Tue Nov 05 08:04:44 UTC 2024: ## Indian Stock Market Opens Lower on Tuesday, Sensex Down Over 300 Points

**Mumbai, November 7, 2023:** The Indian stock market opened lower on Tuesday, with the Sensex and Nifty both seeing a decline in the first few hours of trading. The Sensex fell by over 300 points, while the Nifty dropped by nearly 100 points. This follows a weak performance on Monday, with both indices closing over 1% lower.

The BSE Telecom and BSE Oil & Gas indices were among the biggest losers in early trading, with both falling by 0.5% and 0.4% respectively.

**Key highlights of the day:**

* **China’s minimum selling price:** India’s Food Minister has stated that the government is considering increasing the minimum selling price of commodities in response to a similar move by China.
* **Protean eGov Tech:** Sharekhan has recommended buying Protean eGov Tech stock in the midcap segment, with a target price of ₹2500 for a medium- to long-term holding.
* **Glenmark Pharma:** Prabhudas Lilladher has suggested a short option strategy for Glenmark Pharma, recommending buying a call option with a strike price of ₹1800.
* **KP Energy:** The company has received a major order for 1,003 MW of renewable energy projects.
* **Apollo Hospitals:** Morgan Stanley has given an ‘overweight’ rating to Apollo Hospitals, setting a target price of ₹7,110.
* **Solar Industries:** The company has received an order worth ₹887 crore from Singareni Collieries.
* **Gland Pharma:** The company’s share price fell by 12% after its Q2 profits fell by 163.5 crore annually. Goldman Sachs has recommended selling the stock with a target price of ₹1,450.
* **KEC International:** Nomura has recommended buying KEC International, with a target price of ₹1,030, citing a strong order backlog and potential benefits from T&D capex growth.
* **Exide Industries:** Morgan Stanley has given an ‘overweight’ rating with a target price of ₹538, expecting improved revenue in the second half of the fiscal year.
* **Kuantum Papers:** Vikram Kumar Khaitan has been appointed as the new CFO, following the resignation of Roshan Garg.
* **ABB:** Nomura has given a ‘neutral’ rating with a target price of ₹8,260, citing weak execution in Q3 which negatively impacted EBITDA margins.
* **Amara Raja Energy:** The company’s share price fell 4% despite an increase in Q2 profits.
* **Bata India:** Citi has recommended selling Bata India with a target price of ₹1,050, citing weak revenue growth and declining EBITDA.
* **Exide Industries:** Citi has recommended buying the stock but lowered the target price to ₹540.
* **E2E Networks:** The company has received approval to issue 29.79 lakh equity shares to L&T at a price of ₹3,622.25 per share.
* **VST Industries:** The MD & CEO has resigned, with Naresh Kumar Sethi taking over as Executive Chairman.
* **VENUS REMEDIES:** The company’s syringe unit in Baddi has received GMP certification from the Malaysian regulator.

The market showed a slight pullback later in the day, with the Nifty recovering some of its losses. However, the overall sentiment remained weak, with analysts expecting the market to face resistance at the 24,100 level.

The trading session was marked by mixed corporate earnings reports. Several companies reported strong growth in their Q2 results, while others faced challenges.

Investors will be watching closely to see if the market can regain momentum in the coming days.

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