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Business News/ Markets / Live Blog/  Sensex Today | Market Close Highlights: Sensex ends down 110pts, Nifty up at 22,460; Consumer, O&G up, IT down
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Sensex Today | Market Close Highlights: Sensex ends down 110pts, Nifty up at 22,460; Consumer, O&G up, IT down

Sensex Today | Market Close Highlights : Foreign institutional investors (FIIs) net sold shares worth 522.30 crore, while domestic institutional investors (DIIs) purchased 1,208.42 crore worth of stocks on April 1, provisional data from the NSE showed.

Sensex Today | Market Close Highlights : The NSE has not added any stock to the F&O ban list for April 2. Premium
Sensex Today | Market Close Highlights : The NSE has not added any stock to the F&O ban list for April 2.

Sensex Today | Market Close Highlights : European equities rose as trading resumed following a holiday, with the UK’s FTSE 100 heading for a record-high close as commodity stocks rallied.

The Stoxx Europe 600 gained 0.4% by 9:20 a.m. in London, while the FTSE 100 climbed 0.7%.

Energy shares outperformed as oil advanced, with heightened geopolitical risks in the Middle East and tighter supply from Mexico helping to buoy prices. Miners also rose.

Bond traders priced in less monetary-policy easing by the Federal Reserve this year after a gauge of US manufacturing activity showed expansion for the first time since 2022. Meanwhile, Fed Chair Jerome Powell on Friday said the US central bank isn’t in any rush to cut interest rates as policymakers await more evidence that inflation is contained.

European stocks just marked their best quarter in a year as traders remained optimistic about the economy and that interest rates would come soon. The spotlight is turning to corporate earnings to drive the next leg of the rally in the region’s shares. Analysts expect profits to rebound 4% in 2024 after slumping last year, according to data compiled by Bloomberg Intelligence.

Hong Kong stocks outperformed in an otherwise range-bound Asian market, while bonds in the region fell as traders recalibrated their bets on the Federal Reserve’s easing.

Shares in Hong Kong jumped after a two-session holiday, tracking Monday’s gains in their mainland counterparts. A rally in Chinese shares took a breather.

Equity bulls in Asia appear to have hit a wall at the beginning of the second quarter after stocks recorded their best start to the year since 2019. Doubts over the quantum of rate cuts by the Fed and caution ahead of key economic data releases later this week are weighing on sentiment.

US equity futures dipped after the S&P 500 fell 0.2% Monday while the Nasdaq rose by the same margin.

South Korean shares rose on Tuesday, as heavyweight chipmaker Samsung Electronics jumped ahead of its preliminary earnings for the first quarter, offsetting losses across the broader market.

The won weakened, while the benchmark bond yield rose.

The benchmark KOSPI closed up 5.30 points, or 0.19%, at 2,753.16.

Japanese shares erased morning gains. The yen held on to Monday’s losses, with the currency’s weakness increasing the risk that officials may intervene in the market.

In the bond market, Australian and New Zealand yields climbed, echoing moves in Treasuries. US bonds steadied in Asian trading after falling across the curve Monday — with 10-year yields rising over 10 basis points — as manufacturing unexpectedly expanded for the first time since September 2022 and input costs climbed.

Following the report, the amount of Fed easing priced into swap contracts for this year slid to around 65 basis points — less than forecast by policymakers.

The Institute for Supply Management’s manufacturing gauge rose to 50.3 last month. While barely above the level of 50 that separates expansion and contraction, it halted 16 straight months of shrinking activity. At the same time, the group’s index of prices paid rose to 55.8, the highest since July 2022.

Later this week, data is expected to show employment gains continued in March while wage growth moderated.

In commodities, oil traded near a five-month high with heightened geopolitical risks in the Middle East and tighter supply from Mexico helping to buoy prices. Gold was steady after hitting an all-time high in the previous session.

02 Apr 2024, 03:45:21 PM IST

Sensex Today Live : Closing Bell Wrap

Sensex Today Live : Down for most of the trading session on Tuesday, Indian benchmark indices pared some of their losses and ended the day on a mixed note, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

Sensex, which had opened lower at 74,022.30, traded around a low of 73,743.77 for most of the day. At close, it pared some of its losses to close at 73,903.91, down 110.64 points, or 0.15%.

Meanwhile, the Nifty 50, which had opened lower at 22,458.80, traded around the low of 22,388.15 for most of the day, but pared most of its losses to end on a flat but positive note. At close, the Nifty 50 was up 2.30 points, or 0.1%, at 22,464.30.

Half of the 30 stocks on the Sensex ended the day in the red, with Kotak Mahindra Bank, HCLTech, ICICI Bank, Sun Pharma, and Infosys, emerging as the top drags on the benchmark index, while Mahindra & Mahindra, Nestle India, Tata Motors, IndusInd Bank, and SBI, were the top gainers for the day.

On the Nifty 50, Tata Consumer Products, Mahindra & Mahindra, BPCL, Bajaj Auto, and Adani Ports & SEZ, were the top gainers, while Hero MotoCorp, Kotak Mahindra Bank, HCLTech, ICICI Bank, and SBI Life, were the top drags.

The broader market outperformed the benchmark indices, with the BSE SmallCap index gaining 1.28% for the day, and the BSE MidCap index gaining 1.14%.

