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PremiumSensex Today | Market Close Highlights : S&P 500 and Nasdaq futures inched up on Tuesday ahead of U.S. consumer prices data that could provide insight on whether inflation has eased enough for the Federal Reserve to lower borrowing costs in coming months.
European stocks futures also gained. The Stoxx Europe 600 rose 0.6%, headed by energy, basic resources and technology shares. UK stocks outperformed after data showed the jobs market is cooling.
The data, due at 8:30 am ET, is expected to show the consumer price index (CPI) increased 0.4% last month after gaining 0.3% in January.
In the 12 months through February, the CPI is expected to have increased 3.1%, according to a consensus analysts' estimate in an LSEG poll.
Data showing signs of a robust economy slowed the stock market's rally last month, as traders pushed back expectations on the timing of the first Fed rate cut to June from March.
Traders are seeing a 72% chance that the first rate cut hits in June, according to the CME FedWatch Tool.
At 05:01 a.m. ET, Dow e-minis were down 11 points, or 0.03%, S&P 500 e-minis were up 10.5 points, or 0.2%, and Nasdaq 100 e-minis rose 68.5 points, or 0.38%.
Global shares edged up on Tuesday ahead of U.S. inflation data that could confirm how soon the Federal Reserve might cut rates, while the yen tumbled after Japanese officials dampened expectations of an imminent policy switch by the central bank.
The MSCI All-World index rose 0.1%, encouraged by gains on Wall Street overnight and by a pickup in technology stocks in Asia.
Elsewhere, Chinese stocks rose, with Hong Kong's Hang Seng Index up 2.6%, led by the tech sector, while the blue-chip CSI300 index inched up 0.23%.
Spot gold dipped 0.3% to $2,176 an ounce, still in sight of last week's record high at $2,194.99.
Sensex Today Live : Indian benchmark indices had pared some of their early gains, but still managed to end the day in green, ahead of crucial US consumer price data and domestic inflation data, set to be released later in the day.
Sensex, which had opened marginally higher at 73,516.42, remained tightly rangebound between a low of 73,342.12 and a high of 74,004.16. At close, the Sensex was up 165.32 points, or 0.22%, at 73,667.96.
Although rangebound between a low of 22,256.00 and a high of 22,452.55, the Nifty 50 diverged slightly from the Sensex, to eke out a minuscule gain at close at 22,335.70, up 3.05 points, or 0.01%.
On the Sensex, HDFC Bank, TCS, Maruti Suzuki India, Infosys, and Reliance Industries were were the top gainers, while SBI, ITC, JSW Steel, NTPC, and UltraTech Cement, were the top losers.
HDFC Bank, LTI Mindtree, TCS, Maruti Suzuki India, and Infosys, were the top gainers on the Nifty 50, while Adani Enterprises, Grasim Industries, Cipla, Adani Ports & SEZ, and SBI were the top losers for the day.
Most sectoral indices also ended the day in a sea of red, with only a few pockets of calm. For instance, the IT index closed up 0.64%, and the Financial Services index closed up 0.17%, while the Private Bank index ended up 0.04%.
Apart from them, all other sector indices ended the day in the red, with the Realty index losing the most, down 3.71%, followed by the PSU Bank index, down 2.57%.
Other indices, like Media, Metal, Pharma, Healthcare, and Consumer Durables also closed down more than 1%, while FMCG and Auto also ended in the red.
Moreover, the broader market extended its losses to the second session, with the BSE SmallCap index closing down 2.11%, and the BSE MidCap index down 1.31%.
Sensex Today Live : Most sectoral indices were a sea of red, with only a few pockets of calm. For instance, the IT index was in the green, up 0.58%, and the Financial Services index was also up 0.09%.
Apart from them, all the other sector indices were in the red, with the Realty index loseing the most, down 3.84%, followed by the PSU Bank index, down 2.61%.
