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PremiumMarket Close Highlights : Stocks edged higher as markets reopened in Europe and the US with traders looking to inflation prints and central bank speakers for hints on the timing of interest-rate cuts.
Europe’s Stoxx 600 was little changed, on track for a 3.5% gain in May, while contracts on US shares climbed 0.3%. The 10-year Treasury yield slipped two basis points and the dollar was steady. Brent crude was also flat after two days of gains even as tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops.
Consumer inflation expectations in the euro zone ticked lower in April, while the Federal Reserve’s favorite measure of underlying inflation is seen showing modest relief when it lands on Friday. The ECB’s Klaas Knot speaks Tuesday, with Lisa Cook and Neel Kashkari among Fed speakers due this week.
“We are very much on the inflation data watch for now," said Marija Veitmane, senior multi-asset strategist at State Street Global Markets. “Stocks and risk will continue to be supported, but I don’t see change of leadership nor a broadening of the performance. Large-cap growth stocks will be leading."
ECB policymakers next meet on rates on June 6. On Monday, France’s Francois Villeroy de Galhau said the ECB shouldn’t exclude cutting rates in both June and July, though hawkish policymakers including Executive Board member Isabel Schnabel recently came out in opposition to back-to-back moves.
As traders return from the long weekend they’ll also be alert for problems connected with the switch to “T 1" rule — whereby US equities will settle in one day rather than two.
There are worries about potential teething issues, including that international investors may struggle to source dollars on time, global funds will move at different speeds to their assets, and everyone will have less time to fix errors.
Elsewhere, Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors.
Sensex Today Live : The company reported a net loss of ₹53.3 crore compared to a profit of ₹10.5 crore the previous year. Revenue fell by 8.4% to ₹283.1 crore from ₹309 crore.
Sensex Today Live : The company reported a widening net loss of ₹1,989.7 crore compared to a loss of ₹1,720.6 crore the previous year. Revenue fell by 19.4% to ₹407 crore from ₹504.8 crore. The company also reported an exceptional loss of ₹402.7 crore.
Sensex Today Live : The company’s promoter entity IWEL might sell up to 5% stake in the company through block deal soon.
Sensex Today Live : The company will see a block trade of 3.4% equity in the company as shareholder Ontario Inc plans to sell shares worth ₹468.40 crore.
Sensex Today Live : Navaratna PSU miner Nalco reported a net profit of ₹996.70 crore in Q4FY24, doubling its profit from a year ago. Despite a marginal 2.5% YoY decrease in revenue, the company’s margin came in strong at 30.9%.
Sensex Today Live : Timken Singapore is planning to sell a 6.6% stake in Timken India, amounting to approximately ₹1,775 crore ($213 million). The shares are being offered at a discounted floor price of ₹3,550 per share. This is not the first time the promoters have explored a stake sale, with a previous sale occurring on 20 June last year.
Sensex Today Live : "BankNifty crossing above the 49,200 zone has improved the bias and can expect for further rise for next targets of 49,600 and 50,700 levels in the coming days with 48,300 zone maintained as the important support level. With frontline banks like HDFC Bank, Axis Bank, SBI and Kotak Bank improving the bias, we can anticipate further upward movement.
Bankex has touched an all-time high level of 56,700 and witnessed some profit booking at a higher level and a breach above the 56,700 zone, anticipating a further upward move to targets of 58,000 levels in the coming days. BankNifty would have the daily range of 48,900-49,800 levels, with Bankex support at 55,600 and resistance at 56,700 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : "Nifty has once again made all-time new high breaching above the 23,100 zone during the intraday session but failed to give a close above the 23,000 levels with profit booking in the final hours eroded the gains to some extent. The index would have the important near-term support of 22,800 levels while on the upside a decisive breach above 23,200 levels shall trigger for further rise till targets of 23,500-23,600 zone in the coming days.
Sensex has made a high of 76,000 and almost reached the 1.28% retracement of the recent fall; some profit booking or consolidation at this level cannot be ruled out. The support for the day is seen at 75,000/22,800 levels while the resistance would be near 75,900/23,100 levels."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Indian benchmark indices opened in the green on Tuesday, amid mixed signals from global peers.
At opening bell, Sensex was up 168.32 points, or 0.22%, at 75,558.82 and Nifty was up 40.30 points, or 0.18%, at 22,972.75.
Sensex Today Live : Indian benchmark indices were up at pre-open on Tuesday, tracking mixed signals from global markets that were trading mixed.
Sensex was up 195.94 points, or 0.26%, at 75,586.44 and Nifty was up 44.70 points, or 0.19%, at 22,977.15 during pre-open.
