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PremiumSensex Today Live | Share Market Updates: Indian stock markets ended higher on Friday, marking a second day straight day of gains, shrugging off weak global cues.
Equities remained under pressure on Friday, failing to fully shake off New Year blues after US unemployment data indicated a resilient labour market, tempering expectations of Federal Reserve interest rate cuts in 2024.
Swaps traders now see around a 65% chance the Fed will cut rates by the Fed’s March meeting, down from around 85% a week ago. Friday’s key US jobs data for December may offer more clarity on the path forward for interest rates.
The latest catalyst for a paring of Fed rate-cut bets came from more resilient US labour market data on Thursday, putting less pressure on the central bank to race to ease policy.
Traders now see a little better than 2-in-3 odds that the Fed cuts rates by March, down from a 71% probability a week earlier, according to the CME Group's Fedwatch tool.
India's benchmark indices closed higher for the second straight day on Friday, led by gains in IT stocks, particularly index heavyweights TCS and Infosys. Weakness in global peers led to volatility in the market and capped gains.
Sensex closed the day 178.58 points higher at 72,026.15 while the broader Nifty 50 settled at 21,710.80, up 52.20 points.
European stocks declined and bonds yields edged higher on Friday as investors awaited key US jobs data to gauge the timing and pace of the Federal Reserve’s interest rate cuts.
The Stoxx 600 fell 0.6%, on track to end a seven-week run of gains. US futures also slipped.
On the Nifty, Adani Ports, L&T, TCS, SBI Life Insurance and LTIMindtree were the top gainers, while Nestle India, Britannia Industries, UPL, Sun Pharma and JSW Steel were the worst hit.
IT stocks and capital goods indices rose 1% each, while pharma, and PSU Bank indices fell.
BSE midcap index flat, while smallcap index added 0.6%.
GAIL (India) Ltd and Vital Asia Pte Ltd., today announced the signing of a long-term LNG deal for India for a supply of approximately 1 million tonne of LNG per annum for a period of about 10 years, commencing 2026.
Under this deal, Vital will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis.
US asset manager Invesco has raised the valuation of Indian food delivery platform Swiggy to $8.3 billion from $7.85 billion in October in a second straight markup, Reuters reported Friday, citing regulatory filings.
Invesco is a minor shareholder in Swiggy, owning a 2% stake in the company.
However, the current valuation remains below its previous value of $10.7 billion, when it raised funds in January
BUY Jindal Saw; Current market price: ₹454 per share; Target price: ₹517
TECHNICAL PICK - The stock after peaking out near 515 levels has witnessed a decent correction to take support near 404 zone recently and with a pullback witnessed has moved past the significant 50EMA level of 428 zone and indicating a falling channel breakout at around 430 levels, has improved the bias anticipating for further rise in the coming days. The RSI after the gradual slide has flattened out and is well placed indicating a trend reversal to signal a buy and with much upside potential visible, technically has made the chart look attractive. We suggest to buy and accumulate the stock for an upside target of 517 keeping the stop loss near 429 levels.
The company has fixed the buyback price at ₹725 apiece for a total of ₹325 crore.
Mobile subscriber additions were muted in October with a mere 0.1% month-on-month growth, as per data from Telecom Regulatory Authority of India. Total wireless subscribers reached 1,150.1 million at the end of October, against 1,150.2 million at September end.
Among key telecom companies, Reliance Jio (R-Jio) led the charge, gaining the most wireless subscribers in October, with net additions at 3.2 million. Bharti Airtel Ltd followed suit with 0.4 million subscriber addition whereas Vodafone Idea Ltd (Vi) was the biggest loser, with subscribers dropping by 2 million.
This meant R-Jio and Bharti gained wireless market share at Vi's expense. R-Jio and Bharti gained 25 and 1 basis points (bps) m-o-m in the wireless subscriber market share, while Vi lost further about 19 bps in October and other players cumulatively shed 15 bps, according to Kotak Institutional Equities.
Kotak sees accelerated market share gains for Bharti and R-Jio at Vi’s expense, to be driven by nationwide 5G rollouts, coupled with Vi’s cash constraints, long-delayed fund-raise and uncertainty about the 5G launch.
Europe's main stock markets lost ground in opening deals on Friday, as cautious investors awaited key US payrolls data.
In initial deals, London's benchmark FTSE 100 index of top bluechip companies slid 0.6% to 7,675.88 points.
In the eurozone, the Paris CAC 40 shed 0.8% to 7,392.07 points and Frankfurt's DAX index retreated 0.7% to 16,501.31.
Gold was headed on Friday for its first weekly drop in four, as reduced bets for an early interest rate cut in the U.S. boosted the dollar and bond yields, while investors awaited a key employment report.
Spot gold was up 0.1% at $2,044.57 per ounce. It has declined about 0.9% so far in the week.
US gold futures rose 0.1% to $2,051.40.
India's navy said Friday it was monitoring a Liberian-flagged vessel in the Arabian Sea that had issued a hijacking distress call and was sending a destroyer to render assistance.
A statement said the navy had "responded swiftly to a maritime incident in Arabian Sea involving a hijacking attempt" of a bulk carrier ship.
Five or six "unknown armed personnel" had boarded the vessel on Thursday evening, it added.
Mobikwik has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
Mobikwik plans to raise ₹700 crore via fresh issue of equity shares. The company may carry out a pre-IPO placement worth up to ₹140 crore.
NIIF, which is 49% owned by the government, manages over $4.9 billion of equity capital commitments across its four funds - master fund, fund of funds, strategic opportunities fund, and India-Japan Fund.
