Market Close Highlights: Sensex ends down 380pts, Nifty at 22,300; FMCG IT gain, Realty, Metal, Auto, Bank, Pharma drag
Market Close Highlights : Global shares traded around one-month highs on Tuesday, boosted by renewed confidence in U.S. interest rate cuts, while a weaker yen and small dip in the Australian dollar kept the dollar steady.
Last week saw a dramatic swing in investor expectations for the U.S. interest rate outlook. Market pricing went from showing even one rate cut in 2024 looking less likely to almost two being priced in by Friday, after monthly employment data suggested the labour market is softening.
A hefty sell-off in U.S. stocks early in the week, accelerated by volatile earnings, reversed, sending the benchmark S&P 500 index up by the most in a day since February after Friday’s payrolls report, and adding to gains on Monday.
On Tuesday, U.S. futures pointed to a steady start later on, while stocks in Europe caught a bid from the banks, where UBS and Unicredit beat expectations, sending the STOXX 600 up 0.6%.
MSCI’s All-World index was up 0.1%, around its highest since April 10.
The “Fed put” refers to a belief among investors that the central bank will step in to support the economy and financial markets in times of turmoil.
Futures show traders believe U.S. rates will drop by around 45 basis points this year, from 5.25-5.50% right now. This time last week, just 28 bps were priced in.
The mood set by last week’s softer-than-expected U.S. jobs data was further underpinned by remarks from Federal Reserve Chair Jerome Powell reiterating that the next move in rates will be lower.
Treasuries, which rallied on Friday’s jobs figures, traded steady in New York overnight and 10-year yields held at 4.49% in Tokyo on Tuesday. Interest rates markets price at least one U.S. rate cut this year, in November.
Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.
Expectations of falling rates have weighed on the dollar, though only gently. European policymakers are readying cuts for June, capping the euro, and rates are not expected to move too far above zero in Japan this year, leaving a wide gap with the rest of the world.
The dollar rose 0.6% on the yen on Monday and a further 0.3% to 154.31 yen on Tuesday, keeping markets on edge as to whether Japanese authorities may step in again.
In commodities, oil held steady, with Brent crude futures up 0.1% to $83.41 a barrel with a ceasefire deal in the Middle East proving elusive. Gold edged down 0.2% to $2.319 an ounce, still within sight of recent record highs.
Wheat, corn and soybean traded around multi-month highs on worries about unfavourable weather in Russia – where it has been frosty and dry – and Brazil, where there are floods.
Sensex Today Live : Closing Bell Wrap
Sensex Today Live : Indian benchmark indices closed in the red on Tuesday, led by a wider sell-off in the broader market and heavyweight stocks.
Sensex, which had opened higher at 73,973.30, touched an intraday high of 74,026.80, before falling to 73,259.26 later. At close, the Sensex was down 383.69 points, or 0.52%, at 73,511.85.
Further, the Nifty 50, which had also opened higher at 22,489.75, touched an intraday high of 22,499.05, before falling to a low of 22,232.05 later. The Nifty 50 gave up 140.20 points, or 0.62% to close lower for the second straight day, at 22,302.50.
11 out of the 30 stocks on the BSE Sensex ended in the green. Hindustan Unilever, Tech Mahindra, Nestle India, ITC, and Wipro, were the top gainers for the day, while Power Grid Corp., IndusInd Bank, Tata Motors, JSW Steel, and NTPC, were the top drags.
Meanwhile, on the Nifty 50, 16 of the 50 stocks on the Nifty 50 closed in the green. Hindustan Unilever, Tech Mahindra, Nestle India, Britannia Industries, and ITC, were the top gainers, while Bajaj Auto, Power Grid Corp., ONGC, IndusInd Bank, and Hindalco were the top drags.
The broader market also closed deep in the red, with the BSE MidCap shedding 1.90%, and the BSE SmallCap down 1.65%.
Barring FMCG and IT, which were up 2.02% and 0.77%, all other sectoral indices closed the day in the red.
The Realty index closed down 3.49%, followed by the Metal and PSU Bank indices, which were down 2.39% and 2.31%, respectively.
Among the heavyweight indices, the Bank, Auto, Pharma, Healthcare and Oil & Gas indices also closed down more than 1%.
