Tesla reported lower-than-expected results for the third quarter, with sales reaching $23.35 billion, missing the forecasted $24.19 billion. Net profits also fell short at 66 cents per share instead of the expected 73 cents. Elon Musk’s price cuts on vehicles to increase sales have made investors nervous, causing Tesla’s share price to slide. However, Tesla’s stock valuation still surpasses other US car makers, and it has doubled in 2023.
Problem of depth: Active mutual fund schemes outnumber the stocks they invest in
Eighty percent of active mutual fund AUM is in 178 stocks and about 60 percent in just 79 stocks, as per Accord FintechTaking Stock: Bears in action; Nifty below 19,700; Sensex down 551 points
Biggest losers included Bajaj Finance, Bajaj Finserv, NTPC, HDFC Bank and Axis Bank, while gainers were Cipla, Dr Reddy#39;s Laboratories, Tata Motors, Sun Pharma and SBI Life InsuranceMid-day Mood | Banking stocks drag markets; Nifty retreats from 19,800
HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank and Kotak Bank were the key counters dragging the BSE Sensex.China’s electric vehicle giant BYD sees Q3 net profit as much as doubling
“Despite the increasingly intensified competition in the automobile industry in the third quarter, the company continued to record profit,” BYD said in a filing.
Big movers on D-Street: What should investors do with HCL Tech, HDFC Life and Trident?
Stocks that were in focus included names like HCL Tech, which rose 0.48%, Delta Corp, which gained 1.74%, and Trident, whose shares dropped 2.56% on Tuesday.
Buy or Sell: Stock ideas by experts for October 18, 2023
Taking Stock: Nifty above 19,800, Sensex gains 261 pts; power, FMCG rally
Top gainers on the Nifty were BPCL, Power Grid Corporation, SBI Life Insurance, HDFC Life and Coal India, while losers included Tata Motors, LT, UPL, IndusInd Bank and TCSMid-day Mood | Broad-based gains lift indices to the day#39;s high; Nifty tops 19,850
Upbeat global cues along with broad-based gains across sectors pushed the market higher. More than two stocks gained for each stock that traded lower — about 2,102 shares gained, 1,004 fell and 135 were unchangedCountry Garden’s entire offshore debt to be in default if Tuesday payment not made
Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.