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Business News/ Markets / Live Blog/  Market Close Highlights: Sensex ends down 120pts, Nifty at 22,200; PSB, Realty indices gain, Auto, Bank, FS, FMCG down
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Market Close Highlights: Sensex ends down 120pts, Nifty at 22,200; PSB, Realty indices gain, Auto, Bank, FS, FMCG down

Market Close Highlights : On Tuesday, FIIs sold stocks worth 4,065 crore, bringing their total sales in May to 33,540 crore. In contrast, DIIs purchased shares worth 3,528 crore yesterday, amounting to a total purchase of 26,500 crore for the month.

Market Close Highlights : Companies reporting results on May 15 include Power Finance Corp, Mankind Pharma, Jindal Stainless, Dixon Technologies, Honeywell Automation, Jyothy Labs, NCC, Clean Sciences and Technology, Titagarh Rail Systems, LIC Housing Finance, Indian Energy Exchange, Asahi India Glass, CMS Info Systems, Redington, Transport Corporation of India, Granules India, Moil, Paradeep Phosphates, ICRA, Pitti Engineering, Somany Ceramics, Pricol and NLC India among others. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting results on May 15 include Power Finance Corp, Mankind Pharma, Jindal Stainless, Dixon Technologies, Honeywell Automation, Jyothy Labs, NCC, Clean Sciences and Technology, Titagarh Rail Systems, LIC Housing Finance, Indian Energy Exchange, Asahi India Glass, CMS Info Systems, Redington, Transport Corporation of India, Granules India, Moil, Paradeep Phosphates, ICRA, Pitti Engineering, Somany Ceramics, Pricol and NLC India among others. (Image: Pixabay)

Market Close Highlights : Global equities headed for a fresh record after a tech-led rally on Wall Street, amid optimism Wednesday’s key US inflation report won’t undermine the case for Federal Reserve interest-rate cuts.

European stocks gained and US equity futures were steady, while the MSCI All Country World Index extended its longest run of gains since January. In the run-up to US consumer price index data, the S&P 500 advanced despite Jerome Powell’s signals that interest rates will be higher for longer and a mixed reading on producer inflation.

Treasury yields ticked lower and a gauge of the dollar was flat before the consumer-inflation data, which is expected to show a slight moderation in price increases. Core CPI, which excludes volatile food and energy costs, is seen slowing to 0.3% month-on-month, from 0.4%.

“An in-line-with-consensus US core CPI read is discounted and in the price, but that may be enough to promote relief buyers and see the index push higher," said Chris Weston, head of research at Pepperstone Group Ltd. “A core CPI read below 0.25% month-on-month and I certainly wouldn’t want to be short."

Among individual movers in Europe, Experian Plc jumped as much as 8.7% after reporting full-year earnings. ABN Amro Bank NV dropped more than 5% after unchanged guidance. Burberry Group Plc declined, dragging the consumer goods sector lower, after reporting a slump in sales.

US producer prices climbed in April by more than projected, though key components that feed into the Fed’s preferred inflation gauge were more muted. Several categories in the PPI report that are used to calculate the personal consumption expenditures price index eased.

“A more granular look suggests the components that feed into PCE inflation sent mixed signals," said Krishna Guha at Evercore. “This means that the burden largely remains on CPI."

A survey conducted by 22V Research showed 49% of investors expect the market reaction to the CPI report to be “risk-on" — while only 27% said “risk-off."

A gauge for benchmarks in Asia gained after closing at a two-year high Tuesday, with Taiwan Semiconductor Manufacturing Co. leading the advance. Shares in Japan ended little changed, while those in mainland China slipped. Hong Kong markets are closed for a holiday.

The offshore yuan edged higher, mirroring gains in other China-economy sensitive currencies including the Australian dollar and Thai baht, following a Bloomberg report that the government is considering a proposal to buy millions of unsold homes in an attempt to salvage the beleaguered property market.

In commodities, oil advanced after an industry report showed shrinking US stockpiles, and traders looked ahead to a report from the International Energy Agency that’ll shed light on market balances into the second half. Copper futures in New York rallied to a record high after a short squeeze that saw the most-liquid contract trading at a hefty premium. Gold steadied after rising almost 1% on Tuesday.

15 May 2024, 08:48:01 AM IST

Sensex Today Live : What to expect from Indian stock market in trade on May 15

Sensex Today Live : India's leading stock market indices, the Sensex and Nifty 50, are projected to open positively on Wednesday, influenced by upbeat global market trends. The Gift Nifty's trends also suggest a promising start for the Indian benchmark index, trading around the 22,375.50 level, nearly 65 points higher than the previous close of Nifty futures.

On Tuesday, the stock markets continued their upward trend for the third consecutive day, with significant contributions from heavyweight Reliance Industries and positive inflation data. This led to a 328 point increase in the Sensex and pushed the Nifty 50 above the 22,200 mark.

