Indian equity benchmark indices snapped three days on gaining streak to close maeginally lower on Tuesday amid weak trends in Asian and European markets along with unabated foreign fund outflows.
The BSE Sensex lost 16.29 points or 0.03 per cent to settle at 64,942.40. The Nifty slipped 5.05 points or 0.03 per cent to 19,406.70.
"The market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade.
Despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated, a positive for India in the midst of geopolitical tension. This, along with the moderation in the US bond yields and the positive ongoing earnings season, will support long-term returns," said Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch On 8 November:
Reliance Industries
The Mukesh Ambani-led conglomerate is looking to raise around Rs 200 billion ($2.4 billion) through rupee-dominated bonds, according to report by Bloomberg. The base size of the sale is 100 billion rupees with an option to retain subscriptions with another Rs 100 billion. The 10-year bonds will be auctioned on Thursday and are rated AAA with a stable outlook by rating companies Crisil and CareEdge.
InterGlobe Aviation
IndiGo, the low cost airline company, anticipates grounding at least 35 planed in the January-March quarter due to a power metal issue with thee Pratt and Whitney engines. These groundings will be additional to current aircraft on ground (AOG). With a fleet of 334 planes in the second quarter, the country’s largest airline is expected to face capacity constraints in the fourth quarter, despite ongoing efforts to address the situation.
Hero MotoCorp
The two-wheeler maker is joining hands with highly credible partners in UK, Spain, and France to start commercial operations to each of these markets by mid 2024. The company will first launch the electric scooter VIDA V1 in these countries and then expand their offerings with high capacity premium ICE motorcycles.
Apollo Tyres
The tyre manufacturing company recorded consolidated profit of Rs 474.3 crore in the July-September quarter of FY24, up 164.4 per cent from year-ago period on account of strong financial performance after a fall in input costs. Revenue from operations increased 5.4 per cent to Rs 6,280 crore over the corresponding period last financial year.
Power Grid Corporation of India
The state-run power transmission company reported a 3.6 per cent year-on-year jump in consolidated profit at Rs 3,781.4 crore for the September quarter. Consolidated revenue from operations increased by 1 per cent YoY to Rs 11,267 crore. The company has received approval for an interim dividend of Rs 4 per share for FY24.
