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PremiumMarket Close Highlights : Global shares were mixed on Tuesday ahead of this week's U.S. inflation reading and a crucial European Central Bank meeting, while industrial metals prices extended recent gains on expectations of a worldwide manufacturing rebound.
The pan-European STOXX 600 index fell 0.1% in early trade, while futures on Wall Street were muted.
"Stock markets seem to be in a holding pattern at the moment and I think that will continue until we get more clarity on inflation and the state of the economy," said Dan Boardman-Weston, CIO at BRI Wealth Management.
"Markets are waiting to see what the inflation print is and how that changes expectations for rate cuts going forward." Expectations for U.S. rate cuts have been receding this year on the back of robust economic data and sticky inflation readings.
Traders are now pricing around 62 basis points (bps) of cuts from the Federal Reserve in 2024, implying around two or three quarter-point cuts, down from around 150 bps at the start of the year.
It's a similar story in Europe, where the focus is on Thursday's ECB policy announcement, with markets expected to scour comments from President Christine Lagarde for hints that rates could be cut in June.
Meanwhile, industrial metals prices extended their gains on Tuesday amid expectations of a worldwide manufacturing rebound, while shares in the Asia-Pacific region rose.
MSCI's broadest index of Asia-Pacific shares outside Japan increased 0.6%. Japan's Nikkei 225 rose 1.1%
In Shanghai, the most-traded May copper futures rose more than 1% to a record high, while zinc and tin made multi-month peaks and aluminium traded just below Monday's two-year top. Even iron ore, battered by China's property downturn, steadied above $100 a tonne in Singapore.
"It's pretty much a China bet," said Vishnu Varathan, head of economics at Mizuho Bank in Singapore.
On Monday, data showed German industrial production rose more than expected in February. Last week, data showed U.S. manufacturing growing for the first time in one-and-a-half years. China's manufacturing activity expanded for the first time in six months in March.
Meanwhile, spot gold hit another record high, supported by central bank buying and heightened geopolitical tensions, according to BRI's Boardman-Weston. "I think the rally may continue in the short-term," he said.
Sensex Today Live : Having opened at record highs on the back of robust expectations of a strong showing by companies during the Q4FY24 earnings season, Indian benchmark indices pared most of their gains and closed in the red on Tuesday.
Markets were dragged down by the muted sentiment flowing from global peers, ahead of the release of crucial data in the US which will give indication of the timeline the Federal Reserve will follow to cut rates.
Sensex, which had opened higher at 75,124.28, climbed to a high of 75,124.28 during intraday trades, but shed most of its gains to drop more than 500 points and touch a low of 74,603.37 later. At close, the Sensex was at 74,683.70, down 58.80 points, or 0.08%.
Meanwhile, the Nifty 50, which had also opened at a record high of 22,765.10, climbed further to 22,768.40, but fell more than 150 points to touch a low of 22,612.25. At close, the Nifty 50 was down 23.55 points, or 0.1%, at 22,642.75.
19 of the 30 stocks on the Sensex ended the day in the red, with Titan, Reliance Industries, Asian Paints, IndusInd Bank, and UltraTech Cement losing the most, while ICICI Bank, Infosys, Bajaj Finserv, Tata Steel, and Axis Bank, were the top gainers for the day.
Meanwhile, on the Nifty 50, 34 of the 50 stocks ended the day in the red, with Titan, Hero MotoCorp, Coal India, Reliance Industries, and Asian Paints, emerging as the top losers for the day, while Apollo Hospital Enterprises, Hindalco, ICICI Bank, Infosys, and Bajaj Finserv, were the top gainers for the day.
Separately, the broader market also ended in the red, with the BSE MidCap index closing down 0.47%, and the BSE SmallCap index down 0.15%.
Across sectors, the Media and PSU Bank were the biggest losers, both closing down 1.26%, and 0.84%, respectively. Following them were Consumer durables, FMCG, Oil & Gas, Auto, and Pharma indices, which were down 0.79%, 0.62%, 0.44%, 0.31%, and 0.19%.
Among the gainers for the day were Metal, closing up 1.13%, followed by Financial Services, and Bank, which closed up 0.36%, and 0.31%.
