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Sensex Today Rises 200 Points | Metal Stocks Rally while Pharma Bleed | Tata Motors, Tata Steel & ICICI Bank Top Gainers
Mon, 2 Jan 10:30 am

Sensex Today Rises 200 Points | Metal Stocks Rally while Pharma Bleed | Tata Motors, Tata Steel & ICICI Bank Top Gainers

Asian share markets are trading positively on the first day of 2023.

The Nikkei is trading flat while the Hang Seng is up by 0.2%. The Shanghai Composite is trading higher by 0.5%.

Stocks on Wall Street capped a quiet day of trading with more losses on Friday, as benchmark indices closed the book on the worst year for the S&P 500 since 2008.

Stocks have struggled all year as inflation put increasing pressure on consumers and raised concerns about economies slipping into recession.

The Dow Jones ended lower by 0.2% while the tech heavy Nasdaq Composite ended lower by 1.1%

Here's a table showing performance of US stocks on Friday:

Stock/IndexLTPChange ($)Change (%)Day HighDay Low52-Week High52-Week Low
Alphabet88.73-0.22-0.25%88.8387.03152.183.45
Apple129.930.320.25%129.95127.43182.94125.87
Meta120.340.080.07%120.42117.74343.4488.09
Tesla123.181.361.12%124.48119.75402.67108.24
Netflix294.883.761.29%295.01283.22614.08162.71
Amazon84-0.18-0.21%84.0582.47171.481.69
Microsoft239.82-1.19-0.49%239.96236.66339.36213.43
Dow Jones33,147.25-73.55-0.22%33,152.5532,847.8236,952.6528,660.94
Nasdaq10,939.76-11.29-0.10%10,942.9010,778.6416,764.8610,440.64
Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

Benchmark indices extended gains today tracking firm global cues.

At present, the BSE Sensex is trading higher by 224 points. Meanwhile, the NSE Nifty is trading up by 64 points.

Tata Motors, Tata Steel, and ICICI Bank are among the top gainers today. Bajaj Twins, and Asian Paints are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 0.4% and the BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading on a positive note with the exception of healthcare and FMCG sector. Stocks in the metal sector, and banking sector witness buying.

Shares of Solar Industries and RHI Magnesita hit their 52 week high today.

The rupee is trading at 82.6 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 95 at Rs 55,112 per 10 grams.

Meanwhile, silver prices are trading higher by 0.9% at Rs 69,619 per 1 kg.

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Speaking of stocks markets, stock splits have been a rage in 2022 with the world's most valuable companies such as Amazon, Alphabet or Tesla announcing massive splits.

Will India's highest priced companies do the same with their stocks in 2023?

As the number of retail investors grows leaps and bounds, will the highest priced companies of India announce stock splits in 2023 to ensure maximum participation in their stocks?

Should these companies allow their shares to trade at such exorbitantly high prices or should they split shares?

Below is the list of 10 companies that should do a stock split in 2023 but probably won't! Watch the video to know more.

Dolly Khanna Portfolio

Over the past decade, imitation of financial gurus' portfolios has been increasingly popular.

One such guru that has often been under the radar of retail investors is Dolly Khanna.

Dolly Khanna is known for choosing undervalued midcaps and smallcaps that are not well known known. She has been trading in equities since 1996.

Out of her portfolio worth Rs 4.02 billion (bn), Chennai Petrochemical Corporation holds the highest value.

As of September 2022, the shareholding pattern of Chennai Petroleum Corporation shows that Dolly Khanna holds a 2.57% stake in the company or 3.8 m shares in total.

After Khanna bought a stake in the company, its share price hasn't seen much upside. In fact, from July 2022 to 28 December 2022 Chennai Petrochemical's share price fell by 22.2%.

To know more about Dolly Khanna's investment portfolio, read out editorial on Dolly Khana Portfolio: Top 5 stocks.

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MOIL registers best production

MOIL (earlier known as Manganese Ore (India) has registered best December production of 141,321 tonnes in December 2022 - breaking a multi-year record.

Producing at its rated capacity level, the miniratna state-owned manganese ore mining company stated that its production increase has been to an extent of 18% over November 2022.

Meanwhile, the company also announced fixing/revising prices of Manganese Ore and other products.

The prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above have been increased by 15% on the prevailing prices since 1 December 2022 w.e.f. midnight of 31 December 2022 or 1 January 2023.

Additionally, MOIL has hiked the basic price of EMD for the month of January 2023 from Rs 1,85,000 PMT to Rs 1,90,000 PMT w.e.f. midnight of 31 December 2022 or 1 January 2023.

Tata Motors sales increase

Tata Motors on Sunday reported a 10% increase in total domestic sales at 72,997 units in December 2022.

The company had sold 66,307 units in the same month previous year.

Passenger vehicle sales in the domestic market stood at 40,043 units last month as against 35,299 units in December 2021, a growth of 13.4%.

Sales of electric passenger vehicles, including exports, were at 3,868 units last month as compared to 2,355 units in December 2021, up 64.2%.

This news might come to the aid of Tata Motors share price because Tata Motors share price is falling after the news of rapid spread of covid-19 cases was casting a shadow of uncertainty on the market outlook as we moved into a new year.

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Religare Finvest signs settlement agreement

Debt-ridden Religare Finvest (RFL) on Friday said it has signed a one-time settlement (OTS) agreement with all its lenders for a one-time settlement, clearing the deck for the NBFC to exit from the Corrective Action Plan imposed by the RBI.

Religare Enterprises, the parent company of RFL, has entered into an agreement in connection with the OTS with all 16 secured lenders for full and final settlement with respect to all their outstanding dues, a regulatory filing said.

RFL has been under a Corrective Action Plan (CAP) since January 2018 due to its weak financial health.

RFL, an NBFC arm of Religare Enterprises, owed about Rs 5,300 crore to the consortium of lenders led by the State Bank of India (SBI). Other lenders include the Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, Bank of India, IDBI Bank, Punjab & Sind Bank, and Bank of Maharashtra.

The regulatory filing said RFL would ensure compliance with the terms and conditions of the said OTS (one-time settlement) agreement.

RFL has been taking necessary corrective measures as advised by the Reserve Bank of India and it will seek the removal of the CAP in due course so that it can restart the lending business, it said.

RFL has been in financial distress due to the alleged misappropriation of funds by erstwhile promoters Shivinder Singh and his brother Malvinder Singh.

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!

Read the latest Market Commentary


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