Across sectors, the IT index was the top loser for the day, closing down 0.71%, followed by the Financial Services index, which was down 0.22% at close. The Bank index closed down 0.07%, while the healthcare and pharma indices were down 0.18%, and 0.12%, at close.

The Consumer Durables index had gained the most at the end of the day at 1.86%, followed by the Media and Metal indices, which were up 1.85% and 1.50%, respectively.

The Oil & Gas index was up 1.30%, and the Realty and Auto indices were up 1.01% and 1.07%respectively, while the FMCG index closed up 0.39%.

02 Apr 2024, 03:25:46 PM IST

Sensex Today Live : Bosch Limited to receive refund of ₹116.38 crore for AY2013-13

Sensex Today Live : Bosch Limited today informed the exchanges that it has received intimation from the Income Tax Department regarding the refund of 116.38 crore for the assessment year 2013-13.

In an exchange filing, the company said, "We wish to inform you that Bosch Limited has received Assessment Order under Section 143(3) of the Income Tax Act, 1961 for assessment year 2013-14 with refund of INR 116.38 crores (including interest). The Company is in the process of evaluating the implications of the order on the financial statements for the quarter and year ending March 31, 2024."

02 Apr 2024, 03:18:01 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, the IT index was the top loser, trading down 0.74%, followed by the Financial Services index, which was down 0.30%. The Bank index was down 0.13%, while the healthcare and pharma indices were down 0.22%, and 0.15%.

The Consumer Durables index had gained the most at 1.85%, followed by the Media and Metal indices, which were up 1.56% and 1.50%, respectively. The Oil & Gas index was up 1.21%, and the Realty and Auto indices were up 0.99% each, while the FMCG index was up 0.41%.

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02 Apr 2024, 03:12:16 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market outperformed the benchmark indices Sensex and Nifty, with the BSE SmallCap index gaining 1.27%, and the BSE MidCap index gaining 1.11%.

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02 Apr 2024, 03:10:04 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : On the Nifty 50, Tata Consumer Products, Mahindra & Mahindra, Bajaj Auto, BPCL, and Adani Ports & SEZ, were the top gainers, while Hero MotoCorp, HCLTech, Kotak Mahindra Bank, ICICI Bank, and SBI Life, were the top drags. 

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02 Apr 2024, 03:06:07 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : More than half of the 30 stocks on the Sensex were in the red, with ICICI Bank, HCLTech, Kotak Mahindra Bank, Bharti Airtel, and Larsen & Toubro, emerging as the top drags on the benchmark index, while Mahindra & Mahindra, Nestle India, IndusInd Bank, Tata Motors, and SBI, were the top gainers.

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02 Apr 2024, 03:02:17 PM IST

Sensex Today Live : 3 pm Market Update

Sensex Today Live : Indian benchmark indices were down on Tuesday, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

At 3 pm, Sensex was down 151.51 points, or 0.20%, at 73,863.04, and Nifty was down 18.80 points, or 0.08%, at 22,443.20.

02 Apr 2024, 02:54:13 PM IST

Sensex Today Live : Cupid Ltd calls Vikas Lifecare's suit non-maintainable; moves Rajasthan High Court and Supreme Court

Sensex Today Live : Cupid Ltd informed the exchanges that it has moved an application in the Rajasthan High Court, to appeal against the suit filed by Vikas Lifecare.

In an exchange filing, Cupid said, "This is to convey that after the passing of the orders dt. 30.03.2024 by the ADJ-lll, Alwar, on the various applications, the attached complaint dt. 31 .03.2024 has been lodged with the Hon'ble Chief Justice of lndia and the Hon'ble Chief Justice of High Court of Rajasthan, wherein it is being categorically stated that orders are being passed in a totally nonmaintainable suit, filed by the plaintiff - Vikas Lifecare Ltd. (Vikas), even though there is no concluded contract, no passing of consideration from Vikas to Mr. Om and Veena Garg (Gargs), who have sold their shares to Mr. Adrtya Halwasrya and Columbia Petrochem Ltd Attached is the copy of the complaint dt. 31 03 2024."

The company added "It may be mentioned that prior to the filing of the suit by Vikas at Alwar, two writ petitions filed by Vikas in the High Court of Rajasthan - Jaipur Bench were dismissed vide orders dt 09.05.2023 and 01 .11.2023. Thereafter, this false / frivolous and non-maintainable suit / case has been filed by Vikas in the District Court at Alwar, for reasons best known to Vikas, which can only be guessed, wherein illegal orders are being obtained for the sole purpose of blackmailing for extortion from Gargs and / or Cupid Ltd".

The company added that it has "instructed its advocates to take / initiate urgent appropriate steps before the Hon'ble High Court of Rajasthan by filing appeals / petitions, etc.".

02 Apr 2024, 02:40:09 PM IST

Sensex Today Live : Param Desai, Senior Research Analyst at Prabhudas Lilladher recommends to 'BUY' Aster DM Healthcare; says margins to scale up

Sensex Today Live : Rating: BUY | CMP: 408 | TP: 515

Our ASTER DM Healthcare India EBITDA stands increased by 4-5% for FY25 and FY26 as we factor in higher operating margins. This has been aided by gross margin expansion, occupancy scale up and faster ramp up in its Whitefield new unit.

