Paint stocks slump, MCX hits 52-week high & more

NIFTY50: 19,523 ▼ 192 (-0.9%) 
SENSEX: 65,508 ▼ 610 (-0.9%)

• After a positive opening, benchmark indices plunged and ended in negative territory
• In all, 42 of the NIFTY50 stocks closed in the red
• India’s current account deficit widened to $9.2 billion in the first quarter of FY23, up from $1.3 billion in the previous quarter

All of the NIFTY sectoral indices ended lower, with IT (-2.1%) and FMCG (-1.9%) being the top losers.

What's Up

What's Down

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⭐ Rising crude prices have mixed impact 

International crude oil prices surged to a near one-year high, with Brent crude oil trading at $95 per barrel. Shares of oil explorers like ONGC, Oil India and Hindustan Oil Exploration rose in the range of 1% to 10% today as higher prices improve their margins. Meanwhile, paint companies like Asian Paints, Berger Paints and Kansai Nerolac saw their shares fall in the range of 1% to 5.2%. Rising oil prices increase input cost for paint companies as crude is one of the crucial raw materials for the paint industry. 

⭐ Britannia slumps on weaker outlook 

Shares of the FMCG giant declined nearly 2% today after the recent rise in prices of key commodities such as palm oil, crude oil and wheat. In September, domestic wheat prices rose by 4%, while international palm oil prices saw sharpest gain in six weeks, trading around $801.74 per metric tonne. As per experts, rising input costs could impact the company’s margins in upcoming quarters. 

⭐ MCX shares soar on switch to new tech platform 

Shares of the leading commodity exchange MCX soared to a new 52-week high, rising 8% today. This comes after the company announced a switch to a new technology platform starting from 3rd October 2023. The new platform will be serviced by Tata Consultancy Services (TCS). MCX's decision to shift to a new platform comes after two unsuccessful attempts, which led to last minute contract renewal with existing vendor, 63 Moons Technologies.

⭐ Gensol Engineering rise on order win

Gensol Engineering shares rose 1.5% after the company's subsidiary bagged a new order worth ₹75 crore. As part of the deal, the company’s arm Gensol EV Lease Pvt Ltd will provide more than 500 all-electric Tata Ace Cargo EVs to an all-electric logistics company. The initial batch of 20+ EVs have already been leased with the remaining vehicles to be deployed in six months.  

IPO Corner

⭐ The ₹152 crore IPO of Valiant Laboratories opened for subscription today. The company focuses on bulk drug manufacturing, especially the paracetamol API in various grades and sizes. The IPO was subscribed 71% at the end of Day 2. To know more and apply for this IPO, click here.

⭐ Online travel agency Yatra made a disappointing debut today as its shares listed at ₹127.5 apiece on NSE, a discount of over 10% to its issue price of ₹142 per share. 

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