Stock Market Live: Sensex, Nifty trading lower; Best stock to buy now
Stock Market Live Updates Today: Indian stock markets opened higher on Tuesday following the gains from Asian market peers. The Nifty index opened at 17790.10 levels, up by 25.5 points while Sensex made a positive opening of just 4.42 points at 60511.32 levels. Soon after opening markets turned negative and currently trading in the red.
Investors were encouraged in the early deal as NITI Aayog CEO Parameswaran Iyer said India`s production-linked incentive (PLI) scheme has attracted investment worth over Rs 45,000 crore and has also created three lakh jobs. Markets also got some support from Adani Group stocks, both Adani Ent, and Adani Ports are top gainers in the Nifty Index after the news that the Adni group has prepaid loans worth $1.114 billion to release some pledge shares.
However, traders remained sidelined from taking big positions in the markets as they are awaiting the outcome of the RBI`s monetary policy outcome on Wednesday.
Market Live at 12.30 pm IST, the Indian stock market indices, Sensex and Nifty are trading lower by 0.42 percent and 0.32 percent respectively. The Bank Nifty is down by 0.13 percent at 12.30 pm IST. The broader markets are also trading lower at this moment, as Nifty midcap and smallcap indexes are trading lower by 0.19 percent and 0.67 respectively at this time.
Among the sectors, Nifty Realty, PSU Bank, and Energy sectors are trading higher whereas FMCG, Auto, and Media are trading in the red. The top-gaining stocks in the Nifty 50 index are Adani Enterprise, Adani Ports, and Dr. Reddy’s Lab while the top losing stocks are Tata Steel, Hindalco, and ITC
Stocks in News Today
The share price of Tata Steel declined over 4 percent on Tuesday, the steelmaker reported a surprise consolidated net loss of Rs 2,223.84 crore for the Q3 earnings, against a profit of Rs 9,572.67 crore in the same quarter in the previous year. The company reported its revenue from operations declined 6.08 percent year on year (YoY) to Rs 57,083.56 crore from Rs 60,783.11 crore. The share price of Tata Steel is trading lower by Rs 112.40 per share
Adani Group stocks are trading higher after the company announced it prepaid loans worth $1.114 billion to release some pledge shares in Adani Ports, Adani Green Energy, and Adani Transmission. This improved the sentiments in the group as well as the markets. The Adani Ports and Adani Enterprises are trading at 10-20% higher this moment.
Kirloskar Ferrous Industries gained over 3 percent in the early trade on Tuesday after the company announced that the operation of a second coke oven plant has started in Karnataka with a production capacity of 2,00,000 metric tonnes per annum. The share price of Kirloskar Ferrous is presently trading higher by Rs 394 per share
Best Stock to Buy Now
Prabhudas Lilladher has given a buy rating to Praj Industries after the Q3 results. This is due to healthy performance and margin improvement in their third quarter result. According to Prabhudas Lilladher, the company’s order inflow came in healthy at Rs 9.4 bn, driven by the bioenergy segment, its EBITDA margins expanded 139bps YoY to 9.5%, due to better absorption of fixed overhead and completion of older orders are the positive points in the Q3 results.
Praj Industries can be the best stock buy now at the current market price CMP of Rs 364 for the target of Rs 495.
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