Sensex Today Live Updates : Sensex up 100pts, Nifty at 22,550; Realty, FMCG, IT gain, Bank, FS, Metal drag

Sensex Today Live : Steel Authority of India Rating: SELL | CMP: ₹174 | TP: ₹127

Going forward, there is expectation of USD30/t decline in cost of coking coal in 1Q while FY25 sales guidance of ~19mt was given. 

SAIL has planned to increase its capacity from ~20.2mtpa to 35mtpa by FY32 in phases, yet, in the near term no significant capacity addition is envisaged till FY27E. SAIL has ~1.5mt of finished goods inventory and enough capacity to cater to strong demand till FY26E.

We expect SAIL to remain a play on steel prices in long term as a) its volume growth would depend upon successful execution of planned capex and significant capacity addition would only come post FY27E; b) near term volume growth would remain 7-9% but margins may remain at mercy of coking coal prices; and c) higher capex can deteriorate balance sheet unless there is timely execution.

We cut our FY25/26E EBITDA estimates by -1% each assuming ~18.5/20mt sales volume. We downgrade the stock to ‘Sell’ with revised TP of ₹127 ( ₹138 earlier) as the stock has run up ahead of fundamentals and we do not expect proportionate earnings growth.

Sensex Today Live : After reports emerged that IREDA may come up with an FPI after an interaction of the company’s Chairman and MD with media personnel, the company clarified, in an exchange filing on the night of 21 May, that no such plans are under consideration at the moment.

The company stated, “Today, many news websites i.e. Times Now, India TV, Business Standard, the Print etc. have reported that the Indian Renewable Energy Development Agency Limited (IREDA) is planning a Follow-on Public Offer (FPO).

In this regard, this is to inform you that this information appears to be based on the recent interaction of Shri Pradip Kumar Das, CMD, IREDA, with journalists at the Company’s Registered Office, New Delhi wherein a general discussion was held regarding the Sector and Company Outlook. Considering renewable energy sector financing requirements, Mr. Das has just offered his view that IREDA may come up with Perpetual Debt Instruments (PDI)/FPO in the future keeping in view the business requirements of the Company. However, we would like to clarify that the Company has not made any decision regarding FPO. The Company will take up the matter with the Board of Directors and the Government of India at the appropriate time.”

“The Company states that the reported information in media is not correct,” it added.

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 11 am, Sensex was up 109.77 points, or 0.15%, at 74,063.08 and Nifty was up 25.95 points, or 0.12%, at 22,555.

Sensex Today Live : PNC Infratech announced on May 21 that it has bagged two road projects of MSRDC for an aggregate amoung of ₹4,994 crore.

The projects involve the construction of access controlled Pune Ring Road on EPC mode for an amount of ₹2,486 crore, while the other project is for the construction of access controlled Expressway Connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded for an amount of ₹2,508 crore.

Sensex Today Live : Cipla today announced that its wholly owned subsidiary Cipla USA Inc. has received the final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL from the US FDA.

Cipla’s Lanreotide Injection is AP-rated therapeutic equivalent generic version of Somatuline Depot (lanreotide) Injection, the company said in an exchange filing.

Lanreotide Injection is supplied as 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL single-dose, pre-filled, ready-toinject syringe.

Cipla’s Lanreotide injection is indicated for the treatment of patients with Acromegaly and Gastroenteropancreatic Neuroendocrine Tumors (GEP-NETs).

Sensex Today Live : SpiceJet will seek a refund of ₹450 crore out of the ₹730 crore it has already paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s order on May 17.

The Division Bench of the Delhi High Court ruled on May 17 in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

SpiceJet has paid a total of ₹730 crore, comprising ₹580 crore in principal along with an additional ₹150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of ₹450 crore.

Sensex Today Live : Suzlon Group today announced new order wins for the development of 402 MW wind energy projects for Juniper Green Energy. Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan, the company said in an exchange filing.

These are repeat orders from the customer for the company’s larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection, and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning, the company added.

Sensex Today Live : Strides Pharma Science today announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Sucralfate Oral Suspension, 1gm/10 mL, from the US FDA.

The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Carafate 1gm/10mL of AbbVie, the company said in an exchange filing. Sucralfate is used to treat stomach ulcers, gastroesophageal reflux disease (GERD), radiation proctitis, and stomach inflammation and to prevent stress ulcers, it added.

