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Business News/ Markets / Live Blog/  Sensex Today | Share Market Crash Highlights: Sensex, Nifty close down over 1% each; broader markets bleed
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Sensex Today | Share Market Crash Highlights: Sensex, Nifty close down over 1% each; broader markets bleed

| Share Market Crash Highlights: Indian shares surrendered early gains to drop on Tuesday, as HDFC Bank led a decline in financials, while Zee Entertainment plunged nearly 30% after its merger with Sony's India unit collapsed.

Sensex Today | Share Market Live Updates: Shares were mostly higher in Asia on Tuesday, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets. Photo: APPremium
Sensex Today | Share Market Live Updates: Shares were mostly higher in Asia on Tuesday, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets. Photo: AP

Share Market Crash Highlights: Indian shares surrendered early gains to drop on Tuesday, as HDFC Bank led a decline in financials, while Zee Entertainment plunged nearly 30% after its merger with Sony's India unit collapsed.

Shares were mostly higher in Asia on Tuesday, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets.

The unconfirmed report by Bloomberg cited unnamed sources. It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds.

Hong Kong's Hang Seng jumped 3.2% to 15,434.69 and the Shanghai Composite index was up 0.7%, at 2,776.06.

Shanghai had retreated on selling by investors disappointed by China’s decision to keep the loan prime rate unchanged despite concern over the outlook for the economy, which is forecast to slow further after a post-pandemic recovery faded more quickly than expected.

Shanghai's benchmark fell 2.7% on Monday. It has been trading at its lowest levels since 2019. The Hang Seng was down about 12% so far this year as of Monday’s close.

Tokyo's Nikkei 225 index gave up earlier gains to edge 0.1% lower, closing at 36,517.57. It has been nudging closer to its all-time record of 38957.44 set in December 1989, before the implosion of a financial bubble that ushered in an era of slowing growth. 

South Korea's Kospi rose 0.6% to 2,478.61 and Australia's S&P/ASX 200 added 0.5% to 7,514.90.

Elsewhere, the deepening pessimism about Chinese equities is in stark contrast to the US, where investors are weighing strong economic signals and prospects for corporate earnings. Wall Street shares are shaking off a rocky start to the year on bets the Federal Reserve will cut rates and the artificial-intelligence boom will keep fueling profit growth.

The benchmark S&P 500 scaled a fresh record-high after closing at a record on Friday for the first time in two years, confirming it was in a bull market. The Dow Jones Industrial Average rose 138.01 points, or 0.36%, to 38,001.81, the S&P 500 gained 10.62 points, or 0.22%, to 4,850.43 and the Nasdaq composite gained 49.32 points, or 0.32%, to 15,360.29.

MSCI's global equities index rose on Monday as Wall Street fed on momentum that took it to a new record high last week, while the U.S. dollar index edged up slightly.

 

23 Jan 2024, 03:39:36 PM IST

Share Market Crash Highlights: Indian shares closed in the red after surrendering early gains 

Share Market Crash Highlights: Indian shares surrendered early gains to drop on Tuesday, as HDFC Bank led a decline in financials, while Zee Entertainment plunged nearly 30% after its merger with Sony's India unit collapsed.

The blue-chip Nifty 50 and the BSE Sensex both slid over 1% each, to end at 21,238.80 points and 70,370.55, respectively.

The Nifty had climbed to 21,750.25 and the Sensex to 72,039.20 during the day, after opening higher. In the broader market, mid- and small-caps bled heavily as investors lost nearly 9 lakh crore in a day.

Zee Entertainment plunged up to 30% and was set for its worst day ever after the cash-strapped broadcaster's failed $10 billion merger with Sony's local unit. Cipla and ICICI Bank advanced 7% and 2%, respectively, after beating third-quarter profit estimates.

Elsewhere, Global stocks neared one-month highs on Tuesday, after the Bank of Japan left monetary policy unchanged, bolstering the yen and Japanese stocks, while Chinese equity investors took little heart from speculation of a huge government rescue package.

The MSCI All-World index was up 0.2%, near one-month highs, thanks in part to a 3% rebound in Hong Kong stocks that slumped the previous day, when foreign outflows gathered pace and short selling surged.

Chinese stocks staged a more muted recovery, having touched their lowest in five years the previous day after the country's cabinet pledged to take more effective measures to stabilise market confidence. One option included mobilising some 2 trillion yuan ($278.53 billion) to support the stock market, according to a Bloomberg News report.

Globally, investors have also been encouraged by the prospect of falling interest rates in other major economies, including the United States, the euro zone and Britain, which have seen the benchmark U.S. S&P 500 officially enter a bull market and Germany's DAX trade within sight of late 2023's all-time peaks.

Monday's rally on Wall Street that took the S&P 500 to a second consecutive record close did not translate into a rise in European stocks, where the regional STOXX 600 index fell 0.2%, led by declines in pharma and semiconductor stocks.

U.S. Treasury yields edged up as investors took profit from Monday's modest price increase. The yield on the 10-year note was up 3 basis points at 4.122%, while the two-year note traded at 4.395%, up 2 bps.

Oil prices were mostly steady on Tuesday after surging 2% overnight as a Ukrainian drone strike on Russia's Novatek fuel terminal caused supply disruptions.

Brent crude futures were last up 0.4% at $80.34 a barrel.

23 Jan 2024, 03:35:37 PM IST

Share Market Crash Highlights: Indian shares surrendered early gains to close in the red

Share Market Crash Highlights: Indian shares surrendered early gains to drop on Tuesday, as HDFC Bank led a decline in financials, while Zee Entertainment plunged nearly 30% after its merger with Sony's India unit collapsed.

