Dalal Street goes Bearish; Benchmark indices plunged; Auto, IT, and Bank sectors Down

STOCKS TODAY

GAIL (India): The Company shares sank  5 percent intraday on January 2 as Kotak Institutional Equities downgraded the stock of the natural gas company on a negative outlook for gas demand and concerns on fundamentals versus the optimism in the scrip. The stock’s recent run-up has been extremely strong, with GAIL (India) shares jumping more than 50 percent over the past six months. The strong run is driven by optimism, less on fundamentals, said Kotak.

Tata Motors: Shares of Tata Motors extended their uptrend to the fifth straight session and rose 1.5 percent to hit a fresh lifetime high of Rs 804 on January 2. This was after the carmaker reported a 5 percent on-year rise in total sales in December.

Alok Industries: Shares of Alok Industries soared 20 percent and were locked in its upper circuit at Rs 25.80, also its highest level in 52 weeks, on January 2 after Reliance Industries Ltd (RIL) subscribed to non-convertible redeemable preferential shares worth Rs 3,300 crore

Alembic Pharma: Alembic Pharma is planning to launch over 20 products in the current financial year (FY24), focusing on oral solids, injectables, and derma segments. According to the regulatory filing, Alembic has a total of 196 ANDA approvals from the USFDA including 170 final approvals and 26 tentative approvals.

Zomato: The company has raised the platform fee to Rs 4 a day after it achieved a record-breaking number of orders on its app on New Year’s Eve, reaching an all-time high.

Vodafone Idea: Telecom services provider Vodafone Idea on January 2 denied it was in talks with Elon Musk-promoted Starlink to manage its services in India. Following this, the stock, which had run up significantly on the rumor, plunged over 4 percent to Rs 16.24 on the BSE on January 2. In the last six months