Sensex Today | Stock Market Live Updates: Sensex, Nifty slip at open, led by mixed signals from Asian peers

Sensex Today Live : Contrary to the benchmark indices, the broader market was showing signs of strenght on early trades.

Sensex Today Live : UltraTech Cement, HCL Tech, Grasim Industries, TCS, and Eicher Motors, were the top gainers on the Nifty 50.

Sensex Today Live : Axis Bank, Power Grid Corp., Airtel, NTPC and Reliance were the top drags on the Sensex. 

Sensex Today Live : Indian benchmark indices opened in the red on Tuesday, taking cues from Asian markets that were sending mixed signals.

At opening bell, Sensex was down 66.60 points, or 0.09%, at 72,723.53, and Nifty was down 14.15 points, or 0.06%, at 22,107.90.

Indian benchmark indices were down marginally at pre-open on Tuesday, following mixed signals from Asian peers that were anticipating inflation data across major economies.

Sensex was down 22.75 points, or 0.03%, at 72,767.38, and Nifty was down 31.85 points, or 0.14%, at 22,090.20 during pre-open.

Sensex Today Live : Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment is positive and recent sell-off should be seen as a profit-booking. The Prabhudas Lilladher expert maintained that crucial support for the 50-stock index is placed at 22,000 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Mahindra Holidays and Resorts India Ltd or MHRIL, Poonawalla Fincorp, and Tata Communications. (Read the full story here.)

Sensex Today Live : Shares of NMDC Ltd, South Indian Bank Ltd, and DRC Systems India Ltd will be in focus when the stock market opens on February 27 (Tuesday).

The Board of Directors of these companies have declared interim dividend, rights issue of equity shares, and bonus issue for their eligible shareholders.

The record date by the 3 companies to ascertain the eligibility of shareholders for their respective issues have been fixed on February 27. (Read the full story here.)

Sensex Today Live : On account of weak global market sentiments, the Indian stock market ended lower on Monday. The Nifty 50 index lost 90 points and closed at the 22,122 level, the BSE Sensex dipped 352 points and ended at the 72,790 mark whereas the Bank Nifty index corrected 235 points and closed at the 46,576 level. In the broad market, the small-cap index fell less than the Nifty 50 index even as the advance-decline ratio fell to 0.64:1.

According to Indian stock market experts, the Nifty 50 index is in the 22,050 to 22,250 range and breakout on either side will provide a proper direction. On stocks to buy today, experts listed out eight buy or sell stocks — TVS Motor, HFCL, L&TFH, CUB, HUDCO, CDSL, Gujarat Fluorochemicals, and SONACOMS. (Read the full story here.)

Sensex Today Live : The Union government is on track to achieve its capital expenditure target for the ongoing financial year, a senior government official said, riding accelerated spending on key infrastructure projects essential to spur economic growth.

Till early February, the government had spent about 80% of its total capital expenditure target for FY24, according to a briefing by the finance ministry on Monday.

In the first nine months of the financial year, the government had spent only about 68% of its capex target, as per the Centre’s response to questions at the Rajya Sabha earlier this month.

Sensex Today Live : India’s gross domestic product (GDP) for the October-December quarter of fiscal 2023-24 (Q3FY24) will be released on Thursday, February 29, amidst an actively disinflationary monetary policy stance by the Reserve Bank of India (RBI) – aimed at supporting economic growth.

The central bank’s monetary policy committee (MPC) kept the benchmark repo rate steady at 6.5 per cent for the sixth consecutive meeting on February 8, 2024, and also decided to remain focused on the withdrawal of accommodation.

Meanwhile, several brokerage reports and analysts are predicting that India’s GDP growth in Q3FY24 likely moderated from the 7.6 per cent growth logged in Q2FY24. Aditi Nayar, Chief Economist, Head-Research & Outreach at credit rating agency ICRA in an interview to Mint’s Nikita Prasad, said that India’s GDP growth will moderate to six per cent in Q3FY24 dragged by lower output of kharif crops and slowdown in the industrial sector. (Read the edited excerpts from the interview here.)

Sensex Today Live : Several factors including a weakening in the government’s capital expenditure impetus, muted industrial output growth, and an uneven monsoon may have slowed down India’s economic growth in the third quarter (October-December) of FY24.

Median estimates of 17 economists polled by Mint showed that GDP growth is likely to be 6.6% in Q3, lower than the 7.6% reported in the previous quarter by the statistics ministry.

The official GDP data for Q3 is scheduled to be released on Thursday. Should GDP growth come in as projected by Mint, it would be roughly in line with the 6.5% predicted by the Reserve Bank of India (RBI) in December. (Read the full story here.)

Sensex Today Live : Bitcoin reached its highest point in over two years, reaching $56,000 on February 27. The rise is being driven by increasing optimism about sustained investor demand through exchange-traded funds (ETFs), Bloomberg reported.

Spencer Hallarn, the global head of over-the-counter trading at crypto investment firm GSR, told the publication that the cryptocurrencies’ ascent, is “supported by strong ETF inflows”.

Earlier, the world’s largest cryptocurrency saw a rise of up to 3.5 percent, reaching $53,600, Bloomberg reported. The last time Bitcoin traded at this level was in December 2021 when it achieved an all-time high of almost $69,000 the preceding month.

Sensex Today Live : The Sensex dropped 352.67 points to close at 72,790.13, while the Nifty 50 declined 90.65 points, or 0.41%, to settle at 22,122.05, on Monday.

Nifty 50 formed a small negative candle on the daily chart, which indicates follow-through weakness post new high formation.

“The market is still placed in a broader range movement and one may expect buying to emerge from the lower levels. Positive chart pattern like higher tops and bottoms are intact and present weakness could be in line with a new higher bottom formation. Hence, the Nifty is expected to find strong support around 21,900 – 21,850 levels. On the upper side, the area of 22,200 – 22,300 is likely to be a strong hurdle for the markets ahead,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the near-term uptrend of Nifty remains intact.

Sensex Today Live : The domestic equity benchmark indices, Sensex and Nifty 50, are expected to see a muted opening on Tuesday tracking subdued global market cues.

Asian markets traded mixed while the US stocks ended lower as sentiment remained weak ahead of the release of key economic data this week.

The release of January’s personal consumption expenditures price index (PCE) – the US Federal Reserve’s preferred inflation gauge – could dampen the recent enthusiasm should the data indicate price pressures are not cooling fast enough.

Markets have all but ruled out a cut at the Fed’s March meeting and have recently pushed back expectations for easing to June from May, CME’s FedWatch Tool showed, on the heels of surprisingly strong consumer and producer price data, Reuters reported. (Read the full story here.)

Sensex Today Live : After Nifty 50 extended its losses for two straight sessions on Monday, Gift Nifty futures, at 22,127.50 at 7:50 am on Tuesday, indicated a muted start for Indian benchmark indices at opening bell. The Nifty 50 had closed at 22,123.85 on Monday.

Asian shares struggled to advance on Tuesday, with slightly warmer-than-expected Japanese inflation putting investors on guard ahead of price data due in Europe and the U.S. this week.

Tokyo’s Nikkei crept 0.4% higher to eke a fresh record high. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, keeping beneath last week’s seven-month peak.

Wall Street indexes fell overnight and S&P 500 and Nasdaq futures nudged 0.1% lower in morning trade.

The Federal Reserve’s favoured measure of inflation – the core personal consumption expenditures (PCE) price index – is due on Thursday and forecasts are for a rise of 0.4%.

Brent crude futures kept to recent ranges, rising 0.2% or 16 cents to $82.69 a barrel.