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PremiumSensex Today | Market Close Highlights : European stocks held steady ahead of fresh data for the euro zone as investors sought catalysts to push the market higher. The yen touched its lowest level versus the dollar since 1990, fueling intervention bets.
Europe’s benchmark Stoxx 600 Index was little changed before the consumer and economic confidence data. US futures gained 0.3%. Asian equities were mixed as gains in Japanese and Australian shares were offset by losses in China.
Stocks have had a strong start to the year, with major benchmarks scaling record levels. The S&P 500 is set for its fifth month of straight gains, while Japan’s Nikkei 225 Index of shares closed within a whisker of its all-time high. Still, moves this week have been modest ahead of Friday’s release of the Federal Reserve’s preferred inflation gauge.
The yen pared some of its losses after Finance Minister Shunichi Suzuki ramped up hints of possible action. Policymakers are running out of choices short of purchasing the currency to prop it up after the Bank of Japan’s first interest rate hike since 2007 failed to change its trajectory.
Treasuries steadied after rebounding from session lows on Tuesday following a $67 billion sale of five year-notes. The dollar was slightly stronger against its Group-of-10 peers, while the offshore yuan weakened.
Shares retreated in China and Hong Kong, with technology companies accounting for the majority of the losses. The decline came as the region’s AI-linked companies mirrored the overnight fall in Nvidia’s shares, and as Alibaba’s plan to shelve listing of its logistics arm soured sentiment.
Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Gold steadied close to its record high.
Sensex Today Live : Indian benchmark indices traded up on Wednesday, as global peers gained.
Sensex, which had opened higher at 72,692.16, climbed to a high of 73,138.73 during the day, but pared some of its gains to close at 73,030.90, up 560.60 points, or 0.77%.
Meanwhile, the Nifty 50, which had opened also opened higher at 22,053.95, climbed to an intraday high of 22,193.60. At close, the Nifty 50 was up 118.95 points, or 0.54%, at 22,123.65.
Reliance Industries, Maruti Suzuki India, Bajaj Finance, Titan, and Kotak Mahindra Bank, were the top gainers on theSensex, while Wipro, HCLTech, Nestle India, TCS, and Tata Motors, were the top drags on the benchmark index.
Reliance Industries, Maruti Suzuki India, Bajaj Auto, Bajaj Finance, and Titan were the top gainers on the Nifty 50, while UPL, Hero MotoCorp, Wipro, Apollo Hospital Enterprises, and Dr Reddy's, were the top losers for the day.
The broader market also closed in positive territory, albeit on a slightly muted note. The BSE MidCap index closed up 0.01%, and the BSE SmallCap index up 0.70%.
Across sectors, the Oil & Gas index closed up 0.54%, while the Auto index closed up 0.51%. The Bank index closed up 0.40%, and the Financial Services index closed up 0.42%.
The Consumer Durables index closed up 0.66%, while the Private Bank index closed up 0.60%.
Among other heavyweight indices, the FMCG index closed down 0.27%, and the IT index closed down 0.64%, while the Pharma and Healthcare indices closed down 0.22%, and 0.03%, respectively. The PSU Bank index had shed 0.97% at the end of the trading session.
Sensex Today Live : Across sectors, the Oil & Gas index was up 0.76%, followed by the Auto index, which was up 0.48%. The Bank index was up 0.30%, and the Financial Services index was up 0.31%. The Consumer Durables index was up 0.45%, while the Private Bank index was up 0.51%.
Among other heavyweight indices, the FMCG index was down 0.30%, and the IT index was down 0.75%, while Pharma and Healthcare indices were down 0.28%, and 0.07%, respectively. The PSU Bank index had shed 0.98%.
Sensex Today Live : The broader market was mixed, with the BSE MidCap index down 0.03%, and the BSE SmallCap index up 0.70%.
Sensex Today Live : Reliance Industries, Bajaj Auto, Maruti Suzuki India, Adani Ports & SEZ, and Bajaj Finance, were the top gainers on the Nifty 50, while UPL, HeroMotoCorp, Tata Consumer Products, ONGC, and Wipro, were the top losers.
Sensex Today Live : Reliance Industries, Maruti Suzuki India, Bajaj Finance, Kotak Mahindra Bank, and Larsen & toubro, were the top gainers on theSensex, while Wipro, SBI, Nestle India, HCLTech and TCS, were the top drags.