Among company stocks, Lupin shares closed down more than 4% after the company posted its Q4 results, while Godrej Consumer Products shares gained more than 5.5% despite posting a loss of ₹1,893 crore in Q4FY24.
Allsec Technologies shares closed nearly 14% higher after the company posted a 71% increase in Q4 net profit.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring FMCG and IT, which were up 2.07% and 0.75%, all other sectoral indices were trading in the red.
The realty index was down 3.33%, followed by the Metal and PSU Bank indices, which were down 2.36% and 2.23%, respectively.
The Bank, Auto, Pharma, Healthcare and Oil & Gas indices were also down more than 1%.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the red, with the BSE MidCap down 1.97%, and the BSE SmallCap down 1.58%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 13 of the 50 stocks on the Nifty 50 were in the green. Hindustan Unilever, Britannia Industries, Tech Mahindra, Nestle India, and TCS, were the top gainers, while Bajaj Auto, Power Grid Corp., Hindalco, IndusInd Bank, and ONGC, were the top drags.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : 10 out of the 30 stocks on the BSE Sensex were in the green. Hindustan Unilever, tech Mahindra, Nestle India, TCS, and ITC, were the top gainers, while Power Grid Corp., IndusInd Bank, Tata Motors, JSW Steel, and Tata Steel, were the top drags.
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Sensex Today Live : 3 pm market update
Sensex Today Live : Indian benchmark indices were trading in the red on Tuesday.
At 3 pm, Sensex was down 379.91 points, or 0.51%, at 73,515.63, and Nifty was down 150.60 points, or 0.67%, at 22,292.10.
Sensex Today Live : Century Textiles Q4 net profit down 4.4% YoY; shares fall
Sensex Today Live : Century Textiles has reported a significant increase in its Q4 revenue, which is up by 71.7%YoY, rising from ₹982 crores to ₹1,686 crores.
However, the profit from continuing operations saw a slight dip of 4.4%, standing at ₹160.3 crores compared to ₹167.7 crores YoY.
The company’s EBITDA witnessed a substantial increase of 82%, escalating from ₹147.3 crores to ₹268.2 crores YoY.
The margin also improved, standing at 16% compared to 15% YoY.
Sensex Today Live : Swarnendu Bhushan, Co. Head of Research , Institutional Equities, Prabhudas Lilladher, recommends to ‘REDUCE’ Gujarat Fluorochemicals, citing sluggish volumes and prices for specialty chemicals
Sensex Today Live : Gujarat Fluorochemicals Rating: REDUCE | CMP: ₹3,638 | TP: ₹3,120
Gujarat Fluorochemicals consolidated revenue from operations was at ₹11.3 bn (-23% YoY/ 14.2% QoQ), QoQ improvement was primarily led by Fluoro Polymers and Fluoro Chemicals. Even though, the plants for the Bulk Chemicals segment ran at full capacity, the segment saw a 1% QoQ decline in revenue due to subdued prices of Caustic Soda/MDC.
Looking ahead to FY25, challenges loom for the Fluorochemicals segment, factors such as dumping from China, duty cuts in the US market impacting Refrigerants, and the phase-out of R-22 are anticipated to exert pressure on volumes and prices.
Fluoropolymer capacities setup in FY24 are expected to fuel a continuous increase in sales with enhanced utilization levels. Additionally, progress in the Battery Chemical vertical is promising, with the LiPF6 plant already commissioned, commercial sales expected from H2FY25 upon customer approval.
The stock is trading at 65x FY25 EPS. We downgrade the company to “REDUCE” from “HOLD” previously, with target price of ₹3,402, valuing it at 40x FY26 EPS.
Sensex Today Live : Elara Securities India recommends to ‘ACCUMULATE’ Birla Corporation citing continued premiumisation and operating performance coming along expected lines
Sensex Today Live : Birla Corporation Rating: ACCUMULATE
Target Price : ₹1,824
Upside : 18%
CMP : ₹1,544 (as on 06 May 2024)
We believe further ramp-up of Maharashtra-based Mukutban operations bodes well for near-term volume growth whereas gradual completion of ongoing growth capex is likely to support volume growth. Also, lower fuel prices, rise in share of renewables power, increased production from captive coal mines and other cost savings initiatives bode well for margin. Thus, we reiterate Accumulate.
