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PremiumMarket Close Highlights : European stocks and US futures climbed after upbeat earnings from Nvidia Corp. reinforced optimism over the global artificial-intelligence boom.
Europe’s Stoxx 600 climbed 0.3%, pulled higher by a jump in the tech sector. Futures on the S&P 500 pointed to a 0.5% gain at the Wall Street open. US Treasuries were little changed after slipping on Wednesday when Federal Reserve minutes showed officials remained in no rush to cut interest rates. The dollar traded steady.
Equity markets are once again getting a boost from tech after a highly anticipated earnings report from Nvidia produced another bullish sales forecast. A Bloomberg gauge of Asian chipmakers jumped as much as 1.9%, its fourth day of gains.
“For anyone in doubt that growth in AI and the supply chain is fading, Nvidia’s results, tone, and guidance completely disprove that thesis," said Robert Alster, chief investment officer at Close Asset Management.
Traders in Europe will be watching data due later on services, manufacturing and consumer confidence.
In Asia, Korea unveiled a $19 billion package of incentives to bolster its chip sector, a boon to Samsung Electronics Co. and SK Hynix Inc. as they race to stay ahead in an increasingly competitive industry.
Nvidia’s earnings “gives more room for upside for Asian semiconductor stocks," said Rajat Agarwal, Asia strategist at Societe Generale SA in Bengaluru. “It elongates the growth story and allays any concerns of slowdown for Asian chipmakers."
At the same time, a gauge of tech shares listed in Hong Kong dropped amid a brewing price war between Alibaba Group Holding Ltd. and Tencent Holdings Ltd. over cloud services.
Gold extended declines after dropping 1.7% Wednesday following the Fed minutes. West Texas Intermediate also slipped, on track for a fourth daily loss. Copper prices fell on signs of weakening demand.
Sensex Today Live : The company reported a 7.6% YoY decrease in profit for Q4, down to ₹447 crore from ₹484 crore. However, revenue rose by 8.1% to ₹6,529 crore. The board approved the issuance of non-convertible debentures of up to ₹3,000 crore and fund raising via QIP of up to ₹5,000 crore.
Sensex Today Live : The company reported a 145% rise in Q4 consolidated net profit at ₹192.4 crore. Revenue rose 96% to ₹1,537.5 crore. The board recommended a final dividend of ₹20 per equity share for FY24.
Sensex Today Live : The company reported a Q4 consolidated net profit of ₹208.2 crore, seven times more than ₹28.5 crore in the year-ago period. Revenue rose 23.8% to ₹1,572.7 crore. The Board recommended a dividend of ₹1.2 per equity share for FY24.
Sensex Today Live : The company announced a nearly 4% fall in its Q4 consolidated net profit at ₹4,166.33 crore, mainly due to a marginal decline in income. For FY24, PowerGrid’s consolidated net profit rose to ₹15,573.16 crore. The board recommended a final dividend of ₹2.75 per equity share for FY24 and approved fund raising of ₹5,000 crore.
Sensex Today Live : The company reported a Q4 consolidated net profit of ₹2,655 crore ($318.9 million), surpassing estimates, driven by strong performance in the U.S. and domestic markets. This represents a significant increase from the previous year’s profit of ₹1,984 crore. Total revenue rose 9.6% to ₹11,983 crore. The company’s U.S. sales rose nearly 11.9% to ₹3,954 crore, while India sales rose more than 10.2% to ₹3,710 crore. The board proposed a dividend of ₹5 per share for fiscal year 2024.
Sensex Today Live : Indian benchmark indices opened in the red on Thursday, led by muted sentiment among Asian peers weighed down by hawkish comments from revealed in the Fed's FOMC meeting minutes.
At opening bell, Sensex was down 27.4 points, or 0.04%, at 74,193.66 and Nifty was down 7.65 points, or 0.03%, at 22,590.15.
BankNifty witnessed some profit booking to slip towards the support zone of 47,400 levels but recovered to end near the 47,800 zone to restore the lost sentiment. The index needs to decisively move past the 48,300 zone to establish conviction for further rises to 49,600 and 49,900 levels.