Other indices, like Media, Metal, Pharma, Healthcare, and Consumer Durables were down more than 1%, while FMCG and Auto were also in the red.
Sensex Today Live : The broader market continued to remain under pressure, with the BSE SmallCap index down 2.02%, and the BSE MidCap index down 1.27%.
Sensex Today Live : HDFC Bank, TCS, LTI Mindtree, Maruti Suzuki India, and Infosys, were the top gainers on the Nifty, while Cipla, Grasim Industries, Adani Enterprises, SBI, and Adani Ports & SEZ, were the top losers.
Sensex Today Live : SBI, Tata Motors, ITC, JSW Steel, and Nestle India, were the top losers on the Sensex, while HDFC Bank, TCS, Maruti Suzuki India, Infosys, and Bharti Airtel were the top gainers.
Sensex Today Live : Indian benchmark indices had pared some of their gains and were trading mixed on Tuesday.
At 3 pm, Sensex was up 160.72 points, or 0.22%, at 73,663.36, and Nifty was down 3 points, or 0.01%, at 22,329.65.
Sensex Today Live : In an exchange filing, Adani group company Sanghi Industries said its promoter Ambuja Cements (also an Adani group company) has announced its plan to sell 2% of its shareholding in the company to meet the minimum public shareholding requirements.
The company stated in its exchange filing, "we hereby inform the following details in respect of the intention of the promoter of the Company viz. Ambuja Cements Limited for the sale of Equity Shares of the Company:
Ambuja Cements Limited, the promoter of the Company have conveyed to us, their intention to sell the Equity Shares to enable us to comply with minimum public shareholding norms.
Ambuja Cements Limited, the promoter of the Company proposes to divest part of their shareholding in the Company.
Up to 2% of the total paid up equity share capital of the Company, which, as of today’s paid up equity share capital, is 51,66,520 Equity Shares in FY 2023-24 and".
Sensex Today Live : India, with its population exceeding a billion and a young demographic predisposed to expenditure, is often seen as a hub of consumption growth. The recent surge in growth optimism has led to the perception that India is on the brink of a consumption explosion. However, akin to all aspects of India, the narrative of consumption is intricate and multifaceted, with numerous conflicting accounts. There is ample data to substantiate all these divergent narratives. To steer clear of getting entangled in short-term fluctuations, it might be beneficial to take a long-term view spanning several decades to discern macro-level trends in consumption expenditure. (Read the full story here.)
Sensex Today Live : Leading the gains in the Asia-Pacific markets, the Hang Seng index in Hong Kong jumped over 3%, marking its third consecutive day of gains.
Meanwhile, the CSI 300 in mainland China also experienced a rise, albeit a smaller one at 0.23%, closing at 3,597.49.
Sensex Today Live : Mahindra Lifespaces today informed the exchanges that it has purchased a land parcel of 9.4 acres in Whitefield, Bengaluru.
In an exchange filing, the company said, "Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced the acquisition of 9.4 acres of land in Whitefield, Bengaluru. The land will have ~1.2 million square feet of FSI potential and a Gross Development Value of ~ INR 1700 crore, primarily comprising mid-premium residential apartments".
Sensex Today Live : Indian benchmark indices were up after falling from the day's high in the morning session on Tuesday.
At 2 pm, Sensex was up 318.70 points, or 0.43%, at 73,821.34, and Nifty was up 46.05 points, or 0.21%, at 22,378.70.
Sensex Today Live : In an exchange filing today, Mufin Green Finance Ltd., informed that exchanges that its board has approved the fundraise of $5 million.
The exchange filing noted, "...The Board of Directors of the Company at its meeting held today i.e., Tuesday, March 12, 2024, has inter-alia considered and approved the following matters:
1. Raising of funds through issue of foreign currency denominated bonds under the framework External Commercial Borrowings (ECB) through private placement basis for amount upto USD 5 Mn in accordance with the relevant provisions of applicable law and subject to approval of the applicable regulatory authorities."