ASTERDM India’s EBITDA increased sharply over last 3 years (30% CAGR over FY20-23) and growth momentum continued in FY24 with ~30% YoY growth. We estimate 29% pre IND AS EBITDA CAGR from India business over FY24-26E aided by scale up in margins, healthy ARPOB and bed additions.

At current market price, adjusted for GCC and minority stake, the India business is trading at 17x EV/EBITDA on FY26E respectively which is at 15-40% discount to listed peers. We believe such steep discount is unwarranted given similar growth profile.

We maintain ‘BUY’ rating with revised TP of Rs515 (earlier Rs. 500) valuing India hospital segment at 22x EV/EBITDA on FY26E EBITDA. Timely closure of GCC divestment and utilization of proceeds will be key monitorable in near term.

02 Apr 2024, 02:30:51 PM IST

Sensex Today Live : Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, gives technical recommendation on Paras Defence

Sensex Today Live : PARAS DEFENCE cmp: 659

"The stock has corrected quite well and has taken support near 610 levels forming a double bottom formation on the daily chart, thereafter witnessing a pullback to improve the bias. The RSI has recovered from the oversold zone to indicate a trend reversal signalling a buy. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 760 and 820 levels in the coming days keeping the stop loss of 605 level."

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

02 Apr 2024, 02:28:44 PM IST

Sensex Today Live : ION Exchange bags ₹250 crore contact from Material Construction, UAE, for construction of desalination plant in North Africa

Sensex Today Live : ION Exchange informed the exchanges today that it has bagged a contact from Material Construction, UAE, for the "Engineering, Manufacturing, Delivery to site, supervision of erection, commissioning and start-up of Desalinated water unit for a project in North Africa at a contract value of INR 250.65 crores excluding VAT and other taxes. The project is to be completed within 7 months from the date of approval of Engineering."

02 Apr 2024, 02:17:52 PM IST

Sensex Today Live : EaseMyTrip partners with Rajasthan Royals as official travel and experience partner

Sensex Today Live : EaseMyTrip today informed the exchanges that it has been selected as the official Travel and Experience Partner of Royals Sports Group-owned IPL franchise Rajasthan Royals for the ongoing 2024 season.

The company said, "The association enables the Royals to travel seamlessly across the country for their away matches, with EaseMyTrip providing assistance given their expertise in travel bookings, hospitality services and other travel requirements. As part of the tie-up, the Royals will be seen endorsing the value-add being brought to the franchise through EaseMyTrip's hassle-free travel bookings services. The partnership will come to life in the form of engaging and entertaining pieces of digital content - something that the Royals are renowned for."

02 Apr 2024, 02:01:36 PM IST

Sensex Today Live : 2 pm Market Update

Sensex Today Live : Indian benchmark indices were down on Tuesday, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

At 2 pm, Sensex was down 233.53 points, or 0.32%, at 73,781.02, and Nifty was down 55.20 points, or 0.25%, at 22,406.80.

02 Apr 2024, 01:57:55 PM IST

Sensex Today Live : Shree Cement inaugurates integrated cement plant in Guntur, Andhra Pradesh, with 3 million tons capacity

Sensex Today Live : Shree Cement, today informed the exchanges that it has inaugurated its new integrated plant at Dachepalli village, Guntur, Andhra Pradesh, six months ahead of schedule.

The new plant, built with an investment of 2,500 crore, has cement production capacity of 3 MTPA, and it will propel Shree Cement’s manufacturing capacity to 56.4 MTPA.

The Guntur plant will be Shree Cement’s sixth integrated production facility in the country and second in the Southern region after Kodla in Karnataka.

Located strategically to cater to the growing markets of Telangana and Andhra Pradesh, the new unit is expected to generate approximately 700 direct jobs and 1,300 indirect jobs.

02 Apr 2024, 01:52:29 PM IST

Sensex Today Live : Court directs Cupid Ltd to maintain status quo on its capital structure and furnish bank guarantee of ₹150 crore in case related to acquisition of 44.84% stake by Vikas Lifecare

Sensex Today Live : Vikas Lifecare today informed the exchanges that the District Court of Alwar, has directed Cupid Ltd to furnish a bank guarantee of 149.52 crore, and refrain from creating any third party rights on the company's shares in a disputed related to the acquisition of 44.84% stake by Vikas Lifecare.

In an exchange filing, Vikas Lifecare informed that the court has directed, "M/s Cupid Ltd and all defendants have been restrained from changing the Capital/ Financial Structure of M/s Cupid Ltd and /or creation of any Third Party Rights in the said Shares.

2. Before carrying any out any change in Capital/Financial Structure of M/s Cupid Ltd and/ or dealing with the Shares, a Bank Guarantee of Rs.149.52 Crores (i.e. 59,81,036 shares @ Rs.250/-each share) is required to be deposited before the Hon'ble Court."

02 Apr 2024, 01:31:04 PM IST

Sensex Today Live : Mankind Pharma to hive off OTC business in a slump sale to a wholly-owned subsidiary to grow the business

Sensex Today Live : Mankind Pharma today informed the exchanges that it's board has approved the slump sale of its OTC business to a wholly-owned subsidiary, called Mankind Consumer Products Private Limited.

The aim of the latest move is to grow the OTC business in a more focussed manner, the company said.

