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Market Closing: Sensex erases gains to end flat as banks & financials slip; Nifty ends around 21,550

Market Close: Benchmark share indices Sensex and Nifty erased a chunk of their gains made earlier in the day and ended marginally higher amid a sell-off in banks and financials stocks

Market close: Sensex, Nifty give up gains to close marginally higher. Photo: Reuters

Market Closing: Indian benchmark indices Sensex and the Nifty ended flat on Tuesday after giving up most of the gains made during the day. Sensex ended at 71,386.21, up 31 points erasing 650 points from the day's high, while Nifty closed near the 21,550 level. The rupee closed little changed at 83.11 against the US compared to its close at 83.13 in the previous session.

Asian stock markets showed some signs of resilience with most indices recording gains on the heels of a tech-driven surge on Wall Street. Investors across the globe are keenly awaiting the US inflation data, a critical factor that could influence the Federal Reserve's decision on interest rate adjustments. Oil held the largest drop in about a month on signs of a weaker physical market, including a deep pricing cut by Opec leader Saudi Arabia. Gold prices picked up on Tuesday from a three-week low, helped by a pullback in the dollar.  

Foreign institutional investors net bought Indian shares worth 160.30 million on Monday, while domestic investors purchased a net 1.56 billion of shares. Monthly FPI buying in Indian equities hit a record in December.

Investors are focussing on key economic indicators like retail inflation and factory production data as well as corporate earnings of IT majors TCS, Infosys and Wipro later this week. 

 

09 Jan 2024, 03:33 PM IST Market Closing: Sensex, Nifty erase most gains to end flat amid selling in banks and financials

Indian benchmark indices Sensex and the Nifty ended flat on Tuesday after giving up most of the gains clocked during the day amid mixed global cues. Sensex ended at 71,386.21, up 31 points, while Nifty closed near the 21,550 level. Banks and financial stocks came under heavy selling pressure in the last hour of trade. Bank Nifty and financial indices fell 0.4% each. On the Sensex, L&T, Tata Motors and HCL Tech were the best gainers while Bajaj Finserv and Nestle were the top laggards. The rupee closed little changed at 83.11 against the US compared to its close at 83.13 in the previous session.

09 Jan 2024, 03:20 PM IST Sensex Today Live: Nifty bank slips in last hour of trade; AU Bank sheds 3%

09 Jan 2024, 03:09 PM IST Sensex Today Live: Good view for hotel operators in 2024, too?

Over the past two years, the Indian hospitality industry has thrived on recovery trends, led by a surge in leisure demand in 2022 and a boom in corporate travel in 2023. This upswing resulted in impressive stock performance for hotel companies. For instance, in 2023, shares of The Indian Hotels Co. Ltd (IHCL), Lemon Tree Hotels Ltd, and Chalet Hotels Ltd witnessed gains of 38%, 40%, and 100%, respectively. (Read more)

09 Jan 2024, 02:55 PM IST Sensex Today Live:  Dollar steady, bitcoin holds gains before ETF approval deadline

A decline in U.S. consumer inflation expectations kept the dollar rally in check on Tuesday as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year.

In cryptocurrencies, bitcoin held near its strongest level since April 2022 on growing anticipation the Securities and Exchange Commission will imminently approve spot bitcoin exchange-traded funds. (Reuters)

09 Jan 2024, 02:40 PM IST Sensex Today Live: Sensex off day's highs; up 150 points 

09 Jan 2024, 02:28 PM IST Sensex Today Live: Nykaa shares zoom over 5%, touch new 52-week high on strong Q3FY24 update

The company has projected mid-twenties growth in the gross merchandise value of its beauty and personal care vertical, with a net sales value growth of approximately 20% on a year-on-year (YoY) basis.

