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Sensex Opens Strong; HCL Tech and Tech Mahindra Top Gainers
Thu, 24 Oct 09:30 am | Rini Mehta, TM Team

Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.6% while the Hang Seng is up 0.4%. The Shanghai Composite is trading was trading down by 0.1%. US stocks closed higher Wednesday, with the major indices managing to shake off weakness from corporate quarterly results from the country's biggest names.

Back home, India share markets opened strong after early trends from Haryana and Maharashtra assembly election results showed Bharatiya Janata Party (BJP) retaining power in both the states. The BSE Sensex is trading up by 221 points while the NSE Nifty is trading up by 68 points. The BSE Mid Cap index up by 0.1% and BSE Small Cap index opened up by 0.4%.

Except, metal stocks, oil & gas and telecom stocks, all sectoral indices have opened the day in green with capital goods stocks and consumer durables stocks witnessing maximum buying interest.

The rupee is currently trading at 71.01 against the US$.

In the news from the automobile sector. India's largest two-wheeler manufacturer, Hero MotoCorp reported a year-on-year (YoY) decline of 10% in its consolidated net profit after tax (PAT) for Q2FY20.

The company's consolidated net profit after tax stood at Rs 8.8 billion for Q2 against Rs 9.8 billion from the year-ago period.

Hero MotoCorp's total consolidated income reported a decline of 17% YoY at Rs 78.3 billion during Q2 on subdued demand for two-wheelers in the domestic market.

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The company's total income stood at Rs 73.8 billion during Q2FY19. Hero's EBIDTA margin for Q2 stood at 14.5%.

Hero MotoCorp's H1 wholesale dispatches were recorded at 3,441,517 units, down 17% YoY, reflects the data compiled by the Society of Indian Automobile Manufacturers (Siam).

At 92,823 units, the company's export shipments too were down 12% for the six-month period ending September 2019.

Notably, Hero has recorded a steeper drop in its scooter wholesales when compared to the motorcycles. It recorded a YoY decline of 36% in its scooter wholesales, which stood at 249,365 units in H1FY20.

Motorcycle wholesales saw a drop of 15% YoY at 3,192,152 units during the same period.

Hero MotoCorp share price opened the day up by 0.7%.

Moving on to the news from pharma sector. In the latest development, Dr. Reddy's Laboratories has confirmed its voluntary nationwide recall of all of its ranitidine medications sold in US due to confirmed contamination with N-Nitrosodimethylamine (NDMA) above levels established by the US Food and Drug Administration (USFDA).

This recall follows the USFDA's caution note alerting patients and health care professionals that NDMA was found in certain samples of ranitidine.

To date, Dr. Reddy's has not received any reports of adverse events related to the recall of Dr. Reddy's Ranitidine products.

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The recall includes all quantities in the US that are within expiry.

Meanwhile, the company has received the Establishment Inspection Report (EIR) from the USFDA, for the Formulations Manufacturing facility at Shreveport, Louisiana, USA, indicating closure of the audit.

The inspection classification of this facility is determined as No Action Indicated (NAI).

Dr. Reddy's share price opened up by 0.4%.

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Stock Market Updates

ASTER DM HEALTHCARE LTD Plunges by 6%; BSE HEALTHCARE Index Up 0.6% (Today's Market)

Nov 15, 2019 12:36 PM

ASTER DM HEALTHCARE LTD share price has plunged by 6% and its current market price is Rs 158. The BSE HEALTHCARE is up by 0.6%. The top gainers in the BSE HEALTHCARE Index are GLENMARK PHARMA (up 5.2%) and SUN PHARMA ADV. RES. (up 3.7%). The top losers are ASTER DM HEALTHCARE LTD (down 5.7%) and FORTIS HEALTHCARE (down 7.2%).

ICICI BANK at All Time High; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:31 PM

ICICI BANK share price has hit an all time high at Rs 510 (up 1.1%). The BSE BANKEX Index is up by 1.0%. Among the top gainers in the BSE BANKEX Index today are ICICI BANK (up 1.1%) and KOTAK MAHINDRA BANK (up 0.7%). The top losers include INDUSIND BANK (down 0.4%) and AXIS BANK (down 0.5%).

Indian Indices Trade Higher; Bharti Airtel & SBI Top Gainers (Today's Market)

Nov 15, 2019 12:30 pm

Indian share markets are trading on a positive note with the BSE Sensex up by 227 points while NSE Nifty is trading higher by 62 points.

SBI Surges by 5%; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:26 PM

SBI share price has surged by 5% and its current market price is Rs 322. The BSE BANKEX is up by 1.0%. The top gainers in the BSE BANKEX Index is SBI (up 5.1%). The top losers are INDUSIND BANK (down 0.3%) and AXIS BANK (down 0.5%).

AU SMALL FINANCE BANK Plunges by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Nov 15, 2019 11:56 AM

AU SMALL FINANCE BANK share price has plunged by 5% and its current market price is Rs 826. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index are SBI (up 4.3%) and BANK OF BARODA (up 1.6%). The top losers is AU SMALL FINANCE BANK (down 5.3%).

FORTIS HEALTHCARE Plunges by 11%; BSE 500 Index Up 0.4% (Today's Market)

Nov 15, 2019 10:59 AM

FORTIS HEALTHCARE share price has plunged by 11% and its current market price is Rs 161. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are CORPORATION BANK (up 17.2%) and CENTRAL BANK (up 9.8%). The top losers is FORTIS HEALTHCARE (down 10.9%).

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