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PremiumSensex Today Live Updates : An escalation of tensions in the Middle East kept stock markets on edge, though haven assets including bonds and the dollar gave up some early gains after Iranian media appeared to downplay the impact of Israeli strikes.
Treasuries pared an early move that drove the 10-year yield as much as 14 basis points lower after Israel launched a retaliatory attack on Iran less than a week after Tehran’s rocket and drone barrage, according to two US officials.
Oil wiped out an earlier sharp jump above $90 a barrel and the dollar gave up some early gains. An Iranian military official signaled Tehran doesn’t feel compelled to react to the blasts which US officials say were caused by Israeli strikes, with semi-official Mehr agency quoting Army Commander-in-Chief Abdolrahim Mousavi saying Tehran has already reacted to Israeli threats.
“Markets tend to initially overreact," Nathan Sheets, global chief economist at Citigroup Inc., said in an interview with Bloomberg TV. “That overreaction reflects that uncertainty premium when it first erupts but typically these events end up being less disruptive than we feared they might be."
The latest moves cap a dismal week for markets after solid economic readings and hawkish Fedspeak reinforced speculation that US interest rates will remain higher for longer. The Stoxx Europe 600 index fell 0.7%, set for a third straight week of losses. Futures on the S&P 500 and Nasdaq 100 were down 0.5% and 0.8% respectively.
“Even in the absence of an escalation, the combination of mixed earnings and geopolitical headwinds this week have been a catalyst for crowded equity longs to unwind," said Viraj Patel, global macro strategist at Vanda Research.
As traders come to grips with a resilient US economy and sticky inflation, they’ve been forced to scale back bets on rate cuts this year. New York Fed President John Williams said while it isn’t his baseline expectation, even a rate hike is possible if warranted. His Atlanta counterpart Raphael Bostic said he doesn’t think it will be appropriate to ease until toward the end of 2024. The Fed may hold rates steady all year, Minneapolis Fed chief Neel Kashkari told Fox News Channel.
Among individual movers, Taiwan Semiconductor Manufacturing Co. dropped after the company revised down the revenue growth outlook for the chip industry, citing a softer recovery across smartphone and personal computer sectors. Infosys Ltd. slumped in the US after forecasting tepid sales growth for the year.
Sensex Today Live : Breaking four straight days of its losing streak, Indian benchmark indices had climbed on Friday, even as intensifying tensions between Iran and Israel weighed on investors' sentiment across global markets.
Sensex, which had opened lower at 71,999.65, was down for much of the morning session. From a low of 71,816.46, the benchmark index also touched a high of 73,195.88 during the later part of day. At close, Sensex was up 599.34 points, or 0.83%, at 73,088.33.
Meanwhile, Nifty, which had opened lower at 21,861.50, climbed to a high of 22,178.50 during the day. At close, the Nifty 50 was up 151.15 points, or 0.69%, at 22,147.
Only eight of the 30 stocks on the BSE Sensex ended in the red, with losses led by Nestle India, HCLTech, Larsen & Toubro, TCS, and Tata Motors, while Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, and Maruti Suzuki India, were the top gainers for the day.
Meanwhile, on the Nifty 50, 19 stocks ended in the red. The top gainers were Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Maruti Suzuki India, and JSW Steel, while Bajaj Auto, Nestle India, DIvi's Laboratories, HCLTech, and Larsen & Toubro, were the top losers.
The broader market ended in the red, with the BSE MidCap index closing down 0.39%, and the BSE Smallcap index closing down 0.04%.
Lastly, many of the heavyweight sectoral indices had made up their losses by the end of the day, with the Financial Services and Bank index gaining 1.31%, and 1.07%, respectively, by closing bell.
The Metal index closed up 0.96%, while the Consumer Durables, FMCG, and Auto indices also closed in the green, gaining 0.49%, 0.44%, and 0.41%, respectively.
Meanwhile, the IT index closed down 0.39%, and the Pharma and Healthcare indices closed down 0.65% and 0.40%, respectively.
The Oil & Gas index closed down 0.22%.
Sensex Today Live : Many of the heavyweight sectoral indices had made up their losses, with the Financial Services and Bank index gaining 1.17%, and 0.93%, respectively.
The Metal index was up 0.97%, while the Consumer Durables, FMCG, and Auto indices were also in the green, gaining 0.44%, 0.47%, and 0.31%, respectively.
Meanwhile, the IT index was down 0.42%, and the Pharma & Healthcare indices were down 0.73% and 0.48%, respectively.
The Oil & Gas index was down 0.23%.
Sensex Today Live : The broader market was muted, with the BSE MidCap index down 0.45%, and the BSE Smallcap index trading flat.
Sensex Today Live : 21 of the 50 stocks on the Nifty 50 were in the red. The top gainers were Bajaj Finance, Mahindra & Mahindra, Maruti Suzuki India, HDFC Bank, and Grasim Industries, while Bajaj Auto, HCL Tech, Tata Motors, Hero MotoCorp, and Nestle India were the top losers.