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At 3 pm, Sensex was up 543.95 points, or 0.75%, at 73,014.25, and Nifty was up 140.15 points, or 0.64%, at 22,144.85.
Sensex Today Live : Anil Agarwal, the self-made billionaire and titan of India's metal industry, is learning that even the most well-planned strategies can falter. A year and a half ago, his conglomerate revealed plans to establish a display fabrication and semiconductor production facility in Gujarat. This was followed by another declaration a year later, detailing the separation of five enterprises from the group's leading company, Vedanta Ltd. After a phase of financial hardship, it appeared that the magnate was making a comeback. (Read the full story here.)
Sensex Today Live : In the February edition of Mint's monthly EM tracker, India continued to lead among major emerging market (EM) economies, bolstered by strong domestic growth and a significant recovery in exports. The rupee's modest yet superior performance against the US dollar, coupled with the accomplishments of the domestic stock market, contributed to India's overall high score.
This strong position is particularly beneficial for the Narendra Modi government as it heads towards the Lok Sabha elections, especially amidst the looming recession in Europe. However, concerns are raised by the recent depreciation of the rupee, high food prices, and sluggish private consumption. (Read the full story here.)
Sensex Today Live : HCLTech today informed the exchanges that "it has been selected by Oriola Corporation, a leading health and wellbeing company operating in the Nordic region, to accelerate Oriola’s digital transformation journey and deliver enhanced customer experiences."
The IT services company said that it will implement a greenfield SAP S/4HANA and analytics environment hosted on Microsoft Azure to transform Oriola’s enterprise resource planning (ERP) and enterprise warehouse management (EWM) systems in Sweden and Finland.
The solution will leverage RISE with SAP delivering an end-to-end global experience platform (GxP)-compliant and validated solution for Oriola. Moving to an agile, cloud-based ERP platform will allow Oriola to transform and simplify their business operations, enabling them to modernize the application stack and optimize IT operating costs.
Sensex Today Live : lpca Laboratories today informed the exchanges that it has entered into a Technology Transfer Agreement with Omexa Formulary (Omexa) for a biosimilar clone, process development and knowledge transfer for the global market.
The company said that under this agreement, lpca will grant to Omexa a non-exclusive right to research, develop, manufacture and market an anti-cancer biosimilar for the global market.
It added that this agreement will enable Omexa to develop the anti-cancer biosimilar from early stage of development to clinical trials and subsequent commercial launch. This agreement will also strengthen Omexa's capability of biosimilar development.
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At 2 pm, Sensex was up 619.32 points, or 0.85%, at 73,089.62, and Nifty was up 174.10 points, or 0.79%, at 22,178.80.
Sensex Today Live : The recent surge in the costs of key raw materials such as crude oil, palm oil, coffee, and cocoa could potentially disrupt the significant growth in gross margins that fast-moving consumer goods manufacturers have experienced in recent quarters.
Confronted with these cost escalations, businesses are likely to proceed with caution before passing these increases onto consumers, keeping in mind the competitive market and the necessity to maintain sales volumes.
"Most raw material prices are experiencing some inflation, while a few have remained largely stable over the past few quarters," stated BNP Paribas in a report on Tuesday. "The decrease in raw material prices had led to a substantial expansion in gross margins for most companies in our portfolio. We view the current price rise in the context of demand as a negative trend for the sector." (Read the full story here.)
Sensex Today Live : DLF Limited today informed the exchanges that one of its subsidiaries will raise funds to the tune of ₹600 crores via the issuance of NCDs.
In an exchange filing, the company said, "...The Securities Allotment Committee of the Board of Directors of DLF Home Developers Limited (‘DHDL’), a wholly-owned material subsidiary, in its meeting held today i.e. 27th March 2024 has approved the allotment of 60,000 – 8.50% senior, secured, rated, listed, redeemable, guaranteed, rupee denominated Non-Convertible Debentures (‘NCDs’) of the face value of ₹ 1,00,000/- each, for an aggregate principal amount of ₹ 600 crore (Rupees Six Hundred crore only) on a private placement basis, to the eligible investors".
