Back
PremiumMarket Close Highlights | Sensex Today : Global shares rallied on Thursday as U.S. rate cuts remained on the table even if their timing was unclear, while the yen slid against everything except the dollar and gold was pinned near record highs.
There was also action in industrial commodities as oil traded at five-month highs and copper reached a 15-month peak, helping to lift shares in basic materials and energy companies.
Some of these gains were due to supply disruptions and geopolitical tensions, but they also reflect optimism about global growth given a recovery in recent factory surveys (PMI), particularly for China.
Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data dependent.
S&P 500 futures rose 0.3% and Nasdaq futures 0.4%, while in Europe, the STOXX 600 regional index edged into positive territory.
Government bonds, which have witnessed some of their biggest daily selloffs in months this week, regained some stability on Thursday after a price rally the day before.
The case for easing was underpinned by a survey of the U.S. services sector that showed its index of prices paid fell to the lowest since March 2020, offsetting a worrying rise in the survey of manufacturing released early this week.
Gold reached a fresh record at $2,304 an ounce. The price has climbed 13% since the start of February, driven in part by buying from momentum funds and commodity trading advisors (CTAs).
Meanwhile oil prices were around their highest in five months, supported by flaring geopolitical tensions and the threat of a disruption to supply if the Israel-Hamas war in Gaza spreads to include Iran.
Brent crude eased 0.1% to $89.24 a barrel, but was in sight of Wednesday's five-month top at $89.99. Three-month copper futures were last up 0.9% on the day at $9,343 a tonne, having hit their highest since January 2023.
Sensex Today Live : Breaking the streak of three days of lower starts and lower close, Indian benchmark indices opened at an all time high on Thursday, and also closed on a high note, led by positive cues from global peers.
Sensex, which had opened higher at 74,413.82, climbed to a fresh all-time high of 74,501.73, but also remained near the lows of 73,485.12 through half of the day. At close, the Sensex was up 444.06 points, or 0.60%, at 74,320.88.
Meanwhile, the Nifty 50, which opened a a record high of 22,592.10, created another fresh all-time high in early trades by hitting 22,619.00. But mirroring the Sensex, the Nifty 50 also spend most of the day in the red. At close, the Nifty 50 was up 80 points, or 0.36%, at 22,514.65.
But despite closing higher, some experts had a word of caution. Rahul Ghose, CEO of Hedged.in said that even though Nifty and Sensex had hit their all-time high once again, it is very important to understand that markets are slightly overvalued and the stance should shift to being cautious and not overly bullish.
"The upside of the market before elections is capped from this level and from a risk-to-reward perspective it is better to not be in aggressive longs at this point. There have been 5 rejections from the all-time high levels up to now," he said.
Separately, 21 of the 30 stocks on the Sensex index closed in the green on Thursday, led by HDFC Bank, Titan, Asian Paints, Tech Mahindra, and TCS as the top gainers, and Bharti Airtel, SBI, JSW Steel, Power Grid Corp., and ITC, as the top drags.
On the Nifty 50, 31 of the 50 stocks closed in the green, with HDFC Bank, Titan, Tech Mahindra, Eicher Motors, and Asian Paints, emerging as the top gainers, while ONGC, Adani Ports & SEZ, Shriram Finance, BPCL, and Bharti Airtel, were the top drags for the day.
The broader market ended on a mixed note, with the BSE MidCap index closing down 0.11%, and the BSE SmallCap index closing up 0.54%.
Across sectors, the IT, Bank and Financial Services indices had gained the most at the end of the day. They closed up 1.08%, 0.92%, and 0.83%, respectively. The Private Bank index closed up 1.12%, and the PSU Bank index closed up 0.70%.
Other heavyweight indices which ended in the green were Auto and Consumer Durables. both closing up 0.45%, and 0.39%, respectively.
Among the losers, the Oil & Gas index had shed 1.37% at close, and the FMCG index closed down 0.43%.
Pharma, Healthcare, Metal, Media and Realty indices also ended the day in the red.