We increase our EBITDA ~1% each for FY25E and FY26E and rollover to March 2026E from December 2025E. Thus, we increase our TP to ₹1,824 from ₹1,740 based on 8x (unchanged) March 2026E EV/EBITDA.
Sensex Today Live : 2 pm market update
Sensex Today Live : Indian benchmark indices were trading in the red on Tuesday.
At 2 pm, Sensex was down 359.27 points, or 0.49%, at 73,536.27, and Nifty was down 133 points, or 0.59%, at 22,309.70.
Sensex Today Live : Elara Securities India recommends to ‘ACCUMULATE’ Birla Corporation citing continued premiumisation and operating performance coming along expected lines
Sensex Today Live : Birla Corporation Rating: ACCUMULATE
Target Price : ₹1,824
Upside : 18%
CMP : ₹1,544 (as on 06 May 2024)
We believe further ramp-up of Maharashtra-based Mukutban operations bodes well for near-term volume growth whereas gradual completion of ongoing growth capex is likely to support volume growth. Also, lower fuel prices, rise in share of renewables power, increased production from captive coal mines and other cost savings initiatives bode well for margin. Thus, we reiterate Accumulate.
We increase our EBITDA ~1% each for FY25E and FY26E and rollover to March 2026E from December 2025E. Thus, we increase our TP to ₹1,824 from ₹1,740 based on 8x (unchanged) March 2026E EV/EBITDA.
Sensex Today Live : Elara Securities India downgrades Go Fashions to ‘REDUCE’ from ‘BUY’, says subdued demand to restrict growth
Sensex Today Live : Go Fashions Rating: REDUCE
Target Price : ₹1,005
Downside : 4%
CMP : ₹1,043 (as on 03 May 2024)
We lower our EPS by 21.9% for FY25E and 26.6% and FY26E. Although we expect GOCOLORS to withstand competition and retain its market leadership, weak demand may restrict revenue growth and margin expansion.
We expect a PAT CAGR of 2.8% during FY24-26E. We lower our DCF-based TP to ₹1,005 from ₹1,369 based on 60x (unchanged) FY26E P/E.
We downgrade the stock to Reduce from Buy on limited visibility on near-term demand recovery. Key upside risk is strong rebound in apparels consumption.
Sensex Today Live : Gland Pharma receives approval for Edaravone injection used to treat amyotrophic lateral sclerosis
Sensex Today Live : Gland Pharma announced to day it has received approval from the US FDA for Edaravone Injection, 30 mg/100 mL (0.3 mg/mL) and 60 mg/100 mL (0.6 mg/mL), Single-Dose Bags.
The company said, the drug is is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Radicava Injection, 30 mg/100 mL (0.3 mg/mL) and 60 mg/100 mL (0.6 mg/mL) of Mitsubishi Tanabe Pharma Corporation.
It added that the drug is used to treat amyotrophic lateral sclerosis (ALS), a condition in which the nerves that control muscle movement slowly die, causing the muscles to shrink and weaken.
Sensex Today Live : 1 pm market update
Sensex Today Live : Indian benchmark indices had extended their losses on Tuesday.
At 1 pm, Sensex was down 535.8 points, or 0.73%, at 73,359.74, and Nifty was down 184.75 points, or 0.82%, at 22,257.95.
Sensex Today Live : Persistent launcehs AI-powered data solutions iAURA
Sensex Today Live : Persistent Systems today launched iAURA, a suite of AI-powered data solutions designed to ensure seamless deployment and precision in addressing data challenges for AI implementations. The solutions harness AI and ML to uncover hidden patterns, enabling data-driven decision-making, enhanced business intelligence, and automated data quality assurance and reconciliation, the company said in an exchange filing.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring FMCG, which was up 2.15%, all other sectoral indices were trading in the red. The Realty index had fallen 3.36%, while the Metal, PSU Bank, Pharma and Healthcare indices had fallen more than 2% each.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the red, with the BSE SmallCap index shedding 1.66%, and the BSE MidCap down 1.88%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 11 of the 50 stocks on the Nifty 50 were in the green. Hindustan Unilever, Britannia Industries, Nestle India, ITC, and SBI Life were the top gainers, while Bajaj Auto, Power Grid Corp., Hindalco, JSW Steel, and Cipla, were the top drags.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Eight of the 30 stocks on the Sensex were in the green. Power Grid Corp., JSW Steel, Tata Steel, IndusInd Bank, and Tata Motors were the top drags, while Hindustan Unilever, Nestle india, ITC, Kotak Mahindra, and Tech Mahindra, were the top gainers.