The blue-chip Nifty 50 and the BSE Sensex both slid over 1% each, to end at 21,238.80 points and 70,370.55, respectively.

The Nifty had climbed to 21,750.25 and the Sensex to 72,039.20 during the day, after opening higher. In the broader market, mid- and small-caps bled heavily as investors lost nearly 9 lakh crore in a day.

Zee Entertainment plunged up to 30% and was set for its worst day ever after the cash-strapped broadcaster's failed $10 billion merger with Sony's local unit. Cipla and ICICI Bank advanced 7% and 2%, respectively, after beating third-quarter profit estimates.

23 Jan 2024, 03:04:30 PM IST

Sensex Today Live: 3 pm market update

Indian shares were dragged down by geopolitical concerns, a sell-off by FIIs, and a fall in index heavyweights.

At 3 pm, the Sensex was down 1,100.20 points, or 1.54%, at 70,323.45, and Nifty was down 355.40 points, or 1.65%, at 21,216.40.

Broader market and sectoral indices like Media, Realty, Bank, Financial Services, and FMCG, among others, were down, while Pharma and IT were the gainers.

23 Jan 2024, 02:59:59 PM IST

Sensex Today Live: Elara Securities says 'BUY' Coforge; updates TP to ₹8,100

BFS shines despite unusually high furloughs

Coforge (COFORGE IN) reported in-line revenue growth at 1.4% QoQ USD as also in-line EBIT margin at 13.8%. The traction came in from North America and RoW within geographies and BFS among verticals. Pipeline continued to be robust at USD 974mn, up 4% QoQ. Within service lines, BPS saw weakness, while growth was led by cloud (up 4% QoQ), Data integration (+7%) and ADM (+4%). EBIT margin rose 200bps QoQ, supported by increased offshoring, increased fixed-price contracts and 70bps rise in gross margin. The print looks robust and near-term visibility intact with robust executable order book.

Large deal momentum continues to prop executable orderbook

Pipeline is robust with executable order book at an all-time high of USD 974mn, up 15.8% YoY. Fresh order intake at USD 354mn rose 13% QoQ, resulting in eighth consecutive quarter of USD 300mn+ order intake. COFORGE signed three large deals and seven new logos in Q3. The order intake was particularly robust for Europe (up by USD34mn QoQ).

Rosy outlook

Organic CC revenue growth YTD stood at 14.7%. The management maintained its FY24 growth guidance at 13-16% YoY CC. Margin may grow on account of cost reversal in the absence of furloughs (worth ~50bps), with FY24 exit margin in line with FY23. SG&A investments may peak out at 15%, resulting in significantly better margin in FY25 YoY. Exit rate for margin is expected to be ~20% for FY24E. Utilization may hover around 81%.

Valuations: Reiterate Buy; TP raised to INR 8,100

FY24 revenue growth guidance (of 13-16% in CC) is intact, on TCV of USD 974mn executable orderbook. We retain our positive stance given: 1) improving executable orderbook and steady large deal wins, 2) consistent revenue growth and 3) traction in BFS. We marginally tweak FY25E/26E earnings estimates ~1-4% each. Maintain Buy with higher TP of INR 8,100 from INR 6,230, on 33.2x Dec-25E EPS (five-year average +1 sd; versus 27.3x earlier).

23 Jan 2024, 02:45:31 PM IST

Sensex Today Live: Companies battle for small pool of IT employees: Mint-Shine report

Companies, both IT and non-IT, are grappling with one another to dip into the same cohort of skilled IT employees, leading to a talent gap that India Inc. is struggling to fill.

Almost half the respondents of a Mint+Shine Talent Insights Report noted that getting candidates from campus hiring who are abreast with the latest IT skill sets such as artificial intelligence (AI) and machine learning (ML) is a challenge.

“A significant challenge highlighted by 48% of respondents is the alignment of candidate skills with job requirements," said the survey, which was conducted during the October-December quarter with 187 HR professionals and 2,019 job seekers.

The demand for IT skill sets, especially in AI and ML, is rising as companies are trying to digitize their businesses. This is leading to a clash for similar skill sets across industries and, in many cases, against IT services firms as well. (Read the full story here)

23 Jan 2024, 02:31:04 PM IST

Sensex Today Live: Multibagger stock Angel One is down 20% in last six sessions. Good time to buy?

Continuing their bearish trajectory, Angel One shares witnessed another 5% intraday decline today, reaching a low of 3,085 per share. This downtrend has persisted since the announcement of its Q3FY24 results on January 15, resulting in a cumulative loss of 20% in share value.

After the release of the company's financial results, domestic brokerage firms revised down their earnings estimates for Angel One due to escalating operating expenses.

The company witnessed a notable surge in customer acquisition costs and an uptick in employee expenses, contributing to a 21% year-on-year and 13% quarter-on-quarter decrease in EBITDA. The rise in employee costs can be attributed to the increased headcount, particularly in the asset management business, data and analytics, and technology operations functions. (Read full story here)

23 Jan 2024, 02:04:05 PM IST

Sensex Today Live: Import duty on gold, silver findings and precious metal coins increased to 15%

The government has increased import duty on gold and silver findings and coins of precious metals coins to 15 percent from 11 percent, starting from January 22, as per a Reuters report. Gold and silver filings are used to produce jewellery.

An official notification has stated that there will be a 10 percent Basic Custom Duty (BCD) and a 5 percent Agriculture Infrastructure Development Cess (AIDC) on certain imports. It's important to note that this is exempt from the Social Welfare Surcharge (SWC).