Sensex Today Live : The gap between credit and deposit growth has remained wide, with former at >16% YoY and latter at ~13% YoY. Liquidity remains tight, which may strain the deposit rates. We have seen incremental spread coming off. We are closely observing: 1) elevated C-D ratio, 2) regulator nudge on CD, 3) deposit growth feeding into softening credit growth, and 4) sustained unsecured growth despite the RBI directive.
Payments grew >23% YoY with retail growth at >27% YoY. UPI growth sustains at >45% YoY and credit card transactions at INR 1.5tn. The number of credit cards grew 1.1% MoM and >20% YoY for February. Monthly spend trends were softer with the SBI seeing the highest dip.
Life insurers’ APE growth was 23.9% YoY in February, with ~21% YoY in private life insurers and 27.5% YoY growth in LIC. Individual APE growth was at 18.1% YoY, with LIC at 13.3% and private at 18.1%. General insurance grew 12.6% YoY (vs 6.6% YoY in December), with private at 12.3%, PSU at 10.3% & standalone health insurers, up 29% YoY.
Banks are in a peculiar phase. Frontline banks – HDFC, ICICI and Kotak Mahindra among private banks – and State Bank of India among PSU banks underperformed. With outperformance by other private and mid-tier PSU banks, the valuation gap between mid-tier and frontline banks has narrowed.
We believe the risk-reward is tilted toward frontline peers hereafter. We expect them to perform better. Lack of significant asset quality challenges and better growth may ensure sustained rerating for PSU banks based on earnings stability – SBIN is our top picks among PSU.
Calibrated growth expansion and granularity of funding backed by diversified liability franchise will form the bedrock of business strategy for NBFCs as they tackle the regulatory forbearance tight funding milieu and capital constraints.
That said, cyclical tailwinds, improving operation efficiencies and continued benign credit quality environment will support earnings.
Credit cost may rise in Q4, in line with regulatory restraints, but we expect no meaningful negatives. Diversified and gold finance plays are to remain in the limelight. Infra and power are the current earnings-driven valuation story. We prefer LTFH, SHFL, RECL, MUTH and MMFS.
Sensex Today Live : Across sectors, the IT, Bank and Financial Services indices had gained the most. They were up 1.05%, 0.89%, and 0.82%, respectively. The Private Bank index was up 1.10%, and the PSU Bank index was 0.78%.
Other heavyweight indices which were in the green, were Auto and Consumer Durables. They were up 0.425, and 0.39%.
Among the losers, the Oil & Gas index had shed 1.40%, and the FMCG index was down 0.53%.
Pharma, Healthcare, Metal, Media and Realty indices were also in the red.
Sensex Today Live : The broader market was mixed, with the BSE MidCap index down 0.13%, and the BSE SmallCap index up 0.54%.
Sensex Today Live : On the Nifty 50, 27 of the 50 stocks were in the green, with HDFC Bank, Eicher Motors, Titan, Tech Mahindra, and Asian Paints, emerging as the top gainers, and Shriram Finance, ONGC, BPCL, Adani Ports & SEZ, and Bharti Airtel, being the top drags.
Sensex Today Live : More than half of the 30 stocks on the Sensex index were in the green, led by HDFC Bank, Titan, Tech Mahindra, Asian Paints and TCS as the top gainers, and Bharti Airtel, SBI, Power Grid Corp., ITC, and Reliance Industries, as the top drags.
Sensex Today Live : Indian benchmark indices were up on Thursday, led by positive signals from global peers.
At 3 pm, Sensex was up 357.95 points, or 0.48%, at 74,234.77, and Nifty was up 60.50 points, or 0.27%, at 22,495.15.
Sensex Today Live : Major capital goods (CG) companies, excluding L&T, have announced cumulative orders worth of INR 729bn in Q4FY24, up 13% YoY. Excluding order inflows of Bharat Heavy Electricals worth INR 340bn from thermal power plants and inflows in Q4 fell 38% YoY.
