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PremiumMarket Close Highlights : World shares marked time on Tuesday and were still just shy of record highs ahead of highly anticipated U.S. inflation data, while Japanese bonds were squeezed as the central bank pulled back a little on its bond buying programme.
MSCI's world share index was flat on the day but remained just 0.35% below mid-March's all time high. National and region-wide share benchmarks in Europe, many at or around record territory, were steady, as were U.S. S&P 500 futures.
A broadly positive first quarter-earnings season has helped stock markets in recent weeks, but investors this week have been cautious ahead of important U.S. inflation data.
The U.S. producer price index due at 1230 GMT is Tuesday's main macroeconomic event, though it will likely be overshadowed by Wednesday's consumer inflation data numbers, one of the major data points of the month.
"Today's a warm up, but tomorrow's U.S. CPI is what people are waiting for," said Jan von Gerich, chief strategist at Nordea.
Expectations are for core CPI to slow from an annual 3.8% in March to 3.6% for April. Investors will be watching to see whether some upside surprises in the first quarter were a blip or a worrying trend that could force the Federal Reserve to keep rates elevated throughout this year.
"I think that expectations (for hotter inflation) have risen and so it will be hard to beat them. You've had three upside surprises in a row and so if we come in line with expectations, then rates will fall," von Gerich said.
The benchmark 10-year U.S. Treasury yield was last at 4.473%, a whisker lower on the day, down from mid- April's five-month high of 4.729%, but still sharply up from the 3.899% at which it started the year.
A survey released on Monday by the New York Fed showed Americans see inflation a year from now at 3.3%, higher than they did a month earlier.
British government bonds, or gilts, slightly outperformed European peers after data showing British wages grew by more than expected, but other figures suggested the labour market was losing some inflationary heat.
The British 10-year yield was 2 basis points lower at 4.154%, Germany's was flat at 2.488%.
In company news, Delivery Hero soared 20%, on track for its biggest one-day gain since December 2019, after Uber announced a $1.25 billion deal to take over its foodpanda food delivery business in Taiwan and buy new shares in the German firm.
Anglo American laid out a strategy update that includes exploring options for its steelmaking coal, nickel and platinum businesses, as it fends off a takeover bid from BHP .
Also still to come on Tuesday, Alibaba is expected to report results and Federal Reserve Chair Jerome Powell is due to speak at 1400 GMT.
In China, Hong Kong's Hang Seng index is up 30% from January's lows and has surged nearly 20% in a month as money has flowed in steadily from mainland buyers.
Investors have welcomed news China will issue one trillion yuan in special bonds as a harbinger of spending, while weak lending data also shows monetary easing is reaching its limit. Hang Seng volumes last week were the largest in 17 months.
"Some of my clients are asking me every day what to buy, when to buy because they still have an underweight position in Hong Kong stocks," said Steven Leung, executive director at brokerage UOB Kay Hian in Hong Kong.
"I think this situation can continue for a while."
Also catching the eye in Asia, benchmark 10-year Japanese government bond yields rose two basis points to 0.96%, the highest yield since November, a day after Japan's central bank unexpectedly cut the amount of bonds it offered to buy in a regular purchase operation.
The gap, however, with U.S. yields remains hundreds of basis points and wide enough to keep the frail yen under pressure.
The yen traded as soft as 156.4 to the dollar. The euro was steady at $1.0786.
Brent crude futures were down 0.3% $83.08 a barrel and spot gold was up a touch at $2,339 an ounce.
Sensex Today Live : Indian benchmark indices closed higher on Tuesday, led by positive cues from global peers.
Sensex, which opened lower at 72,696.72, climbed to an intraday high of 73,286.26. At close, Sensex was up 328.48 points, or 0.45%, at 73,104.61.
Similarly, Nifty, which had also opened lower at 22,112.90, climbed to an intraday high of 22,270.05, but climbed down to close at 22,217.85, 113.80 points, or 0.51% higher from Monday's close.
Further, nine of the 30 stocks on the BSE Sensex ended in the red. Nestle India, TCS, Axis Bank, ICICI Bank, and Bajaj Finance, were the top drags for the day, while Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, and IndusInd Bank, were the top gainers.
On the Nifty 50, 14 of the 50 stocks ended in the red. Cipla, TCS, Tata Consumer Products, Nestle India, and Axis Bank, were the top drags, while Adani Enterprises, Mahindra & Mahindra, Hero MotoCorp, ONGC, and Larsen & Toubro, were the top gainers for the day.