The BSE Sensex rose for the third day, closing at 73,104.61, up by 328.48 points or 0.45%. The Nifty 50 also increased by 113.80 points or 0.51%, settling at 22,217.85.

According to Rupak De, Senior Technical Analyst at LKP Securities, bullish sentiments propelled the index after a successful trading day. However, the index closed slightly below the bottom band of the ascending channel. While the Nifty 50 closed above the crucial 22,200 mark, it needs to re-enter the channel to sustain momentum in the upcoming days. (Read the full story here.)

15 May 2024, 08:41:04 AM IST

Sensex Today Live : Six key things that changed for market overnight - Gift Nifty, US PPI inflation to Nasdaq at high

Sensex Today Live : India's key stock indices, the Sensex and Nifty 50, are poised to open positively on Wednesday, buoyed by encouraging global signals. Following a substantial tech-led rally in US markets, Asian stocks have seen an uptick. Investors are eagerly awaiting crucial inflation data due later on Wednesday to gauge the Federal Reserve's next move.

On Tuesday, May 14, despite mixed global signals, the Sensex and Nifty 50 ended their third consecutive session in the green. After a nearly 2% drop the previous week, market benchmarks have rebounded, aided by some easing on the valuation front. Given the high potential for economic growth in the country, the medium to long-term outlook for the Indian stock market remains robust.

According to Vinod Nair, Head of Research at Geojit Financial Services, the local market has sustained its recovery from recent lows, thanks to positive cues from Asian peers and a decrease in India's CPI. However, due to ongoing uncertainty around low turnout, market volatility and range-bound trading are expected to persist. (Read the full story here.)

15 May 2024, 08:31:06 AM IST

Sensex Today Live : Strong Asian markets, Gift Nifty signal gap-up open for Indian markets

Sensex Today Live : Indian benchmark indices were likely to open on a positive note but remain muted as markets anticipated consumer price data in the US. While traders digested mixed mixed US producer price data overnight, US President Joe Biden introduced a raft of steep tariffs on Chinese goods that were weighing on the Chinese markets. Despite that, other Asian peers rose.

In India, at 7:51 am, Gift Nifty futures were trading at 22,370, more than 150 points ahead of Nifty 50's close of 22,217, indicating a positive start for markets here.

Asian stocks rose on Wednesday while the dollar drifted lower as traders weighed mixed U.S. producer price data and braced for the crucial consumer price report later in the day that is likely to influence the Federal Reserve's near-term policy path.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.38%, scaling a fresh 15-month high earlier in the session. Japan's Nikkei gained 0.58%.

Data overnight showed U.S. producer prices increased more than expected in April, indicating that inflation remained stubbornly high early in the second quarter.

Fed Chair Jerome Powell, speaking at a banking event in Amsterdam, called the PPI data "mixed" rather than "hot" because prior data was revised lower.

Investors have had to dial back their expectations of U.S. rate cuts this year due to sticky inflation and are now pricing in 43 basis points of easing this year, compared with 150 bps of easing anticipated at the start of 2024.

"Market anticipation of rate cuts has been building recently based on weaker-than-expected U.S. labour market data, but if prices don't follow suit, then rate-cut hopes will be dashed," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.

All eyes are now on Wednesday's U.S. consumer prices report, which is expected to show CPI rose 0.3% month-on-month in April, down from a 0.4% growth the previous month, according to a Reuters poll.

Powell reiterated his message of caution over rate cut expectations although the Fed chief, along with Federal Reserve Bank of Cleveland President Loretta Mester, poured cold water over any rate hike thoughts, ING economists said.

"That doesn't necessarily sound like someone who is expecting a great CPI number today."

The Nasdaq scored a record closing-high on Tuesday and the S&P 500 and the Dow also rose, boosted by Powell's comments that reassured investors that the central bank's next interest rate move was unlikely to be a hike.

Over in China, stocks eased in early trading with the blue-chip index down 0.16%, while Hong Kong's Hang Seng Index was off 0.22%.

U.S. President Joe Biden unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products.

In the currency market, the dollar was on the backfoot as traders remained hesitant in making moves ahead of the CPI report, with the euro close to its one-month peak and was last at $1.0817.

The dollar index, which measures the U.S. currency against six peers, was last at 105.01. The yen was last at 156.36 per dollar, having touched a two-week low of 156.80 on Tuesday, with traders wary of another bout of interventions from Japanese authorities.

The yen touched a 34-year low of 160.245 per dollar on April 29, triggering rounds of aggressive yen-buying that traders and analysts suspect was the work of the Bank of Japan and Japanese finance ministry.

In commodities, oil prices edged higher as large wildfires were threatening Canada's oil sands and as the market expected U.S. crude oil and gasoline inventories to show a drawdown later in the day.

U.S. crude was up 0.4% at $82.71 per barrel and Brent was at $78.39 per barrel, up 0.5%. Spot gold XAU= was little changed at $2,356.79 per ounce.

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