In a notification released on January 22, the Ministry of Finance also increased the import duty on spent catalysts containing precious metals to 14.35 percent from 10.1 percent, the report added. (Read the full story here)

23 Jan 2024, 01:50:37 PM IST

Sensex Today Live: Broader market indices down over 1%, VIX inches up

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23 Jan 2024, 01:28:42 PM IST

Sensex Today Live: Yes Securities says 'REDUCE' Colgate-Palmolive (India)

Recommendation: REDUCE

CMP: 2,536

Target Price: 2,350

Potential Return: -7.3%

Margin surprises; Valuations out of comfort

Colgate-Palmolive (India) Ltd. (CLGT) delivered highest ever Gross & EBITDA margin (GM & EM) in 3QFY24 while topline was in-line with our estimate. Operating beat seems to be driven by better mix+pricing as GM saw a 340bps QoQ improvement, coming as a surprise especially post the Analyst Meet commentary in August’23 guiding modest improvement from 1QFY24 levels. Toothpaste volume have seen expansion in 3QFY24, but growth looks lower than our estimate of 5% because of the assumed sharp mix+pricing improvement. Recent relaunch/restaging of key brands and activations through campaigns, should continue to support near-term growth. Any improvement in market growth rates, especially in rural, should only further accelerate the volume momentum. There has been ~24% upward movement in stock price post 2QFY24 result. We downgrade the stock to REDUCE rating with a revised target price (TP) of Rs2,350 (Rs2,080 earlier), as we assign target multiple of ~43x on Sept’2025E EPS. For further rerating, market share improvement in core & update on inorganic opportunities being explored in personal care will be vital.

23 Jan 2024, 01:20:00 PM IST

Sensex Today Live: Yes Securities says 'NEUTRAL' Mangalore Refinery & Petrochemicals

Recommendation: NEUTRAL

CMP: 175

Target Price: 173

Potential Return: -1%

Weaker Core GRMs impact the earnings

Mangalore Refinery Petrochemical’s Q3 FY24 core performance was weak, with an EBITDA of 11.6bn; $5/bbl of reported GRM (our est. USD7.8) on narrowing Russian crude discounts. As per our calculations, the inventory losses could be at USD2.5/bbl. There was an impact of SAED of 1.9bn (USD0.68/bbl) and RTP reduction of 2.53bn (USD0.92/bbl) which impacted the core performance. The company has declared an interim dividend of Rs1/shr after 4-years. We lower the rating to NEUTRAL from earlier ADD rating given the stock price rally, with a revised 12-mth TP of Rs173 (Rs151 earlier).

23 Jan 2024, 01:17:11 PM IST

Sensex Today Live: Yes Securities says 'NEUTRAL' UltraTech Cement

Recommendation: NEUTRAL

CMP: 10,094

Target Price: 10,164

Potential Return: +1%

Upside capped; Valuation includes everything

We continue to like UTCEM for its market leadership with a +20% share across India with robust growth plans and aggressive green energy investment for improving its green power share, which is supported by Strong B/S. Ongoing Phase-II expansion of 24.4MTPA will ensure UTCEM capacity growth rate of ~8% CAGR above the industry average of 5% CAGR over FY24-26E. Additionally, UTCEM announced phase-III expansion of 21.9MTPA with 10-12MTPA of clinker capacity by FY27E, which take UTCEM closer to 200MTPA aspiration.

23 Jan 2024, 01:16:09 PM IST

Sensex Today Live: Yes Securities says 'NEUTRAL' Hindustan Unilever

Recommendation: NEUTRAL

CMP: 2,565

Target Price: 2,760

Potential Return: +7.6%

Very near-term earnings continue to remain muted

Hindustan Unilever’s (HUVR) 3QFY24 performance was below our estimate. Downgradations by consumer in Tea portfolio and price hike impact on coffee volumes have led to low-single digit decline in F&R in 3QFY24. This affected overall volume growth even while Home Care and BPC have seen mid-single digit UVG. Price cuts in Personal Wash and Home Care further impacted sales growth. Subdued volumes, negative pricing along with no major improvement in EBITDA margins from current levels of 23-24% will mean that earnings will remain muted in the very near term, we believe. We thus lower our rating a notch to NEUTRAL (ADD earlier) with a revised target price (TP) of Rs2,760 (Rs2,855 earlier).

23 Jan 2024, 01:07:55 PM IST

Sensex Today Live: Yes Securities says 'ADD' Polycab India

Recommendation: ADD

CMP: 4,423

Target Price: 4,951

Potential Return: +12.4%

Continued growth momentum and stock price correction results in upgrade; Upgrade to ADD

Expect strong growth momentum to continue especially in its core category of wires and cables as continued capex, increased in real-estate constriction and exports opportunity will benefit company immensely. Also, FMEG segment should start to pose double digit growth in FY26 as re-structuring will be behind them. We estimate the company to now deliver FY23-26E revenue/EBITDA CAGR of 71%/21% respectively. We have largely maintained our earnings estimates of FY25 and introduced FY26 with revenue and EBITDA growth of 15% each. Given the sharp correction in the stock price on back of news related to IT search and industry tail winds that company enjoys we upgrade the stock to ADD with PT of Rs4,951 valuing the company at 35x Sep’25 EPS.

23 Jan 2024, 01:05:52 PM IST

Sensex Today Live: 1 pm market update

Indian indices were off the day's highs and in the red after noon.

At 1 pm, the Sensex was down 659.28 points, or 0.92%, at 70,764.37, and Nifty was down 209.30 points, or 0.97%, at 21,362.50.

Broader market and sectoral indices like Media, Realty, Bank, Financial Services, and FMCG, among others, were down, while Pharma, Healthcare and IT were the gainers.

