Indian equity benchmark indices snapped days of gaining streak to settle in red on Tuesday amid persistent foreign fund outflows and escalating tensions in the Middle East. Investors are also cautious ahead of US Federal Reserve’s interest rate decision.
The BSE Sensex declined 237.72 points or 0.37 per cent to close at 63,874.93. The NSE Nifty fell 61.30 points or 0.32 per cent to settle at 19,079.60.
“Market hit the pause button after two days of gains, despite positive Wall Street cues. Investors choose to remain on the sidelines ahead of the Fed Policy outcome on Wednesday. Also, weighing on sentiments and risk appetite however were the FIIs outflows, geopolitical uncertainty and Friday’s US jobs report. Technically, confirmation of strength for Nifty can be seen above the key hurdle at 19557 mark, while support is placed at 18933 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Top Stocks To Watch On November 1:
Larsen & Toubro
L&T’s net profit during the second quarter of FY24 surged 45 per cent year-on-year to Rs 3,223 crore. Consolidated revenue increased 19 per cent to Rs 51,024 crore from Rs 42,763 crore in the corresponding quarter of the previous financial year. The company won orders worth Rs 89,153 crore at the group level, a 72 per cent growth over Rs 51,914 crore in the corresponding quarter.
The telecom major reported a net profit of Rs 1,341 crore in the second quarter, which is 37 per cent than the year ago. The company clocked a revenue of Rs 34,527 crore in the July-September quarter, growth of 7 per cent from Rs 37,044 crore in year-ago period Average revenue per user (ARPU) rose to Rs 203 during the reported quarter compared to Rs 190 in the corresponding quarter.
Adani Total Gas
The Adani group company reported a consolidated net profit of Rs 173 crore in the July-September quarter of FY24, up 8 per cent from Rs 160 crore in the year-ago period. The company’s revenue from operations came in at Rs 1,179 crore, down 1 per cent from Rs 1,190 crore in corresponding quarter of the previous fiscal.
Tata Consumer Products
The Tata group compamy reported a net profit of Rs 359.18 crore in the July-September quarter of FY24. The company’s net revenue rose by 11 per cent year-on-year to Rs 3,734 crore. Its consolidated EBITDA for the quarter stood at Rs 569 crore.
Jindal Steel & Power
The Naveen Jindal-led company reported a 534 per cent year-on-year growth in consolidated net profit to Rs 1,390 crore on the back of lower tax liabilities and a fall in other expenses during the quarter. The company's consolidated net revenue fell 9.2 per cent to Rs 12,282 crore in the quarter. Adjusted EBITDA for September quarter stood at Rs 2,213 crore, a rise of 19 per cent YoY.