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Business News/ Markets / Live Blog/  Market Close Highlights : Sensex ends up 260pts, Nifty at 22,050; IT, PSB, Realty down, Metal, FMCG, Oil & Gas gain
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Market Close Highlights : Sensex ends up 260pts, Nifty at 22,050; IT, PSB, Realty down, Metal, FMCG, Oil & Gas gain

Market Close Highlights : Foreign institutional investors (FIIs) net sold 6,994.86 crore shares, while domestic institutional investors (DIIs) bought 5,642.53 crore worth shares on May 9, provisional data from the NSE showed.

Market Close Highlights : Companies reporting March quarter results on May 10 include Tata Motors, Eicher Motors, Cipla, Union Bank of India, Bank of Baroda, Bank of India, ABB India, Bajaj Hindusthan Sugar, Dilip Buildcon, Aarti Industries, Finolex Industries, Kalyan Jewellers India, Dr Lal PathLabs, Polycab India, The Investment Trust Of India, and Thermax, among others. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting March quarter results on May 10 include Tata Motors, Eicher Motors, Cipla, Union Bank of India, Bank of Baroda, Bank of India, ABB India, Bajaj Hindusthan Sugar, Dilip Buildcon, Aarti Industries, Finolex Industries, Kalyan Jewellers India, Dr Lal PathLabs, Polycab India, The Investment Trust Of India, and Thermax, among others. (Image: Pixabay)

Market Close Highlights : European stock futures and Asian shares gained after the latest jobs data supported the case for US interest-rate cuts.

The Euro Stoxx 50 contract climbed 0.2%, while US counterparts posted modest gains after the S&P 500 index closed less than 1% away from its all-time high on Thursday. Hong Kong shares led the gains in Asian stocks, while other regional benchmarks of Japan, South Korea and Australia also advanced.

“There’s quite a bit of upside left for major Big Tech as well as the S&P 500," said Daniel Yoo, head of global asset allocation for Yuanta Securities Korea, on Bloomberg Television. Earnings growth and even a small decline in US interest rates this year could push stocks to fresh records, he said.

The Hang Seng advanced following news that regulators were considering a proposal to exempt individual investors from paying taxes on dividends earned from Hong Kong stocks bought via Stock Connect. Onshore Chinese stocks fluctuated as investors assessed a report saying US President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week.

To Doug Ramsey at Leuthold, another 10% gain in the S&P 500 isn’t out of the question, at least statistically. He analyzed 80 years of data on bull-market rallies, focusing on those that happened when unemployment was this low and the economic cycle this mature. If the current rally meets the prior records for length and height, the S&P 500 would end the year at 5,705.

If the economy is slowing, unemployment rising, inflation receding, and the Fed is expected to cut rates, there will be plenty of buyers for US Treasury notes and bonds, according to Joe Kalish at Ned Davis Research.

Treasuries were steady, with the US 10-year yield staying around 4.45%, after support from a successful $25 billion sale of 30-year US bonds.

Initial applications for US unemployment benefits rose last week to the highest level since August, topping estimates, with cooling in the jobs market supporting the case for interest rate cuts. Fed Bank of San Francisco President Mary Daly said rates are currently restraining the economy, but it may take “more time" to return inflation to their goal.

“Time will tell whether it’s a one-off or part of a genuine cooldown in the labor market," said Chris Larkin at E*Trade from Morgan Stanley. “Investors may have adjusted to the idea of the Fed waiting until September to cut interest rates, but that doesn’t mean they’re comfortable waiting indefinitely."

Data set for release in Asia Friday includes industrial output for India and the first-quarter current account balance for China. New loans and money supply data for China may also be released as early as today.

Elsewhere, JPMorgan Chase & Co. said it was on track to include India in its emerging market debt index from June, a move that is expected to drive inflows from global investors.

Oil extended gains into a third day as key technical levels provided a floor for losses while investors digested a mixed US inventories report. Gold rose after jumping more than 1% on Thursday.

10 May 2024, 03:40:17 PM IST

Sensex Today Live : Closing Bell Wrap

Sensex Today Live : Shaking off the past three days of downtrend, when the Indian Indian benchmark indices closed in the red due to the uncertainty surrounding the ongoing 2024 Lok Sabha Elections and FIIs paring their holdings, Sensex and Nifty climbed on Friday. They were tracking gains in global markets amid improving sentiment regarding the US Federal Reserve's decision to cut interest rates.

Sensex, which had opened marginally higher at 72,475.45, climbed to an intraday high of 72,946.54. At close, the Sensex was up 260.30 points, or 0.36%, at 72,664.47.

Further, the Nifty 50, which had also opened higher at 21,990.95, touched an intraday high of 22,131.30. At close, the Nifty 50 was up 97.70 points, or 0.44%, at 22,055.20.