Sucralfate Oral Suspension, 1gm/10 mL has a market size of around $ 124 million, as per IQVIA (March 2024). The Sucralfate Oral Suspension, 1gm/10 mL will be manufactured at the company’s flagship facility in KRS Gardens in Bangalore, India, the company said.

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 10 am, Sensex was up 114.11 points, or 0.15%, at 74,067.42 and Nifty was up 26.45 points, or 0.12%, at 22,555.50.

Sensex Today Live : Barring FMCG, Realty and IT, which were up 1.14%, 1.77% and 0.53% respectively, only Consumer Durables and Oil & Gas indices were trading in the green. Rest all other sectoral indices were trading in the red,

Sensex Today Live : The broader market were trading in the red, with the BSE MidCap index down 0.22% and the BSE SmallCap index down 0.19%.

Sensex Today Live : 20 of the 50 stocks on the Nifty 50 were trading in the green. Britannia Industries, Hindustan Unilever, Coal India, UltraTech Cement, and Reliance Industries were the top gainers, while Hindalco Industries, BPCL, Power Grid Corp., Sun Pharma, and JSW Steel, were the top drags.

Sensex Today Live : 10 of the 30 stocks on the BSE Sensex were trading in the green. Hindustan Unilever, Reliance Industries, UltraTech Cement, ITC and Nestle India, were the top gainers, while Sun Pharma, SBI, JSW Steel, Power Grid Corp., and Tata Steel were the top drags. 

The company reported a 3.8% decline in its consolidated net profit to ₹246.8 crore for Q4FY24. However, the company reported a 19% increase in net profit to ₹929 crore for FY24.

Sensex Today Live : The company is expected to post a 22% increase in earnings in Q4 when it reports its March 2024 quarter results on May 22, driven by strong sales of its specialty drugs, contribution from blockbuster generic cancer drug Revlimid and resilient growth in the domestic market. The company’s Q4 net profit is likely to climb to ₹2,412.60 crore from ₹1,984.50 crore in the year ago period. Revenue is likely to grow almost 12% to ₹12,241.25 crore from ₹10,930.60 crore a year earlier. Sun Pharma’s high-margin, low-competition speciality segment will continue to drive growth in Q4.

Sensex Today Live : Paytm reported a net loss of ₹550 crore in Q4FY24

Revenue down by 2.9% YoY to ₹2,267.10 crore

Sensex Today Live : The company reported a 39.09% increase in consolidated net profit to ₹39.67 crore for the March quarter. AFL’s revenue from operations was up 3.66% to ₹1,093.85 crore during the quarter.

Sensex Today Live : The company reported a substantial growth of 214.49% YoY, reaching ₹3.1 crore in net profit. The company’s revenue surged by 32.58% compared to the preceding quarter.

Sensex Today Live : The company reported a 9.2% YoY rise in consolidated net profit at ₹36 crore for Q4FY24. Revenue came in at ₹313 crore, up 11% from the year-ago quarter’s ₹282 crore.

Sensex Today Live : The company posted a 56% rise in consolidated net profit on sustained demand for Q4FY24 at ₹169.33 crore. The firm’s revenue from operations rose 1.8% to ₹3,698.45 crore.

Sensex Today Live : The company reported a 38.74% YoY jump in net profit at ₹86.2 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 9.8% to ₹869.6 crore as against ₹792 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA rose 34% to ₹117.3 crore in the fourth quarter of this fiscal over ₹87.5 crore in the corresponding period in the previous fiscal.

Sensex Today Live : The company reported a 123.82% YoY jump in net profit at ₹113.7 crore for Q4FY24. The company’s revenue from operations increased 27.1% to ₹1,695.3 crore against ₹1,334 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 91.4% to ₹182 crore in the fourth quarter of this fiscal over ₹95.1 crore in the corresponding period of FY23.

Sensex Today Live : Bharat Heavy Electricals’s Q4FY24 net profit rose by 25.6% to ₹489.6 crore, and revenue from operations increased marginally by 0.4% to ₹8,260 crore. The company’s EBITDA rose by 30.6% to ₹728 crore. However, the company’s consolidated net profit for FY24 declined to ₹282.22 crore. The board recommended a final dividend of 12.50% or ₹0.25 per share.

Sensex Today Live : Gujarat State Fertilisers and Chemicals reported an 89% drop in consolidated net profit to ₹24.43 crore for Q4 of 2023-24 due to poor sales. The company’s total income fell 16.34% to ₹2,017.46 crore in the same quarter.