Sensex Today Live : The COVID-19 pandemic surefootedly jeopardized the progress made in reducing global income inequality achieved in the previous two decades. In contrast to the global financial crisis of 2008-10 (chiefly a financial crisis with limited economic ramifications other than in EU), the deep and lingering economic recession triggered by the long pandemic and the lagging economic recovery in EMDEs compared with advanced economies have risen amongst-country income inequality, thwarting attempts to stay on course from many debt-ridden beleaguered economies
❑ However, the case for India is quite different with majority of states embarking upon a journey of embracing competitive spirit along fostering entrepreneurship, innovation, job creation, export centricity, infrastructure creation etc, boosting in totality the encompassing federalism
❑ We have analyzed the state-wise GSDP and per capita Income data through the last decade, capturing the underlying macro changes across major states as they benefit from the winds of changes sweeping the entire nation and its young populace
❑ The per capita income is the most important measure of convergence and equality across States as it determines both the accessibility and affordability of services…the results of the study vouch the rise of a knowledge economy on the anvil as select states have smartly harnessed the opportunities being created through the push for DPI (Digital Public Infrastructure), leveraging pillars that strengthen Innovation Capability/Climate, Human Capital/Leadership/Learning centricity, Information Technology Resources and Financial Resources in collaborative loops.
The average real GDP growth for all-India post-pandemic has risen to 8.1% as against 5.7% growth recorded in pre-pandemic period. In term of real growth, it can be interpreted that the country accumulated 235 bps during post-pandemic period over pre-pandemic phase.
❑ Of this, ~40% of the growth has been contributed by two states alone; Maharashtra (56 bps), followed by Uttar Pradesh (40 bps). Surprisingly, ~90% of the growth of 235 bps has come from top 10 states only. The other side of the coin, however, points to incremental and sustainable growth for the country as a whole as other states too embrace the competitive federalism to embark upon robust growth in coming years
❑ Remarkably, action-oriented policy measures unleashed across the pillars of knowledge economy through reforms spanning physical, market and digital infrastructure that are spearheading the information age and bridging the multiple divides embedded in various governance models, bridge the gap between comparatively better off states and states once considered laggard in terms of growth as differential has significantly narrowed down post FY’15...reaffirming the hypothesis that states are growing in sync and harmony with a growing India....this should anchor the quest for an incrementally balanced regional growth Pan-India going ahead….
❑ At GSDP front, among the major states, Gujarat has taken the pole position, increasing its GSDP 2.2x in a decade, closely followed by Karnataka as also Assam, Andhra Pradesh, Odisha, Telangana, Sikkim, and Madhya Pradesh…a case of dissipating regional biases sure! Also, Gujarat’s NSDP has increased 2.2x, followed by Karnataka, Assam, AP, Telangana, MP, Odisha, Haryana, and Tamil Nadu
❑ Among the major States, Gujarat per capita NSDP (FY22 over FY12) has increased the most, by 1.9x, followed by Karnataka, Andhra Pradesh, Telangana, and Assam
❑ State-wise Inequality, in terms of per capita NSDP, has shown normalization in post-pandemic period, reversing the course and coming down in recent years from the highs attained during FYs19/20 …..Per Capita NSDP Inequality has decreased from 0.523 in FY19 to 0.48 in FY22
❑ We believe the vanguards of the economic momentum can throw many surprises going forward as the race to embrace knowledge economy gains winds
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At 1 pm, Sensex was up 579.15 points, or 0.80%, at 73,050.15, and Nifty was up 168.05 points, or 0.76%, at 22,172.75.
Sensex Today Live : Shareholders of Crompton Greaves Consumer Electricals Ltd are currently concerned as the company's stock has seen a 13% decline in 2024. The delay in the recovery of Butterfly Gandhimathi Appliances Ltd, where it holds a 75% stake, is a significant factor dampening investor confidence.
Although it might take some time for this situation to improve, there are a few positive aspects to consider. Recently, Crompton's management informed analysts that their fan product line is gaining substantial momentum, which is expected to result in a robust March quarter (Q4FY24). Furthermore, the demand for fans is anticipated to remain strong in the upcoming months due to the prediction of an intense summer this year. (Read the full story here.)
Sensex Today Live : In its relatively brief existence of 22 years, Sterlite Copper has managed to avoid shutdown on multiple occasions.