Sensex Today Live : According to the International Air Transport Association (IATA), India is poised to rise as the world's third-largest air passenger market by 2030, trailing only China and the US. The value of the aviation market, which is projected to be $13.5 billion in 2024, is expected to escalate to $23.2 billion by 2029. This indicates a compounded annual growth rate (CAGR) of 11.4% over the period from 2024 to 2029.
Adani Airport Holdings, with an integrated airport network comprising seven operational brownfields and one under-construction greenfield airport, is well poised to be a huge beneficiary of this boom. (Read the full story here.)
Sensex Today Live : Mutual fund investors who have previously used utility bills or bank statements for KYC purposes are required to update their records with officially recognized documents by March 31, as per the notifications sent by registrars KFintech and CAMS to distributors.
The list of officially recognized documents includes passports, Aadhaar cards, driving licenses, voter IDs, NREGA job cards, and letters from the National Population Register (NPR) that contain name and address details. Failure to comply with this requirement will lead to a suspension of new transactions. (Read the full story here.)
Sensex Today Live : "SEBI's T+0 trade cycle settlement introduces significant advantages for investors. Primarily, it enhances liquidity and flexibility, empowering investors with prompt access to funds and the ability to respond swiftly to market dynamics. This agility is particularly beneficial during volatile market conditions or when rapid decision-making is imperative. Furthermore, T+0 settlement mitigates counterparty risk and enhances overall market efficiency by optimizing the trade settlement procedure. As a result, T+0 settlement holds the promise of bolstering investor confidence, augmenting market liquidity, and fostering smoother trading operations."
--Suman Bannerjee, CIO of Hedonova
Sensex Today Live : Indian benchmark indices climbed again after falling from the day's high in the morning session on Tuesday.
At 1 pm, Sensex was up 213.58 points, or 0.29%, at 73,716.22, and Nifty was up 19.35 points, or 0.09%, at 22,352.
Sensex Today Live : Jubilant Ingrevia informed the exchanges today that it has partnered with O2 Renewable Energy XVIII (‘O2 Renewable’, a group company of O2 Power SG PTE. LTD, Singapore), a leading renewable energy developer to boost the establishment of renewable energy power generation using hybrid open access through solar and wind sources.
The company said in an exchange filing, "It aims to access renewable energy through a captive arrangement, fulfilling the Company's power requirements and meeting its increasing demand from green energy to power its manufacturing facilities at Gajraula, Uttar Pradesh and Savli, Gujarat".
Sensex Today Live : In the fiscal year 2023-24, the Indian banking system is expected to see a substantial increase in deposits and advances. It is projected that bank deposits will grow by 13-14% by the end of this fiscal year. However, credit growth is anticipated to surpass this, potentially concluding the year with a growth of 19-20%. Even after accounting for the impact of HDFC's merger, the overall narrative remains largely unchanged. This represents a structural shift, as the nominal GDP growth for 2023-24 is expected to be less than 10%. Consequently, the credit to nominal GDP growth ratio could be around 2.3 times, significantly higher than the seven-decade average of approximately 1.5. Even if this ratio reverts to about 1.5 over the medium term, a short-term surge in credit is still expected. Given these circumstances, it is crucial to comprehend the future trajectory of bank deposit growth. (Read the full story here.)
Sensex Today Live : Landmark Cars today informed the exchanges that it has received an Expression of Interest from MercedesBenz India for opening a workshop in the Eastern part of Mumbai, Maharashtra.
Sensex Today Live : Most sectoral heavyweight indices were in the red barring the IT index, which was up 0.74%. Among the heavyweights, Nifty Bank was down 0.13%, while FMCG was down 0.98%. Separately, Realty was down 3.38%.
Sensex Today Live : The broader market had extended its losses, with the BSE SmallCap index down 2.33%, and the BSE MidCap index down 1.22%.
