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PremiumSensex Today | Share Market Live Updates: Benchmark indices ended in the green but well below their intraday highs on Friday, with the Sensex up 400 points and the Nifty around 21,850.
At close, the Sensex was up 440.33 points or 0.61% at 72,085.63, and the Nifty was up 156.30 points or 0.72% at 21,853.80. At one point, the Sensex was up 1,400 points and the Nifty crossed 22,000 to hit a new all-time high.
Paytm's stock hit the 20% lower circuit for the second straight day after the Reserve Bank of India cracked down on Paytm Payments Bank, restricting it from accepting new deposits and carrying out credit transactions after 29 February.
Top gainers on the Nifty inlcuded BPCL, Power Grid Corporation, ONGC, Adani Ports and Coal India, while losers included Eicher Motors, Axis Bank, HDFC Life, HDFC Bank and HUL.
The oil & gas index gained 4% while the IT, metal, realty and power indices rose 1.5-2%. The BSE Midcap index gained 1% and the Smallcap index 0.6%.
Shares in Asia rose on Friday as a rebound in US equities extended into after-hours trading after a set of bumper results from tech giants. Australian and South Korean shares edged higher, while contracts for Hong Kong stocks also climbed. Futures for US equities advanced early in Asia after both the S&P 500 Index and the tech-heavy Nasdaq 100 Index rose over 1% on Thursday.
US stocks rebounded as investors looked to a spate of high-profile earnings and Friday's employment report a day after the Fed quashed lingering bets that interest rate cuts could begin as early as March. While a broad rally sent all three major U.S. stock indexes sharply higher, the Nasdaq advanced the most.
Crude oil futures declined 0.73% to ₹6,161 a barrel on Friday as participants trimmed their positions on low demand. On the Multi Commodity Exchange, crude oil for February delivery fell ₹45 or 0.73% to ₹6,161 per barrel with a business volume of 10,354 lots.
Globally, West Texas Intermediate crude oil traded 0.42% higher at $74.13 per barrel, while Brent crude was trading 0.51% up at $ 79.10 per barrel in New York.
The Indian rupee ended marginally higher at 82.92 per dollar,against Thursday's close of 82.97.
Benchmark indices ended in the green but well below their intraday highs.
At close, the Sensex was up 440.33 points or 0.61% at 72,085.63, and the Nifty was up 156.30 points or 0.72% at 21,853.80.
Net profit came in at ₹250.7 crore against ₹114.9 crore a year ago, and revenue was up 17.9% at ₹940.1 crore from ₹797.7 crore a year ago.
Bikaji Foods reported a 30.1% increase in net profit to ₹49.09 crore in Q3 against ₹37.74 crore a year ago. Revenue from operations rose 22.1% from a year ago to ₹613.14 crore.
"The rupee gained 0.15% on strong domestic markets and a weak US dollar. A decline in crude oil prices also supported the domestic unit. The US dollar declined on hawkish Bank of England monetary policy.
"We expect the rupee to trade with a slight positive bias on weak tone in the US dollar and rise in risk appetite in global markets. Weakness in crude oil prices may also support the rupee.
"However, profit booking by FIIs may lead for outflows, which may cap a sharp upside in the rupee. Any recovery in crude oil prices may also weigh on the rupee at higher levels.
“Traders may take cues from US non-farm payroll report and factory orders data. The US is expected to add jobs but at a slower pace. The USDINR spot price is expected to trade in a range of ₹82.50 to ₹83.20."
Whirlpool of India Ltd reported a nearly 13% jump in profit in Q3, thanks to increased domestic demand for white goods. Consolidated net profit rose to ₹27.99 crore from ₹24.69 crore a year ago. Revenue from operations at Whirlpool's Indian unit rose nearly 18% to ₹1,536 crore.
Crude oil futures declined 0.73% to ₹6,161 a barrel on Friday as participants trimmed their positions on low demand. On the Multi Commodity Exchange, crude oil for February delivery fell ₹45 or 0.73% to ₹6,161 per barrel with a business volume of 10,354 lots.