Sensex Today Live : Across sectors, the Media and PSU Bank were the biggest losers, both down 1.25%, and 0.90%, respectively. Following them were Consumer durables, FMCG, Oil & Gas, Auto, and Pharma indices, which were down 0.81%, 0.63%, 0.46%, 0.34%, and 0.17%.
Among the gainers were Metal, up 1.11%, followed by Financial Services, and Bank, which were up 0.30%, and 0.27%.
Sensex Today Live : Having shed their earlier gains, the broader market was in the red, with the BSE MidCap index down 0.42%, and the BSE SmallCap index down 0.10%.
Sensex Today Live : 30 of the 50 stocks on the Nifty 50 were in the red, with Titan, Coal India, Reliance Industries, Hero MotoCorp, and Tech Mahindra, emerging as the top losers of the day, while Apollo Hospital Enterprises, Hindalco, ICICI Bank, Bajaj Finserv, and Infosys, were the top gainers.
Sensex Today Live : 18 of the 30 stocks on the Sensex were in the red, with Titan, Reliance Industries, Tech Mahindra, Asian Paints, and IndusInd Bank losing the most, while ICICI Bank, Bajaj Finserv, Infosys, Tata Steel, and Axis Bank, were the top gainers.
Sensex Today Live : Indian benchmark indices had climbed down from their record highs on Tuesday and were trading down, following muted sentiment from global peers.
At 3 pm, Sensex was down 35.7 points, or 0.05%, at 74,706.80, and Nifty was down 25.15 points, or 0.11%, at 22,641.15.
Sensex Today Live : Size of QIP: ₹1,500 crore
Floor Price: ₹ 2,555.01 per equity share, with a face value of ₹ 10 each
Total Paid-up Equity Shares Post Allotment: 89,879,006
Angel One said the issue size, pegged at ₹1,500 crore, received an overwhelming response from both domestic and foreign institutional investors. It added, this fund raise through Qualified Institutional Placement (QIP), strategically positions the company for its growth trajectory, by way of funding the working capital requirements for the margin obligations that are fulfilled on behalf of our clients and the margin trading facility provided to our clients; and future growth requirements. It also said that some parts of the fund raised will be used for general corporate purpose.
Sensex Today Live : "Specialty chemical companies within our coverage are anticipated to report another challenging quarter, with 8/28/38% YoY drop in Rev/EBITDA/PAT.
These declines are primarily attributed to sustained demand pressure and reduced realization stemming from Chinese dumping. However, we anticipate a modest improvement on a sequential basis for most companies within our universe, as the destocking nears completion and some gradual improvement in the realization is witnessed for a few chemicals.
Despite this short-term relief, the chemical sector is expected to face continued strain. This is largely due to China's ongoing capacity expansions and the anticipated increase in capacity utilization within the EU27, which will further dampen demand and prices."
--Swarnendu Bhushan, Co. Head of Research, Prabhudas Lilladher
Sensex Today Live : We expect our cement coverage universe to report Revenue/EBITDA/PAT growth of ~15%/3%/-1% QoQ (~8%/17%/0% YoY) given strong sequential volume growth aided by demand improvement since mid-quarter.
Top Picks:
ACC: ACC will be a key beneficiary given parent’s focus on cost optimisation and volume growth. As Adani group is working on capacity expansion as well as margin improvement projects like WHRS, green energy and improving logistics efficiencies; we believe delta in margin improvement is higher for ACC.
Dalmia: We believe Dalmia is expected to deliver strong volume growth on weak 1H base and expect over 30% sequential volume growth in 4Q as company plans to regain its lost market share in earlier quarters. Dalmia valuations are attractive given its focus on volume growth, cost optimisation and improving market share.
Ultratech: UTCEM is well placed to capitalize on strong volume growth in domestic markets given a) its ongoing brownfield expansions expected to take its total grey cement producing capacity to ~192 mtpa by FY26E; b) rising focus on green energy to reduce power & fuel costs and c) strong balance sheet with ₹7 bn net cash by FY26E to keep avenues of inorganic growth open.
