Sensex Today | Share Market Live Updates : Markets volatile, Sensex up 100pts, Nifty at 21,960; PSU Bank, Metal lead

Sensex Today Live : Following a period of anticipation, Reliance announced on Wednesday evening its decision to consolidate its entertainment business with those of Walt Disney in India. This merger will result in a media giant valued at $8.5 billion (over ₹70,000 crore), boasting over 100 linear TV channels, two major streaming platforms – Disney+Hotstar and JioCinema – and an extensive content library.

In accordance with the agreement, Disney will relocate all its Indian assets and personnel — excluding its 30% share in the direct-to-home (DTH) firm Tata Play, its consumer products division, and the VFX studio Industrial Light & Magic (ILM) — to its fully owned subsidiary, Star India. (Read the full story here.)

Sensex Today Live : Pearl Global Industries Rating: NOT RATED

CMP : INR 670 (as on 28 February 2024)

Global demand has been under pressure due to higher inventory build-up in the US and inflationary pressure across the key markets.

Expect demand to improve going forward after a year of weakness and inventory to correct to normal levels.

Pearl Global Industries (PGIL IN, Not Rated) is well set to gain market share in global apparel sourcing due to its wide product range, multi-location manufacturing facilities and strong customer relationships.

PGIL plans to expand its capacity to 120-140mn pieces by FY28 from 82mn pieces currently.

PGIL expects an indicative capex (in the current mix) of INR 4,500-5,500mn to prop capacity expansion through FY24-28.

It plans to almost double its revenue to INR 60bn by FY28 through capacity expansion and via customer penetration and expansion.

PGIL expects its EBITDA margin to improve to 10-12% by FY28. With higher capacity utilization and improving margin, the company expects ROCE to sustain at 18-20%.

Expect PGIL’s expansion strategy across all geographies to improve its margin through leveraging the strengths of each location.

PGIL(Not Rated) trades at P/E of 16.8x and EV/EBITDA of 10.2x on TTM FY24 basis.

Sensex Today Live : Indian benchmark indices were flat to muted in the afternoon on Thursday, amid weak signals from global peers that were awaiting a raft of inflation and GDP figures across countries.

At 12 pm, Sensex was up 70.37 points, or 0.10%, at 72,375.25, and Nifty was down marginally by 3.80 points, or 0.02%, at 21,947.35.

Sensex Today Live : The manufacturer and exporter of stainless steel pipes and tubes has announced its entry into the Fittings segment and plans to expand its capacity for Seamless & Welded Pipes & Tubes. Commenting on the expansion, Mr Arun Kothari, MD, Venus Pipes & Tubes Ltd., said, “I am pleased to share the next phase of growth for Venus Pipes & Tubes, by foraying into value added product lines such as fittings and capacity expansion for Welded & Seamless Pipes and Tubes”.

Product Range: The offerings include a wide array of fittings such as elbows, tees, reducers, joints, flanges, etc., tailored to meet the specific needs of diverse industries and applications.

Capacity Expansion: Value-added Welded Tubes. The company is launching a unique product line of stainless and titanium welded tubes to boost its competitiveness and profitability. The company plans to produce both Hygienic SS & Titanium grade tubes, enabling it to branch out into sectors requiring critical applications like food processing, pharmaceuticals, nuclear, and power.

Phases of Expansion:

Phase 1: Involves capacity expansion for the establishment of value-added Fittings & Welded Tubes, slated for completion by March 2025.

Phase 2: Entails capacity expansion for the establishment of value-added Fittings, Welded / Seamless – Pipes / Tubes, expected to be completed by December 2025.

Funding Details:

40% of the funding will be through warrants issued to Promoters & others.

The remaining 60% will be financed through term loans from Banks & internal accruals.

Sensex Today Live : The share allotment for the Initial Public Offering (IPO) of Owais Metal and Mineral Processing is scheduled to be finalized today, February 29. Investors who have applied for the issue can verify their allotment status on the IPO registrar portal of Owais Metal and Mineral Processing, managed by Bigshare Services Pvt Ltd.

