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Business News/ Markets / Live Blog/  Market Close Highlights: Sensex ends up 670pts, Nifty at 22,400; IT, Realty, FS, Consumer Durables gain; PSU Bank drags
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Market Close Highlights: Sensex ends up 670pts, Nifty at 22,400; IT, Realty, FS, Consumer Durables gain; PSU Bank drags

23 min read . Updated: 16 May 2024, 03:44 PM IST
Pranay Prakash

Market Close Highlights : Foreign portfolio investors were net sellers at ₹2,832 crore on Wednesday, while DIIs, bought shares worth ₹3,788 crore.

Market Close Highlights : Companies reporting results on Wednesday include M&M, HAL, GAIL, Info Edge, Vodafone Idea, and Biocon, among others. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting results on Wednesday include M&M, HAL, GAIL, Info Edge, Vodafone Idea, and Biocon, among others. (Image: Pixabay)

Market Close Highlights : European stocks hovered near record highs Thursday after US inflation data reinforced bets that the Federal Reserve will start cutting interest rates this year.

The Stoxx 600 Index was little changed in early trade, while the MSCI All Country World Index advanced for a fifth day in its longest winning streak since July. Futures contracts on the S&P 500 and Nasdaq 100 eked out small gains after both gauges set new highs in the previous session.

Bloomberg’s dollar index fell to a one-month low while Treasuries mostly added to their advance as investors brought forward expectations for policy easing. The swaps market shows that traders are now almost fully pricing in two 25 basis-point Fed cuts this year.

The improved appetite for risk assets came after US core CPI — which excludes food and energy costs — came in in-line with consensus expectations, easing concerns that inflation was becoming entrenched. Separate retail sales data indicated some softening of resilient consumer demand.

“The combination of slowing growth and softer inflation is a godsend for equity markets," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. “There is nothing more appetizing for investors than the smell of lower future rates."

Still, Federal Reserve Bank of Minneapolis President Neel Kashkari repeated that the central bank likely needs to keep rates at the current level for “a while longer," questioning how much they’re restraining the US economy.

Later today, investors will study data on initial applications for US unemployment benefits for signals on the health of the economy after a significant increase in the reading last week.

A raft of European Central Bank policy makers are also due to speak, with traders almost fully pricing in the likelihood of three rate cuts for the year, kicking off next month.

Among individual European stocks, Ubisoft Entertainment slumped after guidance suggested that the video-maker’s margins will come under pressure. Siemens AG dropped as the German company saw demand for factory-automation products in China weaken further.

In Asia, a regional gauge pushed toward a new peak. Shares of Chinese developers jumped on optimism that Beijing will provide policy support for the purchase of unsold homes from distressed builders.

In commodities, copper continued setting new records after a massive dislocation between prices in New York and other commodity exchanges rocked the global market. Oil rose for a second day, buoyed by shrinking US stockpiles.

16 May 2024, 08:46:12 AM IST

Sensex Today Live : What to expect from Indian stock market in trade on May 16

Sensex Today Live : India's benchmark indices, Sensex and Nifty 50, are projected to start strong on Thursday, influenced by positive signals from global markets. The Gift Nifty trends also suggest a gap-up opening for the Indian index, trading around the 22,380 level, nearly 100 points above the previous close of Nifty futures.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, interprets this pattern as indicating market volatility. While such a pattern typically warns of a potential reversal following a sharp decline, he does not anticipate a significant negative pattern given the recent rebound. He predicts the Nifty's short-term trend will continue upward, with some consolidation or minor market dip expected before further upward movement. (Read the full story here.)

16 May 2024, 08:40:36 AM IST

Sensex Today Live : 10 key things that changed for market overnight - Gift Nifty, US inflation to weak dollar

Sensex Today Live : The domestic stock market is poised for a positive opening on Thursday, mirroring gains in global counterparts. Asian markets are performing well, and the US market closed at an all-time high due to a lower-than-anticipated rise in US consumer inflation, fueling expectations of US Federal Reserve interest rate cuts.