Sensex Today Live : “One inference that can be drawn from institutional activity this month is that there is no excessive concern regarding the much talked about election results jitters. Net institutional selling is almost nil since the FII selling of ₹37,500 crores has been neutralised by DII buying of ₹37369 crores so far this month. Also, it is important to understand that FII selling has been triggered by the outperformance of Chinese stocks which nudged FIIs to sell in expensive India and buy in cheap Hong Kong. Therefore, institutional activity does not reflect any election-related jitters. The decline in India VIX by 9% in recent days also indicates a return of stability in the market.

The market is likely to respond to the election outcome earlier than June 4th. Investors can consider buying stocks before the results. Priority can be given to largecaps which are fairly valued compared to the broader market where valuations are much higher. A possibility around the election results time is both FIIs and DIIs turning buyers lifting the largecaps and the indexes to higher levels.”

–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services,

Sensex Today Live : Indian benchmark indices opened higher on Wednesday, led by positive cues from global peers.

At opening bell, Sensex was up 90.55 points, or 0.12%, at 74,043.86 and Nifty was up 29.70 points, or 0.13%, at 22,558.75.

Sensex Today Live : Indian benchmark indices jumped at pre-open on Wednesday, tracking overnight gains on Wall Street.

Sensex was up 212.21 points, or 0.29%, at 74,165.52 and Nifty was up 47.55 points, or 0.21%, at 22,576.60 during pre-open.

Sensex Today Live : BankNifty has witnessed a gradual rise, finding resistance near the 48,200 zone, and would need a decisive breach above that level for continuation of the upward move, with support maintained at 47,400 levels as of now.

Bankex, in a similar manner, is having a sluggish movement and would need a decisive breach above the 55,200 zone to trigger a further upward move to retest the previous peak zone of 56,000 levels. On the downside, the levels near 54,300 would remain in the good support zone as of now. BankNifty would have a daily range of 47,800–48,400 levels, with Bankex support at 54,300 and resistance at 55,500 levels.

Sensex Today Live : Nifty has stabilised near the 22,500 zone in the last 2-3 sessions, with select midcap counters witnessing active participation to keep the market players active. With the overall bias maintained positive, we expect the levels near the 22,400 zone to be sustained in the coming days, and a decisive breach above 22,600 levels shall further strengthen the trend to expect for the next target of the 22,900 level.

Sensex is hovering around the 74,000 level and above the 0.618% retracement level of the recent fall, and a close above the level of 74,200 can lead the index towards the 74,500 level. The support for the day is seen at 73,500/22,400 levels, while the resistance is seen near 74,400/22,650 levels.

“Early action at GIFT Nifty suggests a volatile day as sentiment wavers after Federal Reserve officials, including Governor Christopher Waller, reiterated the need for sustained inflation decline before considering rate cuts. Anxiety prevails ahead of the FOMC minutes release. Despite record FPI outflows and rising India VIX above 21, Nifty’s outlook remains optimistic. Metal stocks, buoyed by rising copper prices due to Chinese housing market interventions, are in focus. The falling WTI crude prices at $78 per barrel add a positive note. Technically, Nifty remains bullish, aiming for all-time highs of 22,795 and beyond. Recommended trades include Nifty targets at 22,600/22,795 and Bank Nifty at 48,551/48,901. Notable stock pick: ADANI PORTS with targets at 1,401/1,425.”

–Prashanth Tapse, Senior VP (Research), Mehta Equities

Sensex Today Live : The Indian stock market, represented by the Sensex and Nifty 50, is predicted to start cautiously on Wednesday, influenced by mixed signals from international markets. The Gift Nifty trends suggest a neutral-to-positive opening for the Indian index, trading around the 22,630 level, nearly 30 points above the previous Nifty futures close.

On Tuesday, the domestic indices ended flat, with the Nifty 50 maintaining above the 22,500 mark. The Sensex dropped by 52.63 points to 73,953.31, while the Nifty 50 rose by 27.05 points (0.12%) to 22,529.05.

The Nifty 50 displayed a bullish engulfing pattern with substantial volume on the daily chart, indicating the index’s strength. Subash Gangadharan, Senior Technical Analyst at HDFC Securities, noted that the Nifty has been consolidating between 22,400 and 22,600 levels over the past two sessions. Despite this, the near-term uptrend remains intact, as evidenced by the recent large green candles on the 15-minute chart. The 20-period moving average (MA) continues to stay above the 50-period MA, indicating that the recent positive MA crossover is still in effect. (Read the full story here.)