Nine out of the 30 stocks on the BSE Sensex ended in the red. TCS, Kotak Mahindra Bank, Infosys, Wipro, and Mahindra & Mahindra, were the top drags for the day, while Power Grid Corp., NTPC, JSW Steel, Asian Paints, and ITC were the top gainers.

Meanwhile, on the Nifty 50, 12 out of the 50 stocks ended in the red. TCS, Cipla, LTIMindtree, Kotak Mahindra Bank and Infosys, were the top drags, while BPCL, Power Grid Corp., NTPC, Hero MotoCorp, and Eicher Motors, were the top gainers.

The broader market also ended in the green, with the BSE SmallCap gaining 0.80%, and the BSE MidCap gaining 0.81% at close.

Barring IT, Realty, PSU Bank, and Bank, all other sectoral indices ended the day in the green. The Metal, Oil & Gas, FMCG, and Auto indices were the top gainers for the day.

In corporate news, Cipla reported a 79% year-on-year jump in Q4 net profit, at 939 crore, while its revenue grew 7.3% YoY to 6,160 crore.

Sapphire Foods posted a 49% YoY jump in Q4 net profit at 84.5 crore, compared to 56.7 crore in the year-ago period. Its revenue increased by 11% to 545.5 crore from 491 crore in the year-ago period.

Dr Lal Path Labs reported a net profit of 84.9 crore in Q4FY24, up 54.64% YoY from 54.9 crore in Q4FY23. Its total income stood at 563.8 crore in March 2024, up 10.67% from 50.52 crore in March 2023.

Further, TVS Holdings announced that its board has approved the acquisition of a 80.74% equity stake in Home Credit India Finance for a consideration of 554 crores. The remaining 19.26% of the equity stake will be purchased by Premji Invest and other associates.

10 May 2024, 03:12:19 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring IT, Realty, PSU Bank, and Bank, all other sectoral indices were trading in the green.

The Metal, Oil & Gas, FMCG, and Auto indices were the top gainers.

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10 May 2024, 03:09:21 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was in the green, with the BSE SmallCap gaining 0.84%, and the BSE MidCap gaining 0.74%. 

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10 May 2024, 03:07:44 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 11 of the 50 stocks on the Nifty 50 were in the red. TCS, Cipla, LTIMindtree, Infosys, and Wipro, were the top drags, while BPCL, NTPC, Power Grid Corp., Hero MotoCorp., and Asian Paints, were the top gainers. 

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10 May 2024, 03:03:59 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 11 of the 30 stocks on the BSE Sensex were in the red. TCS, Infosys, Kotak Mahindra Bank, HDFC Bank, and Mahindra & Mahindra, were the top drags, while NTPC, Power Grid Corp., JSW Steel, Bharti Airtel, and Asian Paints, were the top gainers. 

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10 May 2024, 03:01:42 PM IST

Sensex Today Live : 3 pm market update

Sensex Today Live : Indian benchmark indices were trading up on Friday, tracking gains in global markets amid improving sentiment regarding US Federal Reserve rate cuts.

At 3 pm, Sensex was up 222.37 points, or 0.31%, at 72,626.54, and Nifty was up 80.20 points, or 0.37%, at 22,037.70.

10 May 2024, 02:53:16 PM IST

Sensex Today Live : Geojit Financial Services recommends to 'BUY' TVS Motor Company, says favourable mix to support growth

Sensex Today Live : CMP 2,062

Target 2,265 (12 Months)

Return 10%

Q4FY24 revenue grew by 24% YoY on the back of strong volume growth, superior product mix and better realization .

The margin came in line with our estimate, up 105bps, supported by softening raw material prices and cost control initiatives.

TVS continued to outperform its peers in Q4 and gained market share. To strengthen its 2W electric sales, TVS has lined up several models for FY24 and plans to sell 25,000 units per month

We anticipate a gradual recovery in domestic demand, driven by an improved sentiment in the rural market and the expansion of exports, particularly for premium vehicles and electric vehicles.

We value TVS on a SOTP basis, and standalone business at 30x FY26E EPS and TVS Credit Services at 1x BV to arrive at a target price of 2,265/share and recommend Buy rating at CMP.

10 May 2024, 02:48:59 PM IST

Sensex Today Live : Anand Rathi Research lowers TP on Gujarat State Petronet, citing the recent adverse tariff order

Sensex Today Live : Less-than-expected tariffs led to the miss in Gujarat State Petronet’s Q4 operating earnings. Q4 gas transmission volumes, however, (33.4m scm/d (up 33% y/y, 15% q/q) appear impressive, aided by recovery in CGD, power and refinery supplies.