Sensex Today Live : Indian benchmark indices had climbed down from their record highs on Tuesday and turned red, following muted sentiment from global peers.
At 2 pm, Sensex was down 20.28 points, or 0.03%, at 74,722.22, and Nifty was down 9.60 points, or 0.04%, at 22,656.70.
Sensex Today Live : Dixon Technologies (India) informed the exchanges today it has entered into a Share Purchase Agreement with Ismartu India for the proposed acquisition of a majority stake constituting 50.10%, in the company.
In an exchange filing, the company said, "Dixon Technologies (India) Limited has entered into a Share Purchase Agreement with Ismartu In Pte. Limited (Ismartu Singapore), Transsion Technology Limited, 5A advisors LLP and Ismartu India Private Limited (Ismartu) for proposed acquisition of majority stake constituting 50.10% and further acquisitions in tranches in Ismartu and a Shareholders’ Agreement with Ismartu Singapore, 5A Advisors LLP, and Ismartu for operation and management of Ismartu".
The company said the consummation of the transaction as per definitive agreement will be subject to the approval of Competition Commission of India and other customary closing conditions.
Sensex Today Live : The real estate industry in India is currently experiencing a golden era. The demand is so robust that not even escalating interest rates can dampen it. The industry has witnessed an extraordinary rebound, with the Nifty Realty index skyrocketing nearly 100% in FY24.
We are aware of the significant contributors like Phoenix Mills, Oberoi Realty, and Prestige Estates. These firms made a substantial impact in FY24 and outperformed the market. (Read the full story here.)
Sensex Today Live : In the fiscal year 2023-24, Indian banks faced challenges in attracting deposits, despite a surge in credit growth. The Reserve Bank of India's (RBI) data revealed that the credit-deposit ratio reached its peak in at least two decades, as loan disbursements increased across various categories, including home loans and consumption loans.
The credit-deposit (CD) ratio, which signifies the proportion of a bank's deposit base used for loans, stood at 80% - the highest since 2005, the earliest year for which this ratio is available, according to RBI data. The data for FY24 is up to March 22, marking the last fortnight of the previous financial year. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were at record highs on Tuesday, led by robust expectations of strong Q4 results this earnings season.
At 1 pm, Sensex was up 130.11 points, or 0.17%, at 74,872.61, and Nifty was up 23.05 points, or 0.1%, at 22,689.35.
Sensex Today Live : The protracted process of IDBI Bank's privatization appears to be gaining momentum, with the central bank scrutinizing the eligibility of prospective bidders.
Initial bids for the government's majority stake in IDBI Bank have been submitted by entities including CSB Bank, backed by Prem Watsa, Kotak Mahindra Bank, and Emirates NBD, as per media reports. The Reserve Bank of India (RBI) is presently assessing whether these potential bidders meet its 'fit and proper criteria' for operating a financial services institution, as informed by two individuals familiar with the situation. (Read the full story here.)
Sensex Today Live : Indian Oil & Gas sector’s operating profit is expected to improve by 6% QoQ to ₹97,800 crore.
Upstream companies like ONGC and OIL India are expected to show marginal improvement in production with net crude realization of US$77.5/bbl post windfall tax.
Similarly, gas realization will remain unchanged QoQ at US$6.5/mmBtu. CGDs are expected to report 7-12% YoY volume growth with strong EBITDA/scm amid decline in spot LNG prices.
OMCs are expected to report moderate GRMs and GMMs.
RIL results expected to be improve QoQ with stronger refining margins. Downgrade from ‘Accumulate’ to ‘Hold’ rating with SOTP based TP of ₹2,902 (earlier TP 2,912), valuing standalone business at 7.5x FY26 EV/EBITDA, Retail at 39x FY26 EV/EBITDA and Jio at 15x FY26 EV/EBITDA
GAIL: We anticipate petchem volumes at 216KT in Q4. Downgrade from ‘REDUCE’ to ‘SELL’ with TP of ₹162 (earlier ₹157) based on 12x FY26 EPS of ₹10.9 adding value of investments of ₹28.
Rerate HPCL from ‘SELL’ to ‘REDUCE’ post correction in stock price with TP of ₹400 based on 1x FY26 PBV.