In an exchange filing, the company said, "The Board of Directors of the Company have approved the slump sale of the OTC Business of the Company today i.e. April 2, 2024 including authority to directors/ officers of the Company to enter into the Business Transfer Agreement and other related documents to give effect to the transaction. The Business Transfer Agreement (“BTA") will be executed in due course."

Revenue/Income of OTC Business for FY 2022-2023 is Rs. 704 crores (8.7% of Rs. 8,127 crore being Revenue/Income of Mankind Pharma.)

Net-worth of OTC Business as on March 31, 2023, is Rs. 155 crore (2 % of Net Worth of Company). Net worth of Company as on March 31, 2023 is 7,783.91 crore.

The company said the slump sale will likely be effective on or before October 1, 2024.

02 Apr 2024, 01:09:19 PM IST

Sensex Today Live : Rising adoption of EVs to pose as biggest threat to CNG, says Prabhudas Lilladher’s Oil and Gas Report; downgrades Indraprastha Gas rating from Hold to Reduce and Mahanagar Gas from Reduce to Sell

Sensex Today Live : Prabhudas Lilladher in its latest report on Oil & Gas said that while IGL has shown a CAGR of 8.4% in total gas sales during the last decade, sustainability of the same has been a concern due to the rising adoption of EVs.

Based on PL’s analysis, CNG sales account for 75/73% of IGL/MGL’s total volume in 9MFY24. MGL, which was already on a lower trajectory of 4.9% CAGR during the past decade, has a much bigger concern due to lack of new avenues of growth.

Prabhudas Lilladher downgrades IGL’s rating from HOLD to REDUCE with a TP of 382 based on 14x FY26 EPS. Similarly, we downgrade rating for MGL from REDUCE to SELL with a TP of 1,124 based on 12x FY26EPS.

02 Apr 2024, 01:02:18 PM IST

Sensex Today Live : 1 pm Market Update

Sensex Today Live : Indian benchmark indices were down on Tuesday, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

At 1 pm, Sensex was down 180.66 points, or 0.24%, at 73,833.89, and Nifty was down 38.80 points, or 0.17%, at 22,423.20.

02 Apr 2024, 12:47:30 PM IST

Sensex Today Live : Jinesh Joshi, Research Analyst at Prabhudas Lilladher gives sector update on Multiplexes, says BO collections remain flat in Q4FY24

Sensex Today Live : Industry wide net box office collections' (NBOC, including regional movies) increased 3% YoY to around 19.3 billion in Q4FY24E. List of movies that have crossed 1 billion barrier during the quarter include Fighter – 2.1 bn; HanuMan – 2.0 bn; Shaitaan – 1.4 bn; Guntur Kaaram – 1.3 bn; Manjummel Boys – 1.2 bn.

In addition, there were movies like Article 370 (NBOC of 772 mn) and Teri Baaton Mein Aisa Uljha Raha ( 850 mn) that have done well in this quarter.

Back of the envelope calculations reveal PVR-Inox’s footfalls can be……

Over the last 3-4 quarters, PVR-Inox’s share in industry wide BO collections has been in the band of 32-37%.

If we assume a share of 34% (average of last 4 quarters) in Q4FY24E, PVR-Inox’s NBOC can be 6,574 mn.

In Q4FY23/Q3FY24, net ATP (excluding GST) was 197/ 228 respectively. Since Q4FY23 was the first quarter of consolidation and merger became effective from 6 Feb 2023, we assume net ATP of Q3FY24 as a base for forward projections.

Assuming no sequential growth in ATP (3QFY24 had blockbuster pricing amid big budget releases like Animal, Dunki and Salaar), footfalls can be 28.8 mn (NBOC/Net ATP), a fall of 5.6% YoY.

Further, our checks reveal pipeline for Q1FY25 is not that exciting and if Kalki 2898 AD gets postponed then the overall BO collections for the next quarter can get severely impacted. We maintain ACCUMULATE on PVR-Inox with a TP of 1,719 as the stock trades at an attractive EV/EBITDA valuations of 12x/10x (pre-IND AS projections taken into consideration) our FY25E/FY26E estimates.

PS: Please note these are just back of the envelope calculations to get an rough idea on footfalls. Our forecast is based on certain assumptions.

02 Apr 2024, 12:21:20 PM IST

Sensex Today Live : Sterlite Technologies bags order worth around ₹900 crores in FY24

Sensex Today Live : Sterlite Technologies today informed the exchanges that it has cumulatively been awarded orders worth around 900 crore in FY24 to provide integrated optical solutions to the leading service providers in the country.

The company said that its advanced Optical solutions and Smart Fibre Deployment services have been supporting service providers in bringing high-speed connectivity to Indians in more than 20 states.

02 Apr 2024, 12:16:45 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, the IT, Financial Services, Healthcare and Pharma indices were in the red, down 0.60%. 0.16%, 0.17%, and 0.04%, respectively.

That apart, the Consumer Durables index was up 1.79%, followed by the Realty and Media indices, which were up 1.52%, and 1.02%.

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02 Apr 2024, 12:12:04 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : In the broader market, the BSE SmallCap index was up 1.02%, and the BSE MidCap index was up 0.86%. 