Inflows for defence PSU fell 48% YoY to INR 257bn in Q4FY24, due to strong base on lumpy inflows in Q4FY23. However, DPSU inflows for FY24 stood at INR 1tn, up 74% YoY. Hindustan Aeronautics (HNAL IN) signed orders of INR 176bn in Q4, up 135% YoY.
We expect our CG coverage universe revenue to grow 19% YoY in Q4FY24E based on healthy industrial demand and execution backed by robust orderbook. Siemens Q2FY24E and ABB India Q1CY24E revenue may surge 16% and 24%, respectively, on execution of healthy backlog.
Thermax Q4FY24E revenue may rise 19% on better execution in industrials (products & infra) and green solutions.
KEI Industries Q4FY24E revenue may surge 20% YoY on robust infra demand in wires & cables. KECI revenue may grow 16%, led by T&D, civil, and cables.
Voltas revenue may rise 25% YoY due to pick up in room air conditioner (RAC) space during the strong Summer season.
Cummins Q4FY24E revenue could rise 10% YoY on robust domestic demand for high horsepower (HHP) gensets.
RITES Q4FY24E revenue could fall 1% YoY amid a drop in exports realization and increased competition in quality assurance.
BEML revenue may rise 35% YoY amid robust execution across all segments.
Based on provisional numbers announced by defence PSU, Garden Reach Shipbuilders & Engineers Q4FY24E revenue may rise 37% YoY as it yields higher realization in the bell-curve phase.
Bharat Electronics revenue may rise 30% on execution of robust orderbook. HNAL revenue could jump 21%. Bharat Dynamics revenue may rise a mere 5% due to global supply chain challenges in Q4FY24.
Consumer electricals and electronics plays may see 19% revenue growth YoY in Q4FY24E on uptick in RAC, led by anticipation of a strong Summer, and rising localization trend in EMS.
Kaynes Q4E revenue may spike 60% on robust orderbook.
Dixon Q4FY24E revenue may grow 69% YoY on higher mobile phone volumes.
V-Guard revenue may grow 15%, led by healthy cables and kitchen appliance demand.
Havells Q4FY24E revenue could rise 14% YoY, driven by Lloyd (RAC) and wires & cables.
Crompton Q4FY24E revenue may grow 7%.
Eureka Forbes Q4FY24E revenue may grow 12%, driven by volume growth arising from its transformational journey.
Amber Enterprises Q3E revenue may fall 18%, led by fall in the RAC segment on competitive outsourcing landscape.
We prefer Eureka Forbes, V-Guard Industries, Amber Enterprises, Hindustan Aeronautics, Bharat Electronics, Havells India, KEC International, KEI Industries, Kaynes Technologies, and Siemens.
Sensex Today Live : We expect our FMCG coverage universe to report revenue and volume growth of 2.8% YoY and 3.6% YoY, respectively, in Q4FY24E with a five-year CAGR of 8.8% vs 9.0% in Q3FY24.
In Q4, companies such as, BECTORS, TATACONS, CLGT, and JYL saw stronger revenue growth. Regional firms, particularly in sectors, such as biscuits and laundry, continue to challenge larger competitors due to favourable commodity prices. This fierce competition is dragging companies such as HUVR and BRIT. However, JYL and BECTORS stand to gain from enhanced distribution.
VBL and DABUR might encounter hurdles from slow beverage demand in the domestic market, due to a delayed Winter. TATACONS' growth stems from robust performance in new ventures, increased volume in salt, and the acquisition of Capital Foods.
CLGT is expected to achieve high single-digit growth through aggressive promotional offers in modern trade and premiumization while for GCPL we estimate double-digit growth in the domestic business, aided by Raymond Consumer Care (RCC) acquisition (ex-RCC ~3% YoY).
In Q4, essential commodities, such as crude and palm oil, have witnessed a sequential increase. However, it has not been significant to impact margin as YoY growth remains subdued. Companies focus have been focused on offering higher schemes to drive volume and there have been no incremental price cuts.