09 Jan 2024, 02:13 PM IST Sensex Today Live: Capital Goods Earnings Preview by Amit Anwani – Research Analyst, Prabhudas Lilladher

We expect our capital goods coverage universe to report healthy performance in Q3FY24 led by 1) continued execution of strong opening order books, 2) robust demand/orders/volumes in domestic market, and 3) traction in key export markets such as Middle East, Americas, Africa etc. Overall, we expect Revenue/Adj. PAT growth of ~16.6%/22.0% YoY (13.5%/14.1% YoY ex-L&T). Margin guidance, European demand outlook, order/enquiry pipeline and impact of elections on domestic demand/orders will be key monitorables. Our top picks are L&T, Siemens, ABB, Triveni Turbine, and Praj Industries.

Order inflows (OI) likely to be strong in Q3FY24, owing to substantial order wins announced by companies like BEL/L&T/KEC/KPIL across segments such as Defence, T&D, Water, Hydrocarbons, Railways, Green Energy, etc. During the quarter, L&T announced OI in range of Rs535-820bn, while T&D EPC companies such as KEC/Kalpataru announced healthy OI worth ~Rs39bn/~Rs45bn respectively. BEL announced robust inflows worth ~Rs122bn. Government orders may be delayed during the upcoming elections, but the long-term outlook remains strong across T&D, Railways, Data Centers, Defence etc. especially in India.

Product/consumables companies’ revenue to grow by ~11.0% YoY, led by strong growth in the domestic market. EBITDA margins for most product companies are likely to be stable owing to rising volumes offset by falling realizations and higher operating expenses. Within product companies, we expect Consumables to report ~4.1% YoY growth, (CUMI -1.4% YoY & GWN 15.0% YoY) factoring in healthy industrial demand offset by lower realizations due to Chinese dumping of Ceramics and Electrominerals.

EPC companies’ revenue to grow ~19.4% YoY led by healthy execution of robust opening order books. EBITDA margins are likely to expand with softening commodity prices and better mix.

09 Jan 2024, 01:58 PM IST Sensex Today Live: Asian markets gain tracking Wall Street rally; Japan shares hit three-decade high

Asian markets enjoyed a much-needed bounce Tuesday after a dour start to the year, with Tokyo notching a three-decade high as traders tracked a rally on Wall Street. Nikkei ended 1.2 % higher. Hang Seng rose 0.3% and Shanghai Composite rose 0.3%

09 Jan 2024, 01:44 PM IST Sensex Today Live: Titagarh Rail gained 367% in 2023 as the company is a major beneficiary of huge capex in rail sector

09 Jan 2024, 01:31 PM IST Sensex Today Live: Zee Entertainment shares recover from day's low as company says it was committed to the merger with Sony's India unit

Zee Entertainment said on Tuesday it was committed to the merger with Sony's India unit, after reports said the broadcaster was about to call off a $10 billion deal.

09 Jan 2024, 01:17 PM IST Sensex Today Live: Telecom sector earnings preview by Swarnendu Bhushan – co-head of research, Prabhudas Lilladher

Q3FY24 Revenue and EBITDA of telecom companies in our coverage universe (Jio (unrated) + Bharti) is expected to increase by 3%QoQ and 4% QoQ to Rs617.9bn and Rs324.7bn respectively led by healthy subscriber addition of 13.2mn, besides building gradual increase in ARPU growth (1.1%QoQ). Due to falling competitive intensity, given weak financial position of peers, we maintain our positive stance on the sector. We also factor in delayed tariff hikes and build in ARPU of Rs225/236 for FY25/26. Reiterate ‘Accumulate’ on Bharti at SOTP based TP of Rs1088 as we incorporate minor changes in our assumptions.

§ Bharti Airtel: For Q3, we have factored subscriber growth of 3.6 mn (Q2FY24: 4 mn) to 346mn coupled with ARPU increase of 1.1% QoQ to 205. Airtel Africa business is expected to see revenue growth of 4% QoQ, and we have factored in a 4% QoQ growth rate for the enterprise business. Home services will see revenue growth of 8.1% QoQ with margin expansion of 20bps QoQ. For DTH we have factored a muted growth of 0.7% QoQ.

§ Accordingly, Bharti’s Q3FY24E consolidated Revenue/EBITDA is expected to increase to Rs379bn (+2.3% QoQ)/Rs199 bn (+2% QoQ).