Maintain ‘SELL’ on BPCL and IOCL valuing at 1.3xFY26 PBV/1x FY26 PBV with TP of ₹504/ ₹144, respectively.
We also maintain ‘SELL’ on MRPL with TP of ₹142 based on 6x FY26 EV/EBITDA.
Maintain ‘ACCUMULATE’ on Oil India with a TP of ₹708 (earlier ₹538) based on 9x FY26 EPS. Maintain ‘HOLD’ rating on ONGC with TP of ₹262 (earlier ₹262) based on 7x FY26 EPS and adding the value of investments.
Gujarat Gas and IGL’s operating profitability to improve QoQ amid softening of spot LNG prices. We expect a 7%/8% YoY volume growth in Gujarat Gas/IGL. MGL’s volume is expected to grow 12% YoY.
Maintain ‘SELL’ on MGL with TP of ₹1,125 (earlier ₹1,124) based on 12x FY26 EPS. Downgrade IGL from ‘REDUCE’ to ‘SELL’ with a TP of ₹383 based on 14x FY26 EPS.
Maintain ‘HOLD’ on Gujarat Gas with TP of ₹548 (earlier ₹477) based on 29x FY26EPS. Maintain ‘ACCUMULATE’ on GSPL with a TP of ₹399 based on 7x FY26EPS adding the value of investments. Maintain ‘SELL’ on Petronet with a TP of ₹213 based on 10x FY26 EPS.
Sensex Today Live : Across sectors, the FMCG, Media, Pharma, Auto, and Oil & Gas indices were in the red, down 0.35%, 0.23%, 0.20%, 0.07%, and 04%, respectively.
Among the gainers, the Metal index was up 2.07%, followed by the Realty index, which was up 1.09%. Other heavyweight indices like Bank, Financial Services, IT, Healthcare, and Consumer Durables were also in the green.
Sensex Today Live : The broader market was up, with the BSE SmallCap gaining 0.46%, and the BSE MidCap index gaining 0.22%.
Sensex Today Live : Hindalco, Apollo Hospital Enterprises, Tata Steel, ICICI Bank, and Infosys, were the top gainers on the Nifty 50, while Coal India, Hero MotoCorp, Tata Consumer Products, Reliance Industries, and Asian Paints, were the top drags.
Sensex Today Live : Nine of the 30 stocks on the Sensex, were in the red at noon on Tuesday. The top drags were Asian Paints, Reliance Industries, Titan, Tech Mahindra, and Hindustan Unilever, while Tata Steel, ICICI Bank, Infosys, JSW Steel, and Axis Bank, were the top gainers.
Sensex Today Live : Indian benchmark indices were at record highs on Tuesday, led by robust expectations of strong Q4 results this earnings season.
At 12 pm, Sensex was up 295.01 points, or 0.39%, at 75,037.51, and Nifty was up 80.35 points, or 0.35%, at 22,746.65.
Organic Recycling System (ORS) today informed the exchanges it has partnered with Sardar Swaran Singh National Institute of Bio-Energy (SSS-NIBE) to develop a Napier grass-based anaerobic digestion process for biogas generation.
SSS-NIBE, Kapurthala, an autonomous institution under the Ministry of New and Renewable Energy and ORS have entered into a Memorandum of Understanding (MoU) to collaborate on sustainable technology development.
The collaboration will see both SSS-NIBE and ORS collaborate to establish a pilot biogas plant at ORS’s existing Solapur facility, which will allow researchers and engineers to fine-tune the biogas production process using a specific feedstock, and also facilitate the development and validation of technical processes and operational parameters, ensuring that anaerobic digestion technology is optimized for maximum efficiency and reliability.
Once the co-digestion process has been successfully tested and validated at the pilot scale, the collaboration aims to scale up the technology for commercial use.
Sensex Today Live : Natco Pharma informed the exchanges today that it has received a Warning Letter from the USFDA after the regulatory body inspected its Kothur facility in Telangana during the routine Good Manufacturing Practices inspection.