The broader market indices too ended in the green, with the BSE SmallCap index gaining 1.79%, and the BSE MidCap was up 1.14% at close.
FMCG, Pharma, and Healthcare were the only sectoral indices that closed in the red, while Metal, Auto, PSU Bank, and Oil & Gas, were the top sectoral gainers.
In corporate news, Devyani International and PVR INOX today announced a strategic partnership to jointly establish a company in India for the purpose of developing and operating food courts within shopping malls in India.
Exicom announced the launch of Harmony Gen 1.5 DC Fast Chargers, which it claims is the fastest DC charger in India, with output capacity up to 400kW.
Bajaj Electricals posted a 44.7% YoY drop in Q4 net profit at ₹29.3 crore, compared to ₹53 crore in the year-ago period, while PVR Inox's consolidated net loss narrowed more than 60% YoY to ₹129.5 crore, down from a loss of ₹333.4 crore in the year ago period.
Sensex Today Live : FMCG, Pharma, and Healthcare were the only sectoral indices trading in the red.
Metal, Auto, PSU Bank, and Oil & Gas, were the top gainers.
Sensex Today Live : The broader market indices were in the green, with the BSE SmallCap index gaining 1.84%, and the BSE MidCap was up 1.14%.
Sensex Today Live : 16 of the 50 stocks on the Nifty 50 were in the red. Cipla, Adani Ports & SEZ, Apollo Hospitals Enterprise, Nestle India, and Asian Paints, were the top drags, while Shriram Finance, Hero MotoCorp, Hindalco, JSW Steel, and Power Grid Corp., were the top gainers.
Sensex Today Live : 10 of the 30 stocks on the BSE Sensex were in the red. TCS, Nestle India, Axis Bank, ICICI Bank, and Bajaj Finance, were the top drags, while Mahindra & Mahindra, JSW Steel, Larsen & Toubro, NTPC, and IndusInd Bank, were the top gainers.
Sensex Today Live : Devyani International and PVR INOX today announced a strategic partnership to jointly establish a company in India for the purpose of development and operation of food courts within shopping malls in India.
This partnership will empower Devyani International & PVR INOX to reach a wider audience and expand their market presence, Devyani International said in an exchange filing.
Sensex Today Live : Indian benchmark indices were trading higher on Tuesday, led by positive cues from global peers.
At 3 pm, Sensex was up 358.94 points, or 0.49%, at 73,135.07, and Nifty was up 125.75 points, or 0.57%, at 22,229.80.
Sensex Today Live : Finolex Industries Rating: HOLD | CMP: ₹271 | TP: ₹270
"We upward revise our FY25/FY26E adjusted earnings by 6.9%/8.1% on account of improvement in margins with operational efficiency and stable PVC-EDC spread, which expected to continue. FNXP reported healthy volume growth of 23.0% YoY in its seasonally strong quarter for agri. business. Management indicated high single-digit volume growth in its agri. business (~68% cont. in FY24) and ~20% growth in non-agri pipes and fittings segment. Company reported improvement in EBIT/Kg to ₹13.3 in P&F segment even after correction in PVC-EDC spread which was reduced to USD 427/MT in Q4FY24 (vs USD 465/632/MT in Q3FY24/Q4FY24), with operational efficiency and correction in fuel expenses.
We estimate Revenue/EBITDA/PAT CAGR of 14.9%/21.1%/23.5% for FY24-26E with P&F volume CAGR of 13.0% and EBITDA margin of 15.1% by FY26E. We have also accounted exceptional gain of ₹4.17 bn in FY25 on account of sale of leasehold rights on lands at Chinchwad, Pune. Maintain ‘HOLD’ rating with revised TP to ₹270 ( ₹251 earlier), based on 21x FY26E EPS plus 50% discount to Finolex Cables’ stake.
Sensex Today Live : Jupiter Life Line Hospitals Rating: BUY | CMP: ₹1,275 | TP: ₹1,360
Jupiter Life Line Hospitals Q4 consolidated EBITDA grew by 21% YoY (1% QoQ) to Rs. 623 mn; in line with our estimates aided by higher ARPOB. JLHL’s operational efficiency has been strong in competitive markets of MMR. The company reported Revenue/EBITDA CAGR of 24%/35% over FY21-24. Given expansion plans, scale up in occupancy and improving margins, business is expected to aid growth momentum over the medium term in our view.