The copper smelter of the Vedanta group, a facility where metal is obtained by heating the ore to high temperatures, commenced operations in Thoothukudi in southern Tamil Nadu in 1996. The Madras High Court initially ordered its closure in 2010 for violating pollution standards. However, the Supreme Court granted a stay, allowing the plant to continue operations.
In 2013, the plant was once again shut down by the Tamil Nadu government due to a gas leak. The Supreme Court imposed a fine of ₹100 crore on the company for non-compliance with pollution standards but permitted the plant to resume operations upon meeting various conditions. (Read the full story here.)
Sensex Today Live : Across sectors, the Nifty Bank was up 0.39%, the Auto index was up 1.22%, the Oil & Gas index was up 1.77%.
The FMCG index was down 0.24%.
Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.44%, and the BSE SmallCap index up 0.92%.
Sensex Today Live : Reliance Industries, Maruti Suzuki India, Bajaj Auto, Adani Ports & SEZ, and Eicher Motors, were the top gainers on the Nifty, while Britannia, Apollo Hospital Enterprises, Nestle India, Hero MotoCorp, and Wipro, were the top losers.
Sensex Today Live : Reliance Industries, Maruti Suzuki India, Larsen & Toubro, IndusInd Bank, and Kotak Mahindra Bank, were the top gainers on the Sensex, while Nestle India, Wipro, and TCS were the only drags on the benchmark index.
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At 12 pm, Sensex was up 573.01 points, or 0.79%, at 73,043.31, and Nifty was up 170.60 points, or 0.78%, at 22,175.30.
Sensex Today Live : Brahmaputra Infrastructure today informed the exchanges that it has received a LOA from the National Highway & Infrastructure Development Corporation of India to upgrade an 11.21 km lenght of road on the Kailashahar-Kurti Bridge section of NH-208A.
In an exchange filing, the company said, "We would like to inform you that Company M/s Brahmaputra Infrastructure Limited have received a LOA from the office of Executive Director ( T.) – National Highway & Infrastructure Development Corporation of India for the execution of the Rehabilitation and Up-gradation of road from design Km 25.250 to Km 36.460 (Total Length: 11.210 Km) of Kailashahar - Kurti Bridge section of NH-208A to two lane with paved shoulder in the State of Tripura on EPC mode (Package III)-Balance work- Letter of Acceptance (LOA)- of an total amount Rs. 59.84 crores."
Sensex Today Live : In our view, current valuations of AMC stocks largely capture relative differences in business performance and growth outlook.
While growth tailwinds will likely be the strongest for HDFC AMC (downgrade to REDUCE), we find relative valuations fully capturing this outperformance.
We upgrade ABSL to ADD given recent underperformance and retain ratings for Nippon (ADD) and UTI (REDUCE).
Risk-reward is relatively more attractive for Nippon given recent correction, strong SIP book and broadening of flows across categories. Await better entry points for HDFC AMC whereas fund performance revival is a key monitorable for ABSL/UTI.
Stock price performance for AMC stocks has been strong overall but quite divergent across AMCs with HDFC AMC (+110% in 1Y) and Nippon (+110%) outperforming ABSL (+46%) and UTI (+23%).
The sector as a whole is also now trading at 55-60% premium to broader markets. This reflects similarly sharp relative differences in equity AUM growth across four AMCs. HDFC and Nippon have outperformed (~60% yoy) overall industry (50%) and ABSL and UTI (~30%).
Valuation premium for AMCs reflects key traits such as (1) strong cash flow generation, (2) high degree of transparency and predictability, and (3) well-aligned incentives across investors, distributors and asset managers. These are offset by key pushback such as (1) predictability and sustainability of fund performance, and (2) structural fee pressure due to passives/regulations.
Our analysis of daily flows in March (up to 21st) across large categories has a few takeaways—(1) small-cap category has seen net outflows while mid-cap funds have seen positive but lower flows; (2) categories such as large-cap, flexi cap, hybrid funds have seen uptick in flows suggesting a possible shift in preferences; and (3) there is marked difference in flows across four AMCs with HDFC/Nippon seeing much stronger inflows in non-SMID categories.
In our view, strong SIP growth seen by HDFC/Nippon over the past 12 months will likely lead better stability in flows compared to industry.