Sensex Today Live : Timken, LIC, NMDC, Inox Wind, Hudco, Dish TV, Goodyear, are a few stocks likely to be in focus on Tuesday, 28 May.
Sensex Today Live : The Indian benchmark indices, Sensex and Nifty 50, are projected to start Tuesday’s trading session flat, influenced by mixed global market trends. The Gift Nifty’s trends also suggest a flat-to-positive opening for the Indian benchmark index, trading around the 23,020 level, nearly 20 points premium from the Nifty futures’ previous close.
Monday’s trading session saw the domestic equity benchmark indices ending flat, despite reaching new record highs. The Sensex slightly declined by 19.89 points to close at 75,390.50, while the Nifty 50 fell by 24.65 points (0.11%) to settle at 22,932.45. The Nifty 50 formed a bearish candlestick pattern at the all-time high level on the daily charts, indicating profit booking.
Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, suggested that Monday’s negative closing appears to be a breather following the recent sharp rise. He noted that the Nifty continues to hold above the 20 and 50-day SMA, with a rising 14-day RSI of 66.63, which is not overbought. While further upsides and new life highs are expected in the run-up to the election results, he cautioned about potential volatile movements in the very near term. (Read the full story here.)
Sensex Today Live : Tuesday’s trading session is expected to commence on a subdued note for the domestic equity indices, Sensex and Nifty 50, influenced by mixed signals from global markets. Asian shares remained steady, while the US market was closed due to a holiday. Investors are closely monitoring comments from European Central Bank officials and other crucial economic data.
Monday’s session saw the Indian stock market indices ending flat, despite reaching new record highs during intraday trading, as investors booked profits at higher levels. The Sensex marginally declined by 19.89 points (0.03%) to close at 75,390.50, while the Nifty 50 fell by 24.65 points (0.11%) to settle at 22,932.45.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, expressed caution about the sustainability of the current bullish trend. He noted that the market sentiment reflects a sense of caution, with the Nifty closing slightly lower and traders anticipating increased volatility in the near term. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were likely to start on a muted note with a positive bias, tracking muted cues from global peers ahead of a raft of inflation data across countries.
The positive bias was indicated by the Gift Nifty futures, which was trading at 23,020 at 8:32 am on Tuesday, ahead of Monday's Nifty 50 lower close of 22,932.45.
Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data.
A slew of European Central Bank officials said overnight the ECB has room to cut interest rates as inflation slows, underscoring expectations for a rate cut on June 6. With debate now shifting to subsequent moves, markets have fully priced in two rates cuts by October this year.
That helped Wall Street stock futures firm ahead of the reopening of U.S. markets after a public holiday. S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2% before a line-up of Federal Reserve speakers later in the day for the latest guidance on rate outlook.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, thanks to a 0.7% gain in Hong Kong's Hang Seng index, after gaining 0.9% on Monday.
Japan's Nikkei, on the other hand, slipped 0.3%, reversing some of the 0.7% advance a day ago.
"We're heading into the northern hemisphere summer season. Traditionally that's a time when markets just tend to get in that drift mode. We've got through earnings season," said Tony Sycamore, an analyst at IG.
"To find a driver it's got to be something from out of left field and in lieu of that, generally we see markets drift higher and I think that's what we're seeing at the moment."
Chinese blue chips lost 0.1% after firming 1% a day earlier as tech shares surged on Beijing's further commitment to invest in its semiconductor industry.
The big risk events this week are not due until Friday when U.S. figures on core personal consumption expenditures (PCE) - the Federal Reserve's preferred measure of inflation - and euro zone inflation data will set the trading tone.
In foreign exchange markets, the dollar was on the back foot for the third straight session as traders positioned for the PCE release. Median forecasts are for a rise of 0.3% in April, keeping the annual pace at 2.8%, with risks on the downside.
The Japanese yen steadied at 156.80 per dollar, just a touch stronger than the key 157 level. It, however, kept weakening against a slew of high yielding currencies, with the New Zealand dollar hitting a fresh 17-year top of 96.56 yen on Tuesday.
Thanks to the strong carry demand, the kiwi hit a 2-1/2-month high of $0.6155.
The cash Treasuries market returned from a holiday with little movement after taking a hit last week.
Two-year yields fell 1 basis point to 4.9396%, having surged 13 bps the previous week, while the 10-year yield held at 4.4649%, after rising 5 bps the week before.
Oil prices were mostly steady on Tuesday. Brent futures rose 0.1% to $83.19 a barrel.
Gold prices climbed for a third day, up 0.1% at $2,354.23 per ounce.
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