However, on Wednesday, India's benchmark indices ended a three-day winning streak with a slight dip. The Sensex fell by 117.58 points (0.16%) to close at 72,987.03, while the Nifty 50 dropped 17.30 points (0.08%) to settle at 22,200.55.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, attributed the market pressure to persistent selling by Foreign Institutional Investors (FIIs) and elevated levels of India Vix. He anticipates the market to stabilize within a wider range as election polling continues and the earnings season approaches its conclusion. (Read the full story here.)

16 May 2024, 08:35:52 AM IST

Sensex Today Live : Strong global cues likely to drive Indian markets higher today

Sensex Today Live : Indian shares are set to open higher on Thursday, tracking a rally in global equities after a softer-than-expected U.S. consumer inflation print raised expectations of at least two interest rate cuts in 2024.

The Gift Nifty was trading at 22,386.50 as of 8:19 a.m. IST, indicating that the Nifty 50 will open above Wednesday's close of 22,200.55.

Asian stock markets rallied on Thursday, buoyed by Wall Street's surge to all-time peaks overnight after a milder U.S. inflation report raised expectations the Federal Reserve will deliver at least two rate cuts this year.

The dollar remained on a downtrend, sagging to fresh multi-week lows against peers including the euro and sterling.

U.S. Treasury yields extended their retreat in Tokyo trading, sinking to new six-week troughs. That helped the beaten-down yen to continue its recovery, even as data showed the Japanese economy contracted more than expected in the first quarter.

Gold marched back toward record levels, and crude oil added to gains after rebounding strongly overnight from a two-month trough.

U.S. data on Wednesday showed the consumer price index (CPI) rose by 0.3% in April, below an expected 0.4% gain, raising hopes that the Federal Reserve can cut interest rates twice this year.

Fed funds futures show 52 basis points of cuts this year, with one in September now fully priced.

The data provided palpable relief to markets after higher-than-expected U.S. consumer prices in the first quarter had led to a sharp paring of rate cut bets, and even stoked some worries of an additional hike.

"The expression of relief ripples through risky assets, with markets coming alive the moment we saw U.S. core CPI," Chris Weston, head of research at Pepperstone, wrote in a report.

"All in all, after three months of troubling price pressures, this is a report that will sit well with (Fed Chair) Jay Powell and co."

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.44%. Hong Kong's Hang Seng advanced 0.9%, while Australia's stock benchmark rallied 1.5%.

Japan's Nikkei initially jumped as much as 1.3% but pared those gains to be up 0.6% amid pressure from some disappointing late earnings on the final day of the reporting season on Wednesday, and jitters over the sharp rally for the yen.

Japan's currency was a standout on Thursday, outpacing gains against the dollar among major peers.

The dollar was last down 0.63% at 153.91 yen, from as high as 156.55 in the previous session.

The 10-year U.S. Treasury yield, which the dollar-yen pair tends to track, slipped to 4.705% for the first time since April 5.

The dollar index, which measures the currency against the yen, euro, sterling and three other rivals, weakened 0.07% to a five-week low of 104.12.

The euro rose to $1.08925, the highest since March 21, and sterling reached $1.2697 for the first time since April 10.

Also benefitting from broad dollar weakness, leading cryptocurrency bitcoin marked a fresh three-week top at $66,694.89 following Wednesday's more than 7% advance.

"It's hard to go past the move in crypto," said Pepperstone's Weston.

"The 23 April swing high of $67,252 is the near-term target and the level to watch," he added. "A break here and we will likely see traders chasing this move for a push into 70k."

Gold gained 0.39% to $2,395.39, pushing toward the all-time peak of $2,431.29 from April 12.

Brent futures rose 42 cents, or 0.5%, to $83.17 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 43 cents, or 0.6%, to $79.06, adding to Wednesday's strong gains.

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