23 Jan 2024, 01:01:00 PM IST

Sensex Today Live: Yes Securities says 'ADD' One 97 Communications

Recommendation: ADD

CMP: 790

Target Price: 900

Potential Return: +14%

Reset of loan distribution business remains the talking point, Maintain less-than-bullish ADD

(1) Management flags opportunity size for larger-ticket personal loans based on whitelisted customer base greater than 20mn. (2) Management explained that the rise in payments processing charges as a proportion of payments revenue was entirely seasonal. (3) We maintain a less-than-bullish ‘ADD’ rating on PAYTM with a revised price target of 900.

23 Jan 2024, 01:00:03 PM IST

Sensex Today Live: Yes Securities says 'ADD' IDFC First Bank

Recommendation: ADD

CMP: 88

Target Price: 100

Potential Return: +14%

IDFCB makes fresh long-term guidance, Maintain less-than-bullish ADD

(1) Long-term loan growth guidance materially lags long-term deposits growth guidance likely owing to high loan-to-deposit ratio. (2) Management has guided for broadly stable net interest margin, which we think would be the result of mix change being offset by the aforementioned LDR unwind. (3) Steady state credit cost guidance of 160 is slightly higher than previous guidance in this regard. (4) We maintain a less-than-bullish ‘ADD’ rating on IDFCB with an unchanged price target of 100.

23 Jan 2024, 12:58:35 PM IST

Sensex Today Live: Yes Securities says 'ADD' RBL Bank

Recommendation: ADD

CMP: 265

Target Price: 315

Potential Return: +19%

Asset quality outcomes necessitate caution, Maintain less-than-bullish ADD

(1) Material rise in slippages from an already elevated level was contributed to from all key retail buckets. (2) There was ~20 bps contraction in retail yield owing to slowdown in microfinance. (3) Overall loan growth outcomes remained positive but are currently not translating into return ratios. (4) We maintain a less-than-bullish ‘ADD’ rating on RBL with a revised price target of 315.

23 Jan 2024, 12:58:03 PM IST

Sensex Today Live: Yes Securities says 'ADD' Kotak Mahindra Bank

Recommendation: ADD

CMP: 1807

Target Price: 2160

Potential Return: +19.5%

RoA below ICICI’s but multiple still higher, Maintain less-than-bullish ADD

(1) Credit subs and IBPC/BRDS keep net advances growth at 16% despite pure advances growth of 19% YoY. (2) Net interest margin was maintained on sequential basis mainly through balance sheet mix change. (3) Cost to assets is above 3% due to continued investments being made by the bank. (4) Slippage declined on sequential basis whereas credit cost rose materially due to one-time provisions. (5) We maintain a less-than-bullish ‘ADD’ rating on KMB with a revised price target of 2160.

23 Jan 2024, 12:53:01 PM IST

Sensex Today Live: Yes Securities says 'BUY' Reliance Industries

Recommendation: BUY

CMP: 2,735

Target Price: 3,170

Potential Return: +15.9%

Retail and upstream offsets subdued O2C performance

RIL reported an in-line 3QFY24, with operating profit at 406.6bn (+15.4% YoY; -0.76% QoQ). EBITDA growth was supported by upstream - Oil and Gas and Retail segment, however the overall growth was hindered by the O2C segment which experienced subdued growth on account of planned maintenance and inspection shutdown, Jio continued growth with subscriber additions and higher data consumption, while Retail growth came from across consumption baskets. We believe that stability in O2C margins is crucial for sustained earnings traction. However, weaker petrochemical margins, specially amidst anticipated capacity addition could hurt. RIL’s capex over FY24-25e is expected to remain elevated given the ongoing investment in Telecom (5G), expansion of retail infrastructure and new energy business. We value the stock on SOTP basis at a TP of 3170/share and maintain a BUY. The O2C contributes Rs647, upstream Rs168, and Jio platforms and Retail at 754/1541. New Energy piece adds Rs182 and a reduction of Rs121 of Net debt.

23 Jan 2024, 12:52:13 PM IST

Sensex Today Live: Yes Securities says 'BUY' CreditAccess Grameen 

Recommendation: BUY

CMP: 1,675

Target Price: 1,950

Potential Return: +16.4%

A Sturdy Show; Retain BUY with raised 12m PT of Rs1950

Our FY24/25 estimates are largely unchanged. Q4 FY24 would be a robust quarter on growth, asset quality and earnings. Notwithstanding the strong performance of the stock in recent months, we see room for further valuation re-rating in the absence of RoE risks at this point. The stock has traded at 3.5-4x 1-yr fwd. P/ABV before Covid with 16-18% RoE delivery. Currently CREDAG’s RoE is far superior, and it would not require equity raise for 23-25% pa GLP growth. Franchise attributes like high customer retention/borrower vintage, lower field attrition, industry-best loan processes & policies, lowest pricing, stronger quality control & audit mechanisms, etc. underpin company’s sturdier growth and profitability. We estimate a CAGR of 25% in GLP, 39% in PPOP and 47% in earnings over FY23-25 barring any external shocks.

23 Jan 2024, 12:48:14 PM IST

Sensex Today Live: Yes Securities says 'SELL' Finolex Industries

Recommendation: SELL

CMP: 231

Target Price: 185

Potential Return: -20%

Decent quarter overall, stretched valuations compel us to maintain a SELL rating!

We believe with strong industry tailwinds, FNXP should register a decent volume growth of 13%CAGR over FY23-FY26E. Moreover, with company’s focus on expanding the contribution of plumbing segment, the profitability should also improve. At CMP, the stock trades at rich P/E(x) of 27.2x/25.1x on FY25E/FY26E EPS of Rs8.5/Rs9.2. We continue to value the company at P/E(x) of 20x on FY26E EPS, arriving at a target price of Rs185 maintaining our SELL rating on the stock.