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02 Apr 2024, 12:09:10 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : Bajaj AUto, BPCL, Adani Ports & SEZ, IndusInd Bank, and Divi's Lab, were the top gainers on the Nifty 50, while Hero MotoCorp, ICICI Bank, Larsen & Toubro, Kotak Mahindra Bank, and SBI Life, were the top drags on the benchmark index. 

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02 Apr 2024, 12:04:18 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 11 of the 30 stocks in the Sensex, were in the green at noon, with IndusInd Bank, Tata Motors, Mahindra & Mahindra, HDFC bank, and Nestle India, leading the gains, while ICICI Bank, Larsen & toubro, Kotak Mahindra Bank, Axis Bank, and Wipro, emerging as the top drags. 

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02 Apr 2024, 12:01:58 PM IST

Sensex Today Live : 12 pm Market Update

Sensex Today Live : Indian benchmark indices were down on Tuesday, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

At 12 pm, Sensex was down 191.54 points, or 0.26%, at 73,823.01, and Nifty was down 44.30 points, or 0.2%, at 22,417.70.

02 Apr 2024, 11:59:03 AM IST

Sensex Today Live : Ramky Infrastructure raises ₹300 crores through NCDs issued to promoters and others to retire debt

Sensex Today Live : Ramky Infrastructure, informed the exchanges today that its subsidiary, Srinagar Banihal Expressway, has issued NCDs to two investors, which includes one promoter entity, to raise 300 crores with a view to repay an inter-corporate deposit it had borrowed from the promoter group to facilitate the settlement of the One Time Settlement obligation arising from its erstwhile lenders.

In an exchange filing, the company said, "This is to inform the stakeholders that Srinagar Banihal Expressway Limited (SBEL), a material subsidiary of Ramky Infrastructure Limited (RIL) has allotted 16% Secured, Unlisted, Unrated, Redeemable, Non-convertible Debentures (NCDs) to two investors to the extent of INR 300 Crores. One of the subscribers to this NCD happens to be a member of the promoter group of RIL".

The company added in the exchange filing that the proceeds from the debentures were used for the repayment of part of the outstanding Inter Corporate Deposit (ICD) that was borrowed from a member of the promoter group to facilitate the settlement of the One Time Settlement obligation owed to the erstwhile lenders on the stipulated due date of 31January 2024.

02 Apr 2024, 11:30:08 AM IST

Sensex Today Live : Tushar Chaudhari, Research Analyst at Prabhudas Lilladher gives update on Cement sector after March channel check

Sensex Today Live : Prabhudas Lilladher interacted with few cement dealers across regions to gauge demand and pricing scenario. As per its interaction, demand remains muted due to Holi festival, sand availability in Hyderabad & Central region, and general slowdown ahead of elections. Few takeaways across regions:

North region: Demand has been low due to general slowdown and Holi festival which has resulted in lower availability of labor. Demand is also usually slow in March which shall pick up from April onwards. Sand availability issue that persisted in Rajasthan region before is over. Sand is currently selling at ~ 1,300-1400/t. As per few dealers, cement price is expected to increase by ~ 10 per bag in April.

South region: Price is under pressure due to year end targets and upcoming election. Demand is low due to slowdown in construction activity. However, few dealers expected some price hike (~ 30-50) in April as price hikes are usually taken in this period. Hyderabad region is facing demand slowdown due to sand availability issue. Sand prices have more than doubled from 1,200-1,500/t to 2,600-3,500/t. The demand is also low due to tightness in money market.

East region: Demand is slow in the Eastern market as there is tightness in the money market and onset of festival season. The payments from State government is slow. Supply is greater than demand; however, in past few days demand has improved mainly from IHB. Patna also witnessed rainfall in the past few days. There is general slowdown in the economy which has hampered cash rollouts.

West region: In Maharashtra region, demand has been mixed, it was good in tier 1 cities while in Thane & Palghar areas it was weak but expected to improve in April. Prices have declined a bit which we believe might increase post elections only. However, few dealers talked about price hikes of ~Rs10-15 per bag in April. In Gujarat, demand has been stable but labor availability was an issue due to Holi; prices are expected to increase by ~Rs15-20 per bag in April.

Central region: Demand has been good in Lucknow region, although prices have declined a bit. Demand was lower in Agra region led by festivities and lower construction work. Demand from government projects has been low. Sand availability is an issue in Central region too. Demand is expected to be weak in April.

PL View: Few of the dealers from South, North and West regions have mentioned about possible price hikes in the month of April. If price hikes are undertaken by companies, expect a) Ultratech, Ramco, Sagar Cement to be major beneficiaries in Southern region, b) JK Cement, Shree, JKLC, Ambuja in Northern region and c) Ambuja, Birla Corp, Ultratech in Western region.

02 Apr 2024, 11:16:35 AM IST

Sensex Today Live : Macquarie Equity Research gives 'Outperform Rating' to AB Capital, with a Target Price of ₹230

Sensex Today Live : ABCL offers 30%+ upside potential and is the top pick in the NBFC space

Access to competitive funding, strong SME business growth, and improved protection mix should drive profitability of NBFC/insurance

Availability of a large group ecosystem & diversified distribution mix to facilitate robust loan/APE growth higher than peers/avg. of listed peers

Poised to show strong growth in loans and earnings driven by lending and savings businesses in the next several years.