We believe strategic greenfield expansions in densely populated micro-markets of western regions augur well to drive sustainable growth. Overall we see 25%/25% EBITDA/PAT CAGR over FY24- 26E with healthy return ratios of ~20%. Maintain ‘Buy’ rating with a TP of ₹1,360/share valuing at 23x EV/EBITDA based on FY26E EBITDA.
Sensex Today Live : Exicom today announced the launch of Harmony Gen 1.5 DC Fast Chargers, which it claims is the fastest DC charger in India up to 400kW capacity.
The company said Harmony g1.5 is available in three frame sizes, and its modular construction offers power outputs from 60 kW to 400 kW.
Sensex Today Live : UPL Rating: ACCUMULATE
Target Price : ₹597
Upside : 12%
CMP : ₹534 (as on 13 May 2024)
Volume down 2% and realization 15%
Valuation: Upgrade to Accumulate with higher TP of INR 597
New agrochemical supplies from China at dirt cheap prices continue, which may cap realization for UPLL. Amidst this, achieving 4-8% growth guidance is a tall task but the management seems confident to do so, driven by new products and accelerated volume growth in sustainable solutions business. We upgrade FY25E and FY26E EBITDA estimates by 58% and 27% respectively, led by better visibility on unsold inventory liquidation (further impact of rebates limited and high-cost inventory liquidation). So, we upgrade UPLL to Accumulate (from Reduce) and raise TP to ₹597 (from ₹491), on 6x FY26 EV/EBITDA.
Sensex Today Live : Apar Industries posted a 2.7% YoY decline in Q4 net profit at ₹236.1 crore compared to ₹242.7 crore in the year-ago period.
The company's revenue increased 9.1% YoY to ₹4,455 crore, up from ₹4,084 crore in the year ago period.
The company's EBITDA declined 0.58% YoY, falling to ₹421.5 crore, from ₹423.5 crore in the year-ago period.
The profit margin decreased to 9.5% from 10.4% YoY.
Sensex Today Live : Jindal Steel and Power Rating: ACCUMULATE
Target Price : ₹1,074
Upside : 14%
CMP : ₹939 (as on 13 May 2024)
Valuation: Reiterate Accumulate, TP raised to INR 1,074
In the past two months, prices of long products have increased by ~12% and are currently at a premium to hot rolled coil (HRC) prices, which bodes well for JSP’s margin. Also, improved product mix, reduced semis sales (recently, hot strip mill started operations) and multiple cost levers (savings from captive coal mines, falling coking coal price and start of the slurry pipeline) bode well for future margin.
Phase-wise completion of the announced capacity expansion may prop long-term volume growth. So, we remain positive on JSP and reiterate Accumulate. We raise EBITDA estimates ~1% for FY25E and ~6% for FY26E. Also, we raise our target multiple from 5.5x to 6.5x given the increase in earnings visibility. We roll over to March 2026E from December 2025E and raise TP to ₹1,074 from ₹860, on 6.5x March 2026E EV/EBITDA.
Varun Beverages Rating: ACCUMULATE
Target Price : ₹1,590
Upside : 8%
CMP : ₹1,477 (as on 13 May 2024)
We up CY24E/25E earnings estimates 6.6%/8.6% to factor in higher revenue growth from new market expansion and improved volume growth outlook for India business. Reiterate Accumulate with a higher TP of ₹1,590 from ₹1,463, as we assign 55x (unchanged) CY25E EPS. Key downside risk is lower-than-estimated volume growth.
Sensex Today Live : Bajaj Electricals posted a 44.7% YoY drop in Q4 net profit at ₹29.3 crore, compared to ₹53 crore in the year-ago period.
Revenue decreased 8% YoY to ₹1,188 crore, from ₹1,292 crore in the year-ago period.
The company's EBITDA declined 48% YoY to ₹49 crore from ₹94 crore in the year ago period.
Profit margin contracted to 4.2% YoY from 7.4% YoY.
Sensex Today Live : Jindal Steel’s strategic expansion, expected to augment crude steel capacity 65% to 15.9m tonnes and finished steel capacity 90% to 13.75m tonnes, is progressing per timelines. The company is on track to strengthening raw-material integration, and recently hiked prices by ₹1,000/tonne across its portfolio. Coal cost is expected to be $30-40/tonne lower in Q1 FY25, which would further drive margins. Our estimates are unchanged and we retain our Buy rating, with an unchanged TP of ₹1,070, 6.5x FY26e EV/EBITDA.