23 Jan 2024, 12:35:15 PM IST

Sensex Today Live: Yes Securities says 'BUY' Coforge 

Recommendation: BUY

CMP: 6,283

Target Price: 7,700

Potential Return: +22.6%

Confident to meet lower end of 13% to 16% cc revenue growth guidance for FY24

Coforge (COFORGE) reported mixed financial performance for the quarter. Both, the sequential revenue growth and EBIT margin were slightly below expectation. It reported constant currency growth of 1.8% QoQ (up 1.4% QoQ in USD terms), led by Banking Vertical (up 3.3% QoQ) and Others Vertical (up 4.4% QoQ). There was sequential improvement in EBIT margin (up 191 bps QoQ) led by focus on operational efficiency. Employee attrition continues to decline as LTM attrition decreased by 90 bps QoQ to 12.1%. Its employee attrition remains one of the lowest in the IT Industry. Offshore revenue mix now contributes 52.2% to total revenue, having grown from 50.5% as of Q3FY23. We maintain our BUY rating on the stock with revised target price of 7,700/share at PER of 27x on FY26E EPS. The stock trades at PER of 26.9x/22.1x on FY25E/FY26E EPS.

23 Jan 2024, 12:21:45 PM IST

Sensex Today Live: Yes Securities says 'BUY' ICICI Bank Ltd

Recommendation: BUY

CMP: 1009

Target Price: 1260

Potential Return: +25%

ICICI’s RoA seems to settle at a premium level, Maintain BUY

(1) A 10 bps sequential margin compression was contributed to by multiple non-structural factors, other than rise in cost of deposits. (2) The moderate sequential rise in slippages was on account of the usual seasonal farm slippages during odd quarters of the financial year. (3) We maintain ‘Buy’ rating on ICICI with a revised price target of 1260.

23 Jan 2024, 12:16:42 PM IST

Sensex Today Live: Top 15 losers on Nifty

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23 Jan 2024, 12:05:56 PM IST

Sensex Today Live: 12 pm market update

Indian indices were off the day's highs and in the red by noon.

At 12 pm, the Sensex was down 424.91 points, or 0.59%, at 70,998.74, and Nifty was down 127.46 points, or 0.50%, at 21,444.35.

Broader market and sectoral indices like Media, Realty, Bank, Financial Services, and FMCG, among others, were down, while Pharma Auto and IT were the gainers.

23 Jan 2024, 11:54:43 AM IST

Sensex Today Live: Yes Securities says 'SELL' Finolex Industries

Recommendation: SELL

CMP: 231

Target Price: 185

Potential Return: -20%

Decent quarter overall, stretched valuations compel us to maintain a SELL rating!

We believe with strong industry tailwinds, FNXP should register a decent volume growth of 13%CAGR over FY23-FY26E. Moreover, with company’s focus on expanding the contribution of plumbing segment, the profitability should also improve. At CMP, the stock trades at rich P/E(x) of 27.2x/25.1x on FY25E/FY26E EPS of Rs8.5/Rs9.2. We continue to value the company at P/E(x) of 20x on FY26E EPS, arriving at a target price of Rs185 maintaining our SELL rating on the stock.

23 Jan 2024, 11:40:22 AM IST

Sensex Today Live: EPACK Durable IPO fully booked on day 2 on strong retail, NII interest; GMP steady

EPACK Durable IPO subscription status: Within a few minutes of the issue opening on day two, EPACK Durable IPO was fully booked. All portions were oversubscribed, with the exception of qualified institutional buyers (QIB). EPACK Durable IPO has been subscribed 1.68 times, on day 2, so far at 10:45 IST.

Slowly and steadily, EPACK Durable IPOs retail portion was full booked on the first day. The EPACK Durable IPO subscription status was 77% at the end of day 1. EPACK Durable IPO's retail investors portion was subscribed 1.17 times, Non Institutional Investors (NII) portion was subscribed 82%, and Qualified Institutional Buyers (QIB) portion was booked 1%. (More details here)

23 Jan 2024, 11:28:37 AM IST

Sensex Today Live: ZEE shares continue their downward turn; fall 20%

Zee Entertainment share price tanked 20 per cent in intraday trade on the BSE on Tuesday, January 23, to hit its lower circuit of 185.40 as the termination of the Zee-Sony merger deal instilled unease among investors, prompting apprehensions about Zee's future growth prospects and the overall valuation of its stock.

Zee Entertainment share price opened at 208.60 against the previous close of 231.75 and fell 20 per cent to the lower circuit level of 185.40. (Read the full story here)

23 Jan 2024, 11:11:49 AM IST

Sensex Today Live: Groww app faces technical snag as users complain; brokerage says ‘working on the issue’

On Tuesday morning, users of the Groww app raised complaints about encountering technical issues on the social media platform X (formerly Twitter). Several users took to the social media platform to complain that the app was not allowing them to log in. (Real the full story here)

23 Jan 2024, 11:06:27 AM IST

Sensex Today Live: 11 am market update

At 11 am, the Sensex was down 38.64 points, or 0.05%, at 71,385.01, and Nifty was down 35.60 points, or 0.17%, at 21,536.20.

Broader indices and sectoral indices like Bank, Financial Services, FMCG, among others were in the red too, while Pharma and Auto were gainers.

23 Jan 2024, 10:43:25 AM IST

Sensex Today Live: Maxposure share price debuts with over 339% premium at ₹145

Maxposure IPO listing: Shares of Maxposure made a stellar debut on Tuesday, January 23. The stock listed at 145, a 339.39 percent premium to the issue price of 33 NSE SME.