Sensex Today Live : The Indian stock market is anticipated to commence cautiously on Wednesday, reflecting the mixed signals from global markets. Investors are closely monitoring statements from US Federal Reserve officials to understand potential interest rate changes, which influenced the US market to close higher. Meanwhile, Asian markets exhibited varied performance.

On Tuesday, the Indian market closed nearly unchanged amidst these global uncertainties. The Sensex dropped slightly by 52.63 points (0.07%) to 73,953.31, while the Nifty 50 rose modestly by 27.05 points (0.12%) to 22,529.05.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, noted that despite foreign institutional investors (FIIs) selling and high levels of India Vix, the markets have found stability. He anticipates a slow upward trend in the future. Investors are advised to keep an eye on key events this week, including UK inflation data, US Existing Home Sales figures, and minutes from the Federal Open Market Committee (FOMC) meeting. (Read the full story here.)

Sensex Today Live : Indian benchmark indices were likely to start on a positive note, tracking overnight gains on Wall street, although, Asian peers had opened lower on Wednesday.

At 8:25 am, Gift Nifty futures were trading at 22,639, more than 200 points higher than Nifty 50’s lower close at 22,404.55, reiterating a positive open at Dalal street.

Wall Street ended modestly higher and U.S. Treasury yields dipped on Tuesday amid the doldrums ahead of a holiday weekend and a lack of substantial market catalysts.

All three major U.S. indexes advanced and the S&P 500 and the Nasdaq reached all-time closing highs in advance of Nvidia Corp’s quarterly results and in anticipation of the release of the minutes U.S. Federal Reserve’s most recent monetary policy meeting, both expected on Wednesday.

“A lot of people are just waiting for Nvidia to report,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “And it shouldn’t have a broad effect, but it will, it will influence on how the market trades.”

“There’s been so much emphasis placed on AI, every company seems to be talking about incorporating it into their operations,” Pavlik added.

Fed Governor Christopher Waller on Tuesday calmed fears of a rate hike, saying recent economic data indicates the Fed’s restrictive policy is working as directed.

Atlanta Fed Chair Raphael Bostic said the central bank needs to exercise caution ahead of its first rate cut to lead to pent-up spending and send inflation “bouncing around.”

Minutes from the Federal Open Markets Committee’s most recent meeting are due to be released on Wednesday, and they will be parsed for clues regarding timing and extent of policy-easing this year.

“(The Fed) is willing to think about rate cuts but we’re not there yet, those are the same thoughts we took away from their last meeting,” Pavlik said. “It’s akin to asking your parents to take you to Disney World and they say ‘we’ll think about it.’ At least they’re not saying ‘no.’”

The Dow Jones Industrial Average rose 66.22 points, or 0.17%, to 39,872.99, the S&P 500 gained 13.28 points, or 0.25%, to 5,321.41 and the Nasdaq Composite added 37.75 points, or 0.22%, to 16,832.62.

European shares ended slightly lower, easing back from record highs as investors, cautious over central bank policy, awaited economic data.

The pan-European STOXX 600 index lost 0.18% and MSCI’s gauge of stocks across the globe shed 0.03%.

Emerging market stocks lost 0.79%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.91% lower, while Japan’s Nikkei lost 0.31%.

U.S. Treasury yields dipped as investors awaited the Fed minutes, eager for any clues regarding the timing of rate cuts.

Benchmark 10-year notes last rose 6/32 in price to yield 4.4139%, from 4.437% late on Friday.

The 30-year bond last rose 11/32 in price to yield 4.552%, from 4.573% late on Friday.

The dollar held firm against a basket of world currencies, after investors parsed commentary of Fed officials.

The dollar index rose 0.06%, with the euro down 0.01% at $1.0854.

The Japanese yen strengthened 0.05% versus the greenback at 156.20 per dollar, while Sterling was last trading at $1.2709, up 0.04% on the day.

Cryptocurrencies climbed amid signs that the U.S. Securities and Exchange Commission may approve a spot ether exchange-traded fund.

Ethereum was last up 6.3%, while bitcoin reversed an earlier gain, inching 0.2% lower.

Oil prices dipped, extending losses as the prospect of lingering inflation and “higher for longer” interest rates raised concerns over dampening demand.

U.S. crude dropped 0.68% to settle at $79.26 per barrel and Brent settled at $82.88 per barrel, down 0.99% on the day.

Gold prices backed away from an all-time high as the greenback held its ground.

Spot gold dropped 0.1% to $2,422.58 an ounce.