PremiumSensex Today | Share market LIVE Updates: Indian shares ended flat on Tuesday as a slide in information technology (IT) and pharma stocks offset broader sectoral gains amid risk aversion due to persistent concerns over the health of China's economy and U.S. interest rates.
Asian stock markets snapped an eight-day losing streak on Tuesday, helped by a rebound in beaten-down Chinese shares, and overnight gains on Wall Street. European shares also opened higher on Tuesday, with technology stocks leading gains as chipmakers caught up to an overnight Wall Street rally ahead of Nvidia's earnings, while shares of Ubisoft gained.
Investors are now focussed on a speech by Federal Reserve Chair Jerome Powell, scheduled for Friday. The Jackson Hole, Wyoming, setting for his speech has been the site of major policy announcements in the past by the Fed, and is one of the most important events each year for central bankers globally.
India's benchmark indices struggled for direction on Tuesday and gave up gains to end flat even as smallcaps and midcaps jumped.
At the end of the day today, the Sensex rose 3.94 points to settle at 65,220.03, while the broader Nifty was up 2.90 points at 19,396.50. About 2,150 stocks advanced, 1,390 declined, and 124 were unchanged.
Global stocks, however, extended their comeback rally on Tuesday. The MSCI All Country stock index climbed 0.4% in a second straight session of gains - pulling further away from Friday's 2-1/2 month trough. Pan-European stocks gained 0.7%, while U.S. futures pointed to small gains for Wall Street later on.
Back home, on the Nifty, Adani Enterprises, HDFC Life, ITC, NTPC, and HeroMoto Corp were the top gainers, while Jio Financial, Cipla, BPCL, Bajaj Financial Services, and Eicher Motors were the worst hit.
Ten of the 13 major sectoral indexes recorded gains. Information technology, pharma and PSU Bank indexes logged losses.
Adani group stocks extended their rally for the fourth session, climbing between 0.5% and 5%. BHEL soared 10%.
Glenmark Pharmaceuticals Inc., USA (“Company") announced today that it has entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015.
The Company has entered into a three-year Deferred Prosecution Agreement, and if the Company adheres to the terms of the agreement, including the payment of $30 million, payable in six installments, the DOJ will dismiss the pending Superseding Indictment.
We expect Brigade Enterprises (BRGD) to see continued traction across business segments in FY24-25E. With a residential launch pipeline of ~8msf over the 12 months along with the recently acquired ~10acre land parcel in Kokapet, Hyderabad, we model for residential sales bookings of INR45.8bn in FY24E and INR51.3bn in FY25E.
Further, we expect the company to clock rental NOI CAGR of 16% over FY22-25E to INR6.2bn led by lease-up of vacant space in Tech Gardens, Bengaluru and Brigade Twin Towers office project becoming fully operational in FY25E. With the Indian hotel industry seeing buoyant demand, we estimate the company to clock hotel EBITDA of INR1.4bn in FY24E and INR1.6bn in FY25E with the hotel portfolio capable of clocking INR1.8bn of stabilised annual EBITDA beyond FY25E. We retain our BUY rating with an unchanged target price of INR695/share based on 1x FY24E NAV. Key risks are weakness in office leasing and slowdown in residential demand
India's July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC cuts, tanker data from trade and industry sources showed.
Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments.
Saudi Arabia volunteered to cut output by another 1 million barrels per day (bpd) from July through September, and Russia will reduce exports in August by 500,000 bpd, part of a deal among members of the Organization of the Petroleum Exporting Countries and its allies, a grouping know as OPEC , to curb supplies and support prices.
While economic growth continues to be driven by domestic consumption and investment demand, a greater vigilance by government and the Reserve Bank of India is warranted on inflationary pressures, which may remain elevated due to global uncertainty and domestic disruptions, the finance ministry said in its latest monthly economic review.
The ministry also cautioned that while services exports may continue to do well, it is important to keep a watch over the impact new technologies such as aritificial intelligence can have on demand for India's services exports and on job creation.
The ministry added that after a year of relative abatement of macroeconomic headwinds, maintenance of macroeconomic stability may be returning as a key policy objective.
Honda Cars India on Tuesday said it plans to increase vehicle prices from next month in order to partially offset the impact of rising input costs.
The automaker currently sells two models -- City and Amaze in the domestic market.
The quantum of the price hike is yet to be decided.
Currently, price of the compact sedan Amaze starts from ₹7.05 lakh, mid-sized sedan City from ₹11.57 lakh and City e:HEV (hybrid) from ₹18.89 lakh (ex-showroom).
Adani Power is targetting a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at ₹26,690 crore in FY24 vs ₹24,350 crore in FY23.