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Sensex Today Live : 12 pm market update
Sensex Today Live : Indian benchmark indices had extended their losses on Tuesday.
At 12 pm, Sensex was down 534.8 points, or 0.72%, at 73,360.74, and Nifty was down 172.40 points, or 0.77%, at 22,270.30.
Sensex Today Live : Happiest Minds Technologies posts 24% jump in Q4 net profit; revenue jumps 10%
Sensex Today Live : Happiest Minds Technologies reported revenue growth of 10.4% YoY to ₹417.29 crore in Q4FY24. The total income for the period was ₹442.50 crore, a 1.9% increase QoQ and a 14.5% increase YoY. EBITDA stood at ₹108.22 crore, marking a 2.9% QoQ growth and a 7.6% YoY growth.
Pre-tax profit was ₹96.15 crore, up by 19.1% QoQ and 21.8% YoY. Profit after tax was ₹71.98 crore, a 20.7% increase QoQ and a 24.8% increase YoY. For FY24, revenues were ₹1,624.66 crore, a 13.7% increase YoY.
Total income for the year was ₹1,710.03 crore, up by 17.9% YoY. EBITDA for the year was ₹421.22 crore, a 10.9% increase YoY. PBT for the year was ₹334.68 crore, an 8.0% increase YoY. After tax deductions, the PAT for the year was ₹248.39 crore, a 7.5% increase YoY.
In terms of USD, the revenues for Q4FY24 were $50.07 million, a 1.4% increase QoQ and a 9.1% increase YoY. The growth in constant currency was 1.4% QoQ and 9.5% YoY. For FY24, the revenues were $196.13 million, a 10.3% increase YoY, with a constant currency growth of 11.0%.
Sensex Today Live : 360 One Wam gets government approval to carry out Aadhaar-based authentication of client KYC
Sensex Today Live : 360 One Wam announced today that it has received a notification from Sebi regarding receiving the government’s approval to act as a Sub-KUA (Sub-KYC-User Agency), which will allow it to carry out Aadhaar-based authentication of client KYC.
In an exchange filing, the company siad, “We would like to inform you that SEBI has notified, vide notification dated May 06, 2024, the authorisation accorded by the Government of India to 360 ONE Distribution Services Limited (formerly known as IIFL Wealth Distribution Services Limited and a wholly owned subsidiary of the Company) to act as a Sub-KUA (Sub-KYC-User Agency) enabling it to carry out Aadhaar-based authentication of client KYC under the Aadhaar Act, 2016 and the Prevention of Money-laundering Act, 2002”.
Sensex Today Live : Welspun Corp appoints Nitin Agarwal as CEO of Steel Business
Sensex Today Live : Welspun Corp informed the exchanges today that it has appointed Nitin Agarwal as CEO of Steel Business.
The company said Agarwal currently serves as the President – Global Supply Chain & Marketing at Welspun Corp.
Sensex Today Live : 11 am market update
Sensex Today Live : Indian benchmark indices had extended their losses on Tuesday.
At 11 am, Sensex was down 355.89 points, or 0.48%, at 73,539.65, and Nifty was down 100.20 points, or 0.45%, at 22,342.50.
Sensex Today Live : WABAG wins €34 million repeat order from ONAS for a 36 MLD Wastewater Treatment Plant at Sousse Hamdoun II, Tunisia
Sensex Today Live : VA TECH WABAG, a leading pure-play water technology Indian Multinational Group, has secured a repeat order from Office National De L’assainissement (ONAS). The consortium order entails Design, Build, Operate, towards a 36 MLD Wastewater Treatment Plant (WTP) valued at 114.22 Million Tunisian Dinars (approx. Euro 34 Million), located at Sousse Hamdoun II, Tunisia.
The project, funded by the French Development Agency (AFD), the European Investment Bank (BEI) and the European Union (EU) will be executed over a period of twenty-four months followed by a 12 months Operation & Maintenance period.
The scope of WABAG under this order will be Engineering & Procurement and Operation & Maintenance, which is worth about half of the consortium order value. This includes Design, Engineering, Supply, Installation and Commissioning of the plant followed by a One Year O&M phase.
The project will be spearheaded by WABAG as the leader of the consortium, with Entreprise Gloulou Mohamed et Salem (EGMS) serving as the consortium partner responsible for all Civil Works associated with the project.
Sensex Today Live : Gland Pharma receives US FDA approval for Plerixafor Injection
Sensex Today Live : Gland Pharma, a company specializing in generic injectable drugs, has secured approval from the United States Food and Drug Administration (USFDA) for its Plerixafor Injection, 24 mg/1.2 mL (20 mg/mL), Single-Dose Vial, the company announced today.
The approved product is bioequivalent and therapeutically equivalent to MOZOBIL, a plerixafor injection produced by Genzyme Corporation, a Sanofi Company. The product is used in combination with filgrastim to mobilize hematopoietic stem cells (HSCs) to the peripheral blood for collection and subsequent autologous transplantation in patients with non-Hodgkin’s lymphoma or multiple myeloma.
Gland Pharma anticipates launching this product through its marketing partner within the 2025 fiscal year. As per IQVIA data, the product recorded approximately $152 million in US sales for the twelve months ending January 2024.
Sensex Today Live : Bigbloc Construction shares gain 5% as ace investor Shankar Sharma buys 3.65 lakh company shares before its Q4 results announcement today
Sensex Today Live : Ace investor Shankar Sharma purchased 3.65 lakh equity shares in Bigbloc Construction at an average price of ₹235 per share via open market transactions. The company is set to announce its Q4FY24 results on Tuesday, May 7.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Sector Indices Heat Map Sensex Today Live : Barring FMCG, Consumer Durables, Media and PSU Bank, all other sectoral indices were trading in the red. The Consumer Durables index had gained 2.62%, while the Private Bank index had fallen 0.70%.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the red, with the BSE SmallCap index losing 0.15% and the BSE MidCap index losing 0.14%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 18 of the 50 stocks on the Nifty 50 were in the green. Hinustan Unilever, Britannia Industries, ITC, Nestle India, and Tata Consumer Products, were the top gainers, while Power Grid Corp., Bajaj Auto, Divi’s Laboratories, JSW Steel, and Apollo Hospitals Enterprises, were the top drags.
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Sensex Today Live : Allsec Technologies shares jump nearly 14% after company posts 71% increase in Q4 net profit
Sensex Today Live : The company reported a 71% YoY increase in net profit at ₹20.7 crore for Q4FY24. The company’s revenue grew by 20.1% YoY to ₹129.7 crore. EBITDA jumped 43.3% YoY to ₹35.2 crore. The board has recommended a final dividend of ₹15 per equity share.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Only nine out of the 30 stocks on the Sensex were in the green. Hindustan Unilever, Nestle India, ITC, Sun Pharma, and Asian Paints were the top gainers, while HCLTech, Power Grid Corp., ICICI Bank, Axis Bank, and JSW Steel, were the top drags.
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Sensex Today Live : 10 am market update
Sensex Today Live : Indian benchmark indices were trading in the red on Tuesday.
At 10 am, Sensex was down 234.42 points, or 0.32%, at 73,661.12 and Nifty was down 41.60 points, or 0.19%, at 22,401.10.
Sensex Today Live : Route Mobile shares drop more than 4% after company posts 8% fall in Q4 net profit
Sensex Today Live : The company reported an 8.6% YoY drop in net profit at ₹95.2 crore for Q4FY24. The company’s revenue from operations increased 0.8% to ₹1,017 crore. EBITDA for the quarter was ₹125.4 crore, a 4% decrease from the same period last year. The EBITDA margin was 12.3%, compared to 13.1% in Q4 of FY23.
Sensex Today Live : Arvind SmartSpaces shares climb more than 3% after company posts 85% YoY jump in Q4 net profit
Sensex Today Live : The company reported an 85.7% YoY jump in net profit at ₹19.5 crore for Q4FY24. Its revenue from operations increased 26.6% to ₹117.4 crore.
Sensex Today Live : DCM Shriram shares down 4% after company posts 36% drop in net profit
Sensex Today Live : The company reported a 36.9% YoY drop in net profit at ₹117.8 crore for Q4FY24. The company’s revenue from operations decreased by 11.8% to ₹2,399.3 crore. EBITDA dropped by 22.7% to ₹313.1 crore, and the EBITDA margin stood at 13.1%, compared to 14.9% in the corresponding period in the previous fiscal. The board has recommended a final dividend of 130%, that is, ₹2.60 per equity share of face value of ₹2 each for the financial year ended March 31, 2024.
Sensex Today Live : Godrej Consumer Products shares gain more than 6% despite posting a loss of ₹1,893 crore in Q4FY24
Sensex Today Live : GCPL reported a net loss of ₹1,893.2 crore for Q4FY24, compared to a net profit of ₹452 crore in the same period last year. The company’s revenue from operations increased by 5.8% to ₹3,385.6 crore. EBITDA rose by 17.9% to ₹755.7 crore, and the EBITDA margin stood at 22.3%, compared to 20% in the corresponding period in the previous fiscal. The board has declared an interim dividend of ₹10 per share (1,000% on shares of face value of ₹1 each) for the financial year 2024-25.
Sensex Today Live : Lupin shares fall more than 4% after company posts 53% increase in consolidated net profit
Sensex Today Live : The pharma company reported a 52% YoY increase in consolidated net profit, amounting to ₹359.43 crore, for Q4 FY24. Its revenue rose by 13% from the previous year to ₹4,895.11 crore. EBITDA for the quarter was ₹1,026.1 crore, a 66% increase from ₹615 crore in the same period last year. The EBITDA margin was 14.2%, compared to 11.5% in the year-ago period. However, Profit Before Tax was lower due to an impairment charge of ₹201.3 crore. The company invested ₹425.5 crore (8.7% of sales) in R&D for the quarter.
US sales accounted for 39% of Lupin’s global sales, with Q4FY24 sales amounting to ₹1,900.6 crore, a 0.6% increase from Q3FY24 and a 22.6% increase from Q4FY23. Sales in India accounted for 33% of Lupin’s global sales, with Q4FY24 sales amounting to ₹1,601.5 crore, a 7.2% decrease from Q3FY24 but an 8.3% increase from Q4FY23. Global API sales accounted for 5% of Lupin’s global sales, with Q4FY24 sales amounting to ₹258.1 crore, a 7.1% decrease from Q3FY24 and a 20% decrease from Q4FY23.
Sensex Today Live : Redington’s Turkiye-based subsidiary to sell its fintech payments business for $93 million
Sensex Today Live : Redington today informed the exchanges that its Turkiye-based step down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey has signed a definitive agreement with Iyzi Payment and Electronic Money Services Inc, Turkey, for the sale of 100% of the equity held by Arena in its fintech payments business, Paynet Ödeme Hizmetler A.Ş, which is a wholly owned subsidiary of Arena.
The company said the divestment is subject to obtaining necessary regulatory approvals, including from the Central Bank of the Republic of Turkey and the Turkish Competition Authority, and also subject to mutual fulfilment of the conditions as per the agreement.
Redington, in an exchange filing, added that the total consideration for the transaction would be $87.00 million, plus net cash of approximately $ 5 million.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the green but were muted on Tuesday, following positive cues from global peers.
At opening bell, Sensex was up 91.43 points, or 0.12%, at 73,986.97 and Nifty was up 35.10 points, or 0.16%, at 22,477.80.
Sensex Today Live : Benchmark indices green at pre-open
Sensex Today Live : Indian benchmark indices were green but muted at pre-open on Tuesday, tracking global peers higher.
Sensex was up 77.76 points, or 0.11%, at 73,973.30 and Nifty was up 47.05 points, or 0.21%, at 22,489.75 during pre-open.
Sensex Today Live : What to expect from Indian stock market in trade on May 7
Sensex Today Live : The Indian stock market, represented by Sensex and Nifty 50, is anticipated to start Tuesday on a positive note, mirroring gains in global markets. The Gift Nifty’s trends also suggest a promising start for the Indian benchmark index, trading around the 22,585 level, nearly 35 points above the previous close of Nifty futures.
Monday’s trading session concluded with mixed results amidst volatility in the domestic equity benchmark indices. The Sensex rose slightly by 17.39 points to close at 73,895.54, while the Nifty 50 dipped by 33.15 points (0.15%) to settle at 22,442.70.
The Nifty 50 chart formed a small negative candle next to the previous session’s long bear candle. This pattern suggests a sell-on-rise opportunity within a range-bound action. The Nifty is currently at the support levels of 22,400 – 22,300 and is not sustaining its intraday upside bounces. The larger degree of higher tops and bottoms is in play. Despite a sharp decline from the new higher top of 22,794 levels on Friday, the Nifty shows weakness down to the formation of a new higher bottom of the pattern. However, a higher bottom reversal is yet to be confirmed, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : Seven key things that changed for market overnight – Gift Nifty, Japan Services PMI to oil prices
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are poised for a positive start on Tuesday, buoyed by encouraging global market trends. Asian markets are performing well, and US stocks closed positively, fueling optimism for potential US Federal Reserve interest rate cuts this year. Market participants anticipate a 46 basis point reduction in rates by the end of 2024, with the initial cut likely in September or November, as per LSEG’s rate probability app.
Monday’s trading session saw mixed results in the Indian stock market amidst high volatility. The Sensex marginally rose by 17.39 points (0.02%) to close at 73,895.54, while the Nifty 50 fell slightly by 33.15 points (0.15%) to settle at 22,442.70.
The India VIX has surged over 70% in the past eight sessions, from around 10 to nearly 17, its 52-week high. This reflects growing investor anxiety due to ongoing global uncertainties and the upcoming Lok Sabha election results. Consequently, markets are expected to stay within a broader range, with individual stock movements likely in the short term, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd. (Read the full story here.)
Sensex Today Live : Indian markets likely to have gap-up open, led by buoyant global peers
Sensex Today Live : Markets in India were likely to start on a postive note, following gains in global peers that were buoyant on the back of expectations that the US Federal Reserve would cut rates sooner rather than later.
Even the Gift Nifty futures were trading at 22,593, around 150 points ahead of Nifty 50’s Monday close of 22,442, when it had closed down 0.15% lower.
Asian shares made 15-month highs on Tuesday on renewed confidence of U.S. interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3% in early trade. Hong Kong shares traded marginally lower, having ridden a wave of heavy buying from mainland investors to lift the Hang Seng index more than 14% higher in a 10-day winning streak, its longest since 2018.
Japan’s Nikkei gained 1.3% and S&P 500 futures were steady after the cash index logged a 1% rise overnight.
The mood was underpinned by last week’s softer-than-expected U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell reiterating that the next move in rates will be lower.
Treasuries, which rallied on Friday’s jobs figures, traded steady in New York overnight and 10-year yields held at 4.49% in Tokyo on Tuesday. Interest rates markets price at least one U.S. rate cut this year, in November.
Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.
Expectations of falling rates weighed on the dollar, except against the yen as Japanese rates are not expected to move too far above zero this year, leaving a wide gap.
The dollar rose 0.6% on the yen on Monday and a further 0.2% to 154.17 yen on Tuesday, keeping markets on edge as to whether Japanese authorities may step in again. Traders estimate Japan spent almost $60 billion defending the yen last week.
The Reserve Bank of Australia (RBA) is widely expected to leave rates on hold at its policy meeting later on Tuesday, but focus will be on whether the tone or outlook shifts to explicitly include the possibility of hikes, following an inflation surprise. The Australian dollar was steady at $0.6637 in morning trade. Swaps market pricing implies a near even chance of a rate hike later this year in Australia.
In commodity trade, oil was a tad firmer, with Brent crude futures up 0.3% to $83.58 a barrel with a ceasefire deal in the Middle East proving elusive.
Gold rose overnight and was steady at $2,325 an ounce on Tuesday.
Wheat, corn and soybean futures have surged to multi-month highs on worries about unfavourable weather in Russia – where it has been frosty and dry – and Brazil, where there are floods.
Iron ore futures have rallied on clues that China’s Politburo is planning more support measures for the beleaguered property sector. Benchmark June iron ore on the Singapore Exchange has risen almost 25% in a month. German factory orders are the highlight of the European calendar on Tuesday.
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