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Business News/ Markets / Live Blog/  Market Close Highlights: Sensex closes down 670pts, Nifty at 22,700; Bank, FS, Auto, IT drag, Pharma, Health, Cons. gain
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Market Close Highlights: Sensex closes down 670pts, Nifty at 22,700; Bank, FS, Auto, IT drag, Pharma, Health, Cons. gain

Market Close Highlights : Both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were net buyers of equities on May 28. FIIs bought equities worth 65.57 crore, while DIIs purchased equities worth 3,231.67 crore, according to provisional data on NSE. 

Market Close Highlights : Companies reporting results on May 29 include Tata Steel, Aadhar Housing Finance, Alkem Laboratories, Cummins India, Emami, Deepak Fertilisers & Petrochemicals Corporation, Bata India, Mazagon Dock Shipbuilders, GMR Airports Infrastructure, Ipca Laboratories, Lemon Tree Hotels, Jubilant Pharmova, Indegene, Samvardhana Motherson International, and Shree Renuka Sugars, among the more than 550 companies that will also announce their quarterly earnings today. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting results on May 29 include Tata Steel, Aadhar Housing Finance, Alkem Laboratories, Cummins India, Emami, Deepak Fertilisers & Petrochemicals Corporation, Bata India, Mazagon Dock Shipbuilders, GMR Airports Infrastructure, Ipca Laboratories, Lemon Tree Hotels, Jubilant Pharmova, Indegene, Samvardhana Motherson International, and Shree Renuka Sugars, among the more than 550 companies that will also announce their quarterly earnings today. (Image: Pixabay)

Market Close Highlights : U.S. government bond yields pushed to a near four-week peak on Wednesday, lifting their global counterparts and pressuring stocks, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.

Meanwhile, crude oil rose for a fourth day to reach a one-month high amid speculation OPEC will maintain production cuts at a meeting this Sunday and renewed geopolitical tensions.

U.S. yields climbed after consumer confidence data came in stronger than expected on Tuesday, Minneapolis Fed President Neel Kashkari said further rate hikes were still a possibility, and two Treasury auctions were poorly received by investors.

The benchmark 10-year U.S. Treasury yield rose as high as 4.576%, a level not seen since May 3, and was last up 2 basis points at 4.566%. Yields move inversely to prices.

Germany's 10-year bond yield rose to 2.637%, the highest in a month, and was last at 2.609%. Meanwhile, equivalent Japanese yields hit the highest since December 2011 at 1.081% on expectations that the Bank of Japan could soon raise interest rates again.

"These expectations of Fed rate cuts have been pared back," said Aneeka Gupta, director of macroeconomic research at WisdomTree. "Overnight we had Neel Kashkari mention that we still can't take the possibility of a rate hike in 2024 off the table."

The sharp improvement in a U.S. consumer confidence measure for May has kept the market guessing about the strength of the economy and sticky inflationary pressures, which in turn cloud the outlook for the Fed's policy path.

Traders currently put the odds of at least a quarter-point interest rate cut by September at around 44% following the data, from a coin toss a day earlier, according to the CME Group's FedWatch Tool.

European equities opened lower, with the continent-wide STOXX 600 index falling for a second day, by 0.4%. Britain's FTSE 100 was down 0.22% and Germany's DAX was 0.44% lower.

U.S. stock futures were also in the red, with S&P 500 contracts 0.48% down and Nasdaq contracts off by 0.56%.

Gupta said the release of U.S. personal consumption expenditure inflation data on Friday will be an important guide for Fed policy. Economists expect PCE inflation - the Fed's preferred measure - held steady at 2.7% in April from the same level in March.

"If we get a slight slowdown come in on Friday that would definitely cement the possibility of a rate cut coming to fruition for September," Gupta said.

Before that, German inflation data for May is due later on Wednesday ahead of the euro zone-wide reading on Friday.

The dollar rose to a four-week peak of 157.4 yen on Wednesday, boosted by higher U.S. bond yields. It was last up about 0.2% against the euro at $1.0839.

In energy markets, Brent crude oil futures for July delivery rose 0.65% to $84.78 a barrel, the highest since May 1, while U.S. crude futures climbed 0.74% to $80.42.

Oil prices gained more than $1 a barrel on Tuesday on the expectation that OPEC will maintain crude supply curbs at its June 2 meeting, while the start of U.S. summer driving season and Israel's assault on Rafah, next to the Egyptian border, has added to geopolitical tensions.

