Indian Share Markets End Flat; IT and FMCG Stocks Witness Selling

Wed, 10 Aug Closing

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Indian share markets traded in a rangebound manner throughout the day to end on a flat note.

Benchmark indices edged lower as investors looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.

At the closing bell, the BSE Sensex stood down by 35 points.

Meanwhile, the NSE Nifty closed up by 10 points.

Tata Steel, Bharti Airtel, and ICICI Bank were among the top gainers today.

Hindustan Unilever, Tech Mahindra, and M&M on the other hand, were among the top losers today.

BPCL share price ended 0.6% higher today. For the past couple of days, BPCL share price was falling due to its withdrawal of disinvestment plan and poor financials.

The SGX Nifty was trading at 17,557, up by 16 points, at the time of writing.

The broader markets ended on a flat note. Both, the BSE MidCap index and the BSE smallcap index ended down by 0.1%.

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Sectoral indices ended on a mixed note with stocks in the IT, FMCG and telecom sector witnessing maximum selling.

While stocks in the capital goods sector and metal sector witnessed buying interest.

Shares of ABB India and Adani Enterprises hit their 52-week highs today.

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ICICI Bank, Bajaj Finance, and HDFC Bank were among the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended on a negative note. The Nikkei ended down by 0.7%, while the Hang Seng inched lower by 1.9%. The Shanghai Composite ended 0.5% higher.

The rupee is trading at 79.49 against the US$.

Gold futures on MCX are trading down by 0.2% at Rs 52,408 per ten grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.1% at Rs 58,736 per 1 kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

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In news from the chemical sector, Tata Chemicals share price jumped 9% today on the back of strong June quarter results.

The company reported 86% jump in consolidated profit after tax (PAT) at Rs 6.3 bn for the June quarter of 2022.

The consolidated income from operations grew 34% during the quarter under review to Rs 39.9 bn from Rs 29.7 bn clocked in the corresponding quarter of the previous fiscal.

During the quarter, Tata Chemicals' soda ash realisations have increased across units and in particular, the US and Kenya export pricing remains strong and firm.

The Tata Group firm operates through two business segments: Basic chemistry products and Specialty products.

Its basic chemistry products business is engaged in the manufacturing of inorganic chemistry products and serves various industries, such as glass, detergents, pharma, biscuit manufacturing, bakeries and other industries.

Tata Chemicals Managing Director and CEO, R Mukundan said:

• The global demand environment continues to be positive across our products and their applications.
  
  While this positive momentum is expected to continue in the near-to-medium term, the input side environment, especially energy, remains at elevated levels coupled with logistic challenges that continue to be seen in the market. The team has shown agility and has responded well by staying close to customers and supply chain partners.

To know more about the company, check out Tata Chemicals' financial factsheet and its latest quarterly results.

Moving on the news from retail sector, Titan share price ended 0.6% lower today despite reporting 1,200% jump in the net profit.

Tata group company Titan last week reported a consolidated net profit of Rs 7 bn against a profit of Rs 0.6 bn in the same quarter last year. This is an increase of 1,300% on a YoY basis.

The company's revenue tripled to Rs 8.9 bn as against Rs 3.2 bn year-on-year (YoY).

Here's an interesting data on Titan, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouth watering returns.

Take a look at how the power of compounding has gone wild here...

Believe it or not but Titan was a Tata group penny stock two decades ago.

To know more, check out Titan's latest news and analysis.

Moving on to news from the aluminum sector, Hindalco was among the top buzzing stocks today.

Hindalco shares jumped 5% today as the company posted stellar June quarter results.

The aluminium giant reported a growth of 47% YoY in consolidated net profit to Rs 41.1 bn.

Its revenue rose to Rs 580 bn as against Rs 557 bn year-on-year (YoY). The revenue of the company was up by 40%.

The results were driven by an excellent performance by Novelis, and a robust performance by aluminium downstream and copper businesses, supported by operational efficiencies and higher volume.

EBITDA for the quarter at Rs 86.4 bn jumped 27%on-year and was its highest ever EBITDA achieved in any quarter. The growth was driven by better operating efficiencies, better macros and strong performance from both its Aluminium Downstream and Copper businesses.

To know more, check out Hindalco's latest news and analysis.

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

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Indian Share Market Update: Top Gainers and Losers