§ Bharti is also targeting ~ 500bn market opportunity with its Enterprise offerings including CPaaS, cloud, cybersecurity and data centers as company expects 80% of corporates will put up 5G within next 3 years.

§ JIO: We expect JIO to report Revenue/EBITDA of Rs257.6bn (+ 4.1% QoQ)/ 138.6bn (+7.1% QoQ). We have also factored in ARPU of Rs184.9 (+2%QoQ) and subscriber addition of 9.6mn in Q2 (11.2mn in Q2).

09 Jan 2024, 01:02 PM IST Sensex Today Live: Oil prices stabilize amid Middle East tensions and Opec supply concerns

Oil prices showed signs of stabilization following a decline in the previous session, balancing the impact of Middle East crisis with concerns over demand and increasing supply from OPEC.

Brent crude futures rose 17 cents, or 0.2%, to $76.29 a barrel, while US West Texas Intermediate crude futures inched up 0.1%, or 5 cents, to $70.82 a barrel.

09 Jan 2024, 12:48 PM IST Sensex Today Live: Bajaj Auto surges 6%; market capitalisation surpasses ₹2 lakh crore mark

The company's board has approved the proposal for buy back of up to 4,000,000 shares of face value of 10 each at a price of 10,000 per share for a total consideration not exceeding 4,000 crore.

09 Jan 2024, 12:34 PM IST Sensex Today Live: Bandhan Bank says specific loan claim under audit by NCGTC

The lender announced that the National Credit Guarantee Trustee Company (NCGTC) has resolved to conduct an audit of the loan claims submitted by the bank under a specific guarantee scheme. In filing to the exchange, the bank emphasized that this audit by the regulator is confined solely to the said loan claims and does not extend to a wider audit.

09 Jan 2024, 12:20 PM IST Sensex Today Live: Jyoti CNC Automation IPO: Retail portion fully booked within minutes of opening

Jyoti CNC Automation IPO has been subscribed 63% so far, on day one, with the retail portion fully booked in the first 30 minutes of opening.

09 Jan 2024, 12:08 PM IST Sensex Today Live: Noon update: Sensex soars 616 points to 71,971 at midday; L&T, Infosys, HCL Tech top gainers; Nestle, Asian Paints lag

09 Jan 2024, 11:56 AM IST Sensex Today Live: ICICI Bank is hiring 30 investment bankers on expectations of record fundraising in India: Bloomberg

09 Jan 2024, 11:42 AM IST Sensex Today Live: Top three commodity stocks to watch out for in 2024

As we step into 2024, commodity stocks are poised for resilience and potential gains in the economic landscape. Anticipated interest rate declines by year-end suggest a favourable outlook for commodities, as their prices often inversely correlate with interest rates. Higher rates typically dampen commodity prices due to increased costs for holding inventories. (Read here)

09 Jan 2024, 11:29 AM IST Sensex Today Live: Tata Motors up 1.7% as JLR reports 27% rise in total wholesales in third quarter ended December

Tata Motors-owned Jaguar Land Rover reported a 27% rise in total wholesales at 1,01,043 units in the third quarter ended December as compared to the year-ago period.

 

09 Jan 2024, 11:16 AM IST Sensex Today Live: Q3 FY24 earnings preview report by YES Securities

Q3 FY24 Earnings Preview for YES Securities universe (Ex Financials & OMC):

Topline growth is seen at 8.8% y/y, reflecting a slight pick-up compared to the previous two quarters. This can be

attributed to a rebound in economic activity. EBITDA margins are likely to expand by 186bps y/y basis, touching

19.4%, the best seen in the past 7 quarters, however sequentially the number is growing by a mere 4bps. PAT

growth of 27% y/y basis is the strongest seen in the last 8 quarters

> Topline growth of 8.8%y/y for our coverage universe is a positive takeaway as it snaps the falling revenue growth trend observed over the last seven quarters. The revenue growth for Q3 will be primarily driven by Consumption and infra-based sectors like Consumer Durables, Auto, Cement, and Capital Goods.