Investors can determine the number of shares they have been allocated through the basis of allotment, which is also reflected in the IPO allotment status. The company will commence the refund process for applicants who have not been allocated any shares on Friday. Investors who have been allocated shares will also have them credited to their demat accounts on Friday, March 1. (Check full details here.)

Sensex Today Live : Exicom Tele Systems Limited’s initial public offering (IPO) commenced on February 27, 2024, and is set to conclude today, February 29, 2024. After two days of bidding, the company’s public issue has been oversubscribed by 27.78 times.

As the bidding period draws to a close, the grey market remains optimistic about Exicom Tele Systems’ IPO. Market analysts report that the grey market premium (GMP) for Exicom Tele Systems’ IPO stands at ₹179 today, representing a substantial increase of approximately 126% over the IPO price range of ₹135 to ₹142 per share.

Despite significant selling pressure in the secondary market on Wednesday, the GMP for Exicom Tele Systems’ IPO has seen a surge today. Analysts attribute this bullish sentiment in the grey market to a robust response from investors. (Read full details here.)

Sensex Today Live : Across sectors, Metal, Auto and FMCG indices were in the green, while Media and Healthcare indices were down the most.  

Sensex Today Live : In the broader market, the Midcap index was in the green, up 0.17%, while the smallcap inx was down 0.73%.

Sensex Today Live : Apollo Hospital Enterprises, Bajaj Auto, LTIMindtree, Eicher Motors, and UPL were the biggest losers on the Nifty 50, while Mahindra & Mahindra, Adani Enterpirses, Tata Consumer Products, and Adani Ports & SEZ, were the biggest gainers. 

Sensex Today Live : Mahindra & Mahindra, Maruti, Nestle, Titan, and Asian Paints were the biggest gainers on the Sensex, while Axis Bank, Sun Pharma, HDFC bank, Tata Motors, and HUL, were the biggest losers. 

Sensex Today Live : 12 pm market Indian benchmark indices were flat or muted at noon on Thursday, amid weak signals from global peers that were awaiting a raft of inflation and GDP figures across countries.

At 12 pm, Sensex was up 72.54 points, or 0.10%, at 72,377.42, and Nifty was flat at 21,951.15.

Sensex Today Live : Mahindra Logistics Limited, a provider of integrated logistics solutions, is poised to broaden its presence in West Bengal by initiating operations at a 1.1 lakh sq. ft. fulfilment centre in Malda, dedicated to managing fulfilment and last-mile deliveries.

The company is also incorporating 14 last-mile delivery stations into its network, reaching approximately 15,000 households daily. The network expansion is designed to cater to grocery and e-commerce customers, which include fulfilment, express, mid-mile, and last-mile services.

The centre will cater to Northern West Bengal, Eastern Bihar, and parts of the Northeast, with a daily processing capacity of 10,000 orders and an inventory capacity of over 15 lakh units.

The expansion increases the company’s warehousing footprint in West Bengal to 3.3 lakh sq. ft. and allows Mahindra Logistics to offer full truck load, part truck load, and integrated services to nearly 2,000 pin codes in the region.

Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, commented on the commencement of operations, stating, “Our new facility in Malda is strategically located near demand centres, enabling us to serve our customers with end-to-end fulfilment and last-mile delivery solutions.”

Sensex Today Live : Mukka Proteins Ltd, a producer of fish protein products, is set to open its IPO for subscription on Thursday, February 29. The company’s product line includes fish meal, fish oil, and fish soluble paste, all of which are essential ingredients in the manufacture of aqua feed, poultry feed, and pet food. In addition, fish oil finds application in the production of soap, leather tanning, paint, and pharmaceutical products. (Read the full story here.)

Bajaj Auto shares are being traded ex-buyback today. The Indian automotive giant has informed the Indian stock exchanges that the record date for the Bajaj Auto buyback has been set for today, 29th February 2024. 

This implies that shareholders who retain their Bajaj Auto shares after today’s trading session will be eligible to participate in the Bajaj Auto share buyback. 