FY24 transmission volumes of 30.4m scm/d (up 20% y/y) are likely to continue. We model 34m/36m scm/d for FY25/26. On the recent adverse tariff order, however, we lower our estimates and 12-mth TP to 381 ( 408 earlier). We retain a Buy post the sharp correction.

Risks: Slower volume growth, higher LNG prices, slower infrastructure roll-out.

10 May 2024, 02:43:37 PM IST

Sensex Today Live : Cipla's Q4 net profit jumps 79% YoY; shares tumble

Sensex Today Live : Cipla reported a 79% year-on-year jump in Q4 net profit, at 939 crore

Revenue grew 7.3% YoY to 6,160 crore compared to the same period last year

Total costs increased 4%, at 5,150 crore

It announced a dividend of 13 per share

10 May 2024, 02:31:05 PM IST

Sensex Today Live : Amnish Aggarwal, Director - Institutional Equities , Prabhudas Lilladher, recommends to 'REDUCE' Asian Paints, says company entering a slow lane for now

Sensex Today Live : Asian Paints Rating: REDUCE | CMP: Rs2,710 | TP:Rs2,672

We cut FY25/26 EPS estimates by 1.2%/2.2% given little scope to improve margins (all time high levels ex. of covid year), higher spends on distribution, advertising and supply chain post Grasim’s entry and high capex phase despite sustained double digit volume growth expectations.

APNT has launched Neo Bharat latex based emulsion, which can push volumes at the entry-level segment and help boost volume growth. APNT is banking upon its brand equity, strong distribution and innovations to ward off any threat from Birla Opus launch. Domestic outlook remains positive across decorative, Auto and industrial segments while IBD has uncertainty due to Geopolitical issues. Home décor is showing noticeable signs of improvement and it is looking at re-branding kitchen and Bath business under “Beautiful Homes" for improving sales.

We believe success of Neo Bharat is a key factor to watch out for as it can boost its market and share at bottom end like it happened post GST. We believe next few quarters are key to gauge impact of Birla Opus on markets and APNT.

Although valuations have moderated to 45xFY26 EPS , it does not factor in any significant change in market dynamics and 2.8% EPS CAGR over FY24-26. We cut DCF based target price to 2,672 (44.3xFY26 EPS), ( 2,698 earlier) and retain Reduce rating on the stock.

10 May 2024, 02:19:19 PM IST

Sensex Today Live : Swarnendu Bhushan, Co. Head of Research - Institutional Equities , Prabhudas Lilladher, recommends to 'REDUCE' SRF, citing competition concerns from China

Sensex Today Live : Rating: REDUCE | CMP: Rs2,291 | TP:Rs2,123

Chemical Segment continued to show weakness with decline of 14% in revenue YoY during the quarter. The Speciality Chemical business faced obstacles stemming from inventory realization by key customers, while the Fluorochemicals business encountered pricing pressure and lower volume due to Chinese dumping.

Furthermore, oversupply in the BOPET and BOPP film segments continued to strain profitability in the Packaging business, despite a modest 3% YoY revenue growth. Conversely, the Textile business showcased resilience with a healthy 9% revenue increase YoY. This growth was primarily fuelled by volume expansion in the Nylon Tyre Cord Fabrics and Polyester Industrial Yarn segments.

While the company appears strong in terms of product launches and growth, it is trading at 35x FY26 EPS and 19x FY26 EV/EBITDA. Due to continued concerns on agrochemical demand and competition from China to persist in the near-term, we maintain our REDUCE rating on the stock with SOTP based target price of 2,123.

10 May 2024, 02:17:11 PM IST

Sensex Today Live : Sapphire Foods posted a 49% YoY jump in Q4 net profit at ₹84.5 crore, compared to ₹56.7 crore in the same period last year; shares climb

Sensex Today Live : Revenue increased by 11% to 545.5 crore from 491 crore in the previous year

EBITDA rose 25.2%, to reach 144.7 crore, compared to 115.6 crore in the corresponding quarter of the previous year

Its margin improved to 26.5%, up from the 23.5% recorded in the same period last year

10 May 2024, 02:02:14 PM IST

Sensex Today Live : 2 pm market update

Sensex Today Live : Indian benchmark indices were trading up on Friday, tracking gains in global markets amid improving sentiment regarding US Federal Reserve rate cuts.

At 2 pm, Sensex was up 239.43 points, or 0.33%, at 72,643.60, and Nifty was up 102.50 points, or 0.47%, at 22,060.00.

10 May 2024, 01:57:47 PM IST

Sensex Today Live : Dr Lal Path Labs posts 54% YoY jump in Q4 net profit at ₹84.9 crore; shares jump more than 6%

Sensex Today Live : Dr Lal Path Labs reported a net profit of 84.9 crore in Q4FY24, up 54.64% YoY from 54.9 crore in Q4FY23.