The 20.26 crore IPO was open for subscription between January 15-17. The SME IPO Maxposure received the highest subscription so far in 2024 at 987.47 times at close.

The company has received bids for 401.70 crore shares against 40.68 lakh shares on offer. Its NII quota was subscribed the most 1,947.55 times followed by the retail category, which was subscribed 1,034.23 times. Meanwhile, the QIB part was bid 162.35 times in the 3 days.

23 Jan 2024, 10:29:14 AM IST

Sensex Today Live: Medi Assist share price makes a lukewarm debut, stock opens with 10% premium at ₹460 on NSE

Medi Assist share price today made a lukewarm debut on the bourses today. On NSE, Medi Assist share price was listed at per share, 10% higher than the issue price of 418. On BSE, Medi Assist share price was listed at 465 apiece, up 11.24% than the issue price.

Analysts predicted that Medi Assist share price would be between 450 and 470 per share. On day 3, Medi Assist IPO subscription status was 16.25 times. The Medi Assist IPO garnered a lot of interest from both retail and non-institutional investors (NII). Medi Assist Healthcare Services IPO's retail investors portion was subscribed 3.19 times, NII portion was subscribed 14.85 times, and QIB portion is booked 40.14 times. (Read the full story here)

23 Jan 2024, 10:17:48 AM IST

Sensex Today Live: Banks, FMCG indices turn red; IT, Auto gain

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23 Jan 2024, 10:01:44 AM IST

Sensex Today Live: ICICI Bank share price jump to 52-week high after Q3 results

ICICI Bank share price gained over 5% in early trade on Tuesday after the private sector lender reported Q3 results in-line with street estimates. ICICI Bank shares gained 5.86% to a 52-week high of 1,067.40 apiece on the BSE.

The second largest private lender in India, ICICI Bank posted a net profit of 10,271.54 crore for the third quarter of FY24, registering a 23.5% rise from 8,312 crore in the year-ago period.

The bank’s net interest income (NII) in Q3FY24 increased 34.6% to 16,465 crore from 12,236 crore, YoY. The net interest margin (NIM) during the December quarter improved to 4.65% from 3.96%, YoY, and 4.31% in the September quarter. (Read the full story here)

23 Jan 2024, 09:58:20 AM IST

Sensex Today Live: Cipla shares jump after Q3 results, hit new record high

Following the better-than-expected Q3FY24 earnings, shares of Cipla, one of the leading pharmaceutical companies in India, spiked 7% to hit a new all-time high of 1,409 apiece in early deals on Tuesday.

The company on Monday reported a 32.7% YoY jump in its consolidated net profit at 1,056 crore, driven by strong growth across geographies. The generic drugmaker's total revenue from operations for Q3 FY24 saw a marginal dip at 6,603 crore as compared to 6,678 crore in the preceding quarter (Q2 FY24), but up 13.66% from 5,810.09 crore in the corresponding period a year ago. (Read full story here)

23 Jan 2024, 09:50:55 AM IST

Sensex Today Live: Q3 total revenue up 18.1%; bottomline rises 16.2%

The combined revenue of the companies that have declared their December-quarter financial results so far has risen 18.1% year-on-year, while net profits have risen 16.2%, a Mint analysis showed. Excluding the companies in the banking, financial services and insurance (BFSI) sectors, the topline grew 5.3%, while profits were up 7.1%.

The analysis covered 227 BSE-listed companies (including 51 banking and financial services firms) that had declared their results by Friday and whose data was available on Capitaline’s database. (Read the full story here)

23 Jan 2024, 09:42:41 AM IST

Sensex Today Live: RBL Bank, IEX, IRCTC, 8 others placed under F&O ban list

A total of eleven stocks have been put under the ban for trade on Tuesday, January 23, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE. However, the stocks will be available for trading in the cash market.

Aditya Birla Fashion and Retail, Balrampur Chini Mills, Delta Corp, IEX, IRCTC, National Aluminium Company, Oracle Financial Services Software, Polycab, RBL Bank, SAIL, and ZEEL are the 11 stocks that are a part of the F&O ban list by the stock market exchange for January 23. (Read the full story here)

23 Jan 2024, 09:34:24 AM IST

Sensex Today Live: Zee stocks down as sentiment sours

Shares of Zee Entertainment Enterprises Ltd may open 10% lower on Tuesday and fall further, market participants said, as the termination of its merger with Sony Corp. group’s Indian entity sparks block deals and liquidation of long positions.

Mutual funds including Aditya Birla Sun Life MF, Kotak MF, ICICI Prudential MF and Nippon India MF, hold 32.49% of Zee’s equity, while insurance companies like Life Insurance Corp., SBI Life and HDFC Life Insurance Co., hold 10.66% and foreign portfolio investors, including Norges Bank and Vanguard, etc., hold 28.19% as of the December quarter end. (Read the full story here)

23 Jan 2024, 09:30:33 AM IST

Sensex Today Highlights: Indian shares opened in the green, tracking global peers

The Sensex soared 582.59 points to 72,006.24, while the Nifty was up 153.35 points at 21,725.15. About 1,120 shares advanced, 974 declined, and 84 were unchanged on the NSE.

Cipla, ICICI Bank, Power Grid Corp., Bharti Airtel and Hero Motor Corp., were among the top gainers on Nifty

23 Jan 2024, 09:10:53 AM IST

Sensex Today Live: Sensex up 445.96 pts, Nifty above 21,700 in pre-open

In pre-open, the Sensex was up 445.96 points, or 0.62%, at 71,869.61, and the Nifty was up 144.90 points, or 0.67%, at 21,716.70.