The company has announced a share buyback through the tender offer route, with the buyback price set at ₹10,000 per share, approximately 25% higher than today’s Bajaj Auto share price (around ₹8,000 per share).

The company has stated in its communication to the exchanges, “… We are informing about the decision of the board of directors and the members of the Company to buyback up to 40,00,000 (Forty Lakhs) fully paid-up equity shares of the Company, each with a face value of ₹10, at a price of ₹10,000/- (Rupees Ten Thousand Only) per equity share. The total amount for the buyback will not exceed ₹4,000 crore (Rupees Four Thousand Crore Only), excluding transaction costs, applicable taxes, and other incidental and related expenses (“Buyback”).”

Sensex Today Live : N. Chandrasekaran, Chairman of Tata Sons, said on February 28 that the conglomerate is preparing to announce a significant investment in a semiconductor chip fab in the near future, reported Economic Times.

Chandrasekaran, discussing the group’s progressive strategy, mentioned investments in Air India and the electronics and semiconductor industry. However, he did not disclose any specific plans for the semiconductor manufacturing facility, while delivering the 20th Anantharamakrishnan Memorial lecture on ‘India’s Leadership in a Pivotal Decade’, after being honored with the MMA-Amalgamations Business Leadership Award 2023.

As per recent reports, the Tata Group has been considering collaborations with major Taiwanese chipmakers, such as Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group, for the proposed chip fabrication plant in Dholera, Gujarat.

Sensex Today Live : Indian benchmark indices were down amid weak signals from global peers that were awaiting a raft of data across countries.

At 11 am, Sensex was down 107.61 points, or 0.15%, at 72,197.27, and Nifty was up 62.45 points, or 0.28%, at 21,888.70.

Sensex Today Live : The domestic benchmark equity indices, the Sensex and the Nifty 50, started Thursday’s session on a neutral note due to varied global indicators. The BSE Sensex opened at a lower level of 72,220.57, down by 84.31 points or 0.12%, while the Nifty 50 opened at a level of 21,935.20, down by 16 points or 0.07%.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the market’s unpredictability amidst high volatility. He noted that the resistance at the Nifty 22,200 level has strengthened. Despite the foreign institutional investor (FII) selling being offset by domestic institutional investors (DII) buying, the Nifty 50 experienced a significant drop of more than 1% yesterday. This is attributed to the rebalancing of positions a day before the monthly expiry. He further added that the volatility is expected to persist today, being the last day of the monthly expiry, and advised investors to possibly wait until the volatility decreases. (Read the full story here.)

Sensex Today Live : Shriram Finance’s stock price surged by over 4% in early trading on Thursday, following the announcement that it will take UPL’s place in the Nifty 50 index starting March 28. In contrast, UPL’s shares saw a decline of more than 1% after the news.

In addition, Jio Financial Services experienced a more than 3% increase in share prices due to its inclusion in the Nifty Next 50 index.

The NSE Indices confirmed that Shriram Finance has been incorporated into the Nifty 50 index, replacing UPL Ltd, as a result of its superior 6-month average free-float market capitalization within the eligible pool. (Read the full story here.)

Sensex Today Live : Nuvama Institutional Equities estimates that Shriram Finance’s inclusion in the Nifty 50 index, after replacing UPL, will result in a net inflow exceeding $200 million. This influx corresponds to a 6-day volume impact and the acquisition of 7.1 million shares of Shriram Finance.

Conversely, UPL is projected to experience a $100 million outflow, equivalent to a 3.5-day volume impact and a reduction of 17.5 million shares.

The NSE Indices’ semi-annual broad market indices review revealed that Shriram Finance has been incorporated into the Nifty 50 index, supplanting UPL Ltd, due to its superior 6-month average free-float market capitalization within the eligible pool. These modifications will be implemented from the close of March 27, 2024, and will take effect from March 28, 2024. (Read the full story here.)

Sensex Today Live : NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited, has signed a Joint Venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO), for development of renewable energy parks in Maharashtra. The company to be set up under the joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.