Globally, West Texas Intermediate crude oil traded 0.42% higher at $74.13 per barrel, while Brent crude was trading 0.51% up at $ 79.10 per barrel in New York.
At 3 pm the Sensex was up 522.16 points or 0.73% at 72,167.46, and the Nifty was up 181.40 points or 0.84% at 21,878.90.
Net profit up to ₹40.4 crore from ₹13.2 crore a year ago; revenue up 82.6% to ₹252 crore from ₹138 crore a year ago.
"Markets have reclaimed their record high after consolidating for two weeks but we feel it is early to assume that we are set for the next leg of the up move. Nifty needs sustainability above 22,150 to march towards 22,500+. Besides, consistency in the participation from the banking majors is also critical for a steady uptrend else the range bound bias would resume.
“Ideally, traders should focus more on stock selection in such scenarios and maintain positions on both sides."
European shares opened higher on Friday as traders assessed a flurry of upbeat corporate updates from the region and as the index mirrored overnight gains on Wall Street after softer economic data and upbeat tech results.
The pan-European STOXX 600 was up 0.4%,as of 0830 GMT.
The surge in PSU stocks continues unabated. The BSE PSU index surged 5% to a new peak of 18,025 in today's trade. Today's rally could be attributed to the notable increase in capital expenditure in the interim budget for FY25, given that PSU companies are among the primary beneficiaries of government capex initiatives.
"The centre’s fiscal position remains stable during April-December FY24, led by robust growth in revenue.
"Capital expenditure continues to lead overall expenditure with growth of 37.5% YoY, reaching 67.3% of BE during April-December FY24 vs 65% of BE during the same period in FY23.
"Overall gross taxes grew 23.2% YoY to reach ~74% of FY24BE but remain below 78.9% of BE during April-December FY23.
"We expect overall fiscal deficit to meet the 5.8% target announced in the Interim Budget and anticipate a pickup in government spending to alleviate the stress on banking sector liquidity in the upcoming months.
“For FY25E, we believe there are buffers in the budget that will allow the fiscal deficit target of 5.1% to be attained, as we see around ₹500 billion upside to tax revenue."
Investors lulled into thinking U.S. regional banks were out of the woods after ruptures last year have been given a jolt by New York Community Bank, Reuters reported.
The under-the-radar lender's earnings report sparked a sell-off in regional bank shares in a warning for investors that had grown inured to the sector's sensitivity to high Federal Reserve interest rates nearly a year after two banks failed.
While NYCB's confluence of problems are unique to its balance sheet, elements of its earnings underscored regional lenders' ongoing sensitivity to high Fed rates which continue to squeeze commercial real estate (CRE) portfolios and lending margins, investors said.
At 2 pm the Sensex was up 497.51 points or 0.69% at 72,142.81, and the Nifty was up 170.50 points or 0.79% at 21,868.
Gourav Rakshit, chief operating officer, Viacom18 Digital at Viacom18 Pvt Ltd, has quit the company after a nearly five-year stint. His resignation comes in the wake of the merger of Viacom18's streaming app Voot with JioCinema.
Net profit down 27% to ₹33 crore from ₹46 crore a year ago; revenue down 17% to ₹322 crore from ₹388 crore a year ago.
Castrol India Limited announced its results for the fourth quarter (Q4) and full year ended 31 December 2023 (FY23). The company follows the calendar year for its financial reporting.
For the full year ended 31 December 2023, the company registered revenue from operations of ₹5,075 crore, up 6% from ₹4,774 crore in the previous year. Profit after tax came in at ₹864 crore, up 6% from ₹815 crore the previous year.
For Q4 (October to December), the company posted revenue from operations of ₹1,264 crore, up 7% from ₹1,176 crore a year ago. Profit after tax stood at ₹242 crore, up 25% from ₹193 crore a year ago.