> Q3 margins are likely to witness an improvement of 186bps y/y to 19.4%, marking the second consecutive quarter of y/y expansion. However, on a sequential basis, the expansion rate has tapered to a mere 4bps, indicating the best is behind us. Consumption and Infra sectors which witnessed a strong uptick in topline, are also witnessing strong rebound in operational margins. For global-facing sectors, Pharma is likely to witness decent margin expansion while IT is likely to report a 36bps contraction.

> Topline growth along with improving operational efficiency drives PAT growth of 27% y/y, the best traction seen in the last eight quarters. In the current quarter, Metal companies are likely to turn black (Q2 FY24 reported losses on an aggregate basis). On the negative side, margin erosion in IT is likely to impact aggregate profitability.

For Financials: Softening NIM margin to offset a steady uptick in credit growth, NII to expand 13%.

>NII for Banks is expected to register a 10%  rise, as steady credit demand offsets NIM contraction. Wage revision in SBI will impact the aggregate PPoP, which may witness a de-growth of 7%y/y, the 1st contraction in the last 7 quarters. This will impact PAT, which is likely to grow by a mere 1% y/y, the worst growth post-June

2020.

> While NBFC and SFBs will continue to witness a strong performance, with NII/Revenue and PAT growing at 22.7% & 24.4% y/y respectively. 

Oil & Gas and OMCs: These are the only two sectors to witness a revenue downtick y/y basis and that too because of lower oil pricing hurting realization for upstream companies, while resulting in inventory loss for OMCs

09 Jan 2024, 11:06 AM IST Sensex Today Live: Alok Industries shares jump 80% in six straight sessions

Alok Industries shares are rising after the news of Reliance Industries investing in the company via a preferential route. Sumeet Bagadia, executive director at Choice Broking said, "Alok Industries shares are in a bull trend and it may soon go up to 39 apiece levels. So, those who have Alok Industries shares in their stock portfolio, are advised to hold the scrip for the 44 target maintaining stop loss at 33. Once it breaches the 39 hurdle, the stock may soon touch 44 and 48 per share target in the short term."

09 Jan 2024, 10:51 AM IST Sensex Today Live: Nifty IT gains 1.3% as LTTS and HCL tech gain 2% each

09 Jan 2024, 10:39 AM IST Sensex Today Live: IRB Infrastructure soars 7% to hit 52-week high as December toll collection jumps 26% 

The company and its associate IRB Infrastructure Trust, one of the largest Infrastructure Investment Trusts in India’s highways sector, have collectively reported toll collection growth of 26% in the month of December 2023 over the corresponding month of FY23

09 Jan 2024, 10:25 AM IST Sensex Today Live: Sensex jumps 550 points; Nifty near 21,700; midcaps and smallcap indices surge 

09 Jan 2024, 10:13 AM IST Sensex Today Live: Adani Ports surges 3%, hits 52-week high, as Motilal Oswal raises target

Adani Ports and Special Economic Zone, the largest private port operator in India, entered the bond market for the first time in over two years on Monday, with the issue garnering strong demand. Brokerage firm Motilal Oswal Financial Services raised target price on Adani Ports shares as it believes the company is well positioned to surpass volume guidance of FY24.

09 Jan 2024, 09:59 AM IST Sensex Today Live: Brigade Enterprises jumps 4% as company will invest over ₹3,400 crore in Tamil Nadu

The company has signed two memorandum of understanding (MoUs) with the Tamil Nadu government to invest over 3,400 crore in the state over the next 3-4 years.

09 Jan 2024, 09:47 AM IST Sensex Today Live: Bajaj Auto zooms 3% to record highs as company announces share buyback worth ₹4,000 crore

The company's board has approved the proposal for buyback of up to 4,000,000 shares of face value of 10 each at a price of 10,000 per share for a total consideration not exceeding 4,000 crore.

09 Jan 2024, 09:33 AM IST Sensex Today Live: Zee slumps 10%, biggest single-day fall in over 2 years, on reports that Sony deal may be called off 

Zee Entertainment's shares plunged 10% in opening deals on Tuesday after reports suggested its proposed merger with Sony Group was likely to be called off.