The moats are:

Strong parentage and AAA rating providing access to competitive funding

Leveraging the ABG group and ABCL ecosystem for cross-selling and upselling in NBFC, insurance, and other segments

Diversified product suite and distribution mix avoiding concentration risk in terms of product segment dependency

Strong senior leadership providing confidence on underwriting and asset quality

Value unlocking in NBFC and insurance business

02 Apr 2024, 11:02:30 AM IST

Sensex Today Live : 11 am Market Update

Sensex Today Live : Indian benchmark indices were down on Tuesday, led by weak signals from global peers, along with marginally lower-than-expected Manufacturing PMI for March.

At 11 am, Sensex was down 244.52 points, or 0.33%, at 73,770.03, and Nifty was down 66.15 points, or 0.29%, at 22,395.85.

02 Apr 2024, 10:57:36 AM IST

Sensex Today Live : India's manifacturing PMI reached 59.1 in March, up from 56.9 in February

Sensex Today Live : The manufacturing sector in India ended FY24 with a "stellar performance" in March, as per a private survey.

The HSBC India Manufacturing PMI escalated to a 16-year peak of 59.1 in March, up from 56.9 in February.

Companies increased hiring due to strong production and new orders.

This score, the highest since February 2008, was slightly below HSBC's initial estimate of 59.2. A PMI score above 50 indicates expansion rather than contraction.

Manufacturing output in India increased for the 33rd successive month, with growth accelerating across consumer, intermediate, and investment goods sectors.

02 Apr 2024, 10:46:48 AM IST

Sensex Today Live : SpiceJet secures ownership of 19 Q400s, and three Boeing aircraft in various settlements

Sensex Today Live : SpiceJet today informed the exchanges that it is poised to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year.

Under the agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, the airline has acquired full ownership of six Q400s. The airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet. The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon.

The timely arrival of the Q400 aircraft aligns with the upcoming summer schedule, enabling the airline to offer seamless connectivity and enhanced services to passengers during peak travel seasons. SpiceJet has recently announced four major settlements with key aircraft lessors, resulting in substantial savings of INR 1,252 Crore for the airline.

On March 26, SpiceJet announced a significant settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities amounting to nearly $91 million, as per SpiceJet's records, leading to substantial savings of INR 567 crore for the airline.

In addition to the EDC settlement, SpiceJet finalized three other noteworthy agreements, including those with aircraft leasing firms, Cross Ocean Partners and AerCap. These settlements collectively yielded savings of INR 685 Crore for the airline. Moreover, SpiceJet acquired three Boeing aircraft as part of these agreements.

02 Apr 2024, 10:26:59 AM IST

Sensex Today Live : RBL Bank shuffles Senior Management roles, appoints Parag Kale as Chief Credit Officer - Retail & Head-Retail Collections

Sensex Today Live : RBL Bank today informed the exchanges about a slew of changes to some of its senior management roles. In an exchange filing, the company said it has appointed Parag Kale, currently Business Head - Secured Business, as the Chief Credit Officer - Retail & Head-Retail Collections.

The company added that it has appointed Kamal Sabhlok as Head, Secured and Micro-Finance Business & Credit Card Collections. He was serving as the Chief Credit Officer – Retail, before his current role.

RBL Bank further stated in an exchange filing that it has appointed Sujit Ghalsasi, currently serving as the Head of Rural Vehicle Finance, to the role of Head, Vehicle Finance.

The bank, in the exchange filing, said, "we wish to inform you of the following internal changes in the Senior Management of the Bank with effect from April 01, 2024".

The bank also saidm that the new apointees, along with Prabakaran S., currently serving as Head - Business Banking, Agriculture & PSL, will be reporting to the Executive Director of the bank and are part of Senior Management Personnel.

02 Apr 2024, 10:12:26 AM IST

Sensex Today Live : BASF India signs 2.7 MW renewable power purchase agreement with Hero Rooftop Energy SPV, to invest ₹1.5 crore to operationalise agreement

Sensex Today Live : BASF India today informed the exchanges that it has entered into a 25-year long-term power purchase agreement with Clean Renewable Energy KK 2C Pvt. Ltd., a special purpose vehicle incorporated by Hero Rooftop Energy Pvt. Ltd., for procurement of 2.7 MW of renewable power for its manufacturing facility in Mangalore.

In an exchange filing, the company said, "In order to avail the benefit available to the captive users under the Applicable Laws, the Company will hold 26% equity share capital of Clean Renewable Energy KK 2C Private Limited as required under the Applicable Laws for an amount not exceeding Rs.1.5 crores. Accordingly, the Company, Clean Renewable Energy KK 2C Private Limited and Hero Rooftop Energy Private Limited have signed a Share Subscription and Shareholder Agreement on 2nd April, 2024. Closing of the transaction is subject to customary conditions precedent including receipt of requisite approvals".

02 Apr 2024, 10:01:51 AM IST

Sensex Today Live : 10 am Market Update

Sensex Today Live : Indian benchmark indices marginally lower on Tuesday, led by mixed signals from global peers.

At 10 am, Sensex was down 94.1 points, or 0.13%, at 73,920.45, and Nifty was down 22.80 points, or 0.1%, at 22,439.20.