Outlook, Valuation. India’s robust demand for steel is expected to persist. Considering the company’s strong focus on capacity allocation, raw-material integration, cost-control initiatives and increase in share of VAP, we retain our Buy rating with an unchanged TP of ₹1,070, 6.5x FY26e EV/EBITDA.
Sensex Today Live : A robust operating performance combined with modest credit cost kept Karur Vysya Bank’s Q4 strong, with 1.76% RoA (up 11bps q/q). The key positives were 1) strong growth in core commercial and retail segments, 2) better headline asset quality, 3) NIM sustaining above 4% and 4) a strong balance sheet. With credit growth likely in mid-teens and modest credit costs, earnings are likely to be strong. We retain our Buy rating, with a higher 12-mth TP of Rs235, 1.4x P/ABV on the FY26e book.
Valuation. Our TP of ₹235 is based on the two-stage DDM model. This implies a ~1.4x P/ABV multiple on its FY26e book.
Risks: Lumpy slippages from the corporate book; stress in the SME book.
Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, led by positive cues from global peers.
At 2 pm, Sensex was up 456.54 points, or 0.63%, at 73,232.67, and Nifty was up 150.85 points, or 0.68%, at 22,254.90.
Sensex Today Live : PVR Inox's consolidated loss narrowed more than 60% YoY to ₹129.5 crore, down from a loss of ₹333.4 crore in the year ago period.
Its revenue from operations grew approximately 9.9%, to ₹1,256.4 crore in Q4FY23, from ₹1,143.2 crore in the year ago period.
The company's loss before tax reduced 16.6% to ₹175.2 crore in the quarter, from a loss of ₹210 crore in the year ago period.
Sensex Today Live : Mukka Proteins's net profit surged by 24.3% YoY to ₹27.1 crore from the ₹21.8 crore in the year ago period.
The company's revenue increased by 39% YoY to ₹420.7 crore, from ₹256.6 crore in the year ago period.
The EBITDA grew by 12% YoY, standing at ₹44.6 crore, compared to ₹32.5 crore in the previous year.
Profit margin improved to 13%, up from 11% YoY
Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, led by positive cues from global peers.
At 1 pm, Sensex was up 340.91 points, or 0.47%, at 73,117.04, and Nifty was up 121.25 points, or 0.55%, at 22,225.30.
Sensex Today Live : Devyani International reported a net loss of ₹7.5 crore in Q4, down from a net profit of ₹60.7 crore it posted in the same quarter last year.
The company posted a 38.7% YoY increase in revenue, at ₹1,047 crore, from ₹755 crore in the year-ago period.
The company's EBITDA also increased 14.4%, to ₹172.3 crore, from ₹150.6 crore in the year-ago period. The company's margin dropped from 20% to 16.5% over the same period.
Devyani International reported a one-time loss of ₹42.3 crore.
Sensex Today Live : Bharti Airtel today announced that it has deployed additional sites in Koch Bihar and Alipurduar district to densify its network.
Separately, the company announced that it has deployed additional sites in Uttar and Dakshin Dinajpur district, too.
Sensex Today Live : Texmaco Infrastructure and Holdings reported a consolidated net profit of ₹2.50 crore, up 1,933.71% YoY from a consolidated net profit of ₹12.31 lakh in the corresponding quarter in the previous year.
Sensex Today Live : Barring FMCG, IT, Pharma and Healthcare, all other sectoral indices were in the green.
The Auto index had gained 1.44%, while the Metal index was up 1.70%. The Bank and Financial Services indices were also in the green.
Sensex Today Live : The broader market was in the green, with the BSE SmallCap gaining 1.36%, and the BSE MidCap up 0.77%.
Sensex Today Live : 16 of the 50 stocks on the Nifty 50 were in the red. Cipla, Adani Ports & SEZ, Apollo Hospitals Enterprises, Nestle India, and Asian Paints, were the top drags, while Shriram Finance, Hero MotoCorp, Hindalco Industries, JSW Steel, and Power Grid Corp., were the top gainers.
Sensex Today Live : 12 of the 20 stocks on the BSE Sensex were trading in the red. Axis Bank, Nestle India, TCS, Bajaj Finance, and ICICI Bank, were the top drags, while Mahindra & Mahindra, JSW Steel, Titan, NTPC, and Larsen & Toubro, were the top gainers.
Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, led by positive cues from global peers.
At 12 pm, Sensex was up 218.26 points, or 0.30%, at 72,994.39, and Nifty was up 80.50 points, or 0.36%, at 22,184.55.
Sensex Today Live : Sterlite Technologies today announced a strategic partnership with du, from Emirates Integrated Telecommunications Company (EITC), one of the top telecom companies in the UAE.