Total income stood at 563.8 crore in March 2024, up 10.67% from 50.52 crore in March 2023.

Profit before tax was reported at 119.9 crore in March 2024, up 44.11% increase from 83.2 crore in March 2023.

10 May 2024, 01:34:39 PM IST

Sensex Today Live : Gaurav Jani, Research Analyst - Institutional Equities, Prabhudas Lilladher, recommends to 'BUY' State Bank of India, says higher LDR could lead to upgrade in NII

Sensex Today Live : State Bank of India Rating: BUY | CMP: 820 | TP: 910

SBI reported a good quarter; while NIM was in-line, core PPoP was materially higher due to lower staff cost as provision on wage revision was much lower at 7 bn (guidance 54 bn). One-time wage provision included in employee expenses for FY24 was 134 bn and staff cost for FY25 could normalize to 638 bn.

LDR improved by 1.4% QoQ to 75.3% and there is more headroom to increase LDR. As per bank, loan growth of 13-15% can be easily achieved given excess SLR, adequate LCR and sufficient capital position that can fund growth of 7 trn.

Compared to PSU peers, SBI is better insulated to absorb RBI provision requirements relating on ECL & project financing as (1) buffer provisions are 323 bn (2) project exposure at 3.3% is lower and (3) earlier ECL estimate of 300 bn would be revised downward due to improved credit quality.

We remain positive on SBI although valuation has touched 1.3x given recent run-up, which limits upside. Rolling forward to Mar’26 ABV, we tweak multiple to 1.5x and raise SOTP based TP to 910 from 770. Retain ‘BUY’.

10 May 2024, 01:30:43 PM IST

Sensex Today Live : TVS Holdings to acquire Home Credit India to expand into the consumer finance space

Sensex Today Live : TVS Holdings today announced that its board of directors has approved the acquisition of a 80.74% equity stake of Home Credit India Finance for 554 crores.

The remaining 19.26% of the equity stake will be purchased by Premji Invest and other associates.

Upon signing of a Sale and Purchase Agreement, TVS Holdings and Home Credit shall proceed to obtain approvals from the Competition Commission of India and the Reserve Bank of India, respectively, for the transaction.

Home Credit India is a part of the Home Credit Group, an international consumer finance provider which was founded in 1997 and has operations in multiple countries. Home Credit Group entered the Indian market in 2012.

Since then, Home Credit has served over 1.6 crore customers in India, both online as well as offline. Home Credit is one of the leading players in the consumer financing market and had an Assets under Management of around 5,535 crore, as of March 31, 2024.

It has 50,000 points-of-sale spread over 625 cities across India.

It focuses on New-to-Credit (NTC) customers, enabling them with Consumer durable loans for low-cost smartphones, along with personal loans.

10 May 2024, 01:21:55 PM IST

Sensex Today Live : Kotak Institutional Equities gives neutral view on IT services sector, says narrative unravelling for ERD services companies; cautions on valuations

Sensex Today Live : We have cut FY2025E earnings across companies by ~2-9%. The near term is not very encouraging with moderate growth outlook due to weak spends by clients, elongated sales cycles and limited visibility on conversion of order book.

Revenue growth is likely to be back-ended at Cyient (DET) and TELX, in part driven by hope of some improvement in clients’ willingness to spend on new programs.

EBIT margin would improve across companies while deteriorating sharply at LTTS.

Valuations are elevated at 30X FY2026E at LTTS (SELL), 41-43X at KPIT, TTL and TELX (SELL), building in aggressive growth over the long term.

Cyient (BUY) remains preferred pick on more balanced business mix, narrowing growth and profitability profile versus peers such as LTTS and reasonable valuations.

10 May 2024, 01:02:48 PM IST

Sensex Today Live : 1 pm market update

Sensex Today Live : Off their intraday highs, Indian benchmark indices were trading in the green on Friday, tracking gains in global markets amid improving sentiment regarding US Federal Reserve rate cuts.

At 1 pm, Sensex was up 20.19 points, or 0.03%, at 72,424.36, and Nifty was up 34.30 points, or 0.16%, at 21,991.80.

10 May 2024, 01:00:15 PM IST

Sensex Today Live : Hester Biosciences reports 12% YoY increase in Q4 net profit; shares climb

Sensex Today Live : Hester Biosciences reported consolidated revenue of 7.93 crore in Q4FY24, up 18% YoY from 6.73 crore in the same period of FY23.

EBITDA for Q4FY24 was 1.64 crore, witnessing a 37% growth from 1.20 crore in Q4FY23.

PAT for Q4FY24 increased 12% YoY to 0.64 crore from 0.57 crore in Q4FY23.