NTPC Group has ambitious plans of attaining 60 GW of renewable energy capacity by the year 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline.

Sensex Today Live : Although having opened in the red on Thursday, Indian benchmark indices were seen climbing higher in early trades, despite weak signals from global peers that were awaiting a raft of data across countries.

At 10 am, Sensex was up 284.49 points, or 0.39%, at 72,589.37, and Nifty was up 58.75 points, or 0.27%, at 22,009.90.

Sensex Today Live : Concerns over a potential asset bubble in small-cap stocks swept across the market on Wednesday, pulling down both the benchmark indices and the wider markets. This occurred just a day ahead of the expiration of the February series of derivatives.

The sell-off primarily impacted small-cap and midcap stocks, following reports that a worried market regulator had requested stress tests for mutual funds’ small-cap schemes. Additionally, a prominent fund house halted incremental flows into small-cap schemes.

Both the Nifty and Sensex experienced a drop of slightly over 1 percent, breaking the psychological thresholds of 22,000 and 73,000 to reach 21951.15 and 72304.88 respectively. This was due to foreign portfolio investors (FPIs) and retail investors selling off a provisional ₹1879.23 crore and ₹200 crore respectively. (Read the full story here.)

Sensex Today Live : The Securities and Exchange Board of India (SEBI) has issued a confirmatory order against Brightcom Group due to fraudulent activities in the preferential allotment of shares. The group’s promoter and CMD, M Suresh Kumar Reddy, has been barred from purchasing, selling, or dealing in securities, either directly or indirectly. He is also prohibited from holding directorial or key managerial positions in Brightcom Group or its subsidiaries. The CFO, Narayan Raju, is similarly restricted from holding the position of a director or a key managerial person. The directive against Shankar Sharma, which prevented him from disposing of his shares, has been lifted.

Over the past month, the company’s stock has declined of 17.62%.

Sensex Today Live : Barring Auto, PSU Bank, Oil & Gas, and Metal, all sector indices were in the red in early trades on with Media down 1.75%. Nifty Bank was down 0.14%.

Sensex Today Live : Continuing their downward trend from Wednesday, the broader market indices were under pressure in early trades on Thursday.  

Sensex Today Live : Bajaj Auto, UPL, BPCL, Cipla, and Power Grid Corp., were the top losers on the Nifty 50, while Reliance Industries, SBI, Mahindra & mahindra, Hero MotoCorp, and Titan were gaining in early trades. 

Sensex Today Live : Reliance Industries, NTPC, SBI, IndusInd Bank, and Bajaj Finserv were the top gainers on Sensex in early trade, while Nestle, UltraTech Cement, TCS, Infosys, and Tata Motors, were the top losers. 

Sensex Today Live : Indian benchmark indices opened in the red on Thursday, amid weak signals from global peers that were awaiting a raft of data across countries.

Sensex opened 69.44 points, or 0.10%, down at 72,235.44 and Nifty opened 36.45 points, or 0.17%, at 21,914.70.

Sensex Today Live : Indian benchmark indices fell at pre-open on Thursday, amid weak signals from global markets that were awaiting a slew of data across countries.

Sensex was down 84.31 points, or 0.12%, at 72,220.57 and Nifty was down 15.95 points, or 0.07%, at 21,935.20 during pre-open.

Sensex Today Live : BANK NIFTY continued to underperform the broader markets and PSU banks leading the negative momentum to close below the 20 day average.

On the higher side 47,000 will act as resistance and on the downside support is placed at 46,100 being the 20 day average.

RSI is trending near to its average line and we expect the momentum to continue to test the lower band over the next few days.

Bank Nifty highest call OI is at 46,500 levels while on the downside put OI is at 45,500 levels for the monthly expiry.

Sensex Today Live : Nifty-50 has broken on the downside from its inside range with sharp unwinding in put options of various strikes and closed lower for the day.

The close is near the 20 day average and sustenance below 22,000 levels would witness further pressure in index pivotal.

RSI is reversing downwards on daily charts and retraced back to the support of the lower range and other key technical indicators are in oversold on hourly charts.