This announcement by STL comes on the heels of STL signing a new 5-year contract for its optical fibre cables with Du Telecom. As a part of this contract, STL will provide its advanced optical cable designs with bend-resistant fibre to deliver better network performance, especially in FTTH networks.
Sensex Today Live : Exxaro Tiles announced today that it has opened its first global showroom in Ghana, West Africa.
In an exchange filing, the company said, "We wish to inform that, Company has expanded its global presence with the grand inauguration of its first Global showroom in Ghana, West Africa on 13th May 2024".
Sensex Today Live : Birlasoft today announced that it has attained the Amazon Web Services (AWS) Migration Consulting status.
Birlasoft’s AWS Migration Consulting Competency status underscores its expertise in helping enterprise customers migrate applications and legacy infrastructure to AWS, evident through successful client solutions across diverse industries.
Sensex Today Live : EaseMyTrip.com today announced its collaboration with the Small Industries Development Bank of India (SIDBI) and Uttarakhand Tourism Development Board (UTDB), to launch a Homestay Entrepreneurship Training Programme aimed at empowering homestay owners along the sacred Chardham Yatra route.
This training program, initiated in April and extending throughout May, aims to enhance the capabilities of 150 homestay owners by equipping them with essential skills in hospitality and eco-friendly practices.
The training covers crucial topics such as hygiene, environmental safety and waste management, guest safety and security, housekeeping management, customer support, booking management, and technology training and support, the company said in an exchange filing.
To date, the sessions have been conducted in Joshimath (Badrinath), Guptkashi (Kedarnath), and Ukhimath (Kedarnath), with pending sessions in Gangotri (Uttarkashi) and Yamunotri (Uttarkashi). The sessions have awarded certificates to 31 homestays owners in Joshimath, 25 homestay owners in Guptkashi, and 39 homestay owners in Ukhimath.
Sensex Today Live : ABB India Rating: ACCUMULATE | CMP: Rs7,984 | TP:Rs8,400
We revise our CY24/25E EPS estimates by +16.0%/+21.4% factoring in a robust demand environment and healthy margin improvement.
We remain positive on ABB given 1) increasing traction for energy efficient products, 2) changing customer preference towards premium quality products, 3) diversified business model, 4) focus on high growth segments such as Data Centers, Electronics, Rail & Metro, Renewables, etc., and 5) strong domestic order pipeline.
The stock is trading at a P/E of 99.6x/80.2x/65.7x CY24/25/26E.. We roll forward to Jun-26E and maintain ‘Accumulate’ rating with a revised TP of ₹8,400 ( ₹5,331 earlier) valuing it at a P/E of 76x Jun-26E (65x CY25 earlier) on account of robust long-term demand, strong moat, and improving mix & profitability.
Sensex Today Live : Indian benchmark indices were muted but trading in the green on Tuesday, led by positive cues from global peers.
At 11 am, Sensex was up 96.92 points, or 0.13%, at 72,873.05, and Nifty was up 39 points, or 0.18%, at 22,143.05.
Sensex Today Live : Machino Plastics announced today that it has laid the foundation stone of a plastics automotive parts plant for its upcoming facility in Kharkhoda, Haryana.
Machino Plastics, a joint-venture between Maruti Suzuki India and Suzuki Motor Corporation-Japan, is a manufacturer of automotive components catering to Indian and cross-border industrial consumers.
The plant will be located in Sahoti- Prahaladpur Road, Tehsil Kharkhoda, District-Sonipat, Haryana, and it will provide capacity enhancement and logistics requirements of Maruti Suzuki’s new manufacturing plant at IMT Kharkhoda, which is expected to be commissioned by 2025-26, the company said in an exchange filing.
The facility will be set up in phases, consistent with MSIL volume forecast of 1 million vehicles at Kharkhoda.
Sensex Today Live : RBL Bank today announced that it has received notification regarding the approval granted to quant Money Managers Ltd to acquire a 9.98% stake in the private lender, through its various quant Mutual Fund schemes.
In an exchange filing, the company said, "We wish to inform you that the Reserve Bank of India, vide its letter dated May 13, 2024 as received by the Bank vide email on May 13, 2024 has accorded its approval to quant Money Managers Ltd to acquire “aggregate holding" of up to 9.98% of the paid-up share capital or voting rights in RBL Bank Limited through various schemes of quant Mutual Fund. The approval has been granted with reference to the application made by quant Money Managers Ltd. to RBI".