For Q4FY24E, we expect gross margin expansion of 185bp YoY and flat QoQ (ex-ITC, up 260bp YoY & flat QoQ), and EBITDA margin gains of 20bp YoY but flat QoQ (ex-ITC, up 80bp YoY and flat QoQ), led by benign input prices, partly offset by higher spend on advertising. We expect our FMCG coverage universe to post EBITDA growth of 3.5% YoY (ex-ITC growth of 7.2% YoY). Except for BRIT, ITC, BECTORS and HUVR, which could experience a decline in EBITDA margin, other companies are expected to achieve margin expansion. Companies, such as CLGT, NEST, GCPL and DABUR, are anticipated to achieve margin expansion exceeding 250bp YoY.
Our preferred picks are Mrs. Bectors, Godrej Consumer and Tata Consumer.
Sensex Today Live : "We think the Reserve Bank of India (RBI) will likely maintain the repo rate at 6.5 percent. If this goes as anticipated, it would reinforce stability in the financial markets. This decision aligns with market expectations and reflects the RBI's commitment to managing inflation and supporting economic growth.
Consequently, we anticipate it could sustain positive market sentiment, bolstering investor confidence in the domestic economy. However, any unexpected deviation from this anticipated decision could introduce uncertainty and potentially lead to fluctuations in market dynamics, influencing investment strategies in the short term."
Sensex Today Live : Domestic sugar sales grew 6.9mn tonnes, up 5% YoY, but sugar sales for Elara Sugar universe declined due to exports embargo this year and lower quota allocations YoY.
Expect Balrampur Chini Mills’ domestic sales to decline 5% but total sales may reduce 35% due to absence of exports in Q4FY24.
Realizations are expected to clock a 6% growth to INR 38 per kg in Q4E but have fallen ~5% QoQ from ~INR 40.
Among different types of ethanol feedstock, procurement of B-heavy and Juice ethanol, which currently fetch low margin, has been more versus other feedstock. Hence, we have penciled in higher sales of juice and B heavy ethanol for Elara Sugar universe, which has impacted segmental profitability.
Indian Sugar Mills Association (ISMA) expects India’s sugar production before diversion to decline 10% YoY to 33mn tonnes this season, driven by a 16% and a 24% drop in sugar production in Maharashtra and Karnataka to 1mn tonnes and 0.5mn tonnes, respectively. Sugar production for Uttar Pradesh is expected to rise 1% to 12mn tonnes.
The industry association has also requested the government to allow 1 mn tonnes of export in the current season anticipating healthy closing stock by the season end.
Outlook: Expect normalization from H2FY25
The changes in Ethanol Procurement Policy this year are likely to be one-off (as a precautionary measure against the risk of lower sugar production) and valid between November 2023 and October 2024. Hence, these may impact only H2FY24-H1FY25 financials. We expect normalization from H2FY25.
We have a neutral view on the Sugar sector in the short term given the earnings strain in the next nine months, but we maintain our positive stance, medium-to-long term due to ethanol blending program.
Balrampur Chini is our top pick in the sector. We have a BUY on Dwarikesh Sugar and Industries (DSIL) but are set to revisit valuations/rating post clarity from the management on growth drivers.
Sensex Today Live : Synergy Green informed the exchanges today that it has successfully commissioned it 2 MW captive solar power project, out of the 10 MW it has planned for. The company also said it has acquired land at MIDC Kagal, Kolhapur to expand its foundry capacity from 30,000 MT/Annum to 45,000 MT/Annum and also set up in-house machining facilities.
In an exchange filing, the company said, "We are pleased to update you that, we have successfully commissioned 2 MW of Captive Solar projects. This is estimated to take care the electricity requirement for 3,000 MT of production (10% of present capacity). Further 8 MW installations are planned during FY 2024-25. These installations will help us in achieving decarbonization goals, reduce the electricity costs and also hedge against future power tariff escalations".
The company said it presently spends around 8% on power costs and with the completion of 10 MW installations, it is estimated to bring down these costs to 6% (at PBDIT levels).
Sensex Today Live : “The Reserve Bank of India will likely keep repo rate unchanged at 6.5%. Stance will also be unchanged for better transmission of the delivered rate hikes (of 250 bps so far).