10 May 2024, 12:49:41 PM IST

Sensex Today Live : Netweb inaugurates end-to-end, high-end computing server, storage and switch manufacturing facility in Faridabad; shares down

Sensex Today Live : Netweb Technologies today announced the inauguration of an end-to-end high-end computing servers, storage and switch manufacturing facility at its new facility in Faridabad.

The new facility encompasses the entire spectrum, from designing Printed Circuit Boards (PCBs) to surface mounting on PCBs and finally the production of complete systems.

The new facility will enable Netweb to manufacture ‘Make in India’ high-end computing systems based on the latest new generation chips from our technology partners Intel, NVIDIA and AMD.

It will also enable Netweb to market its products and solutions to new industry verticals, which demands critical and high-performance computing architectures.

The new facility is well equipped to meet demands of private cloud, AI Cloud, compute data centres and AI workloads.

10 May 2024, 12:34:06 PM IST

Sensex Today Live : Strides Pharma receives US FDA approval for Sevelamer Carbonate tablets, used to prevent low levels of calcium in the body; shares climb

Sensex Today Live : Strides Pharma Science today announced that its Singapore-based subsidiary, Strides Pharma Global Pte. Limited, has secured approval from the US FDA for its Sevelamer Carbonate Tablets, 800 mg.

The approved product is bioequivalent and therapeutically equivalent to Genzyme's Reference Listed Drug (RLD), Renvela Tablets, 800 mg. Sevelamer Carbonate is a phosphate binder used to prevent hypocalcemia (low levels of calcium in the body) caused by elevated phosphorus levels.

The market size for Sevelamer Carbonate Tablets, 800 mg, is approximately $181 million, according to IMS data

10 May 2024, 12:24:27 PM IST

Sensex Today Live : Polycab reports 28% YoY jump in Q4 net profit; shares climb

Sensex Today Live : Polycab India reported Q4 net profit at 546 crore, an increase of 28% YoY

The company's total revenue rose 29% YoY to 5,590 crore

Revenue from the company's core business, wires and cables, stood at 4,860 crore, up 19% YoY

Total cost increased to 4,920 crore, up 29% increase YoY.

10 May 2024, 12:09:01 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring IT and Realty, which were down 1.09% and 0.72%, respectively, all other sectoral indices were trading in the green.

The Metal, Pharma, and FMCG indices had gained the most.

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10 May 2024, 12:06:48 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was trading in the green, with the BSE SmallCap index gaining 0.38%, and the BSE MidCap index up 0.47%. 

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10 May 2024, 12:05:41 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 11 of the 50 stocks on the Nifty 50 were in the red. TCS, Infosys, Tech Mahindra, LTIMindtree, and Kotak Mahindra Bank, were the top drags, while BPCL, Hero MotoCorp., NTPC, Adani Ports & SEZ, and HDFC Life, were the top gainers. 

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10 May 2024, 12:03:43 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 10 out of the 30 stocks on the BSE Sensex were trading in the red. TCS, Infosys, Tech Mahindra, Kotak Mahindra Bank, and Mahindra & Mahindra, were the top drags, while NTPC, Asian Paints, JSW Steel, Power Grid Corp., and Bharti Airtel, were the top gainers. 

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10 May 2024, 12:01:47 PM IST

Sensex Today Live : 12 pm market update

Sensex Today Live : Off their intraday highs, Indian benchmark indices were trading in the green on Friday, tracking gains in global markets amid improving sentiment regarding US Federal Reserve rate cuts.

At 12 pm, Sensex was up 163.72 points, or 0.23%, at 72,567.89, and Nifty was up 70.35 points, or 0.32%, at 22,027.85.

10 May 2024, 11:59:09 AM IST

Sensex Today Live : SKF India's net profit jumps 36.5% to ₹16.91 crore; shares climb

SKF India's Q4 revenue from operations was 120.34 crore, showing a year-over-year increase of 8.1% from the previous year’s 111.44 crore.

The profit before tax stood at 22.91 crore, marking a year-over-year increase of 36.5% compared to the previous year's figure of 16.95 crore.

Total comprehensive incomedecreased 36.5% to 16.91 crore from the previous year's 12.39 crore.

10 May 2024, 11:14:50 AM IST

Sensex Today Live : L&T’s lower guidance leaves no margin for error

Sensex Today Live : Larsen and Toubro Ltd (L&T) has revised its financial outlook downwards for the current fiscal year, a move that has been poorly received by investors. Despite some positive aspects in the earnings for the March quarter and the 2023-24 fiscal year, the company's lower-than-expected margin forecast for FY25 for its primary project and manufacturing business has dampened investor sentiment. This resulted in a significant 6% drop in L&T's share price on Thursday, a decline that surpassed the 1.6% fall of the benchmark Nifty 50 index. (Read the full story here.)