Mainland Chinese blue chip stocks edged 0.12% higher after the IMF upgraded its economic growth forecasts for the country.

29 May 2024, 09:23:25 AM IST

Sensex Today Live : NBCC (India) shares climb more than 3% after company posts 25% increase in Q4 net profit

Sensex Today Live : The company reported a 24.6% YoY increase in net profit at 141.5 crore for Q4FY24. The company’s revenue from operations jumped 43% to 4,025 crore. EBITDA climbed to 240.2 crore, and the EBITDA margin was 6%.

29 May 2024, 09:22:06 AM IST

Sensex Today Live : Brigade Enterprises shares jump more than 6% after company posts 234% YoY jump in Q4 net profit

Sensex Today Live : The company reported a 234.3% YoY jump in net profit at 210.9 crore for Q4FY24. The company’s revenue from operations increased by 102.04% to 1,702.4 crore. The EBITDA stood at 432.8 crore, and the EBITDA margin was 25.4%. The company’s total collections stood at 5,915 crore, up 9% over FY23.

29 May 2024, 09:17:30 AM IST

Sensex Today Live : Opening Bell

Sensex Today Live : Indian benchmark indices were down at open on Wednesday, bogged down by weak signals from global peers.

At opening bell, Sensex was down 245.91 points, or 0.33%, at 74,924.54 and Nifty was down 82.05 points, or 0.36%, at 22,806.10.

29 May 2024, 09:12:06 AM IST

Sensex Today Live : Benchmark indices fall at pre-open

Sensex Today Live : Indian benchmark indices fell at pre-open on Wednesday, tracking weak signals from global markets.

Sensex was down 343.51 points, or 0.46%, at 74,826.94 and Nifty was down 125.40 points, or 0.55%, at 22,762.75 during pre-open.

29 May 2024, 08:58:24 AM IST

Sensex Today Live : Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, gives technical outlook for BankNifty and Bankex

Sensex Today Live : "BankNifty also has a crucial support zone near 49,000 levels, while 49,700 levels on the upper side are the resistance barriers that need to be crossed for a further upward move. The overall bias and sentiment as of now would be maintained with a cautious approach, with volatility expected at regular intervals.

Bankex has made a double top pattern on the daily chart; for the short term, 55,500 would be the support, and on the upside, a decisive breach above 56,500 would confirm a breakout for a further fresh upward move. Bank Nifty would have a daily range of 48,500–50,000 levels, with Bankex support at 55,500 and resistance at 56,500 levels."

--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

29 May 2024, 08:57:16 AM IST

Sensex Today Live : Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, gives technical outlook for Sensex and Nifty

Sensex Today Live : "Nifty witnessed a volatile session swinging between 22,850 and 23,000 levels, with the overall bias maintained cautiously positive. We need to watch and wait for further developments to settle down. As said earlier, Nifty has the crucial support of 22,780–22,800 levels, while on the upper side, it needs to breach the 23,100 zone decisively for the bias to turn positive and establish some conviction.

Sensex has resisted near the upper end of the rising channel pattern, and a decisive close below 75,000 will weaken the trend in the short term. The important support zone would be maintained near the 20 DMA level of 74,000. The support for the day is seen at 74,500/22,750, while the resistance is seen at 75,800/23,050."

--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

29 May 2024, 08:54:41 AM IST

Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says caution is advisable, with VIX at a two-year high

Sensex Today Live : “Nifty is down by 80 points to 22,837, with Nifty drifting lower for the past three days. This Wednesday morning, two positive catalysts are notable: the Nasdaq Composite hit a record high due to gains in tech stocks like Nvidia and Apple, and both FIIs and DIIs were net buyers in the last session. However, caution is advised as India VIX is at a two-year high of 24.20, ahead of significant events such as exit polls and GDP data. Preferred trades are buying Nifty on dips between 22,700-22,750 with a target of 23,050-23,351, and Bank Nifty between 48,500-48,600 with a target of 49,300-50,000. Bullish on Bajaj Auto and HDFC AMC, with HDFC AMC recommended to buy at the current price of 4,012."

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

29 May 2024, 08:52:21 AM IST

Sensex Today Live : Stocks to watch today

Sensex Today Live : ABFRL, Amara Raja, Tata Steel, Brigade, NBCC, Wockhardt, are a few stocks likely to be in focus on Wednesday, May 29.

29 May 2024, 08:51:58 AM IST

Sensex Today Live : What to expect from Indian stock market in trade on May 29

Sensex Today Live : The Indian stock market, represented by the Sensex and Nifty 50 indices, is set to continue its downward trend and open lower on Wednesday, influenced by weak global indicators.

