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Sensex Today Snaps 8-Day Winning Streak to End 416 Points Lower| Nifty Today Ends Below 18,700 | Auto and IT Stocks Drags
Fri, 2 Dec Closing

Sensex Today Snaps 8-Day Winning Streak to End 416 Points Lower| Nifty Today Ends Below 18,700 | Auto and IT Stocks Drags

After opening the day on a negative note, Indian share markets continued their momentum and ended the day 0.7% lower.

Benchmark indices took a break from the record-breaking rally as traders awaited the monthly US jobs report. Indices shed around 0.6% in today's session with the auto index sinking the most.

At the closing bell, the BSE Sensex stood lower by 416 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 116 points (down 0.6%).

Tata Steel, Tech Mahindra, and IndusInd Bank were among the top gainers today.

Mahindra and Mahindra, HUL, and Maruti Suzuki on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,825, down by 151 points, at the time of writing.

Broader markets settled on a firm note. The BSE MidCap gained 0.8% while the BSE SmallCap index ended 0.7% higher.

If you're looking to midcap stocks that offer growth in the long run, check out 5 midcap stocks for long term.

Sectoral indices ended on a mixed note with stocks in the metal sector, oil & gas sector and realty sector witnessing heavy buying.

Stocks in the auto sector and power sector witnessed maximum selling pressure.

Shares of Raymond, and CEAT hit their 52-week highs today.

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Asian share markets ended on positive note.

The Hang Seng edged down by 0.3%, while the Shanghai Composite index climbed down by 0.3%. The Nikkei inched lower by 1.6%.

US stock futures were trading in negative territory. Dow futures are trading down by 0.1% while Nasdaq futures are down by 0.1%.

The rupee is trading at 81.4 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 533,893 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.4% at Rs 65,409 per kg.

Speaking of stock markets, Brijesh Bhatia talks about energy stocks and why they should be on your radar, in his latest video for Fast Profits Daily.

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In news from the energy sector, ONGC was among the top buzzing stocks today.

ONGC rebounds on windfall tax cut 

Shares of ONGC jumped over 3% intraday today in an otherwise weak market.

This rise in the share price came in after the government slashed the windfall profit tax to less than half the on domestically produced crude oil and reduced the tax levy on diesel.

The tariff on crude oil generated by the state-owned ONGC was lowered from Rs 10,200 per ton to Rs 4,900 per ton.

The government reduced the tariff on diesel export from Rs 10.5 per litre to Rs 8 per litre as part of the fortnightly modification of the windfall profit tax.

The cess has been decreased as part of the eleventh review of windfall taxes to US$ 8.4/bbl as of 2 December 2022. Due to this, indigenous oil producers like ONGC will produce less oil.

Due to falling crude oil prices and higher taxes, shares of ONGC are trading down by 2% so far in 2022.

Moving on to news from the construction sector, Godrej Properties was also in focus today.

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Godrej Properties to build premium residential apartments

Realty firm Godrej Properties said it has acquired 18.6 acres of land in Kandivali, Mumbai.

The project will have a developable potential of 3.72 million (m) sq feet (approx.) with an estimated revenue potential of around Rs 70 bn.

Commenting on it, Managing Director and CEO Mohit Malhotra said,

  • We are pleased to announce the addition of this large and strategically important project in Mumbai. This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets.

    We will aim to build an outstanding residential community that creates long-term value for its residents.

This is the eighth project that GPL has added to its portfolio in the financial year 2023.

Godrej Properties is a part of the business conglomerate Godrej group, one of the leading real estate developers in the country.

Moving on to news from the refineries sector, Reliance Industries was also among the top buzzing stocks.

Reliance Industries increases fuel imports.

Reliance Industries, operator of the world's largest refining complex, is snapping up Russian refined fuels, including rare purchases of naphtha, after some western buyers stopped Russian imports.

Russian crude and processed products, which were primarily marketed to European nations, have recently been more widely traded owing to Western sanctions against Russia over its invasion of Ukraine.

In September and October, India imported roughly 410,000 tons of naphtha, which is used to make petrochemicals.

Reliance received around 150,000 tons of this total during the course of the two months from the Russian ports of Ust-Luga, Tuapse, and Novorossiysk.

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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