Right now, food inflation is high so the biggest risk going ahead is monsoon. IMD has forecast normal monsoon for the year, so timely kharif sowing can bring down food inflation. Till then, RBI is unlikely to cut interest rates.
The central bank will also take cues from what Fed and ECB are doing when it comes to rates. So it is unlikely that rate cuts will happen before October. However, RBI could change its stance to 'neutral' in June or August.
Meanwhile, GDP growth for FY25 might be revised upwards to 7.3-7.4% from 7% earlier as all macroeconomic data has been robust."
Shraddha Umarji, Economist - Institutional Research, Prabhudas Lilladher
Sensex Today Live : "Even though Nifty and Sensex have hit their all-time high once again, the stance that most people would tend to take is that markets will break out from here as a new level is crossed. It is very important to understand at this juncture, that markets are slightly overvalued and the stance should shift to being cautious and not over bullish.
The upside of the market before elections is capped from this level and from a risk-to-reward perspective it is better to not be in aggressive longs at this point. There have been 5 rejections from the all-time high levels up to now. In the money put writers have all wound up their positions in the 23000 strike for the April series. Both these points further corroborate the theory of limited upside and having a cautious stance at this juncture."
--Rahul Ghose, CEO, Hedged.in
Sensex Today Live : CMP 387
TARGET 505 (30.50%)
STOPLOSS 347 (10.35%)
The stock after the decent correction has taken support near the previous bottom made at around 360 zone and has picked up to indicate a pullback. The RSI has improved much from the oversold zone and is on the rise to signal a buy. A decisive move past the significant 50EMA level of 400 shall further strengthen the justification to anticipate for further rise in the coming days. We suggest to buy and accumulate the stock for the upside targets of 455 and 505 levels respectively keeping the stop loss at 347.
Sensex Today Live : CMP 2,182
TARGET 2,690 (23.30%)
STOPLOSS 2,000 (8.35%)
The stock has eroded quite significantly and has arrived near the long term trendline support zone of 2040 levels where it has taken support and indicated a pullback to move past the important 200 period MA of 2175 levels signifying strength and further upward move is expected. The RSI is well placed and on the rise with much upside potential visible. We suggest to buy and accumulate the stock for an upside target of 2690 keeping the stop loss of 2030.
Sensex Today Live : CMP 1,342
TARGET 1,680 (25.20%)
STOPLOSS 1,220 (9.10%)
Clean Science has made a decent correction from the higher levels of 1610 to 1270, where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. Also trading near the lower end of the rectangle pattern level. The RSI indicator is also recovering from its oversold zone, and hence we recommend a positional buy in this stock for an upside target of 1680 keeping a stop loss of 1220.
Sensex Today Live : CMP 2,126
TARGET 2620 (23.25%)
STOPLOSS 1920 (9.70%)
The stock has corrected well attaining the important long term trendline support zone of 2,030 levels and with an indication of a pullback, has improved the bias to some extent. The RSI has flattened out and gradually on the rise to indicate improvement and expected to rise further. We suggest to buy and accumulate the stock for an upside target of 2,620 keeping the stop loss of 1,920.
Sensex Today Live : Brahmaputra Infrastructure informed the exchanges today that its consolidated order book as of 31 March 2024 stands at ₹1,186.67 crore.
In an exchange filing, the company said, "We would like to inform you that our company M/s Brahmaputra Infrastructure Limited has a consolidated order Book, along with its Joint Venture / Operation partners as on 31.03.2024, an total amount Rs. 1186.67 crores".
Sensex Today Live : The stock has witnessed a decent correction and recently has shown signs of bottoming out near the 5,730 zone of the long-term trendline zone, thereafter, with a decent pullback seen, has improved the bias to some extent.
With the RSI hitting the highly oversold zone and thereby witnessing a decent recovery has indicated a positive trend reversal to signal a buy.
With the chart looking good, we suggest to buy and accumulate the stock for an upside target of 7,250 level keeping the strict stop loss of 5,500.