10 May 2024, 11:03:09 AM IST

Sensex Today Live : 11 am market update

Sensex Today Live : Indian benchmark indices were trading in the green on Friday, tracking gains in global markets amid improving sentiment regarding US Federal Reserve rate cuts.

At 11 am, Sensex was up 165 points, or 0.23%, at 72,569.17, and Nifty was up 76.55 points, or 0.35%, at 22,034.05.

10 May 2024, 10:58:18 AM IST

Sensex Today Live : Quess Corp reports 226% YoY jump in Q4 net profit; shares down

Sensex Today Live : Quess Corp reported an 11% YoY increase in both headcount and total revenue for Q4FY24. The headcount rose to 567,000, while the total revenue reached 4,910 crore.

Its EBITDA surged 28% YoY, to 195 crore. This increase also led to a 55bps expansion in the EBITDA margin, bringing it to 3.98%.

The Profit Before Tax (PBT) experienced a growth of 96% YoY, reaching 95 crore.

Its Profit After Tax grew 226% YoY, amounting to 98 crore, while profit marging expanded 132bps to reach 1.99%.

10 May 2024, 10:36:10 AM IST

Sensex Today Live : VST Tillers and Tractors shares down more than 4% as company posts 13% drop in Q4 net profit

Sensex Today Live : The company reported a 13.4% YoY drop in net profit at 34.8 crore in Q4FY24. The company's revenue from operations fell 15.3% to 273.4 crore.

10 May 2024, 10:05:17 AM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring IT, PSU Bank, and Realty, all other sectoral indices were trading in the green, with FMCG, Pharma, Healthcare, and Consumer Durables leading the gains.

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10 May 2024, 10:01:45 AM IST

Sensex Today Live : 10 am market update

Sensex Today Live : Indian benchmark indices had stopped their bleeding and were climbing up on Friday, tracking gains in global markets amid improving sentiment about US Federal Reserve rate cuts.

At 10 am, Sensex was up 529.55 points, or 0.73%, at 72,933.72, and Nifty was up 147.35 points, or 0.67%, at 22,104.85.

10 May 2024, 09:59:18 AM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market indices were lagging behind the benchmark indices, with the BSE MidCap up 0.25%, and the BSE SmallCap trading down by 0.01%. 

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10 May 2024, 09:54:48 AM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : Only eight out of the 50 stocks on the Nifty 50 were trading in the red. BPCL, ITC, JSW Steel, Sun Pharma, and Asian Paints, were the top gainers, while LTIMindtree, Infosys, Grasim Industries, Larsen & Toubro, and Tata Consumer Products, were the top drags. 

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10 May 2024, 09:52:15 AM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : Only five stocks, Infosys, HCLTech, Larsen & Toubro, HDFC Bank, and TCS, out of the 30 on the BSE Sensex were trading in the red. ITC, JSW Steel, Axis Bank, NTPC, and Sun Pharma, were the top gainers. 

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10 May 2024, 09:41:43 AM IST

Sensex Today Live : Care Ratings posts 22% YoY growth in consolidated Q4 net profit; shares down

Sensex Today Live : Care Ratings' standalone total operating income increased 10% YoY, to reach 74.80 crore from 68.05 crores in the year-ago quarter.

The consolidated total operating income jumped 16%, to 90.15 crore from 77.51 crore in Q4FY23.

Total expenses saw a slight increase of 2% and 19% for standalone and consolidated figures respectively.

EBITDA remained stable for consolidated figures but saw an impressive growth of 18% for standalone numbers, reaching 35 crores from 29.55 crores.

Profit before tax (PBT) exhibited robust growth across both categories; with standalone PBT soaring by a substantial rate of 32%, and consolidated PBT following suit with a healthy increment of 6%.

Profit after tax (PAT) increased by 35% to reach 34.83 crores in the standalone category and increasing by 22% to 24.55 crores in consolidated terms.

10 May 2024, 09:31:33 AM IST

Sensex Today Live : Anand James, Chief Market Strategist,Geojit Financial Services, gives technical outlook for Nifty 50

Sensex Today Live : "With the day closing near our downside objective of 21,920, the stage is set for atleast a dead cat bounce. Such a scenario sees resumption of selling pressure on pull back to 22,090, aiming 21,500, with low potential for pause near recent low of 21,778. Alternatively, a direct rise above 22,090, will signal weakening of bear grip, but we will wait for a push above 22,175 to weigh the prospects of playing a 22,400 run."