23 Jan 2024, 09:00:00 AM IST

Sensex Today Live: India overtakes Hong Kong as world’s fourth-largest stock market

India’s stock market has overtaken Hong Kong’s to rank as fourth-biggest equity market globally for the first time, Bloomberg reported. The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.

India’s stock market capitalization had crossed $4 trillion for the first time on December 5. The rally in the Indian stock market came on the back of a rapidly growing retail investor base, sustained inflows from foreign institutional investors (FII), strong corporate earnings and robust domestic macroeconomic fundamentals. (Read full story here)

23 Jan 2024, 08:54:20 AM IST

Sensex Today Live: Reliance Securities technical outlook on Bank Nifty

BANK NIFTY has withheld the support 45,600 levels and witnessed a strong up move from its hourly charts as expected and closed higher by 1% for the day.

On the higher side crossover of 46,500 levels will give strong upward breakout witnessing short covering in options strike to test 47,000 levels.

RSI has bounced higher near the average line and sustenance above will it will keep the positive momentum.

Bank Nifty 47,000 CE has the highest OI while on the downside 46,000 for the put OI for the monthly expiry

23 Jan 2024, 08:46:22 AM IST

Sensex Today Live: Reliance Securities technical outlook on NIFTY-50

NIFTY-50 opened higher at 21,700 levels but failed to build momentum and witnessed profit booking in the second half to close near the low point of the day.

On the higher side crossover of 21,800 will trigger positive momentum in broader markets while on the downside 21,300 will be a strong support.

RSI has moved from the lower range and we expect volatility to increase in individual sectors and stocks with respect to the rollover movement.

Highest call OI is at 21,700 strike while on the downside the highest put OI has moved higher to 21,500 for the monthly expiry.

23 Jan 2024, 08:35:52 AM IST

Sensex Today Live: StoxBox's view on Axis Bank Q3 results

We expect Axis Bank to report good set of numbers in Q3FY24. Though the bank is likely to report NIM deterioration both sequentially and annually due to high cost of funds, the high yield account from the CITI merger will partially offset the margin compression by 15-20bps. Furthermore, the bank’s asset quality is set to improve further as most of the one-offs have been accounted in H1FY24, and the bank’s promptness in providing for additional provisions. We are optimistic that Axis Bank is poised to come out with healthy growth across all the financial parameters in Q3FY23.

23 Jan 2024, 08:23:21 AM IST

Sensex Today Live: Elara Securites says 'Accumulate' Jindal Stainless

Jindal Stainless reported consolidated EBITDA of ~INR 12.5bn in Q3, ~5%/~9% ahead of our/Consensus estimates, respectively. Consolidated net sales grew ~1% YoY but fell ~7% QoQ to ~INR 91bn. Adjusted PAT surged ~39% YoY but declined ~2% QoQ to ~INR 6.9bn.

Standalone EBITDA/tonne down ~2% YoY but up ~1% QoQ

Standalone sales volume grew ~9% YoY but fell ~6% QoQ to 512,015 tonnes. The QoQ fall in volume was due to planned maintenance at the plants. Realization fell ~8% YoY and ~1% QoQ to INR 177,486/tonne. Operating cost declined ~8% YoY and ~1% QoQ to INR 157,549/tonne. Thus, EBITDA/tonne fell ~2% YoY but rose ~1% QoQ to INR 19,937.

CBAM preparation begins – Exit from Jindal Coke

In Q3, JDSL's Board of Directors approved: 1) acquiring 100% stake in Spain-based subsidiary, Iberjindal and 2) divesting 26% stake in Jindal Coke (JCL). While exit from JCL may ensure that JDSL may be better placed in the post Carbon Border Adjustment Mechanism (CBAM) regime, stake increase in Iberjindal should aid capitalization on European demand recovery.

In Q3, JDSL announced the acquisition of Rabirun Vinimay’s (RVPL) plant at Kharagpur in West Bengal, which has cold-rolling capacity of 0.25mn tonnes for wider and thinner segments and pipe & tube capacity of 50,000 tonnes. JDSL is in the process of finalizing its revival plan to start operations. We expect increased cold-rolling capacity to create a positive bias to FY27 EBITDA/tonne.

Valuation: Revise to Accumulate; TP unchanged at INR 653

Improved asset sweating may drive a volume CAGR of ~17% in FY23-26E. Also, the ramp-up in recently-added capacity may serve as a major trigger to near-term growth. And the announcement with successful execution of future growth capex may bolster long-term growth. We raise EBITDA ~1% each for FY24E/25E but retain it for FY26E.

As JDSL is up ~7% since the release of our report, ‘On the path of a defensive cyclical’ dated 19 December 2023, we revise our rating to Accumulate from Buy, with SoTP-TP unchanged at INR 653, ascribing 7x FY26E EV/EBITDA to JDSL and 6x FY26E EV/EBITDA to Indonesia JV.

23 Jan 2024, 08:10:46 AM IST

Sensex Today Live: Kotak Institutional Equities provides guidance for India's diagnostics space, says companies hiking price a welcome move

Our latest analysis across seven cities suggests diagnostics pricing trends slightly improved further in 3QFY24. Notably, Netmeds, the most aggressive player in the past six months, has hiked prices. Yet, incumbents are still priced ~2-2.5X the cheapest organized alternative thereby still witnessing a volume brunt. We roll forward FVs for DLPL and METROHL with a tad higher long-term estimates. Despite the 500-1,100 bps underperformance of these stocks versus BSE500 in the past six months, valuation comfort is missing even as we bake in higher volumes. Retain SELL on DLPL and REDUCE on METROHL with raised FVs of 2,000 and 1,525, respectively.