In an exchange filing, the company said, "We wish to inform you that the Company has received a Warning Leter dated 8th April, 2024 from the United States Food and Drug Administration (USFDA). The Company does not believe that the Warning Leter will have an impact on disruption of supplies or existing revenues from this facility. It may cause delay/withholding of pending product approvals from this site."
The company added that it will respond to the Warning Leter within the stipulated timelines and work closely with the USFDA to address the concerns in a holistic and timely manner to ensure sustained compliance.
Sensex Today Live : PNB Housing Finance, in a press release said, it has added 100 branches in the last four months of FY24, taking the total number of branches to 300.
The company, in the press release, said, "PNB Housing Finance added 100 branches in the last 4 months of FY24 alone, taking the total number to 300. It offers tailored financial solutions through 90 branches dedicated to serving Prime home loan customers, and a robust network of 160 branches to meet the needs of its affordable housing segment Roshni. Further, the Company has also diversified into a new category ‘Emerging Markets’, to leverage opportunities in the high-yielding customer segment through 50 branches in select geographies".
Sensex Today Live : Indian benchmark indices were at record highs on Tuesday, led by robust expectations of strong Q4 results this earnings season.
At 11 am, Sensex was up 312.22 points, or 0.42%, at 75,054.72, and Nifty was up 78.80 points, or 0.35%, at 22,745.10.
Sensex Today Live : Specialty and fine chemicals manufacturer Yasho Industries today informed the exchanges that it has started commercial production at its Pakhajan Plant in Dahej district, Gujarat.
In an exchange filing, the company said, "Spread over 42 acres, the 20,000 MTPA unit has been set up at an approximate cost of ₹470 crore, against the originally envisaged budget of Rs. 400 crore. This increase is on account of enhanced scope of automation done to improve efficiency levels, increased capacity by around 15% and inflationary factors."
Sensex Today Live : Godrej Properties’ bookings grew 135% YoY to over ₹9,500 crore in Q4 FY24. The company said, it sold 5,331 homes with a total area of over 8 million sq. ft.
The company’s bookings grew 84% YoY to over ₹22,500 crore in FY24, a growth of 84% year-on-year and 61% above the guidance provided at the start of the year. This was achieved through the sale of 14,310 homes in the year with a total area of 20 million sq. ft.
Highest ever quarterly sales in MMR with sales of more than ₹4,000 crore in Q4FY24
GPL achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20.00 million sq. ft. and an improved project mix. Sales volume for Q4FY24 grew by 56% to 8.17 million sq. ft.
Share Market Today Live : Sales Area stood at 1,12,931 sq. ft in Q4FY24, up 63% YoY
Sales Value stood at ₹287 crores in Q4FY24, up 104% YoY
Collections stood at Rs 197 crores in Q4FY24, up 91% YoY
Share Market Today Live : Two companies, Nicomac Machinery and RP Advisory Services, linked to Dr. Ravi Penmetsa, the ex-promoter of Gland Pharma, have initiated a block deal to sell a portion of their stake in the pharmaceutical company. The deal is valued at approximately $150 million, with an option to increase, according to three individuals familiar with the matter. One of these individuals stated that the block deal was launched with a base price of ₹1,725 per share, a 7.34 percent discount to the company's closing price of ₹1,861.70 per share on April 8. Another source mentioned that the Citi Bank is advising on the transaction, with an intended sale of about 4.4 to 5 percent stake through the trade. This person also added that Dr. Ravi Penmetsa will retain approximately 1 percent stake in the company.
Share Market Today Live : Godrej Properties’ bookings grew 135% YoY to over ₹9,500 crore in Q4 FY24. This is the highest ever quarterly sales announced to date by any publicly listed real estate developer in India, the company said. This was achieved through the sale of 5,331 homes with a total area of over 8 million sq. ft.
The company’s bookings grew 84% YoY to over ₹22,500 crore in FY24, a growth of 84% year-on-year and 61% above the guidance provided at the start of the year. This was achieved through the sale of 14,310 homes in the year with a total area of 20 million sq. ft..
Highest ever quarterly sales in MMR with sales of more than ₹4,000 crore in Q4FY24
GPL achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20.00 million sq. ft. and an improved project mix. Sales volume for Q4FY24 grew by 56% to 8.17 million sq. ft.