Sensex Today Live : The inaugural Monetary Policy Committee (MPC) meeting for the fiscal year 2024-25 is set to commence on Wednesday, amidst a backdrop of decelerating inflation and strong economic growth. A reduction in interest rates at this juncture could potentially overstimulate an economy that is already expanding at a rate of 7-8%, leading to inflationary pressures. Conversely, an increase in rates could stifle growth, while having no impact on inflation due to uncontrollable factors. Given these considerations, it is probable that the MPC will opt to maintain the status quo with respect to rates.
Indeed, the anticipation of rate cuts in the market has been deferred further in recent times. The Reserve Bank of India's (RBI's) most recent Survey of Professional Forecasters does not foresee any monetary relaxation until the conclusion of the September quarter of 2024-25. (Read the full story here.)
Sensex Today Live : Gensol Engineering , recorded its highest ever revenue from operations, surpassing ₹960 crore (provisional and unaudited) in the financial year ending on March 31, 2024.
This represents a growth rate of 141% compared to the previous financial year. The corresponding figure for the previous year was at ₹398 crore.
Sensex Today Live : Indian benchmark indices, which had opened at fresh all-time highs on Thursday, slipped into the red in early trades.
At 10 am, Sensex was down 61.74 points, or 0.08%, at 73,815.08, and Nifty was down 27.55 points, or 0.12%, at 22,407.10.
Sensex Today Live : The infrastructure EPC major has received new orders of ₹816 crore across its various businesses, including orders for supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.
Sensex Today Live : AU Small Finance Bank's incremental cost of funds for Q4FY24 declined by 4bps to 7.71%, compared to Q3FY24, whereas the incremental disbursement yields increased by 8bps to 13.56%, compared to Q3FY24.
It registered overall deposits growth of 9% QoQ and 26% YoY, with total deposits crossing ₹ 87,000 crore. This was led by strong CASA mobilisation with incremental CASA deposit growing by 10% QoQ.
The bank achieved the highest ever disbursement in the month of March’24. It securitised loans worth ₹ 616 Cr during the quarter and its overall Gross Loan portfolio grew by 8% QoQ and 28% YoY.
Sensex Today Live : HDFC Bank’s gross advances aggregated to approximately ₹ 25,080 billion as of March 31, 2024, up around 55.4%, over ₹ 16,142 billion as of March 31, 2023, and a growth of around 1.6% ( ₹ 387 billion) over ₹ 24,693 billion as of December 31, 2023.
Deposits aggregated to approximately ₹ 23,800 billion as of March 31, 2024, a growth of around 26.4% over ₹ 18,834 billion as of March 31, 2023 and a growth of around 7.5% ( ₹ 1,660 billion) over ₹ 22,140 billion as of December 31, 2023.
CASA deposits aggregated to approximately ₹ 9,090 billion as of March 31, 2024, a growth of around 8.7% over ₹ 8,360 billion as of March 31, 2023 and around 8.8% ( ₹ 734 billion) over ₹ 8,356 billion as of December 31, 2023.
Sensex Today Live : The company that runs D-Mart, reported a standalone revenue of ₹12,393.46 crore for the quarter ending in March FY24. This is a 19.9 percent increase from the ₹10,337.12 crore recorded in the same period last year. As of the end of March 2024, the company operates a total of 365 stores.
Sensex Today Live : Across sectors, the Bank and Financial services indices were leading gains, both up 1.02% and 1.04%, respectively.
Barring Pharma and Health, all other heavyweight indices were in the green, too.
Sensex Today Live : The broader market was up, with the BSE SmallCap index climbing 0.91%, followed by the BSE MidCap index, which was up 0.58%.
Sensex Today Live : HDFC Bank, NTPC, Hindalco, Axis Bank, and Power grid Corp., were the top gainers on the Nifty 50, while IndusInd Bank, SBI, Sun Pharma, Britannia, and Apollo Hospital Enterprises, were the top drags.