02 Apr 2024, 09:59:50 AM IST

Sensex Today Live : RateGain Travel's connectivity platform now available on the Oracle Cloud Marketplace for deployment on Oracle Cloud Infrastructure

Sensex Today Live : RateGain Travel Technologies Limited today informed the exchanges that its connectivity platform will now be available on the Oracle Cloud Marketplace and it can be deployed on Oracle Cloud Infrastructure (OCI) and integrated with the Oracle OPERA Cloud via the Oracle Hospitality Integration Platform (OHIP).

Oracle Cloud Marketplace is a centralized repository of enterprise applications offered by Oracle and Oracle partners.

The company said that the RateGain Connectivity platform with OPERA Cloud will offer OCI customers additional benefits, such as access to global demand, increased online revenue through a single platform that manages third-party and direct distribution on Metas and GDS, and on-demand scalability and faster time-to-value.

02 Apr 2024, 09:54:54 AM IST

Sensex Today Live : Anant Raj achieves pre-sales of ₹4,150 crores for its projects at Sector 63A, Gurugram, Haryana

Sensex Today Live : Real estate frim Anant Raj today informed the exchanges that it has achieved pre-sales of 4,150 cores for its projects in Sector 63A, Gurugram, Haryana.

In an exchange filing, the company said, "it is hereby informed that as on date, the Company has achieved pre sales of INR 4,150 crores for its projects at Sector 63A Gurugram, Haryana".

The company added that it will start handing over the projects from the current financial year and delivered in next four years.

02 Apr 2024, 09:46:22 AM IST

Sensex Today Live : Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher gives market forecast for Tuesday

Sensex Today Live : Nifty daily range 22,300-22,600

Nifty extended the gains further to breach above the previous peak zone and record new high of 22,529 levels during the intraday session with sentiment and bias turned strong.

The index has got the next higher targets of 22,800 and 23,400 levels with near-term major support maintained near 22,000 zone.

BankNifty gained momentum breaching above the crucial 47,300 zone during the intraday session with HDFC Bank, SBI, ICICI Bank helping the index to rise further.

The index is yet to record the new high zone and would need a decisive breach above 46,637 levels to anticipate for a clear breakout.

The support for the day is seen at 73,500/22,300 level while the resistance would be seen at 74,600/22,600 levels. BankNifty would have the daily range of 47,200-48,000 levels.

02 Apr 2024, 09:41:53 AM IST

Sensex Today Live : Tata Technologies enters into a 50:50 joint venture with BMW Holding B.V., Netherlands

Sensex Today Live : Tata Technologies today informed the exchanges that it has entered into a joint venture agreement with BMW Holding B.V., Netherlands.

In an exchange filing, the company said, "The joint venture will aid BMW Group in engineering premium products, delivering great digital experiences for its customers and propelling its digital transformation journey. The focus will be on delivering automotive software, including software-defined vehicle (SDV) solutions for its premium vehicles and digital transformation solutions for business IT".

02 Apr 2024, 09:38:48 AM IST

Sensex Today Live : South Indian Bank shares down 4% after bank gives business update for Q4FY24

Sensex Today Live : On Monday, April 1, the South Indian Bank released its fourth-quarter business update, revealing that the bank's gross advances rose to 80,337 crore, up from 77,786 crore in the previous quarter. The bank also saw an increase in total deposits, which reached 1.02 lakh crore, compared to 99,155 crore in the previous quarter. The bank's Current Account Savings Account (CASA) demonstrated a positive trend, with an 8% increase to 32,654 crore from 31,529 crore in the previous quarter. The bank added a note stating that the above data is provisional and subject to an audit by the bank's statutory auditors.

02 Apr 2024, 09:29:40 AM IST

Sensex Today Live : SBI Research gives update before MPC meeting on April 3-5

Sensex Today Live : To test the hypothesis of future values of emerging economy rates being influenced by past values of advanced economy rates, granger causality tests, involving the data from Jan 2008 to Mar 2024 shows that all major emerging economies rates such as of Indonesia, India, Malaysia, Saudi Arabia, Thailand are either being predicted by past movements of US rates or UK rates, signifying granger causality relationship…Lag of 2 months is found to be optimal lag of operation in the interplay of these rates across countries….RBI might cut rates only in Q3FY25

With moderate fuel prices, inflation is currently being driven by food price dynamics. CPI inflation is mostly driven by good inflation. Looking ahead evolving food prices will determine domestic inflation. CPI inflation is expected to remain slightly above 5.0% in the remaining month of FY24. Core CPI declined to 3.37% - a 52-months low.

Inflation is expected to decline till Jul’24 but increase thereafter to reach a peak of 5.4% in Sep’24, followed by a deceleration. For the whole FY25, CPI inflation is likely to average to 4.5% (FY24: 5.4%).

On the banking front, deposit growth has rebounded but sustained credit growth momentum has increased wedge between deposits and credit growth…As on 08 Marc, ASCBs credit grew by 20.41% (15.7% last Year) and deposits by 13.7% (10.3% last year). Latest credit growth numbers reveal a sustained pick up across Agriculture, MSME & Services… We expect deposits and credit may grow 14.5-15% and 16.0-16.5% respectively in FY25.

India has beaten rest of the Asian markets by attracting the highest foreign funds flow in March, defying geopolitical crises and concerns that the higher interest rate regime will continue for some more time.