Share Market Today Live : Indian benchmark indices opened at fresh record highs on Tuesday, on the back of robust expectations of strong Q4 results.
At 10 am, Sensex was up 270.57 points, or 0.36%, at 75,013.07, and Nifty was up 76.10 points, or 0.34%, at 22,742.40.
Share Market Today Live : JTL Industries today informed the exchanges that it has strategically acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab. This grants JTL ownership of an advanced steel product manufacturing facility.
In an exchange filing, the company said the newly acquired plant has a manufacturing capacity of 200,000 tonnes and focuses on producing steel products such as coils and long steel products such as billets. Nabha's revenue has increased from around ₹113 Crores in FY23 to ₹225 Crores in FY24, the company said.
This acquisition will increase JTL's total backward integration capacity from 150,000 tonnes of coils (previously concentrated solely from the Raipur plant) to 250,000 tonnes of coils and 100,000 tonnes of long products, with backward integrated operations now spanning across Chhattisgarh and Punjab, the company said.
Share Market Today Live : Strides Pharma Science today informed the exchanges that its step‐ down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Fluoxetine Tabs 10 mg and 20 mg, from the United States Food & Drug Administration (USFDA).
The company said in an exchange filing that the product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD) Prozac tablets of Eli Lilly.
The company added that Fluoxetine tablets has a market size of around $23.9 million as per IMS.
Share Market Today Live : The Realty and IT indices were leading gains across sectors, up 1.86% and 1.20%, respectively, while FMCG, Pharma, PSU Bank, and Metal indices were in the red.
Share Market Today Live : The broader market was up, with the BSE SmallCap gaining 0.37%, and the BSE MidCap index gaining 0.16%.
Share Market Today Live : Infosys, Hero MotoCorp, Apollo Hospital Enterprises, LTIMindtree, and Wipro, were the top gainers on the Nifty 50, while Eicher Motors, ONGC, BPCL, Reliance Industries, and Titan were the top drags.
Share Market Today Live : 12 of the 30 stocks on the Sensex were in the red, with Reliance Industries, JSW Steel, Larsen & Toubro, Titan and Kotak Mahindra Bank, emerging as the top losers, while Infosys, Tata Motors, Wipro, ICICI Bank, and TCS, emerging as the top gainers.
Share Market Today Live : Indian benchmark indices opened at fresh record highs on Tuesday, led by firm cues from Asian peers, and on the back of robust expectations for Q4 results.
At opening bell, Sensex was up 202.26 points, or 0.27%, at 74,944.76 and Nifty was up 52.70 points, or 0.23%, at 22,719.
Share Market Today Live : "Banknifty finally retested the previous peak zone just to move ahead creating history to make new all time high of 48,716 level improving the bias and sentiment overall to anticipate for further rise. The index has further initial target of 49,800 level with 47,700 zone as the important support zone as of now. Banknifty would have the daily range of 48,200-49,000 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Share Market Today Live : "Nifty gradually picked up to record All Time High of 22,697 level thus strengthening the trend and can expect for further rise with bias maintained strong and indicators like RSI also showing strength with much upside potential visible from current rate. The index has got the next targets of 22,800 and 23,200 levels in the shortterm time frame with 22,000 zone as the important support zone as of now. The support for the day is seen at 22,500 level while the resistance would be seen at 22,800."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Share Market Today Live : Indian benchmark indices were up at pre-open on Tuesday, following gains in Asian peers and ahead of robust expectations of a strong Q4 earnings season.
Sensex was up 381.78 points, or 0.51%, at 75,124.28, and Nifty was up 64.65 points, or 0.29%, at 22,578.35 during pre-open.
Share Market Today Live : "In the current market landscape, the Nifty index stands at uncharted heights, propelled by several positive catalysts including robust Q4 corporate earnings expectations in India, strong US economic data, and easing oil prices. With Nifty options indicating a trading range between 21,900 and 23,000, investors eye key support and resistance levels. Preferred trades suggest buying Nifty and Bank Nifty at current levels, with potential targets at higher zones. Additionally, stocks like EICHER MOTORS, CANARA BANK, INDIGO, and M&M remain bullish, presenting buying opportunities amidst any corrective declines."