We downgrade HDFC AMC to REDUCE (from ADD) and upgrade ABSL AMC to ADD (from REDUCE), while retaining ADD on Nippon and REDUCE on UTI.
HDFC AMC’s well-balanced fund mix will continue to drive strong flows and market share gains.
Nippon will likely see some impact due to exposure to SMID (35% of equity AUM) but likely offset by other categories seeing stronger flows.
ABSL AMC trades at attractive valuations but needs some visibility of turnaround in performance and flows in flagship categories.
UTI AMC has the weakest fund performance across four AMCs, resulting in outflows for the past 4-5 quarters.
Sensex Today Live : Larsen & Toubro today informed the exchange that its Buildings & Factories vertical of Larsen & Toubro Construction has won multiple orders in the domestic and international markets. The total value of the orders amount to ₹2,500 to ₹5,000 crores.
The company has secured a contract to construct the Al Namaa General Hospital from the Ministry of Health, Sultanate of Oman.
In the domestic market, the company has secured an order for “Construction of Maa Kamakhya Temple Access Corridor, Assam" on a Design & Build Turnkey Basis from the Assam PWD.
The company has also received an order from a subsidiary of a leading Paint Manufacturing Company to construct a polymer manufacturing plant in Gujarat.
Lastly, the company has got an order for a Solar Glass Manufacturing Plant in Gujarat.
All of these orders have been classified as 'Large', which brings their total value to ₹2,500 crore to ₹5,000 crore.
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 504.97 points, or 0.70%, at 72,975.27, and Nifty was up 144 points, or 0.65%, at 22,148.70.
Sensex Today Live : We see sunrise potential in the Indian recycling industry, led by a growing focus on circular economy and decarbonization, favorable economics and an evolving regulatory framework.
The Indian recycling industry is yet to achieve maturity and is dominated by unorganized players, leading to substantially lower recycling rates compared to the West. Government policies are gradually addressing these challenges.
The Battery Waste Management Rules, 2022, is one such landmark policy that should benefit organized lead recyclers such as GRAV. The prospects for plastic and e-waste recycling also appears promising but require further policy support. We initiate coverage on GRAV, a market leader with compounding growth potential, with a BUY rating.
Recycling rate in India (~20%) is significantly lower than the West (60-80%) due to a large informal sector, the lack of a policy framework and inadequate collection infrastructure.
We believe recycling of lead, plastics and e-waste offers the most promising prospects, in the same order, driven by economics, scrap availability, level of formalization and an evolving regulatory framework.
Lead (Pb): BWMR and EPR on lead-acid batteries (LAB) should increase scrap availability and shrink the unorganized sector to 25% by FY2028E from 65% market share currently
Plastics: Plastic Waste Management Rules 2022 (PWM), notified in 2022, is a major step toward increasing recycling but the enforcement ecosystem is still evolving.
E-Waste: Scrap availability is increasing at a rapid pace, but a lack of technology and the presence of hazardous materials are key hurdles restricting growth.
EV battery recycling is on the cusp of taking off. A few recycling units are being set up in India; however, a wide variety of battery chemistries/black mass is a key challenge.
Aluminum (Al): Scrap is largely imported where secondary aluminum has different end-uses and demand has been outperforming primary aluminum.
Gravita India (GRAV IN): Initiate with BUY—Leading play on circular economy
GRAV is a market leader in India’s emerging recycling industry, where the key business segment, lead recycling, enjoys significant tailwinds.
Its expansion plans into other segments give strong visibility on growth and diversification. GRAV’s peers (POCL, NILE and Pilot) in lead recycling lack geographic diversification, have inferior operating margins and offer lower growth visibility.
We forecast GRAV’s revenue/PAT to record 20%/22% CAGR in the next three years, with 20%+ ROCE and see potential for multi-year compounding growth. Initiate with a BUY with FV of Rs1,200/share (~30% upside).
Sensex Today Live : HMT Limited today informed the exchanges that the Ministry of Heavy Industries has given additional charge of Chairman and MD of the company to Rajesh Kohli, currently serving as the Executive Director of BHEL.
In an exchange filing, the company said it has received an order from the Ministry of Heavy Industries, "informing the approval of the Competent Authority for entrusting the additional charge of the post of Chairman & Managing Director, HMT Limited to Shri. Rajesh Kohli, Executive Director, Bharat Heavy Electricals Limited in place of Shri. Krishnaswami Ravishankar, Executive Director, Bharat Heavy Electricals Limited with immediate effect and from the date of his assumption of charge of the post, for a period of one year or till the joining of a regular incumbent or until further orders whichever is earliest, subject to ex-post facto approval of Appointments Committee of the cabinet (ACC)".
Sensex Today Live : Reliance Power Limited today informed the exchanges that its subsidiaries have settled their entire debt obligations to the tune of ₹1,023 crores, with the subsidiaries of Authum Investment and Infrastructure Limited.
In an exchange filing, the company said, "We wish to inform that the subsidiaries of the Company, namely Kalai Power Private Limited and Reliance Cleangen Limited, for the purpose of debt settlement has signed a Debt Settlement and Discharge Agreement with the Wholly Owned Subsidiary of Authum Investment and Infrastructure Limited - RCFL on March 26, 2024, in settlement of the entire obligations with respect to their outstanding consolidated debt of ₹1023 crore".
The company added that the wholly owned subsidiary of Authum Investment and Infrastructure Limited - RCFL holds 7,59,77,000 equity shares in the company.
Sensex Today Live : Adani Green today informed the exchanges that it has operationalised a 180 MW solar power plan in Devikot in Jaisalmer, Rajasthan.
In an exchange filing, the company said it, "has commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI)."
The company said that the 180 MW solar plant will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions.
Sensex Today Live : Indian benchmark indices were climbing on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 443.37 points, or 0.61%, at 72,913.67, and Nifty was up 133.25 points, or 0.61%, at 22,137.95.
Sensex Today Live : Gensol Engineering today informed the exchanges that it has appointed Kapil K Nirmal as CEO, Middle East to lead its Solar EPC business in the region.
In an exchange filing, the company said, "... we would like to inform you that Gensol Engineering Ltd. has appointed Mr. Kapil K Nirmal as CEO, Middle East to lead its Solar EPC business operations in the region".
Sensex Today Live : Indiabulls Housing Finance today informed the exchanges that its board has approved the fundraise of $350 million through the issuance of USD denominated senior secured social bonds.
In an exchange filing, the company said, "This is in furtherance to our letters dated March 15, 2024 and March 19, 2024. We are pleased to inform that the Securities Issuance and Investment Committee of Indiabulls Housing Finance Limited has approved the issuance of USD denominated senior secured social bonds aggregating to US$ 350 million and has approved the pricing, tenure and other terms of the Bonds".
Sensex Today Live : Among the heavyweight indices across sectors, the Bank index was up 0.24%, Auto index was up 0.44%, Financial Services was up 0.21%, while Oil & Gas index was up 1.35%.
Separately, FMCG, IT, Pharma, Healthcare, and Consumer Durables indices were muted.
Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.44%, and the BSE SmallCap index up 0.56%.
Sensex Today Live : Adani Ports & SEZ, BPCL, Maruti Suzuki India, Reliance Industries, and Adani Enterprises, were the top gainers on the Nifty, while UPL, Tata Consumer Products, Wipro, Britannia and Dr Reddy's, were the top drags.
Sensex Today Live : Maruti Suzuki India, Reliance Industries, Axis Bank, Larsen & Toubro, and HUL, were the top gainers on the Sensex, while Nestle India, Wipro, Mahindra & Mahindra, Infosys, and Bharti Airtel, were the top drags.
Sensex Today Live : Indian benchmark indices opened in the green on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 212.45 points, or 0.29%, at 72,682.75, and Nifty was up 72.15 points, or 0.33%, at 22,076.85.
Sensex Today Live : Indiabulls Housing Finance today informed the exchanges that its board has approved the fundraise of $350 million through the issuance of USD denominated senior secured social bonds.
In an exchange filing, the company said, "This is in furtherance to our letters dated March 15, 2024 and March 19, 2024. We are pleased to inform that the Securities Issuance and Investment Committee (“Committee") of Indiabulls Housing Finance Limited (the “Company") has approved the issuance of USD denominated senior secured social bonds (the “Bonds") aggregating to US$ 350 million and has approved the pricing, tenure and other terms of the Bonds".
Sensex Today Live : Indian benchmark indices were up at pre-open on Wednesday, even as Asian peers were trading mixed.
