak as weak quarterly result by Tata Consultancy Services (TCS) in Q2-FY24 took investor fund away from IT pack.

At the closing bell, the BSE Sensex stood higher by 65 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.1%).

Coal India and BPCL were among the top gainers today.

HCL Tech and Tech Mahindra were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,854, up by 24 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on mixed with stocks in the metal sector and oil & gas sector witnessing buying. Meanwhile stocks in It sector and realty sector witnessed selling pressure.

Shares of Angel Broking and Bosch hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a positive note. The Hang Seng rose 1.9% while Nikkei ended 1.8% higher. Meanwhile Shanghai Composite closed 0.9% higher.

The rupee is trading at 83.24 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 58,156 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 1% higher at Rs 69,888 per kg.

Speaking of stock markets, if someone had told me back in March 2020 that the Indian stock market could give rise to multiple 10-bagger stocks over the next 3-5 years, I would have had a hard time believing it.

Even harder to believe would have been the prediction that Gujarat Mineral Development Corporation or GMDC as it is popularly known as, would be one of the 10-baggers.

Yes, that's right. GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then. So, it has gone one step ahead and has ended up being an impressive 12-bagger.

To be honest, the movement in the stock price has caught most investors by surprise. However, is the euphoria justified? Have the valuations run far ahead of fundamentals?

Cohead of Research, Rahul Shah answers this in the below video.

MOIL hits 10 Year high. Here's why

In news from the mining sector, hares of MOIL hit over a decade high of Rs 256.9 as they surged 12% in Thursday's intraday trade after Quant Mutual Fund (MF) acquired 1.1 million equity shares of the company via the open market on Wednesday.

On 11 October, Quant MF Gilt Fund purchased 1.1 million equity shares, representing 0.5% of the total equity of MOIL, via a block deal on the NSE, the exchange data shows. The mutual fund bought shares for Rs 226.8 per share. The names of the sellers were not ascertained immediately. Shares of the state-owned MOIL were trading at their highest level since December 2010. It had hit a record high of Rs 295 touched on 15 December 2010.

MOIL achieved the best-ever six-monthly performance during April-September 2023 (H1-FY24). Production of Manganese ore jumped to 8.15 lakh MT in H1-FY24, registering a growth of 45% over the corresponding period last year (CPLY).

Production of 1.35 lakh MT in September was the best-ever production for any September month since inception.

The company is poised to benefit from the rare mineral race. For more, check out the Top 5 Indian Companies to Watch Out for in the Rare Mineral Race.

Why PCBL share price is rising

Moving on to news from the carbon black sector, Shares of PCBL rallied 7% on 12 October 2023 to a 52-week high after the company was granted two patents for inventions related to speciality-grade and surface-modified carbon black.

The first patent, IN444448, is for a process that modifies speciality-grade carbon black for use in inks and coating applications. The second patent introduces an innovative carbon black composition aimed at enhancing fuel efficiency and tire longevity.

So far this year, PCBL's shares have experienced a noteworthy surge of approximately 60%, vastly outperforming the Nifty 50's 8% rise. This includes an impressive 80% jump in the last six months alone.

Promoters held a 51.4% stake in the company as of the April-June quarter.

FIIs and FPIs increased their holdings from 0.2% to 6.5% in the quarter. Mutual Funds also raised their holdings by 1% to 6%. The company has a debt-to-equity ratio of 0.33, implying that its assets are financed mainly through equity.

KP Energy's new order win

Moving on to news from the energy sector, KP Energy's share price rose more than 4% intraday on 12 October 2023 after the company received a new order from Aditya Birla Renewable Energy.

The order is for the development of a 23.1 MW wind capacity forming part of the wind-solar hybrid power project to be connected to the existing 140MW power evacuation facility at Fulsar PSS.

The project includes the installation of a Suzlon-made wind-operated electricity generator each of model S120 having a rated capacity of 2100 kW.

KP Energy will be responsible for providing a range of services, including engineering, procurement, construction, and commissioning (EPCC) for the project.

The project is scheduled to be completed in 2024-25.

For more, check out the top renewable energy stocks in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers