Sensex Crash Today : Sensex down 610pts, Nifty at 22,340; Broader market, sector indices red, Bank, FS, IT, Health fall

Sensex Today Crash : Fortis Malar Hospitals shares hit upper circuit on Monday after the company declared an interim dividend of ₹40 per share on Friday.

In an exchange filing, the company said, “The Board of Directors of Fortis Malar Hospitals Limited at their adjourned meeting held today inter-alia considered and approved declaration of Interim Dividend of Rs. 40, per equity share of Rs. 10, each on the entire issued, subscribed and paid-up share capital of the Company of 1,87,41,759 equity shares of the nominal value of Rs. 10/- (Rupees ten only) each.”

The company saidm it had stated, in respect of the divestment of the business operations of Malar hospital, that, “the management/ Board of the Company will thereafter endeavour to distribute the available surplus funds of the Company to its Members in the most optimal and efficient manner and in compliance with applicable law and regulations.”

Sensex Crash Today : Indian benchmark indices were in the red on Monday, led by weak signals from global peers that were roiled due to the tensions brewing in the Middle-East.

At 2 pm, Sensex was down 614.27 points, or 0.83%, at 73,630.63, and Nifty was down 174.65 points, or 0.78%, at 22,344.75.

Sensex Today Crash : TECHNICAL PICK: BUY NBCC

CMP ₹135

TARGET ₹159 (18.10%)

STOPLOSS ₹124 (7.80%)

The stock has gained strength after the consolidation witnessed and a decent pullback to move past the significant 50EMA level of ₹119 has improved the bias to anticipate for further rise in the coming days. The RSI is on the rise and has already indicated a trend reversal with much upside potential to carry on with the positive move further ahead. We suggest to buy the stock for an upside target of ₹159 keeping the stop loss of ₹124.

Sensex Today Crash : Brigade Enterprises today informed the exchanges that it has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.

The compansy said it planst to invest around ₹400 crore to develop the project which will have a leasable area of 8.36 lakh sft. spread across two towers. This will be the second commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR.

Sensex Today Crash : Mahindra & Mahindra today informed the exchanges that its board has approved the acquisition of a 26% stake in the paid-up equity share capital of Gelos Solren Private Limited, a wholly owned subsidiary of Mahindra Susten Private Limited, which is a subsidiary of Mahindra Holdings Limited, which in turn is its own wholly-owned subsidiary. Gelos plans to generate and distribute renewable energy in accordance with the Group Captive Power Procurement Model, the company said.

The Mahindra Group plans to develop a 150 MW hybrid RE (solar + wind) project at a total project cost of about ₹1,200 crore. The project will be developed by group company Mahindra Susten, which will include 101 MW wind capacity, and 52 MW solar capacity, the company said. It is expected to generate ˜460 million kWh of energy leading to expected abatement of ˜420,000 tonnes of CO2 emissions, the company informed.

Sensex Today Crash : BUY SUN TV

CMP ₹629

TARGET ₹707 (12.45%)

STOPLOSS ₹597 (5.05%)

Sensex Today Crash : The stock has moved past the significant 50EMA level of 620 levels and indicated a breakout above the descending channel pattern on the daily chart at 625 levels to improve the bias anticipating for further rise in the coming days. The RSI is well placed indicating a trend reversal to signal a buy with much upside potential visible from current levels. With the chart looking attractive, we suggest to buy the stock for an upside target of 707 keeping the stop loss of 597 level.

Sensex Today Crash : According to government data, India’s wholesale price index experienced a 0.53 per cent increase in March compared to the same period last year. This surpassed the 0.51 per cent rise predicted by economists in a Reuters poll. In February, the index had seen a rise of 0.20 per cent.

Sensex Today Crash : Ambuja Cements today informed the exchanges that it has entered into a definitive agreement with My Home Industries to acquire its 1.5 mtpa cement grinding unit from in Tuticorin, Tamil Nadu for ₹413.75 crore.

Sensex Today Crash : Rating: ACCUMULATE | CMP: ₹4,001 | TP: ₹4,360

Despite weakness in revenue growth, the margin improvement was remarkable aided by optimizing subcon and rationalizing employee pyramid

Record NN booking (BTB 1.8x) in Q4 laying strong foundation for incremental growth in FY25e/Fy26e

Valuations and outlook: We believe the company’s business mix is more favorable to the current enterprise spends which are diverted to stimulate core business functions or bring efficiency to their operations. TCS is well positioned to capture those spends and win disproportionately among its peers, which is very well evident through robust wins and strong executions during the quarter. We estimate revenues/earnings CAGR of 8.1%/11.5% over FY24-FY26e. The stock is currently trading at 25x FY26e, we are assigning P/E of 27x to FY26e with a target price of ₹4,360. With that I assume coverage on TCS with an “ACCUMULATE” rating.

Sensex Today Crash : Bodhitree Multimedia informed the exchanges today that it is entering the Bojpuri content vertical in partnership with Mj Creative Studio led by Manish Jain and Ved Prakash Tiwari. In an exchange filing, the company said it has formed a partnership with them to develop a wide ranging slate of films, television, events and OTT.

Sensex Today Crash : Among sectoral indices, the Metal and Oil & Gas indices were green, with the Oil & Gas index up 1.09%, and the Metal index up 0.44%.

Among the heavyweights, the Bank index was down 1.03%, and the FS index was down 1.07%, while the FMCG, IT, Healthcare Pharma , Consumer Durables and Auto indices were also in the red.

Sensex Today Live : The broader market was in the red, with the BSE MidCap index down 0.99%, and the BSE SmallCap index down 1.05%. 

Sensex Today Live : Only nine of the 50 stocks on the Nifty 50 were in the green, led by ONGC, Hindalco, Reliance Industries, Nestle India, and NTPC, while Shriram Finance, Tata Consumer Products, Adani Enterprise, ICICI Bank, and Tech Mahindra, were the top drags. 

Sensex Today Live : Only six of the 30 stocks on the BSE were in the green, namely, Nestle India, Reliance Industries, NTPC, JSW Steel, Maruti Suzuki India, and Titan. ICICI Bank, Tech Mahindra, HUL, Tata Motors, and Wipro, were the top drags. 

Sensex Crash Today : Indian benchmark indices were in the red on Monday, led by weak signals from global peers that were roiled due to the tensions brewing in the Middle-East.

At 12 pm, Sensex was down 465.89 points, or 0.63%, at 73,779.01, and Nifty was down 137.10 points, or 0.61%, at 22,382.30.

Sensex Today Crash : Suven Life Sciences today informed the exchanges that it will present the results of the Phase-2 study on Samelisant (SUVN-G3031) at the American Academy of Neurology (AAN) 2024 Annual Meeting, Denver, USA.

The company said it has achieved positive study results from the Phase-2 proof-of-concept study assessing the safety and efficacy of samelisant for the treatment of excessive daytime sleepiness (EDS) in adult narcolepsy patients with and without cataplexy.

It added that the study met primary endpoint, with samelisant demonstrating statistically significant and clinically meaningful reduction in EDS measured by the Epworth Sleepiness Scale (ESS) total score compared to placebo at Day 14.

Sensex Today Crash : Royal Orchid Hotels informed the exchanges that is has opened Regenta Central in the coastal city of Puri, marked its entry in Odisha.

The newest addition to ROHL’s portfolio is located at a proximity of 50 meters from the Golden Beach and provides the perfect setting for guests to immerse themselves in the rich heritage of Odisha, the company said.

Sensex Today Crash : Happiest Minds Technologies informed the exchanges today that it has been engaged by MindSculpt Analytics, a Healthcare Solutions Company, to build tailored medical diagnostics solutions leveraging advanced Artificial Intelligence and Machine Learning techniques.

This project seeks to deliver precise mapping of individuals’ physiology, facilitating a highly nuanced comprehension of health, wellness, and aging on an individual level, the company said.

Happiest Minds has been chosen by MindSculpt Analytics to build this preventive & diagnostics platform, with a focus to create holistic health portraits of the individuals and over time leverage this for an early and accurate diagnosis and personalized treatments of multiple ailments that include a range of age and neuro-related diseases, the company said. The health portrait will be equipped to track post-disease recovery also.

Sensex Crash Today : Indian benchmark indices were in the red on Monday, led by weak signals from global peers that were roiled due to the tension brewing in the Middle-East.

At 11 am, Sensex was down 357.44 points, or 0.48%, at 73,887.46, and Nifty was down 98.30 points, or 0.44%, at 22,421.10.

Sensex Today Live : Sanjeev Kumar and Surajit Mandol have stepped down from the board of Bharti Hexacom effective from April 12, following the termination of the Shareholders Agreement upon the completion of the company’s initial public offering (IPO). Consequently, they are no longer serving as directors.

Both held non-executive director positions on the board. Sanjeev Kumar, the chairman and managing director, and Surajit Mandol, the director of finance of Telecommunications Consultants India, divested a 15% stake in Bharti Hexacom through the IPO and currently retain the remaining 15% stake in the company. Prior to the IPO, Bharti Airtel held a 70% stake and Telecommunications Consultants India held a 30% stake in the company.

Sensex Today Live : ISMT Limited informed the exchanges on Friday that it has bagged two contracts from ONGC for the supply of regular casing pipes worth ₹343.72 crore.

Sensex Crash Today : The company reported a substantial year-on-year growth of nearly 33% in its net profit, reaching ₹56.6 crore for the quarter ending in March FY24, despite lackluster operating margins. The company’s revenue from operations for the quarter also increased 29% to ₹184.3 crore, compared to the same quarter last year. The board of the company has given its approval for a final dividend of ₹9 per share for FY24 and has proposed a buyback of equity shares worth up to ₹164.65 crore.

Sensex Today Live : The company is looking to secure a funding of ₹3,900-4,000 crore from Power Finance Corp. The company has arranged a rupee term loan facility from the government-owned lender amounting to at least ₹3,918 crore, which could extend up to ₹4,000 crore, according to two individuals familiar with the matter. This funds from the 11-year loan will primarily be utilized to augment the capacity of its two power plants located in Chhattisgarh and Andhra Pradesh. It aims to escalate the operational capacity of its power business in India to 4.8GW by FY27, from the current 2.58 GW.

Sensex Today Live : Indian benchmark indices opened in the red on Monday, led by weak signals from global peers that were roiled due to the tension brewing in the Middle-East.

At 10 am, Sensex was down 587.27 points, or 0.79%, at 73,657.63, and Nifty was down 181.60 points, or 0.81%, at 22,337.65.

Sensex Today Live : Ramkrishna Forgings today informed the exchanges that it has received a significant order for the Vande Bharat trains worth ₹270 crore.

The company said this order is to be supplied to the BHELTRSL consortium, with the scope of this project involving the development and validation of the Bogie Frame for the sleeper version of the Vande Bharat Trainset.

The order encompasses 32 train sets, each comprising 16 coaches. Consequently, RKFL will be producing a total of 1024 bogie frames, the company added.

Sensex Today Live : TCS kicked off the earnings season on a high, concluding FY24 with a March quarter that surpassed expectations. For Q4FY24, it posted a net revenue of $7.36 billion, marking a sequential increase of 1.1%, which aligns with analysts’ growth predictions of up to 1.5%. The net profit for the same quarter stood at $1.5 billion, reflecting a sequential rise of 6.4%. FY24 net revenue witnessed a growth of 4.1% to reach $29.08 billion. The net profit for the entire year was $5.62 billion, marking a 7.7% increase from FY23’s $5.22 billion. TCS also reported a 150 basis point expansion in operating margin in the final quarter of FY24, standing at 26%.

Sensex Today Live : The company has announced a special dividend of ₹118 per share. This announcement comes in the wake of the company receiving proceeds from the sale of its GCC business and the redemption of redeemable preference shares that were issued to the company by Affinity Holdings, which is a wholly owned significant subsidiary of the company.

Sensex Today Live : All the sectoral indices were in the red, with heavyweight indices like PSU Bank, Realty, and Metal down the most.

Sensex Today Live : The broader market was deep in the red, with the BSE MidCap down 2.34%, and the BSE SmallCap down 3.24%. 

Sensex Today Live : Only five of the 50 stocks on the Nifty were in the green, with Hindalco, ONGC, TCS, HCL Tech, and Nestle India emerging as the gainers, while BPCL, Tata Motors, Coal India, Tata Consumer Products, and Adani Enterprises were the top drags.

Sensex Today Live : Only six of the 30 stocks on the BSE Sensex were in the green, with losses led by BPCL, Tata Motors, Tata Consumer Products, Coal India, and Adani Enterprises, while Hindalco, ONGC, TCS, Nestle India, HCL Tech and Infosys, were among the gainers. 

Bank Nifty has shown signs of topping out near the 49,000 zone, and a red candle formation has slightly weakened the bias to maintain a cautious approach. The index would have near-term support at around 48,000 levels, while a decisive breach above the 49,100 zone would continue with the uptrend movement for further rise. Bankex has retested at a breakout level of 54,600, and a decisive close below the 54,500 level will see further falls to the 20 DMA level of 53,600. Banknifty would have a daily range of 48,000–49,000 levels, with Bankex support at 54,300 and resistance at 55,300.

Sensex Today Live : Nifty resisted near the long term trend line zone of 22,750 levels and witnessed a slide with a bearish candle formation on the daily chart to weaken the bias with 22,500 maintained as the crucial support zone as of now. The index would have the 22,000 as the major and important support base below which the overall trend shall turn weak. Sensex also resisted at the upper end of the channel pattern, and a 20 DMA level of 73,450 will be support for the week. The support for the day is seen at the 73,700/22,300 level, while the resistance would be seen at the 74,700/22,600 level.

Sensex Today Live : Indian benchmark indices opened in the red on Monday, led by weak signals from global peers that were roiled due to the tension brewing in the Middle-East.

At opening bell, Sensex was down 887.82 points, or 1.20%, at 73,357.08, and Nifty was down 181.75 points, or 0.81%, at 22,337.65.

Sensex Today Live : Mphasis today informed the exchanges that it has signed a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS). The collaboration establishes the Gen AI Foundry, led by Mphasis.AI, a dedicated business unit focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation, the company said.

The Gen AI Foundry will serve as a platform for modeling industry use cases and developing proof of concepts (POCs) initially within the financial services Industry, with plans to expand across other sectors.

Sensex Today Live : Indian benchmark indices fell at pre-open on Monday, with markets roiling due to the tension brewing in the Middle-East.

Sensex was down 929.74 points, or 1.25%, at 73,315.16, and Nifty was down 180.35 points, or 0.8%, at 22,339.05 during pre-open.

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are projected to commence on a lower note on Monday, mirroring the losses in global markets due to the ongoing Iran-Israel conflict.

The Gift Nifty trends also suggest a gap-down opening for the Indian benchmark index. The Gift Nifty was observed trading around the 22,460 level, marking a discount of nearly 140 points from the previous close of Nifty futures.

On the previous Friday, the Indian stock market indices each closed a percent lower, pulled down by widespread selling amid unfavorable global cues. The Sensex plummeted by 793.25 points to close at 74,244.90, while the Nifty 50 ended 234.40 points, or 1.03%, lower at 22,519.40.

The Nifty 50 chart displayed a long negative candle that has breached the immediate support of the ascending trend line at 22,650 levels. “From a technical perspective, this pattern signifies the formation of a critical top reversal pattern, and one can anticipate further weakness in the upcoming sessions. The resistance trendline and Fibonacci projection around 22,800 levels have exerted significant pressure on the market, resulting in a reversal,” commented Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

Sensex Today Live : The local stock market is likely to start on a lower note on Monday, mirroring the global market’s weakness due to escalating geopolitical unrest in the Middle East following Iran’s unexpected assault on Israel over the weekend.

Asian markets experienced a significant downturn, and the US stock market ended last week on a lower note due to worries about elevated interest rates.

The markets are being shaken by persistent inflation and the likelihood of prolonged high interest rates. The intensification of the Middle East crisis could further dampen investors’ risk tolerance and introduce additional volatility into the markets.

Investors will be on the lookout for several factors that could influence the stock market this week, including Q4 results, the 2024 general elections, the conflict between Israel and Iran, domestic and international macroeconomic data, crude oil prices, and global market indicators.

Seshadri Sen, Head of Research and Strategist at Emkay Global Financial Services, commented, “Indian stocks may face temporary short-term challenges due to the US Fed’s easing being deferred to CY25 and the hardening of commodity prices as a result of unfavorable geopolitics. The impact of Fed rates is minimal as the Indian narrative is primarily driven internally by a capex turnaround and a resurgence in domestic manufacturing. A prolonged rally in commodity prices poses a more significant risk, but that seems improbable at the moment.” (Read the full story here.)

Sensex Today Live : Indian shares are set to open lower on Monday, tracking Asian peers, as investor sentiment was subdued after Iran’s retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict.

India’s GIFT Nifty was trading at 22,470.50 as of 8:04 a.m. IST, indicating that the Nifty 50 will open below its Friday’s close of 22,519.40.

Asian shares slumped and gold prices rose as risk sentiment took a hit. The dollar scaled a fresh 34-year high against the yen on growing expectations that sticky inflationary pressures in the United States will keep rates there higher for longer.

Markets in Asia began the week on a cautious footing. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% after Iran had, late on Saturday, launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. That marked Iran’s first direct attack on Israeli territory.

The threat of open warfare erupting between the arch Middle East foes and dragging in the United States has left the region on tenterhooks. U.S. President Joe Biden warned Prime Minister Benjamin Netanyahu the U.S. will not take part in a counter-offensive against Iran. Israel said “the campaign is not over yet”.

Japan’s Nikkei slid more than 1%, while Australia’s S&P/ASX 200 index lost 0.6%. Hong Kong’s Hang Seng Index slumped 0.8%.

The escalating tensions also sparked a flight to safety that sent gold rising 0.51% to $2,356.39 an ounce and the safe-haven dollar broadly higher, extending its 1.6% rise from last week.

Oil prices, however, hardly reacted to the news, as traders had largely priced in a retaliatory attack from Iran that would likely further disrupt supply chains. That saw Brent crude futures peaking at $92.18 a barrel last week, the highest level since October.

Brent was last 0.5% lower at $90.01 per barrel, while U.S. West Texas Intermediate crude futures fell roughly 0.6% to $85.13 a barrel. [O/R]

U.S. stock futures, meanwhile, ticked higher, after a heavy selloff on Wall Street on Friday as results from major U.S. banks failed to impress. S&P 500 futures and Nasdaq futures each rose 0.15%.

Elsewhere, U.S. Treasury yields held near their recent highs as traders pared back their expectations of the pace and scale of rate cuts from the Federal Reserve this year. [US/]

The benchmark 10-year yield last stood at 4.5277%, while the two-year yield held near the 5% level and was last at 4.8966%.

A continued run of resilient U.S. economic data, particularly last week’s hotter-than-expected inflation report, has added to the view that U.S. rates could remain higher for longer, and that a Fed easing cycle is unlikely to commence in June.

Futures now point to about 50 basis points worth of easing expected this year, a huge pullback from the 160 bps that was priced in at the start of the year.

A slew of Fed policymakers are due to speak this week, including Chair Jerome Powell, who could give further clarity on the future path of U.S. interest rates.

The shift in rate expectations has halted bitcoin’s blistering rally, after the world’s largest cryptocurrency repeatedly notched fresh records this year thanks to flows into new spot bitcoin exchange-traded funds and expectations of imminent Fed cuts.