Bankex once again witnessed sluggish movement hovering in the range of the 54,300-55,000 zone, and with mixed bias witnessed among the banking stocks, some conviction needs to be established before we confirm a directional move of the index. BankNifty would have a daily range of 47,500–48,200 levels, with Bankex support at 54,300 and resistance at 55,000 levels.
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
The Nifty has witnessed a steady rise in the last 3–4 sessions, reaching the 22,600 zone with a positive bias and active participation from the broader markets as well in recent times. The index can carry on with the positive move for the next target of 22,900 in the coming days, with 22,300 as the important support zone.
Sensex, after opening above the 74,000 level, slowly and gradually gained momentum to end near the 74,220 zone with a positive bias. The index has a crucial resistance barrier in the range of 74,400 to 74,700 zones, while 73500 has been maintained as the important support zone that needs to be sustained from here on. The support for the day is seen at 73,800/22,450 levels, while the resistance is seen at 74,600/22,700 levels.
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Indian benchmark indices were up at pre-open on Thursday, tracking gains on Wall Street that was being driven by a rally in Nvidia stocks.
Sensex was up 31.1 points, or 0.04%, at 74,252.16 and Nifty was up 16.30 points, or 0.07%, at 22,614.10 during pre-open.
Sensex Today Live : “This Thursday morning, Nifty may face modest bearish pressure due to hawkish signals from the Fed's May FOMC meeting minutes, where policymakers expressed concerns about inflation and indicated potential further tightening of monetary policy. This has diminished hopes for a September rate cut, contributing to market anxiety amid record FPI outflows and a spike in India VIX above 21, signaling heightened volatility. With major supports at 22,153 and a trading range expected between 22,000-23,000, the strategy is to stay nimble. Preferred trades include selling Nifty and Bank Nifty at CMP with specific stop and target levels. Bullish opportunities exist in PI Industries, Lupin, and Reliance Industries, while Patel Engineering is recommended as a buy at CMP 65 for an intermonth momentum play."
--Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today Live : L&T Technology Services announced the inauguration of the Simulation Centre of Excellence for Airbus, strategically located at the LTTS stateof-the-art campus in Bangalore. This Centre of Excellence is designed to bolster engineering support for Airbus aircraft structural simulation activities across its diverse business units in Europe spanning France, Germany, the UK, and Spain.
The Simulation CoE aims to unify and standardize processes across all Airbus European business units and aircraft programs. The ultimate objective is to streamline efficiency and enhance productivity, facilitating the timely achievement of program milestones, the company said in an exchange filing.
Initiated approximately 18 months ago with a specialized core team, the Centre of Excellence (CoE) has demonstrated significant growth and development. The strategic plan includes a substantial scaling up of the centre over the next two years, the company added.
Sensex Today Live : Grasim, Sun Pharma, Power Grid Corp., Nykaa, Garden Reach Shipbuilders, are a few stocks likely to be in focus on Thursday, May 23.
Sensex Today Live : The Indian stock market’s benchmark indices, Sensex and Nifty 50, are anticipated to open flat, influenced by global markets’ ongoing response to hawkish comments from the US Fed meeting minutes.
Gift Nifty trends suggest a similar flat start for the Indian benchmark index, trading around the 22,658 level, a slight premium of 8 points from the Nifty futures’ previous close. On Wednesday, despite a volatile session, the domestic equity indices closed higher, with the Nifty 50 settling near the 22,600 level.
The Sensex increased by 267.75 points to close at 74,221.06, while the Nifty 50 rose by 68.75 points or 0.31% to end at 22,597.80. The Nifty 50 formed a bullish candlestick pattern on the daily charts, indicating support-based buying interest.
Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, noted that the Nifty continues to hold above the 20 and 50 day SMA, a positive signal. The 14-day RSI at 59.83 is rising but not overbought, which is promising. With the near-term uptrend intact, the Nifty could potentially reach the life highs of 22,795 in the upcoming sessions. (Read the full story here.)
