Nifty50: 17,656 74 (-0.4%) Sensex: 59,547 287 (-0.4%)
Hey there, people!
While there wasn’t much excitement in the markets today, there was some on a highway in Chile. A video that has gone viral shows a group of robbers throwing their loot from their car on a highway to escape. The robbers, who were later arrested, learned the meaning of “easy come, easy go” the hard way.
Benchmark indices wiped out early gains and closed in the red, ending their 7-day winning streak. In all, 32 of the Nifty50 shares closed lower. Investors await the ECB’s decision to raise interest rates on Thursday.
Of the Nifty sector indices, PSU Bank (+3.5%) and Auto (+1.2%) posted the most gains, while FMCG (-1.0%) and Financial Services (-0.7%) were the biggest losers goods.
Top gainers Today’s change Tech Mahindra 1,083 34 (+3.3%) Maruti 9,010 244 (+2.7%) JSW Steel 644 14 (+2.3%)
Top Losers Today’s Swap Britannia 3,695 106 (-2.8%) Kotak Bank 1,844 ▼ 51 (-2.7%) HUL 2,504 ▼ 69 (-2.6%)
what is trending
⭐ Relying on commissioning natural gas block
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RELIABILITY (NSE): 2.441 38 (-1.5%)
Reliance Industries will have its deepwater MJ gas condensate field in the Bay of Bengal region operational by the end of this year. According to management, the new field, which is part of the KG-D6 block, will help increase natural gas production to 30% of India’s total production. This is the third and final in a series of discoveries that Reliance and its partner BP are developing in the eastern offshore block.
⭐JSW Steel Rises Despite Losses
JSWSTEEL (NSE): 644 14 (+2.3%)
Shares of JSW Steel rose more than 3% during the day despite a consolidated loss of ₹915 crore for the September quarter. Meanwhile, total sales increased 28% year-on-year to 41,778 crore. A sharp drop in steel prices in the domestic market along with high electricity and fuel costs impacted profitability. Despite losses, the company is sticking to its full-year volume forecast of 24-25 million tons.
⭐ DLF’s profits skyrocket
DLF (NSE): 369 2 (+0.5%)
Real estate wholesaler DLF Ltd reported a 28% year-over-year (YoY) increase in its net profit to ₹487 crore during the September quarter. Meanwhile, consolidated sales fell by more than 12% year-on-year to ₹1,360 crore. However, according to management, demand for housing continues to rise sharply. The company’s rental income was up 20% year-over-year, driven by increased demand for office rental space across the portfolio.
⭐ IDFC Bank Profit Jumps
IDFCFIRSTB (NSE): 56 1.9 (-3.2%)
Private sector lender IDFC First Bank reported a 266% year-over-year jump in its net profit of ₹556 crore. Furthermore, net interest income increased by 32% to 3,002 crore. Gross non-performing assets (NPAs) decreased from 4.27% to 3.18% year-on-year. Net NPAs also fell to 1.09% year over year from 2.19%. Management said it is optimistic about maintaining growth momentum going forward.
Gold continues to shine
Domestic gold sales are witnessing a surge during the ongoing holiday season. Despite inflationary pressures, demand for gold remains resilient. But what are the key factors behind strong demand? Let’s investigate.
According to the India Bullion & Jewelers Association (IBJA), gold demand rose nearly 35% year-on-year during the current holiday season. The increase in sales was driven by optimistic occasion consumption (Akshaya Tritiya and Dhanteras) and high demand for bridal jewelry for the upcoming wedding season.
In addition, the recent correction in the gold price (which had fallen below ₹50,000 per 10 grams) and a favorable monsoon are supporting demand sentiment. According to the Confederation of All India Traders (CAIT), total trade during the two-day Dhanteras period was about ₹45,000 crore, of which jewelry sales were 25,000 crore.
Market experts believe that another important factor in gold’s high demand is that it is considered a good hedge against uncertainty. As a result, gold has maintained its luster this year amid the current global economic uncertainty of rising inflation and interest rate hikes.
Business comments from publicly traded companies such as Titan and Kalyan Jewelers also reflect similar sentiments. During the September quarter, Titan’s jewelry segment reported 18% year-over-year growth, while Kalyan Jewelers posted 20% consolidated sales growth, mainly driven by positive demand.
According to current trends, gold demand may remain on the higher side. However, if domestic inflation spirals out of control, it can be at the expense of people’s disposable income, which has a direct impact on the supply-demand equation.
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Good to know
What is the EBITDA margin?
The EBITDA margin measures a company’s profitability on an operational level. EBITDA (or earnings before interest, tax, depreciation and amortization) refers to a company’s income from its core activities before deducting interest on loans or taxes. EBITDA margin is calculated by dividing a company’s EBITDA by total revenue.
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