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The markets opened firm, witnessed profit booking at higher levels, and bounced back into the green territory to end on a positive note.Today’s market performance can be attributed to market participants’ cautious stance as they awaited the US Federal Reserve’s decision on interest rates.At the closing bell, the BSE Sensex ended 34 points lower at 69,584 levels.Meanwhile, the NSE Nifty closed marginally higher by 20 points (up 0.1%).Vedanta, NTPC, and Hero MotoCorp were among the top gainers today.TCS, Axis Bank and Infosys, on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,030, down by 41 points, at the time of writing.Border indices ended in green with the BSE MidCap index up by 1.6% while the BSE SmallCap index tanked by 0.7%.Sectoral indices ended on a mixed note with stocks in the auto sector, power sector, and realty sector witnessing most of the buying.Meanwhile, the IT sector and media sector witnessed the most selling.Shares of Ultratech Cement, NTPC, and Power Grid hit their respective 52-week highs today.Now track the biggest movers of the stock market using stocks to watch today. This should help you keep updated with the latest developments…Asian share markets ended on a mixed note. The Shanghai Composite ended 1.5% lower while the Nikkei ended 0.2% higher. The Hang Seng fell 0.9%.The rupee is trading at 83.38 against the US$.Gold prices for the latest contract on MCX are trading flat at Rs 61,182 per 10 grams.Meanwhile, silver prices are trading 0.2% lower at Rs 71,730 per 1 kg.
Bank of Baroda is Rallying. Here’s why…In news from the PSU bank sector, the Bank of Baroda was in focus today.On 13 December 2023, the share price of Bank of Baroda rose about 3%.This rally was followed by the announcement that its board would review a proposal to raise funds on 15 December 2023.The bank’s capital-raising committee is set to meet on 15 December 2023 to discuss and finalize the quantity of the first tranche of Tier-2 or sub-debt instruments issued within the board-approved capital-raising plan, as per the exchange filing.Over the past week, the stock of the public sector lender surged about 6% and 18% in 2023 so far.In the recent quarter gone by, Bank of Baroda reported a 28.3% year-on-year (YoY) increase in net profit, driven by improved asset quality and healthy core income.The bank’s net interest income (NII) grew 6.4% in the September quarter as compared to the same quarter last year.
Why PI Industries Share Price is FallingMoving on to news from the agro-chemical sector, the leader in this space, PI Industries is experiencing selling pressure these days.Yesterday, on 12 December 2023, the stock plunged 10% and the selling continued on 13 December 2023 as the stock plunged another 3%.The selling came after the announcement of a new competitor entering into the segment. This competitor is none other than Rainbow Agro, a leading China-based agro company entering the pyroxasulfone market with a substantial 2,000-tonne project approval.Pyroxasulfone is a special chemical that is used to control grasses, sedges, and broadleaf weeds.However, after a significant fall in share price, the managing Director Rajnish Sarna highlighted that there is significant growth potential in the pyroxasulfone market, especially in developed countries where the molecule is widely sold.The management of PI Industries remains optimistic about the pyroxasulfone market, emphasizing that there is substantial room for growth. The current market size for pyroxasulfone is US$ 600-700 million (m), and PI Industries envisions the potential for a multi-billion dollar market.In 2023 so far, the stock has rewarded investors wealth with marginal 1% returns.
Why HPL Electric & Power Share Price is Rising
Moving on with the news from the engineering sector.On Wednesday, 13 December 2023, HPL Electric & Power’s shares rallied 10% and got locked at the upper circuit.This rally was followed after the company secured an order worth Rs 5.5 billion (bn) for smart meters, supporting India’s national metering initiative.In the exchange filing, the company’s management mentioned that the order underscores the company’s commitment to strengthening its market share in the competitive smart meter arena.HPL Electric is an electric equipment manufacturing company that offers a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment, and wires and cables.The company caters to consumer and institutional customers in the electrical equipment industry.In the recent quarter gone by, the company reported a 16% year-on-year (YoY) increase in revenue from operations. The profit after tax jumped 75% during the recent quarter as compared to the same period last year.The management of the company is optimistic about the company’s growth in the upcoming quarters.More By This Author:Sensex Today Trades Lower; Adani Total Gas Tanks 6%Sensex Today Ends 378 Points LowerSensex Today Trades Flat; Sonata Software Rallies 7%