Sensex Today Live : The domestic equity market is expected to open with little to no change, with a positive bias, as Gift Nifty’s morning trade stood at 22,671, an increase of 21 points or 0.1%. This follows the weak global cues from US and Asian markets after hawkish comments were revealed in the US Fed meeting minutes.
On Wednesday, Indian stock market indices closed higher, led by significant gains. The Sensex rose by 267.75 points or 0.36% to close at 74,221.06, while the Nifty 50 increased by 68.75 points or 0.31% to end at 22,597.80.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that despite the weak global cues, the markets remained mostly positive throughout the trading session, supported by selective buying in IT, FMCG, and realty stocks. However, he added that investors are currently exercising extreme caution, avoiding significant equity asset exposure with only a few weeks left for the poll outcome. (Read the full story here.)
Sensex Today Live : Indian shares are set for a muted open on Thursday, after the Federal Reserve's latest policy minutes reflected disappointment in recent inflation data, dampening hopes of an early rate cut.
The Gift Nifty was trading at 22,646 as of 7:52 a.m. IST, indicating the Nifty 50 will open near Wednesday's close of 22,597.80.
Several key Asian share benchmarks fell on Thursday as markets digested the implications of policymakers in major economies preferring to take patient approach to monetary easing amid sticky inflation.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.57%. Australia's S&P/ASX 200 index was one of the biggest decliners, slumping 0.8%, also hurt by a pullback in some commodity prices.
Geopolitical tensions also kept investors nervous as China's military started two days of "punishment" drills held in five areas around Taiwan just days after new Taiwan President Lai Ching-te took office. But Taiwan's stock market was not too fussed and was last up 0.3%.
More hawkish-than-expected minutes of the Federal Reserve's latest policy meeting, a hot UK inflation print and a sobering assessment of New Zealand's inflation problems from the country's central bank have caused investors to pare their bets of the pace and scale of global rate cuts expected this year.
"One thing that's interesting from the last 24 hours that can be taken away is still the uncertainty from central banks about policy settings and at what levels interest rates have to be at, and where they need to potentially stay at, in order to tame inflation" said Kyle Rodda, senior financial market analyst at Capital.com.
"That's causing uncertainty from a policy point of view, but it's obviously also causing uncertainty from a market point of view."
U.S. futures meanwhile received an early boost after AI darling Nvidia forecast quarterly revenue above estimates after the bell on Wednesday, which sent its shares jumping 5.9% in extended trade.
S&P 500 futures tacked on 0.3%, while Nasdaq futures gained 0.57% in Asia trade.
Japan's Nikkei rose 0.6%, drawing some support from a weaker yen that touched its lowest level in over three weeks. It was last at 156.85 per dollar.
Sterling and the kiwi held near two-month highs and last bought $1.2721 and $0.6102, respectively.
Data on Wednesday showed inflation in Britain eased less than expected and a key core measure of prices barely dropped, prompting investors to pull bets on a Bank of England rate cut next month.
Earlier that day, the Reserve Bank of New Zealand wrongfooted markets by warning cuts were unlikely until far into 2025 at the conclusion of its policy meeting where it held its cash rate steady as expected.
"There are still 'hard yards' to be done to bring annual CPI inflation down to the 2% target midpoint in a timely and sustainable manner, and thus monetary policy easing remains unlikely this year," said Kelly Eckhold, Westpac chief economist for New Zealand.
"Our baseline view remains that the first 25bp policy easing will occur in February next year, to be followed by a series of gradual (once a quarter) 25bp reductions that will eventually lower the OCR to around 3.75% in 2026."
Elsewhere in Asia, Hong Kong's Hang Seng Index ran into profit taking and fell 1.5%, after having touched an over nine-month high at the start of the week.
China's blue-chip index eased 0.3%.
Gold dipped 0.25% to $2,372.28 an ounce, away from its record high of $2,449.89 hit on Monday, as the prospect of higher-for-longer U.S. rates took some shine off the yellow metal.
Oil prices likewise fell, with brent crude down 0.82% to $81.23 a barrel, while U.S. crude edged 0.9% lower to $76.87 per barrel.
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