09 Jan 2024, 09:23 AM IST Sensex Today Live: Sensex jumps 450 points at open; Wipro, Tech Mahindra, Infosys gain 1-2%

09 Jan 2024, 09:17 AM IST Sensex Today Live: Sensex, Nifty open higher on Asian cues

09 Jan 2024, 09:09 AM IST Sensex Today Live: The Indian rupee opened at 83.06 per US dollar against Monday's close of 83.14

09 Jan 2024, 09:02 AM IST Sensex Today Live: Sensex, Nifty positive in pre-opening session tracking global markets; Bajaj Auto, Cipla in focus

09 Jan 2024, 08:49 AM IST Sensex Today Live: Stocks to Watch: Bajaj Auto, Aurobindo Pharma, Tata Motors, Cipla, BEML

Stocks to Watch today: Bajaj Auto, Aurobindo Pharma, Tata Motors, Cipla, BEML. Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers, Delta Corp, Escorts, GNFC, Hindustan Copper, Indian Energy Exchange, India Cements, Nalco, Piramal Enterprises, SAIL, and ZEEL are part of the F&O ban for Tuesday

09 Jan 2024, 08:44 AM IST Sensex Today Live: Oil prices steady amid Middle East crisis and OPEC supply concerns

Oil prices showed signs of stabilization following a decline in the previous session. This steadying of prices comes as markets balance concerns over tensions in the Middle East, demand uncertainties, and an increase in supply from OPEC.

Brent crude futures climbed 18 cents, or 0.2%, to reach $76.30 per barrel. West Texas Intermediate crude futures saw a slight uptick, rising 6 cents, or 0.1%, to stand at $70.83 per barrel.

09 Jan 2024, 08:29 AM IST Sensex Today Live: Indian government bonds likely to be part of Bloomberg emerging market index

Bloomberg Index Services on Monday proposed including eligible Indian bonds in its emerging market local currency index from September, a move that could lead to billions of dollars of inflows into the country.

The proposal comes just a few months after JPMorgan said it would include India in its widely tracked emerging market debt index from June. (Reuters)

09 Jan 2024, 08:16 AM IST Sensex Today Live: Funds investing in Gift City may enjoy a special carve-out

Mutual funds may get to invest in companies traded in Gujarat’s Gift City exchanges beyond the normal cap that applies for their overseas investments. The move comes at a time the government is opening up the special economic zone for direct listing of Indian firms. (Read more)

09 Jan 2024, 08:04 AM IST Sensex Today Live: Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher

"Nifty after the small pullback, once again witnessed a big bearish candle with heavy profit booking seen to erode the gains and has arrived near the crucial support zone of 21,500 levels with bias turning cautious. The next important support level would be near 21,350 levels of the lower band of the ascending channel pattern on the daily chart below which the bias and sentiment shall turn weak and with the result season beginning, we anticipate volatility and fluctuations in the market."

"Bank Nifty tanked heavily losing more than 700 points and closing near 47,450 levels with all the major frontline banking stocks shedding their gains. With the index eroding heavily, the bias has turned a little bit cautious with the next major support zone maintained near 46,300 levels," said Parekh.

Parekh recommended three intraday stocks for today — Hemisphere Properties, VETO Switch Gears, and Redington.

09 Jan 2024, 07:50 AM IST Sensex Today Live: Indian stock indices may open flat; Gift Nifty trading with minor cuts

Indian stock indices may open flat tracking Gift Nifty that was trading at 21,692.5, down 9 points. Asian stock markets may offer some support as most indices recorded gains on the heels of a tech-driven surge on Wall Street.  

Sensex and Nifty fell sharply on Monday amid volatile trade and as lacklustre business updates hinted at weak quarterly results. Sensex ended at 71,355.22, down 671 points and Nifty closed 0.9% lower at 21,513.

09 Jan 2024, 07:35 AM IST Sensex Today Live: Asian markets gain tracking Wall Street; investors await key inflation data

Asia's stock indices were mostly higher Tuesday after a tech-led surge on Wall Street. Investors await the next set of U.S inflation numbers due this week, which could hint at when the Federal Reserve might start cutting interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, after U.S. stocks ended the previous session with gains.

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