Sensex was up 221.86 points, or 0.31%, at 72,692.16, and Nifty was up 49.75 points, or 0.23%, at 22,054.45 during pre-open.
Sensex Today Live : Angel One, CDSL, Aster DM, PEL, Adani Power, Cipla, are a few stocks likely to be in focus on Wednesday, March 27.
Sensex Today Live : The Indian stock market's key indices, Sensex and Nifty 50, are projected to start off on a lower note on Wednesday, influenced by mixed signals from global markets.
The Gift Nifty trends also suggest a negative opening for the Indian benchmark index. The Gift Nifty was trading at around 22,050 level, nearly 40 points lower than the previous close of Nifty futures.
On Tuesday, the domestic equity indices broke their three-day winning streak, ending with a half percent drop, with the Nifty 50 maintaining the 22,000 level. The Sensex fell by 361.64 points to close at 72,470.30, while the Nifty 50 ended 92.05 points, or 0.42%, lower at 22,004.70.
The Nifty 50 chart showed a small positive candle with a gap-down opening (body gap, not a western gap).
"This candle pattern was formed next to the long bull candle of Friday. This suggests a wider range-bound movement for the market. The market is receiving strong support at the lows around 21,900, and the Nifty is encountering stiff resistance at the highs around 22,150 - 22,200 levels. Therefore, a decisive move beyond this range could trigger a sharp market movement in either direction," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : Motilal Oswal Financial Services, today informed the exchanges that it plans to raise ₹500 crores via the issue of NCDs, with the option to retain oversubscription up to ₹500 crores.
In an exchange filing, the company said, "...we wish to inform you that the Company has filed Draft Prospectus with BSE Limited and National Stock Exchange of India Limited and forwarded to the Securities and Exchange Board of India (“SEBI") for public issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of ₹ 1,000 each (“NCDs") for an amount aggregating up to ₹ 500 Crore (“Base Issue Size") with an option to retain oversubscription up to ₹ 500 Crore (“Green Shoe Option") aggregating up to 1,00,00,000 NCDs for an amount up to ₹ 1,000 Crore (“the Issue")".
Sensex Today Live : On Wednesday, the domestic equity indices, Sensex and Nifty 50, are projected to commence on a subdued note, taking cues from a mixed global market. Asian markets saw slight gains, while US stock indices concluded lower the previous night. Investors are awaiting crucial economic data in a week shortened by holidays to discern the policy direction of the US Federal Reserve.
The market has been gradually raising its expectations for a rate cut of at least 25 basis points by the US central bank in June. The current prediction stands at a 70.4% probability, an increase from last week's 59.2%, as shown by the CME’s FedWatch Tool and reported by Reuters.
On Tuesday, the benchmark indices of the Indian stock market concluded lower by half a percent, breaking their three-day winning streak due to weak global indicators. The Sensex fell by 361.64 points or 0.50%, closing at 72,470.30, while the Nifty 50 ended 92.05 points or 0.42% lower at 22,004.70.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated, "The shortened trading week, the upcoming monthly expiry of derivatives, and the release of global economic data this week have kept investors at bay. We anticipate the market to consolidate within a wider range. However, purchases in the broader market before the end of the financial year cannot be discounted." (Read the full story here.)
Sensex Today Live : Stock markets in India was likely to open on a muted note following mixed trading in Asia and the US market overnight. At 8:03 am, Gift Nifty futures was at 22,045.50, around 40 points ahead of Nifty 50's Tuesday close of 22,004.70.
Stocks in Asia were mixed after US benchmarks wiped out gains in the final half hour of trading, with investors tweaking portfolios after a rally that’s already topped $4 trillion this year.
Shares fell at the open in Hong Kong and mainland China, while rising in Japan and Australia. The recent advance in China’s equity markets will likely be tested, as key financial institutions announce earnings, starting with Industrial & Commercial Bank of China Ltd. later Wednesday.
US stock futures pointed to gains after the S&P 500 declined for a third day. The US equity benchmark is on track to notch five straight months of gains.
The dollar was marginally stronger against its Group-of-10 peers, while the offshore yuan was little changed after the People’s Bank of China once again boosted support for the currency.
Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Gold fell, but traded close to its record.