--Anand James, Chief Market Strategist, Geojit Financial Services

10 May 2024, 09:29:43 AM IST

Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says FIIs are selling not because of concerns relating to elections but because India is underperforming relative to China and Hong Kong, which are outperforming

Sensex Today Live : "The divergence in institutional activity is becoming stark this month. FIIs have turned sustained sellers and DIIs have turned sustained buyers in all trading days of this month, so far, with cumulative FII selling of 22,858 crores and cumulative DII buying of 16,700 crores. From the data showing sharper declines in the broader market, it appears that HNIs and retail investors have booked some profits and are in a wait and watch mode, perhaps responding to the noise relating to uncertainty regarding the election results.

An important point to understand is that FIIs are selling not because of concerns relating to elections but because India is underperforming ( Nifty down by 3.5% in last one month) while China and Hong Kong are outperforming ( Shanghai Composite and Hang Seng up by 4.19% and 8.61% respectively in last one month). So long as this ‘Sell India, Buy China’ trade sustains FII selling will weigh on the markets. The situation can change dramatically when clarity emerges on the election outcome. If the election results turn out to be favourable from the market perspective, aggressive buying by DIIs, retail and HNIs can push the market sharply up.

So, investors can wait for clarity to emerge on the political front. Meanwhile long-term investors can slowly accumulate high quality largecaps, particularly those in banking and automobiles that have delivered good Q4 results."

--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

10 May 2024, 09:27:00 AM IST

Sensex Today Live : Rushil Décor shares fall more than 6% as company posts 33% decline in Q4 net profit

Sensex Today Live : Rushil Décor reported a 33.61% YoY decline in profit after tax to 9 crore in Q4FY24. The company's revenue from operations increased by 9.7% YoY to 233 crore.

10 May 2024, 09:23:33 AM IST

Sensex Today Live : Abbott India shares climb 3% as company posts 24% increase in Q4 net profit, declares dividend of ₹410

Sensex Today Live : Abbott India reported a 24.1% YoY increase in net profit to 287.1 crore for Q4FY24. The company's revenue from operations increased by 7.1% to 1,438.6 crore. EBITDA rose by 17.6% to 329.5 crore. The board of directors has recommended a final dividend of 410 per equity share for the year ended March 31, 2024.

10 May 2024, 09:18:23 AM IST

Sensex Today Live : Opening Bell

Sensex Today Live : Indian benchmark indices had stopped their bleeding and were green red at open on Friday, tracking gains in global markets that were trading higher amid improving sentiment about US Federal Reserve rate cuts.

At opening bell, Sensex was up 107.17 points, or 0.15%, at 72,511.34, and Nifty was up 37.30 points, or 0.17%, at 22,994.90.

10 May 2024, 09:11:22 AM IST

Sensex Today Live : Benchmark indices green at pre-open

Sensex Today Live : Indian benchmark indices had stopped their bleeding and were trading in the green red at pre-open on Friday, tracking gains in global markets that were trading higher amid improving sentiment about US Federal Reserve rate cuts.

Sensex was up 75.6 points, or 0.10%, at 72,479.77 and Nifty was up 33.45 points, or 0.15%, at 21,990.95 during pre-open.

10 May 2024, 08:58:52 AM IST

Sensex Today Live : Prashanth Tapse, Senior VP (Research) at Mehta Equities, says investors should be cautious amid pre-election jitters

Sensex Today Live : “Gains in overseas markets are likely to help local benchmark indices register gains in early trades Friday after yesterday's sharp sell off. However, caution would be the buzzword amid pre-election jitters and intra-day volatility could continue as the election phase gathers momentum. Another worrying factor has been the pace at which FIIs have been deserting Indian equities in the current month so far, which has been making local investors nervous. With inflation in the US staying high, and the American central bank hinting that it is in no hurry to cut rates, FIIs are pulling money out of emerging markets such as India. Nifty’s technical landscape also suddenly looks treacherous again as it is now way below its 21-DMA and 50-DMA with probable double top pattern on the daily charts. The line in the sand is at Nifty’s make or break support at 21710 mark."

--Prashanth Tapse, Senior VP (Research) at Mehta Equities

10 May 2024, 08:57:18 AM IST

Sensex Today Live : Stocks to watch today

Sensex Today Live : TaMo, Eicher, Brigade, Abbott, Stylam, Mahanagar Gas, ABB India, are a few stocks likely to be in focus on Friday, May 10.

10 May 2024, 08:50:48 AM IST

Sensex Today Live : What to expect from Indian stock market in trade on May 10

Sensex Today Live : The Sensex and Nifty 50, India's key stock market indices, are anticipated to open on a positive note on Friday, recovering from the previous day's significant losses, influenced by encouraging global market trends. The Gift Nifty's trends suggest a gap-up start for the Indian benchmark index, trading around the 22,145 level, nearly 70 points higher than the Nifty futures' previous close.