Sensex Today Live : Only four stocks were in the red at open on Sensex, namely Sun Pharma, IndusInd Bank, SBI, and Tech Mahindra. The top gainers on the benchmark index were HDFC Bank, NTPC, Axis Bank, Power Grid Corp., and Tata Steel.
Sensex Today Live : Indian benchmark indices opened at fresh all-time highs on Thursday, led by strong cues from global peers.
At opening bell, Sensex was up 410.85 points, or 0.56%, at 74,287.67, and Nifty was up 122.95 points, or 0.55%, at 22,557.60.
Sensex Today Live : Bajaj Finance on Wednesday informed the exchanges that it has invested ₹2,000 crore in Bajaj Housing Finance by way of a Rights Issue.
In an exchange filing, the company said, "We would like to inform you that today, i.e., 3 April 2024, Bajaj Finance Limited (“BFL"/"the Company") has invested in Bajaj Housing Finance Limited (BHFL), its wholly-owned subsidiary, by way of subscribing to Rights Issue for an amount of approximately Rs. 2,000 crore."
Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are likely to start on an upward trajectory on Thursday, propelled by the positive momentum in global markets. The Gift Nifty trends also suggest a promising start for the Indian benchmark index, trading around the 22,593 level, nearly 50 points premium from the previous close of Nifty futures.
However, on Wednesday, the domestic equity benchmark indices concluded with a slight downward tilt amidst unfavorable global indicators. The Sensex dropped 27.09 points to close at 73,876.82, while the Nifty 50 ended 18.65 points, or 0.08%, lower at 22,434.65.
The Nifty 50 chart depicted a small positive candle with a gap-down opening and an upper shadow. "This pattern technically signifies a broader range movement in the market near all-time highs. The smaller degree positive pattern like higher tops and bottoms is intact as per the daily chart and the present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Sensex Today Live : The Indian stock market is anticipated to kick off Thursday on a high note, following an upward trend among global counterparts due to enhanced investor confidence.
Asian markets saw an uptick, and the US stock market indices largely closed in the green after a speech by Jerome Powell, the US Federal Reserve Chairman.
However, on Wednesday, the Indian stock market indices concluded with a slight negative inclination amidst unfavorable global indicators.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated, “Markets are treading carefully in anticipation of the RBI policy meeting and crucial macroeconomic data set to be released in the US and Europe. We foresee the market to stabilize in the coming days until these events transpire."
Sensex Today Live : US futures and Asian markets climbed up as Federal Reserve Chairman Jerome Powell on Wednesday reaffirmed plans to cut interest rates this year, but shied away from giving any timeline for it.
This likely indicated that Indian markets too would start on a positive note, tracking its global peers. This was borne out by the Gift Nifty futures, which was trading at 22,601.50 at 8 am on Thursday, more than 150 points ahead of Nifty 50's Wednesday close of 22,434.65, and also ahead of Nifty 50's all time high of 22,529.95.
Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks.
There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.
Some of these gains were due to supply disruptions and geopolitical tensions, but they also reflect optimism about global growth given a recovery in recent factory surveys (PMI), particularly for China.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4%, though a holiday in China made for thinner trading conditions.
Tokyo's Nikkei bounced 1.5% as the yen fell, with the materials, industrials, and energy sectors leading the way.
EUROSTOXX 50 futures and FTSE futures were little changed in early trade. S&P 500 futures rose 0.2% and Nasdaq futures 0.3%.
Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data dependent. Fed fund futures have already lowered the chance of a June move to 62% from 74% a month ago.
Investors have also taken 100 basis points of easing out of 2025, so that rates are now seen ending next year around 4% rather than 3%. Gold extended its sparkling run to reach a fresh record at $2,302 an ounce.
Oil prices have also been on a tear as Ukraine's attacks on Russian refineries have cut fuel supply and amid concerns that the Israel-Hamas war in Gaza may spread to include Iran, possibly disrupting supplies from the Middle East.
A meeting of top ministers from the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts.
Brent added another 30 cents to $89.65 a barrel on Thursday, while U.S. crude rose 30 cents to $85.73 per barrel.