Net profit down 87% to ₹9.6 crore from ₹71.6 crore a year ago, and revenue up 6.6% to ₹843 crore from ₹791 crore a year ago.
At 1 pm the Sensex was up 540.34 points or 0.75% at 72,185.64, and the Nifty was up 179.60 points or 0.83% at 21,877.10.
Reliance Industries's stock hit a new record high on Friday, with its market capitalisation crossing ₹20 lakh crore. Reliance shares rallied as much as 3.4% to ₹2,949.90 the BSE.
Shares of of DelaPlex listed at ₹309 on the NSE, a premium of 61% over the issue price of ₹192. The IPO was subscribed 118.19 times.
Gold prices were poised for their biggest weekly gain in nine on Friday as the dollar and Treasury yields retreated, while traders awaited key US jobs data due later in the day for clues on when the Fed could start rate cuts.
Spot gold edged 0.1% higher to $2,056.00 an ounce. Bullion has climbed nearly 2% so far this week, set for its best weekly gain since early December.
US gold futures edged 0.1% higher to $2,073.40.
The offering will comprise a fresh issue of shares worth ₹1,000 crore and an offer for sale in which Blackstone will offload shares worth ₹4,000 crore.
US job growth likely slowed marginally in January as a resilient economy and strong worker productivity encouraged most businesses to retain their employees, a trend that could see the economic expansion sustained this year, Reuters reported.
The closely watched employment report from the Labor Department on Friday could further diminish financial market expectations of an interest rate cut in March, with annual wage growth forecast to have maintained its solid pace last month.
Fitch Ratings said on Friday the slightly faster pace of fiscal deficit reduction does not significantly change India's sovereign credit profile but the government's emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term, PTI reported.
In post-budget commentary, Jeremy Zook, Fitch ratings director, sovereign ratings, said over the next five years, India's government debt-to-GDP ratio will be broadly stable at just above 80% of GDP. This is based on a continued path of gradual deficit reduction, as well as robust nominal growth of around 10.5% of GDP.
Clocked a net loss of ₹46.2 crore for the December quarter against a profit of ₹124.2 crore in the previous quarter. Consolidated revenue from operations grew 30.4% sequentially to ₹2,493.3 crore in the quarter.
The stock is currently up 0.16% to ₹765.90.
Shares of Abbott India are up 8.36% to ₹28,050.05. On Thursday the company posted 26% growth in net profit to ₹311 crore for the December quarter. Revenue from operations grew 8.7% to ₹1,437 crore from a year ago.
The USFDA has classified the inspection of the facility of the company's subsidiary Panacea Biotec Pharma in Baddi, Himachal Pradesh, as ‘official action indicated’. The stock is currently up 3.03% to ₹168.45.
Flagship brand Royal Enfield sold 76,187 motorcycles in January, up 2% from 74,746 units a year ago. However, exports sales dropped 20% to 5,631 motorcycles. The stock is currently down 1.87% to ₹3,859.75.
At 11 am the Sensex was up 789.27 points or 1.10% at 72,434.57, and the Nifty was up 245 points or 1.13% at 21,942.50.
Shares of Housing and Urban Development Corporation (HUDCO) extended their post-budget rally on Friday, climing to a new all-time high of ₹226.45 on NSE. After the FM's announcement of two crore new affordable houses in her budget speech, HUDCO's rallied on Thursday and ended about 20%.
Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, though benchmarks were headed for weekly losses amid unsubstantiated reports of a ceasefire between Israel and Hamas.
Brent crude futures climbed 37 cents or 0.5% to $79.07 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures gained 30 cents or 0.4% to $74.12 a barrel.
Direct revenue in Q3 was up 2% sequentially and up 1.3% in constant currency terms. New deal wins worth $241 million. Management said it was seeing signs of stability despite seasonal softness in the quarter.