Sensex Today Live : Butterfly Gandhimathi Appliances today announced that its Head of Research & Development, Thiyagu P S, has resigned from the company. He will vacate his position from June 10.
The company said, in an exchange filing, that Thiyagu has resigned due to 'personal and professional reasons.
Sensex Today Live : Indian benchmark indices were trading in the green on Monday, led by positive cues from global peers.
At 10 am, Sensex was up 138.67 points, or 0.19%, at 72,914.80, and Nifty was up 37.80 points, or 0.17%, at 22,141.85.
Sensex Today Live : The broader market indices were trading in the green, with the BSE SmallCap up 0.85%, and the BSE MidCap up 0.38%.
Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were in the red. Cipla, Adani Ports & SEZ, Apollo Hospitals Enterprises, Nestle India, and Asian Paints, were the top drags, while Shriram Finance, Hero MotoCorp., Hindalco, JSW Steel, and Power Grid Corp., were the top gainers.
Sensex Today Live : 10 of the 30 stocks on the BSE Sensex were in the red. Nestle India, Asian Paints, Axis Bank, TCS, and ICICI Bank, were the top drags, while JSW Steel, Power Grid Corp., NTPC, Mahindra & Mahindra, and Larsen & Toubro, were the top gainers.
Sensex Today Live : Rail Vikas Nigam Ltd has clinched a contract from Southern Railway for ₹239 crore. The contract involves the provision of an automatic block signalling system spanning the Jolarpettai and Erode junctions within the Salem division of Southern Railway.
Sensex Today Live : The company has received an order of about ₹1,000 crore to construct vessels from a European client. The vessel is equipped with hybrid battery systems to improve energy efficiency and reduce carbon footprints.
Sensex Today Live : Following its first annual profit, Zomato is expanding its quick-commerce venture, Blinkit, aiming to add 100 dark stores by June and reach a target of 1,000 warehouses by the fiscal year-end. Blinkit, which turned operationally profitable in March, witnessed a twofold increase in both revenue and gross order value in Q4. Zomato added approximately 75 Blinkit stores from January to March, bringing the total warehouse count to 526. In the March quarter, Zomato reported a profit of ₹175 crore, a significant turnaround from a loss of ₹188 crore in the same period the previous year, with operational revenue rising to ₹3,582 crore from ₹2,058 crore. For the full financial year 2023-24, Zomato recorded a profit of ₹351 crore, compared to a loss of ₹971 crore in the preceding year.
Sensex Today Live : The pharmaceutical major reported a standalone net profit of ₹136.6 crore for Q1FY24, a 28% decrease from the same quarter of the previous year. The company's revenue was ₹732.4 crore, a 0.5% decrease from the year-ago quarter.
Sensex Today Live : US-based Warburg Pincus has acquired a majority stake in Shriram Housing Finance Ltd (SHFL) for ₹4,630 crore, marking its largest deal in India. The acquisition was made through its affiliate Mango Crest Investment Ltd from Shriram Finance Ltd (SFL) and other sellers. The deal is expected to be completed by February 7, 2025.
Sensex Today Live : Indian benchmark indices were up at open on Monday, led by positive cues from global peers.
At opening bell, Sensex was up 189.54 points, or 0.26%, at 72,965.67, and Nifty was up 61.45 points, or 0.28%, at 22,165.50.
Sensex Today Live : Bank Nifty also took support near the rising trend line zone near 47,000 levels, indicating a strong recovery has moved past the significant 50EMA level of 47,700 to improve the bias and can anticipate further rises in the coming sessions. Bankex has witnessed some recovery to move above the 54,500 zone, with the 100 DMA level of 53,500 acting as a support zone for the index. The pullback shall gain strength once a decisive move past the 54,800 zone is confirmed to anticipate further upward moves in the coming days. BankNifty would have a daily range of 47,400–48,200 levels, with Bankex support at 54,000 and resistance at 55,000 levels.
Sensex Today Live : Nifty sustained near the previous bottom zone of the 21,800 levels and witnessed a strong recovery to breach above the 22,000 zone and closing on a better note near 22,100 levels with sentiment improving and expected to carry on with the positive move till the significant 50EMA zone near 22,250 levels in the coming session. Sensex has closed above 100 DMA level of 72,660 and also trading near lower end of rising trend line pattern. a decisive move past the 73,300 zone shall improve the bias to some extent. The support for the day is seen at 72,400/22,000 levels while the resistance is seen at 73,300/22,250 levels.