Equity inflows comprises of ~80% of total inflows as of now but going forward we believe the debt inflows can pick up big time as passive investments in bonds under FAR route start trickling for both JP Morgan as also Bloomberg index investors…the $30-35 billion estimated investments can help in cooling the yields on benchmark securities (reducing the borrowing costs) though exchange rates can witness some volatility.

02 Apr 2024, 09:28:31 AM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, heavyweight indices like Bank, Financial Services, IT, Pharma and Healthcare were in the red, down 0.28%, 0.34%, 0.50%, 0.21%, and 0.37%, respectively. The Metal index was down 0.13%.

The Consumer Durables index was up 1.14%.

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02 Apr 2024, 09:25:02 AM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : In the broader market, the BSE SmallCap index was up 0.43%, and the BSE MidCap index was up 0.22%. 

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02 Apr 2024, 09:23:41 AM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : Adani Ports & SEZ, Bajaj Auto, BPCL, ONGC, and Adani Enterprises, were the top gainers on the Nifty 50, and Cipla, JSW Steel, Wipro, ICICI Bank, Hindalco, were the top drags on the benchmark index. 

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02 Apr 2024, 09:21:57 AM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : Only nine stocks among the 30 on Sensex were in the green on Tuesday. Nestle India, NTPC, Tata Motors, Titan, and IndusInd Bank, were the top gainers on the Sensex, and Wipro, ICICI Bank, Mahindra & Mahindra, JSW Steel, Bajaj Finance, were the top drags. 

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02 Apr 2024, 09:19:07 AM IST

Sensex Today Live : Opening Bell

Sensex Today Live : Indian benchmark indices slipped into the red at open on Tuesday, led by mixed signals from global peers.

At opening bell, Sensex was down 131.51 points, or 0.18%, at 73,883.04, and Nifty was down 23.25 points, or 0.1%, at 22,438.75.

02 Apr 2024, 09:11:39 AM IST

Sensex Today Live : Benchmark indices mixed at pre-open

Sensex Today Live : Indian benchmark indices were mixed at pre-open on Tuesday, taking cues from global markets that were trading mixed.

Sensex was up 7.75 points, or 0.01%, at 74,022.30, and Nifty was down 3.20 points, or 0.01%, at 22,458.80 during pre-open.

02 Apr 2024, 08:57:31 AM IST

Sensex Today Live : Emerging-Market Assets Edge Lower Amid Thin Liquidity, US Data

Sensex Today Live : On Monday, fresh data from US factories led to a reassessment of bets on interest rate cuts in the world's largest economy. This caused a dip in emerging-market stocks and currencies, affecting risk appetite.

The MSCI's broad measure for emerging-market stocks saw a minor decrease of 0.1%. Its equivalent for currencies also edged lower, recovering from a potential 0.2% loss. The Brazilian real and the Hungarian forint were the hardest hit among developing-nation currencies. This occurred on a day of low global liquidity, with several markets across Europe, Australia, and Hong Kong closed for Easter Monday. (Read the full story here.)

02 Apr 2024, 08:40:10 AM IST

Sensex Today Live : Stocks to watch today

Sensex Today Live : ABFRL, Infosys, RIL, Airtel, Vi, Sanofi, HAL, Aurobindo Pharma, are some stocks likely to be in focus on Tuesday, April 2.

02 Apr 2024, 08:32:42 AM IST

Sensex Today Live : What to expect from Indian stock market in trade on April 2

Sensex Today Live : The Sensex and Nifty 50, India's primary stock market indices, are anticipated to commence Tuesday's trading session on a downbeat note, influenced by unfavorable cues from the global markets. The Gift Nifty trends also suggest a gap-down opening for the Indian benchmark index, trading around the 22,550 level, nearly 50 points lower than the previous close of Nifty futures.

On the previous trading day, Monday, the domestic equity benchmark indices concluded the session with a half percent increase, setting new record highs, with the Nifty 50 closing above the 22,400 mark. The Sensex rose by 363.20 points to end at 74,014.55, while the Nifty 50 increased by 135.10 points or 0.61%, settling at 22,462.00.

On the daily chart, the Nifty 50 formed a small positive candle with an upper shadow. "This pattern technically signifies the formation of a type of candle pattern. Such a doji formation at new highs or after a significant upward movement indicates the possibility of consolidation or a minor dip from the higher levels," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

02 Apr 2024, 08:28:03 AM IST

Sensex Today Live : Seven key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices

Sensex Today Live : India's leading equity indices, Sensex and Nifty 50, are projected to start off Tuesday on a lower note, mirroring the weak global sentiment due to a surge in US Treasury yields and oil prices. Mixed trading was observed in Asian markets, while US stock indices mostly closed lower after robust economic data sparked concerns about the timing of interest rate reductions by the US Federal Reserve.

On Monday, the Indian stock market benchmark indices closed higher by half a percent, reaching new record highs during the session, driven by positive investor sentiment. The Sensex rose by 363.20 points or 0.49%, closing at 74,014.55, while the Nifty 50 ended 135.10 points or 0.61% higher at 22,462.00.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates the market to maintain its upward trend, albeit with potential volatility due to upcoming elections and Q4 earnings this month. He added that all eyes are now on the RBI's monetary policy announcement this Friday, where no changes are expected, but the commentary will be closely monitored. (Read the full story here.)

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