"The FY24-25 interim budget has carried forward govt's focus on (1) Net zero by 2070 (Rooftop Solarisation, Non fossil fuel, E vehicles) (2) 13.9% higher capex allocation (18% effective increase) (3) higher allocation for PM Awas, MNREGA and Aquaculture.
"Fiscal situation seems to be in fine shape with CAD at ~1% of GDP and fiscal deficit at 5.8% of GDP with next year target at 5.1% of GDP. FY25 assumptions of 11.5% growth in GST and 11.7% in corporate tax and 13% in income tax look reasonable. There has been no change in corporate and income tax rates.
“Total debt has been lower than earlier estimates and FY25 gross markets borrowings with increased private capex will continue to provide growth capital and momentum to the economy. Thus interim budget just ensures strong fiscal discipline and continuity of policies. We remain overweight on Capital Goods, Infra, Engineering, Green Energy, Hospitals, Pharma, Housing, building material and select stocks in Metals, Financials and discretionary consumption."
"The bull market at Dalal Street is thriving, fueled by positive developments such as Wall Street's surge, a 3% drop in WTI Oil prices, and the promising Interim Union Budget. With a focus on sectors like consumption, defense, railways, hotels, services, and electronics, the goal of India's USD 5 trillion economy is in sight.
"Technical analyses suggest a potential FOMO-driven surge in Nifty to its all-time high, supported by favorable indicators. Bank Nifty outperformed, and stocks like SBI, Bank of Baroda, and others show breakout potential.
“The preferred trade suggests buying Nifty and Bank Nifty, with bullish sentiments on Indigo, State Bank Of India, Bank Of Baroda, Adani Enterprises, and RBL Bank. The top stock to buy is Indigo, with targets at ₹3,100 and ₹3,147, emphasizing a rebound play."
At 10 am the Sensex was up 741.22 points or 1.03% at 72,386.52, and the Nifty was up 229.70 points or 1.06% at 21,927.20.
Shares of Adani Ports and SEZ are up 4.94% to a 52-week high of ₹1,279.05.
Reliance shares have hit a new all-time high, up 2.37% to ₹2,921.
Companies that will announce their December-quarter earnings today:
Tata Motors, UPL, Delhivery, Bank of India, Aegis Logistics, Bikaji Foods International, Devyani International, Engineers India, InterGlobe Aviation, JSW Infrastructure, LIC Housing Finance, Metropolis Healthcare, MOIL, Samhi Hotels, Torrent Pharmaceuticals, and Ujjivan Financial Services.
Net profit was up 18.2% to ₹476.9 crore in Q3 from a year ago, revenue up 16.5%. Ebitda increased 22.6% yoy, while margin was 37.3% from 35.4% last year. Revenue for the quarter was led by 21% growth in room revenue. International RevPAR growth of 9% yoy due to 70% occupancy levels.
The stock is currently up 2.99% to ₹509.35.
Shares of Paytm parent firm One97 Communications it the 20% lower circuit for the second day in a row, after the RBI imposed harsh restrictions on Paytm Payments Bank. The stock has crashed from around ₹760 to around ₹490 in two days.
At 9.15 am the Sensex was up 576.04 points or 0.80% at 72,221.34, and the Nifty was up 172.50 points or 0.80% at 21,870.
-Outperform call, target ₹1,243 a share
-Another strong quarter on all fronts, from volume to net income
-Management has revised their guidance upwards for FY24
-Global turmoil in Red Sea could affect near-term performance
-Capex for first nine months of FY24 is at ₹5,500 crore versus initial guidance of ₹4,500 crore for full year
Gold prices were set for their best week in seven on Friday as the dollar and Treasury yields retreated.
The dollar fell broadly on Friday in a bout of positive risk sentiment following upbeat big tech earnings on Wall Street, while traders awaited U.S. jobs data due later in the day to gauge how soon the Federal Reserve could begin easing rates.
Management said during an analyst call that the RBI's actions were a big speed bump and that operational changes would be required. The stock hit the 20% lower circuit soon after the market opened on Thursday.