On Monday, the rupee had declined 3 paise and settled at an all-time low of 83.13 against the US dollar.
Indian government bond yields edged higher in the early session on Tuesday, mirroring U.S. peers, which hit their highest in nearly 16 years.
The benchmark 7.26% 2033 bond yield was at 7.2340%, as of 10:00 a.m. IST, after ending the previous session at 7.2208%, a trader with a primary dealership said.
The yield on the 10-year Treasury note hit levels last seen in the financial crisis of 2007 amid rising concerns that the Federal Reserve will keep interest rates higher for longer in a resilient economy.
The 10-year yield hit 4.3660% in Asian trading hours on Tuesday, the highest since November 2007, and is up over 40 basis points (bps) in August. The rate-sensitive two-year yield crossed the 5% mark.
Life Insurance Corp. of India on Tuesday said that it has acquired 6.660% shareholding in Jio Financial Services, the demerged financial entity of Reliance Industries that made its stock market debut on Monday.
In a filing with the stock exchanges, LIC said that the cost of the acquisition, done through the demerger of the non-banking financial entity, is 4.68% of the pre-demerged cost of Reliance Industries as per the notice of the company dated 19 July.
Shares of Jio Financial Services (JFS), the demerged entity of Mukesh Ambani's Reliance Industries, remained locked in 5% lower circuit for a second straight day on Tuesday.
The stock was down at ₹239.per share. Shares had debuted at 265 rupees on the BSE on Monday, and declined 5% thereafter.
SoftBank Group Corp.’s Arm Holdings Ltd. took a step toward what’s set to become the biggest US initial public offering of the year, a bet that the once-obscure designer of phone chips can flourish in the era of artificial intelligence computing.
In a long-awaited regulatory filing Monday, Arm said the offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. The document listed 24 other underwriters below that top tier — with Morgan Stanley notably absent. (Read here)
Hero Future Energies will look at several options to raise funds over the next two-three years, including the launch of an initial public offering (IPO), chairman and managing director (CMD) Rahul Munjal said. In an interview, Munjal said the $450 million raised from parent Hero Group and KKR in December would support the company for the next few years, and the company will plan new fundraises, including private investments and accessing public markets. He, however, added that the company would look at launching an IPO when the market hits the next upcycle or a bull run.
Currently, the company has power projects of 2.2 gigawatts (GW) capacity, of which 1.2GW is solar, 0.53GW is wind, and 0.47GW is hybrid capacity. Of its total operations in India, 2.06GW pertains to the utility space, and 0.14GW is in the C&I (commercial and industrial). (Read full story here)
NIFTY50 has witnessed some recovery from its doji candle and closed higher near the short term averages.
On the higher side crossover of 19,500 would give a breakout levels for the sustained positive trend.
On the downside if we breach the intermediate lows of 19,250 there could be sharp selloff in midcaps and small caps which are outperforming in the corrective action.
Highest call OI at 19,400 strike while on the downside the highest put OI is at 19,300 for the weekly expiry.
Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside.
Brent crude was up 10 cents at $84.56 a barrel and U.S. West Texas Intermediate crude was trading 9 cents higher at $80.81 a barrel. WTI's contract with September expiry was up 11 cents at $80.23 a barrel.
Gold prices firmed above recent lows on Tuesday, with the non-yielding asset holding ground despite U.S. Treasury yields powering to nearly 16-year highs as investors look ahead to central bankers' meeting this week for clues on interest rates.
Spot gold held its ground at $1,894.91 per ounce, hovering above a five-month low of $1,883.70 hit last week. US gold futures added 0.1% to $1,923.90.
Adani Enterprises, Adani Power, Paytm, Tata Power, Union Bank of India are among stocks that will be in focus in today's trade.
Asian equities ticked higher on Tuesday following the overnight rally in big tech that spurred a rebound in Wall Street stocks, though elevated Treasury yields kept risk sentiment in check.
Tokyo stocks opened higher, with the benchmark Nikkei 225 index adding 0.92% in early trade, while the broader Topix index rose 0.71%. Shares advanced in South Korea as well, and Hong Kong stocks opened slightly higher after seven successive losses.
Financial stocks may be under pressure after S&P Global Ratings downgraded the ratings of five US lenders on “tough" environment amid higher interest rates.
Overnight on the Wall Street, The S&P 500 rose 30.06 points to 4,399.77 for its first gain in five days. Rallies for Nvidia, Microsoft and other Big Tech stocks lifted the index even though the majority of stocks within it fell.
The Dow Jones Industrial Average slipped 36.97 points to 34,463.69, and the Nasdaq composite climbed 206.81, or 1.6%, to 13,497.59.
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