METROHL continues to experiment in Delhi NCR; Thyrocare hikes prices by 5%

Likely indicating its intent to strengthen its presence in Delhi NCR and thereby escalating the threat for DLPL, METROHL has once again reduced its prices in the region by ~18% qoq on KIE’s sample test bouquet. We highlight, over the past six months, METROHL has dropped prices twice and hiked prices once in Delhi NCR. Its pricing has remained largely unchanged in other cities. Thyrocare has raised prices across cities by 5% qoq. Pricing for other incumbents like DLPL, Agilus and Vijaya was largely steady qoq. We highlight over the past one year, most of the larger incumbents, except Agilus, have raised prices up to 8%.

Netmeds bites the bullet; incumbents’ pricing gap stays at ~2-2.5X

APHS took a pause after a fairly hectic past few quarters (2X jump in 2QFY24, 5% hike in 1QFY24 and 50% cut in 3QFY23) with flat qoq pricing in 3QFY24. Among other hospital and offline players, Lupin hiked its overall prices by 5-7% qoq, while Aster DM and Medplus raised their prices in Hyderabad by 5-25% qoq across our sample test bouquet. After six months of aggressive pricing, Netmeds has significantly raised its prices by 27% qoq, reverting to its pricing in FY2023. Among the other online platforms, while Tata 1mg, PharmEasy and Redcliffe have lowered prices in 3QFY24 by 2-9% qoq, Healthians, mFine and Orange Health have raised prices qoq. Tata 1mg is now again the most aggressive online player on pricing, in all seven cities except Delhi, where Netmeds stays the most aggressive player.

Turning less bearish on incumbents than earlier; though not the right time yet

As highlighted in our earlier reports, the latest quarterly trends indicate the worst of the pricing-led competition in diagnostics is behind us. However, pricing of incumbents stays ~2-2.5X higher than the cheapest organized alternative across cities, even for specialized and semi-specialized tests. Given the high pricing differential and the sheer number of newer entrants, we remain guarded on any further meaningful volume advantage to listed incumbents even if competitive intensity ebbs further. We bake in 12-14% sales CAGRs over FY2023-26E, for DLPL and METROHL, hinging on higher volumes. We roll forward and now value DLPL and METROHL at Rs2,000 (Rs1,850 earlier) and Rs1,525 (Rs1,465 earlier), respectively. We retain SELL on DLPL and REDUCE on METROHL.

23 Jan 2024, 07:57:25 AM IST

Sensex Today Live: Stocks to Watch Today

ICICI Bank, Cipla, ZEE, Axis Bank, Coforge, are among the stocks that will be in focus today.

On Saturday's special trading session, India's benchmark indices ended the day in the red, after opening in the green tracking overnight gains in most global peers.

The Sensex opened 313.09 points higher at 71,969.31, touched a low of 71,312.71 during the day to close at 259.58 points lower at 71,423.65.

Meanwhile, the Nifty had opened up 75.80 points at 21,698.20, and touched a low of 21,541.80 in the day. The index closed 50.60 points lower at 21,571.80.

23 Jan 2024, 07:48:55 AM IST

Sensex Today Live Updates: GIFT Nifty climbs up

GIFT Nifty futures were up 191 points, or 0.88%, at 21,780.50, indicating a strong open for Indian markets.

23 Jan 2024, 07:46:19 AM IST

Share Market Live Updates: Asian shares rise on global cues

Asian shares rose after US stocks eked out small gains to close at fresh records, with all eyes on Chinese markets’ reaction to Beijing’s latest pledge to arrest a stock rout and the Bank of Japan’s policy decision. In Asia, the focus also remains on the post-pandemic economic malaise in China, after the mainland’s benchmark CSI 300 Index hit a five-year low on Monday.

Japanese equities looked poised for a third straight day of increases, while those in South Korea and Australia also climbed. Futures for Hong Kong shares signaled they could rise about 1% after Chinese Premier Li Qiang flagged more “forceful" measures to stabilize his country’s slumping stock market. In Japan, the central bank is expected to keep its main monetary policy settings steady Tuesday.

Elsewhere, the deepening pessimism about Chinese equities is in stark contrast to the US, where investors are weighing strong economic signals and prospects for corporate earnings. Wall Street shares are shaking off a rocky start to the year on bets the Federal Reserve will cut rates and the artificial-intelligence boom will keep fueling profit growth.

MSCI's global equities index rose on Monday as Wall Street fed on momentum that took it to a new record high last week, while the U.S. dollar index edged up slightly.

The benchmark S&P 500 scaled a fresh record-high after closing at a record on Friday for the first time in two years, confirming it was in a bull market. The Dow Jones Industrial Average rose 138.01 points, or 0.36%, to 38,001.81, the S&P 500 gained 10.62 points, or 0.22%, to 4,850.43 and the Nasdaq composite gained 49.32 points, or 0.32%, to 15,360.29.

The MSCI world equity index, which tracks shares in 49 nations, gained 0.29%. Europe's STOXX 600 index rose 0.77%.

In Treasuries, the yield on benchmark 10-year Treasury notes rose to 4.1091% compared with its U.S. close of 4.146% on Friday. The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up 0.08% at 103.35. The U.S. Federal Reserve is scheduled to meet again Jan. 30-31.

Spot gold prices fell 0.44% to $2,020.36 an ounce as investors rolled back expectations of a U.S. interest rate cut at the end of March.

Oil prices rose as traders saw oil supply tightening due to conflicts in the Middle East and Ukraine, as well as extreme North American cold weather. U.S. crude settled up 2.4% at $75.19 a barrel. Brent crude settled up 1.9% at $80.06 per barrel.

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