However, Thursday saw the domestic equity indices decline for the fifth consecutive session, with the Nifty 50 dropping below the 22,000 mark. The Sensex plummeted by 1,062.22 points (1.45%) to close at 72,404.17, and the Nifty 50 ended 345.00 points (1.55%) lower at 21,957.50. The formation of a long negative candle on the Nifty 50's daily chart indicates a strong downward momentum in the market.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the Nifty, having decisively breached the immediate support of 22,300 levels on Thursday, is expected to further decline in the short term. The Nifty has been oscillating within a broader range of approximately 22,800 - 21,750 levels over the past few months and is currently approaching the lower range and a critical short-term support level around 21,750. (Read the full story here.)

10 May 2024, 08:37:47 AM IST

Sensex Today Live : Seven key things that changed for market overnight - Gift Nifty, BoE policy to US jobless claims

Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are poised for a positive opening on Friday, buoyed by upbeat global markets. Asian markets are trading higher, and the US market closed positively, fueled by expectations of US Federal Reserve interest rate cuts following disappointing employment data.

Market sentiment has been impacted by continued selling by Foreign Institutional Investors (FIIs) and concerns over an unfavorable election outcome. The voter turnout ratio of 65.68%, slightly lower than in 2019 for the same seats (excluding Assam), has caused investor anxiety about the expected seat count for the BJP. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates this volatility to persist in the near term due to the lack of any significant positive triggers. He suggests that if the Nifty remains below the 22,000 level, it could potentially drop to around 21,700. (Read the full story here.)

10 May 2024, 08:29:19 AM IST

Sensex Today Live : Strong global cues, Gift nifty signal firm start for Indian markets

Sensex Today Live : Indian markets were likely to start on a muted-to-positive note, tracking gains in global peers that were trading higher on the back of improving sentiment about US rate cuts, which could likely happen sooner than expected.

Even the Gift Nifty futures, were trading at 22,132.50, around 175 points higher than Nifty 50's Thursday close of 22,197.50.

Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data.

Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.66% and was on course for a nearly 1% gain for the week, its third straight week of gains. Japan's Nikkei was 1.6% higher.

China stocks also gained, with blue-chip shares 0.14% higher, while Hong Kong's Hang Seng Index rose 1.4%, having touched an eight month high in early trading.

Data on Thursday showed U.S. initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said.

The figures follow last week's report showing U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years.

"After a period of remarkable strength and resilience, signs are growing that the U.S. labour market may be starting to soften," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.

Brandham said the softer labour market should help the Fed in the fight against inflation, even if the central bank is hoping to tame prices without materially impacting the labour market.

Markets will be closely watching April U.S. producer price index (PPI) and the consumer price index (CPI) out next week for signs that inflation has resumed its downward trend towards the Fed's 2% target rate.

Hotter-than-expected inflation reports last month knocked back any lingering expectations of interest rate cuts in the near term, with markets now fully pricing in a 25-basis-point rate cut only in November though there remains a chance of a cut in September.

Traders now anticipate 47 bps of cuts this year from the Fed, drastically lower than the 150 bps they priced in at the start of 2024.

The shifting expectations around U.S. rates have kept the dollar adrift, with the euro holding to its 0.3% overnight gains and last at $1.0778. The single currency was on track for its fourth straight week of gains on the dollar.

The dollar index, which measures the U.S. currency versus six peers, was little changed at 105.24.

BOE Governor Andrew Bailey said there could be more reductions than investors expect, with central bank's move was the latest sign of the growing divergence between Europe and U.S. rate outlook, with interest rates expected to fall earlier and further across Europe than in the United States.

Markets now imply a 50-50 chance of a BoE cut in June and are almost fully priced for August. They also imply an 88% chance the European Central Bank will ease in June.

The yen remains in the spotlight after last week's suspected rounds of interventions from Japanese authorities. It was last at 155.51 per dollar, with Japan's Finance Minister Shunichi Suzuki repeating Tokyo's recent warnings that it was ready to take action against disorderly currency moves.

Data from Bank of Japan suggests Tokyo spent nearly $60 billion last week in suspected interventions to pull the yen off its 34-year lows of 106.245 per dollar. However, with the yen nudging its way up to the 155 levels, traders are once again on intervention alert.

Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management, said the Ministry of Finance wants to avoid spikes in volatility which could negatively impact domestic financial markets.

"So like we suspect a few days ago, they will intervene if intraday moves become too large. But I don't think they’ll push against a steady depreciation, like we’ve seen since."

In commodities, oil prices were on the rise, with U.S. crude up 0.63% to $79.76 per barrel and Brent at $84.33, up 0.54% on the day.

Spot gold added 0.3% to $2,352.92 an ounce.

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