Sensex Today Live : HDFC Bank, Eicher Motors, TCS, Infosys, and Maruti Suzuki India, were the ttop gainers on the Nifty 50, while Cipla, Adani Enterprises, ITC, Bajaj Auto, and Tata Motors, were the top losers.
Sensex Today Live : ITC, Tata Tata Steel, Tata Motors, JSW Steel, and SBI, were the top drags on the Sensex, while HDFC Bank, TCS, Infosys, Maruti Suzuki India and Reliance Industries, were the top gainers.
Sensex Today Live : Indian benchmark indices had climbed down from their early highs and were trading mixed on Tuesday after opening on a muted note.
At 12 pm, Sensex was up 142.94 points, or 0.19%, at 73,645.58, and Nifty was down 6.25 points, or 0.03%, at 22,326.40.
Sensex Today Live : Aurionpro informed the exchanges that SBI has selected its next-gen cash management and transaction banking platform iCashpro+.
It said in an exchange filing, "Aurionpro Solutions announces a significant order win from the State Bank of India (SBI), India’s largest commercial bank, for the license, implementation and support of iCashpro+, its next-gen cash management and transaction banking platform."
The company added in the exchange filing, "This highly prestigious win, valued close to INR 100 Crores includes license and implementation, to be delivered in phases over 12 months, followed by maintenance and support for 6 years".
Sensex Today Live : A substantial transaction involving the equity shares of ITC Ltd, an Indian conglomerate with a diverse portfolio including cigarettes and hotels, has been reported. This comes amid speculation that British American Tobacco (BAT), the company's largest public shareholder, is planning to divest some of its stake in the firm, as per NDTV Profit.
As reported by Bloomberg, approximately 12 million equity shares, which equate to a 0.09 per cent stake, were traded in a significant deal on March 11. The identities of the parties involved in the transaction have not been disclosed. (Read full story here.)
Sensex Today Live : Muthoot Capital today informed the exchanges that it has finalised the terms of issue to raise nealy ₹100 crore. In an exchange filing, the company said, "we hereby inform you that the Company has finalised the terms of issue of secured, rated, redeemable, non-convertible debentures (“NCDs") upto Rs. 100 crores (Rupees One Hundred Crores) on private placement basis to certain eligible investors permitted to invest in the NCDs under applicable laws".
The exchange filing also noted, "Base issue size of Rs. 50 crores (Rupees Fifty Crores) consisting of 5,000 NCDs of face value ₹1,00,000 and an option to retain oversubscription of upto Rs. 50 crores (Rupees Fifty Crores) consisting of 5,000 NCDs of face value ₹ 1,00,000 aggregating to total issue size 10,000 NCDs of face value ₹ 1,00,000 each aggregating to ₹ 100 crores (Rupees One Hundred Crores)".
Sensex Today Live : Indian benchmark indices had climbed down from their early highs but were still trading in positive territory on Tuesday after opening on a muted note.
At 11 am, Sensex was up 105.98 points, or 0.14%, at 73,608.62, and Nifty was up 4.70 points, or 0.2%, at 22,337.35.
Sensex Today Live : The Nifty FMCG was down 1.06%, with ITC, Nestle India , Godrej Consumer Products, Procter & Gamble Hygiene and Health, and Radico Khaitan emerging as the top losers, dragging the index down.
Sensex Today Live : The International Finance Corporation (IFC), the World Bank's private finance division, has divested its remaining stake in Religare Enterprises, marking the end of its 12-year association with the Delhi-based financial services firm. This development comes amidst an ongoing power struggle between Religare's management and the Burman family for control of the company. According to a disclosure made by Religare, the IFC sold its 2.42% stake in the company between January 29 and February 2. While the identity of the buyer of the shares remains unconfirmed, the timing of the IFC's stake sale aligns with a disclosure made by the Burmans on January 31. The Burmans announced that they had acquired a 4% stake in Religare, bringing their total ownership in the company to 25.18%.