The Gift Nifty, a key indicator of the Indian benchmark index, also signals a negative start, trading around the 22,830 level. This represents a nearly 90-point discount from the previous close of Nifty futures.

On Tuesday, the Indian equity market extended its losing streak for the third consecutive session. The Sensex fell by 220.05 points, closing at 75,170.45, while the Nifty 50 ended 44.30 points or 0.19% lower at 22,888.15.

The Nifty 50 formed a bearish candlestick pattern on the daily charts, indicating a lower top lower bottom formation. Despite this, Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, remains optimistic. He notes that the Nifty continues to hold above the 20 and 50-day Simple Moving Average (SMA). The 14-day Relative Strength Index (RSI) at 64.53, although it has eased in the last two sessions, is still rising and not overbought, which Gangadharan finds encouraging. (Read the full story here.)

29 May 2024, 08:39:50 AM IST

Sensex Today Live : Seven key things that changed for market overnight - Gift Nifty, Nvidia share rally to Treasury yields

Sensex Today Live : The Indian stock market is bracing for a dip in the opening trade on Wednesday, with the benchmark indices, Sensex and Nifty 50, projected to start lower due to weak global indicators.

Mixed trading patterns were observed in Asian markets, while US markets also closed unevenly. Notably, the Nasdaq reached a new milestone, crossing the 17,000 mark for the first time. However, the optimism was tempered by rising US Treasury yields, hawkish remarks from US Federal Reserve officials, and caution ahead of the release of crucial economic data.

On Tuesday, the Indian equity market continued its downward trend for the third straight session. The Sensex fell by 220.05 points or 0.29%, closing at 75,170.45, while the Nifty 50 ended 44.30 points or 0.19% lower at 22,888.15.

Despite the recent downturn, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, remains optimistic. He anticipates the Nifty to stay steady or show slight gains, buoyed by reduced FII selling, forecasts of an above-average monsoon, and the final phase of Q4 results. (Read the full story here.)

29 May 2024, 08:34:22 AM IST

Sensex Today Live : Weak global cues signal muted start for Indian markets

Sensex Today Live : Indian shares are likely to start trade on a lacklustre note on Wednesday, tracking weakness in global peers, as investors cautiously await U.S. inflation data due this week for clues on the Federal Reserve's interest rate trajectory.

The Gift Nifty was trading at 22,821, as of 8:14 am, indicating that the Nifty 50 will open slightly higher than its previous close of 22,888.15.

U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.

Crude oil rose for a fourth day to reach a four-week high amid speculation OPEC will maintain production cuts at a meeting this Sunday.

Benchmark U.S. 10-year yields ticked as high as 4.556% in Tokyo trading hours, a level not seen since May 3, following poorly received two- and five-year Treasury auctions overnight.

Equivalent Japanese yields hit the highest since December 2011 at 1.065%, while Australian yields jumped to a more than three-week top at 4.42%.

Investors were also caught off-guard by a sharp improvement in a U.S. consumer confidence measure for May. Economists had predicted a fourth straight month of weaker confidence, particularly after a tepid reading for the University of Michigan's analogous survey result from Friday.

That has kept the market guessing about the strength of the economy and sticky inflationary pressures, which in turn cloud the outlook for the Fed's policy path.

Traders currently put the odds of at least a quarter-point interest rate cut by September at 44% following the data, from a coin toss a day earlier, according to the CME Group's FedWatch Tool.

The dollar rose to a four-week peak of 157.41 yen on Wednesday, while gaining 0.07% against both the euro and sterling.

Australia's dollar though added 0.08% to $0.66545, bolstered by data showing an unexpected jump in local consumer inflation last month.

"Whether incoming U.S. economic news sees the money market pendulum swing back in favour of lower U.S. rates in Q3" will be key to whether the Aussie can retain its upward momentum, National Australia Bank strategists wrote in a client note.

"Our base line view is 'yes it will' - we still have September for a first Fed easing, then another by year-end."

Regional stock markets were mostly lower on Wednesday, with the notable exception of mainland China.

Japan's Nikkei slipped 0.4%, Australia's benchmark dropped more than 1%, while Hong Kong's Hang Seng tumbled 1.2%.

However, mainland blue chips gained 0.3%

MSCI's broadest index of Asia-Pacific shares dropped 0.8%.

U.S. S&P 500 futures pointed 0.2% lower following a flat finish on Tuesday for the cash index.

In energy markets, Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.

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