--Prashanth Tapse, Senior VP (Research), Mehta Equities
Share Market Today Live : Axis bank, TaMo, Gland Pharma, Prestige Group, Dilip Buildcon, Lupin, are a few stocks likely to be in focus on Tuesday, April 9.
Share Market Today Live : The Sensex and Nifty 50, India's stock market indices, are projected to open on a high note on Tuesday, building on the gains from Monday's rally. The Gift Nifty trends also suggest a positive start for the Indian benchmark index, trading around the 22,845 level, which is over 95 points premium from the previous close of Nifty futures.
On Monday, the domestic equity market concluded on a strong note, with the benchmark indices reaching new record highs. The Sensex increased by 494.28 points to close at 74,742.50, while the Nifty 50 rose by 152.60 points (0.68%) to settle at 22,666.30. The Nifty 50 chart formed a reasonably positive candle with a gap-up opening.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, commented on the technical pattern, "This pattern suggests a positive outlook for the market moving forward. Despite the Nifty reaching new highs, there is no indication of any reversal pattern forming at these levels. The positive chart patterns, such as higher tops and bottoms, remain intact according to the daily chart, and the current upward movement aligns with the formation of a new higher top in the pattern. However, there is no confirmation of any higher top reversal completing at these highs." (Read the full story here.)
Share Market Today Live : Following a positive trend in Asian markets, India's domestic equity market indices are expected to continue their upward trajectory and open higher on Tuesday. Despite a volatile session, the US stock market managed to close flat overnight.
Investors are now eagerly awaiting the minutes from the US Federal Reserve's policy meeting and crucial US inflation data, which will provide further insights into potential interest rate cuts.
Dhiraj Relli, MD & CEO at HDFC Securities, commented on the market's performance, "Following an impressive FY24, Indian equity markets continue to reach new heights. The anticipation of a positive outcome from the upcoming general elections and the potential policy implications are keeping market sentiments high. Encouraging monthly and yearly data announcements, along with operational and order updates from companies, are driving stock-specific purchases. However, the broader market is lagging, and investors should exercise caution when investing in small and mid-cap stocks without thorough due diligence." (Read the full story here.)
Stock Market Today Live : Markets in India were expeceted to open on a positive note, following gains in Asian peers, with a focus on industrial metal company stocks.
In India, at 8:16 am, Gift Nifty futures were trading at 22,830, more than 150 points ahead of Nifty 50's Monday close of 22,666.30, indicating a robust opening for Indian benchmark indices that were likely to test fresh all-time highs in Tuesday's trading session.
Industrial metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei rose 0.6%.
Shanghai copper futures were up 1% at a two-year high and have gained more than 10% in a month. Zinc made a five-month high in Shanghai, where Aluminium made a 22-month peak on Monday.
Even iron ore, battered by China's property downturn, steadied above $100 a tonne in Singapore.
On Monday, data showed German industrial production rising more than expected in February.
Last week, data showed U.S. manufacturing growing for the first time in one-and-a-half years. China's manufacturing activity expanded for the first time in six months in March.
Precious metals have been soaring, too, with gold hovering just below a record high of $2,353 hit on Monday. Spot gold has risen nearly 14% this year.
Silver hit its highest since mid-2021 on Monday and platinum has also shot higher. Brent crude is below recent peaks but clinging above $90 a barrel at $90.62.
Chinese stocks have not joined the party, though Hong Kong's Hang Seng was 1.2% higher in early trade and China proxies such as the Antipodean currencies have been rallying.
For global stock markets, bonds and currencies, the main focus this week is on U.S. inflation data due on Wednesday and the European Central Bank meeting on Thursday.
Expectations for U.S. rate cuts have been evaporating and where in January markets had expected more than 150 basis points in cuts, investors now are not even sure of half that many.
Annualised headline U.S. inflation is seen rising to 3.4% in March from 3.2% a month earlier. U.S. two-year yields, which track short-term interest rate expectations, are their highest since late November at 4.801%, while ten-year yields also hit 2024 highs of 4.46% on Monday.