Sensex Today Live : PSP Projects today informed the exchanges that the Surat District courth has directed the Surat Diamond Board to furnish a bank guarantee worth ₹125 crore in a month.
The case pertains to an alleged payment dispute between the two entities for the construction of the world's largest office building, the Surat Diamond Bourse.
In the exchange filing, PSP Projects, stated, "the Hon’ble District Court, at its hearing held on March 11, 2024, after hearing the arguments of both the parties, has partly allowed the company’s application and passed the following order:
1. Directed Surat Diamond Bourse to furnish irrevocable Bank Guarantee to the tune of ₹125 Crores within a period of four weeks from passing of its order.
2. Till the time the above Bank Guarantee is not furnished, Surat Diamond Bourse be restrained from auctioning, transferring or creating third party rights in the remaining portion of the Surat Diamond Bourse."
Sensex Today Live : The Securities and Exchange Board of India (Sebi), the market regulator, is intensifying its scrutiny on the utilization of algorithmic trading by retail investors. Live Mint looks at the rationale behind this regulatory attention on a volatile portion of the equity market. (Read the full story here.)
Sensex Today Live : Indian benchmark indices climbed on Tuesday after opening on a muted note.
At 10 am, Sensex was up 427.61 points, or 0.58%, at 73,930.25, and Nifty was up 95.65 points, or 0.43%, at 22,428.30.
Sensex Today Live : Airport service aggregator DreamFolks today said in an exchange filing that it has entered into a strategic partnership with Healthians to offer healthcare services for its customers across India.
Sensex Today Live : British American Tobacco is reportedly gearing up for a much-anticipated sale of its stake in ITC within the next fortnight, according to two individuals familiar with the development. The company intends to offload a 4% stake in the Indian firm at a share price of ₹380-390, which represents a 5-8% markdown from Monday's closing price of ₹409, as per the sources. The transaction, which is expected to involve approximately 499 million shares valued at around ₹20,000 crore (just over $2.4 billion), is set to be the largest block deal since 2021. Potential buyers of ITC shares could include ICICI Prudential Mutual Fund and O3 Securities, added the aforementioned sources.
Sensex Today Live : Some heavyweight sectoral indices were showing signs of being under pressure, with the FMCG index down 0.95%, Nifty Bank down 0.12%, Metal down 0.41%, and Realty down 0.67%. Meanwhile, the IT index had surged ahead. It was up 1.51% in early trades.
Sensex Today Live : The broader market continued to be under pressure, with the BSE SmallCap index, down 0.43%, and the BSE MidCap index, down 0.14%.
Sensex Today Live : TCS, Tech Mahindra, BPCL, LTI Mindtree, and Infosys, were the top gainers on the Nifty 50 in early trades, while ITC, HUL, HDFC Life, Britannia, and Bajaj Finserv, were the top losers.
Sensex Today Live : TCS, Infosys, HCL Tech, Wipro, and Sun Pharma, were the top gainers on the Sensex in early trades, while ITC, HUL, Bajaj Finserv, Nestle, and Bajaj Finance, were the top losers.
Sensex Today Live : Indian benchmark indices opened on a muted-to-negative note on Tuesday, led by weak signals from Asian peers that were trading mixed ahead of US inflation data set to be released later in the day.
At opening bell, Sensex was down 28.84 points, or 0.04%, at 73,473.80, and Nifty was down 2.85 points, or 0.01%, at 22,329.80.
Sensex Today Live: Indian benchmark indices were muted during pre-open on Tuesday, following mixed signals from Asian peers that were awaiting US inflation data, set to be released later in the day.
Sensex was up 13.78 points, or 0.02%, at 73,516.42, and Nifty was up 1.80 points, or 0.01%, at 22,334.45 during pre-open.
Sensex Today Live : The stock market regulator, the Securities and Exchange Board of India (SEBI), has expressed concern over market bubbles, stating that they are detrimental to retail investors. In response to this, SEBI suggests that mutual funds could establish a unified policy to safeguard investors, particularly in the currently volatile small and mid-cap sectors.