Highest call OI has moved lower to 22,000 strike while on the downside the highest put OI is at 21,500 for the monthly expiry.

Sensex Today Live : On February 28, Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, and global media giant Walt Disney, announced their decision to merge their media operations in India. This merger will create a media powerhouse valued at ₹70,352 crore. As part of this agreement, Viacom18’s media business will be integrated into Star India through a court-approved arrangement, the conglomerate said in an exchange filing. After completion of this deal, Reliance will hold a 16.34% stake in the joint venture, Viacom 46.82%, and Disney will hold 36.84%. Nita Mukesh Ambani will be the chairperson of the JV, with Uday Shankar as vice-chairperson. (Read the full story here.)

Sensex Today Live : Investors in the Indian stock market are likely to tread carefully on Thursday, the day of the monthly derivatives expiry, in light of the weak cues from the global market and the significant correction observed in the benchmark indices Sensex and Nifty 50 during the last session.

The Gift Nifty trends suggest a slightly positive opening for the Indian benchmark index. The Gift Nifty was seen trading around the 21,960 mark, a rise of over 30 points from the previous close of Nifty Futures.

On Wednesday, the domestic benchmark indices concluded with a decline of more than a percent, with the Nifty 50 dropping below the 22,000 mark just before the monthly expiry.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, “From a technical perspective, this pattern indicates a trend reversal towards the downside, and one might anticipate further short-term weakness. The positive chart pattern of higher tops and bottoms remains intact, and the current weakness could align with the new higher bottom of the pattern. The next critical lower levels to monitor are around 21,800 and 21,700 (ascending trend line and 10-week EMA).” (Read the full story here.)

Sensex Today Live : On Thursday, domestic equity indices will likely commence trading with caution due to the frailty observed in global counterparts, as investors keep a close eye on significant economic data releases.

Overnight, Asian markets experienced a downturn, and US stock indices concluded trading in negative territory, all awaiting crucial US inflation figures. The GDP growth for the US’s fourth quarter was marginally downgraded, while the GDP data for India’s third quarter of FY24 is slated for release today.

Investors will be particularly interested in the US Personal Consumption Expenditures (PCE) price index, which is the US Federal Reserve’s favored measure of inflation. This data will provide insights into the potential timing of a Fed interest rate reduction. (Read the full story here.)

Sensex Today Live : Gift Nifty, trading at 21,955.50 at 7:52 am on Thursday, marginally ahead of Nifty 50’s close of 21,951.15 on Wednesday, indicated a bearish start for benchmark indices in India in today’s trading session.

South Korean shares fell on Thursday tracking Wall Street’s overnight losses ahead of U.S. inflation data, and were set to end a five-week winning streak. The won weakened, while the benchmark bond yield rose.

The benchmark KOSPI fell 19.64 points, or 0.74%, to 2,632.65 by 0116 GMT.

A global equities index fell slightly on Wednesday while Treasury yields edged down and the dollar rose against a basket of currencies as investors were wary the day before U.S. inflation data that could influence Federal Reserve policy.

January’s U.S. personal consumption expenditures price index (PCE), the Fed’s preferred inflation measure, is due on Thursday.

MSCI’s gauge of stocks across the globe shed 0.33%.

On Wall Street the Dow Jones Industrial Average finished down 23.39 points, or 0.06%, at 38,949.02.

The S&P 500 dropped 8.42 points, or 0.17%, to 5,069.76 while the Nasdaq Composite closed down 87.56 points, or 0.55%, at 15,947.74.

European stocks dipped as lackluster corporate earnings weighed on sentiment with the pan-European STOXX 600 index closing down 0.35%.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.1% to 103.94.

The euro was down 0.08% at $1.0835. Against the Japanese yen, the dollar strengthened 0.12% at 150.69.

U.S. Treasuries yields slid across the board with yields on benchmark U.S. 10-year notes falling 4.7 basis points to 4.268%, from 4.315% late on Tuesday, while the 30-year bond yield fell 3.5 basis points to 4.4047% from 4.44%.