Aggarwal’s entry into the quasi-sovereign wealth fund comes at a time when infrastructure investment has become central to India’s economic growth strategy.
Private healthcare service provider Aster DM Healthcare Ltd (India) is looking to strengthen its foothold in the northern and western regions of the country.
Nitish Shetty, chief executive of Aster Healthcare India, said in an interview that the company is exploring inorganic growth opportunities as the next means to grow.
Aster is looking to fund this growth path through internal accruals, which have been bolstered by the sale of the GCC (Gulf Cooperation Council) business. The company is also in conversation with some private equity players to partner with.
Oil prices edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and as US Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.
Brent crude futures were up 31 cents, or 0.4%, to $77.90 a barrel, while U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $72.62 .
Both benchmarks, which are on track to end the first week of the year higher, had nearly recouped all losses from Thursday, when prices settled lower in a choppy session due to massive weekly gasoline and distillate stock builds.
The ₹15.93 crore IPO was entirely a fresh issue of 2.95 million shares. The price band for the offer was fixed at ₹51-54 per share. The company will use the proceeds for working capital requirements worth ₹13 crore. The rest will be used for general corporate purposes.
Suzlon Group has secured a new order for the development of a 225 MW wind power project for Everrenew Energy Private Ltd. Suzlon will install 75 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each at the client’s sites at Vengaimandalam, Trichy district and Ottapidaram, Tuticorin district in Tamil Nadu.
As part of the agreement, Suzlon will supply the wind turbines and supervise the project, including commissioning.
Suzlon will also undertake comprehensive operations and maintenance services post commissioning.
The HSBC India Services PMI survey, conducted by S&P Global, highlighted a pick-up in growth momentum at the end of the 2023 calendar year. Demand buoyancy spurred sales, subsequently fuelling business activity. Job creation extended into a nineteenth successive month, while business optimism strengthened.
Meanwhile, cost pressures receded further, reaching their lowest in nearly three-and-a-half years. Still, there was a quicker and solid upturn in selling charges.
Rising from 56.9 to 59.0 in December, the seasonally adjusted HSBC India Services PMI Business Activity Index highlighted a sharp increase in output that was the most pronounced since September.
Brookfield Asset Management on Friday said it will acquire the Indian business of American Tower Corp (ATC India) for $2 billion as it looks to expand its portfolio of telecommunication services.
The deal which marks the asset manager’s third acquisition in the telecommunication space is expected to give Brookfield access to ATC India’s vast portfolio of about 78,000 sites across the country.
HDFC Bank on Friday said its gross advances rose 62.4% year-on-year to ₹24,69,500 crore as of 31 December 2023. On a sequential basis, advances grew 4.9% from ₹23,54,600 crore as of 30 September.
Deposits aggregated to approximately ₹21,72,900 crore in the December quarter, up 27.7% on year, and an increase of around 1.9% sequentially.
In pre-open, the Sensex was up 339.87 points at 72,187.44, and the Nifty rose 52.50 points to 21,711.10.
Nifty Bank has bounced from its 20 day average and reversed its previous day gain to close near the high point of the day.
On the higher side resistance will be at 48,600 levels while the trend reversal levels will be 47,500 below will which we could witness profit booking.
RSI has reversed from the lower range and other key technical indicators have turned favourable from current levels.
Bank Nifty 49,000 CE has the highest OI while on the downside 48,000 for the put OI for the weekly expiry.
NIFTY-50 has reversed its previous day loss and given a positive crossover on the higher side with key supports at 21,500 levels.
On the higher side the previous top of 21,850 will be a resistance and on the downside 21,350 will be the trend reversal from current levels.
RSI has bounced from the oversold levels as expected and other key other key technical indicators are in positive trend.
Highest call OI has moved lower to 21,700 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.
Grasim Industries Ltd, the flagship of Aditya Birla Group, has set the price for its rights issue at ₹1,812 per share, totalling ₹3,999.80 crore. The company will issue up to 2.2 crore shares to promoters and promoter group, Grasim said in an exchange filing on Thursday.
The cement maker plans to raise funds up to ₹4,000 crore to fund its capital expenditure and repay existing borrowings.
Grasim, SBI, Dabur India, L&T Finance, Lupin, RBL Bank, among others, will be in focus today.
Chambal Fertilisers & Chemicals, Escorts Kubota, GNFC, India Cements, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, National Aluminium Company, SAIL and Zee Entertainment Enterprises are in the F&O ban list for 5 January.
GIFT Nifty futures traded 13 points higher at 21,771, indicating a flat start for Indian benchmarks.
India's benchmark indexes ended higher on Thursday after easing from near record highs in the past two sessions, even as investors continue to fret over the timing of US rate cuts after the Federal Reserve minutes.
On Thursday, the Sensex jumped 490.97 points to settle at 71,847.57, while the broader Nifty climbed 141.25 points to end the day at 21,658.60.
Asian stocks wobbled on Friday, keeping global equities on track to snap a nine-week winning streak, as bets on aggressive Federal Reserve rate cuts were rolled back.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1% in the Asian morning, with Hong Kong's Hang Seng slipping 0.18%.
The MSCI world index was about flat so far on the day, but heading for a 1.7% decline this week.
Japan's Nikkei was something of an outlier, bouncing 0.5% on Friday as exporters got a boost from the yen's slide back to just shy of 145 per dollar amid a rise in U.S. Treasury yields.
Overnight on the Wall Street, the Dow Jones Industrial Average rose 0.03%, the S&P 500 lost 0.34% and the Nasdaq Composite dropped 0.56%.
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