SEBI has already requested mutual fund trustees to provide stress test results, indicating the duration required to liquidate parts of investors' portfolios.
SEBI's chairperson, Madhabi Puri Buch, noted the presence of "froth" in certain market segments during an event in Mumbai on Monday. (Read the full story here.)
Sensex Today Live : Airtel, Aditya Birla Capital, ITC, Indigo, Religare, SpiceJet, are some stocks likely to be in focus on Tuesday, March 12.
Sensex Today Live : The Indian stock market indices are poised for a cautious start on Tuesday, taking cues from a mixed global scenario. The Gift Nifty trends suggest a slightly positive opening for the Indian benchmark index, trading around 22,445 levels, nearly 30 points higher than the previous close of Nifty futures.
On Monday, domestic equity indices succumbed to weakness and closed lower, influenced by weak global indicators. The Nifty 50 chart formed a long bearish candle, signaling a reversal of the upward trend observed in the previous two sessions.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, pointed out that the current chart pattern on the daily chart indicates a bearish evening star type candle pattern, suggesting a short-term top reversal for the markets. Following the formation of a bullish pattern like the rising three method on Wednesday, the Nifty has reversed its short-term upward movement and formed a bearish evening star pattern on Monday. Here’s what to expect from Nifty 50 and Bank Nifty today. (Read the full story here.)
Sensex Today Live : The local equity market is projected to commence trading on a positive note on Tuesday, despite a sense of caution, as it follows a mixed trend in global markets. Investors will be closely monitoring the release of inflation data in both India and the US later on Tuesday. On Monday, the Indian stock market experienced a broad-based selloff, with both benchmark indices ending the day nearly one percent lower due to caution ahead of significant macroeconomic data and weak global cues.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated that sentiments were affected after the SEBI Chief pointed out irrational surges and high valuations in small and midcaps. He also mentioned that the stress test disclosures for small and midcap funds, scheduled for announcement on March 15, are likely to maintain pressure on the broader market in the near term. He further added that the market is expected to continue its consolidation phase with significant bouts of volatility. (Read the full story here.)
Sensex Today Live : After a more than 150-points lower close on Monday for Nifty 50, Gift Nifty futures was trading ahead on Tuesday morning, on the back of reports that US inflation data that is set to be released later today, would hold no surprises for the markets globally.
At 7:50 am, the Gift Nifty futures was trading at 22,448, around 115 points ahead of Nifty 50's Monday close of 22,332.65, which was down 160.90 points, or 0.72%. With Asian markets also opening higher, market gauges globally indicated that India would also open higher tracking gains in Asian peers.
Asian markets opened higher, with the MSCI Asia ex-Japan index adding 0.23%. Most Wall Street equities had declined overnight ahead of U.S. consumer price index (CPI) inflation data, which is due after closing bell.
Australian shares rose on Tuesday, as the gains in banking and gold stocks countered the losses in energy firms, while investors awaited a U.S. inflation data for more policy clues.
The S&P/ASX 200 index gained 0.3% to 7,729.7, by 0014 GMT. The benchmark fell 1.8% on Monday.
U.S. February consumer price data - a key measure for core inflation - is due later in the day, with markets expecting a monthly increase of 0.4% and 3.1% year on year.
This could also suggest whether the Federal Reserve can begin cutting interest rates in the coming months.
South Korean shares rose on Tuesday, led by a jump in battery makers which tracked overnight gains in U.S. electric-vehicle maker Tesla.
The benchmark KOSPI rose 10.51 points or 0.40% to 2,670.35 by 0104 GMT.
The Dow Jones Industrial Average rose 46.97 points, or 0.12%, to 38,769.66. The S&P 500 lost 5.74 points, or 0.11%, at 5,117.95 and the Nasdaq Composite fell 65.84 points, or 0.41%, to 16,019.27.