Sensex Today Live : Only nine of the 30 stocks on the BSE Sensex were in the red, with losses led by HCLTech, Tata Motors, Nestle India, Larsen & Toubro, and TCS, while Bajaj Finance, Mahindra & Mahindra, Maruti Suzuki India, HDFC Bank, and JSW Steel, were the top gainers.
Sensex Today Live : Indian benchmark indices had climbed on Friday, even as tensions flaring up between Iran and Israel weighed on investors' sentiment.
At 3 pm, Sensex was up 536.17 points, or 0.74%, at 73,025.16, and Nifty was up 143.20 points, or 0.65%, at 22,139.05.
Sensex Today Live : Dalal Street may be basking in the glow of the current bull market, but an even more potent equity surge is taking place in an unexpected location in India's vicinity.
The Karachi Stock Index-100 (KSE 100), the standard-bearer of Pakistan's stock market, has skyrocketed to unprecedented highs of 70,500. This surge is driven by increasing confidence in the country's economic rebound and political steadiness.
The vigor of this rally has resulted in the KSE 100 outpacing the Sensex over various durations—year-to-date, one-year, and three-year periods, and by a substantial lead at that. (Read the full story here.)
Sensex Today Live : Q4FY24 net Profit up 52.6% at ₹103.6 crore, compared to ₹67.9 crore inQ4FY23
Q4FY24 revenue up 33% at ₹564.6 crore compared to ₹424.5 crore in Q4FY23
Q4FY24 EBITDA up 46% at ₹135.2 crore, compared to ₹92.7 crore in Q4FY23
Q4FY24 margin at 24% compared to 22% in Q4FY23
Sensex Today Live : RVNL today informed the exchanges that it has emerged as the lowers bidder for a contract worth ₹440 crore from South Central Railway.
In an exchange filing, the company said, "It is hereby informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from South Central Railway for “Engineering, Procurement and Construction (EPC) tender for proposed "Doubling of Track between Ankai station (Excluding) at KM 16.00 (Ch: 16000) & Karanjgaon stations (Excluding) at Km 69.01 (Ch:69010) (i.e. 53.01 Km) including Electrification and Signaling works in connection with Aurangabad-Ankai Doubling Project in Nanded Division of South Central Railway"."
Sensex Today Live : Net profit down 21.3% YoY at ₹2,038 crore in Q4FY24, compared to ₹2,589 crore in Q4FY23
Revenue down 11.3% at ₹7,549 crore in Q4FY24, versus ₹8,509 crore in Q4FY23
Sensex Today Live : Despite a robust credit uptake, banks are projected to see only a modest increase in profits for the March quarter (Q4FY24). This is due to the rush for deposits, which is squeezing net interest margins, particularly for private banks.
The growth of deposits lags behind credit growth by 3-4 percentage points. Additionally, to prevent a recurrence of past errors that resulted in an increase in non-performing assets (NPAs), continuous monitoring of asset quality is necessary. (Read the full story here.)
Sensex Today Live : Indian benchmark indices had climbed on Friday, even as tensions flaring up between Iran and Israel weighed on investors' sentiment.
At 2 pm, Sensex was up 490.44 points, or 0.68%, at 72,979.43, and Nifty was up 146.35 points, or 0.67%, at 22,142.20.
Sensex Today Live : Cineline India informed the exchanges today that it has opened an 8 - screen multiplex at Amanora Mall in Pune. It has a total seating capacity of 1,865.
In an exchange filing, the company said, "We are thrilled to announce the grand opening of our newest venture, MovieMax Multiplex, located at Amanora Mall, situated at Amanora Town Centre on Mundhwa Road, Hadapsar, Pune, Maharashtra."
Sensex Today Live : FCS Software Solutions informed the exchanges that it has acquired a 54.94% stake in Bloom Healthcare and Hospitality Management.
In an exchange filing, the company said, "We wish to inform that FCS Software Solutions Limited has acquired 54.94% Equity Shares in Bloom Healthcare and Hospitality Management Private Limited pursuant to conversion of 79,66,138, 0.1% Non-Cumulative Compulsorily Convertible Preference Shares of Rs. 10/- each held by the Company in Bloom into 2,23,05,186 Equity Shares of Rs. 10/- each at the premium of Rs. 15/- each aggregating to Rs. 25/- per share, by the virtue of which the aggregate shareholding of the Company in Bloom has raised to 71.01%."
Sensex Today Live : Deepak Fertilisers and Petrochemicals Corporation informed the exchanges today that its subsidiary Mahadhan Agritech Limited (MAL), formerly known as Smartchem Technologies and Israel-based Haifa Group, a multinational corporation and leading global supplier of Specialty Plant Nutrients have entered into an understanding to promote high performing Specialty fertilizers to improve quality and productivity of crops in India and other countries.
Sensex Today Live : Indian benchmark indices had climbed on Friday, even as tensions flaring up between Iran and Israel weighed on investors' sentiment.
At 1 pm, Sensex was up 204.68 points, or 0.28%, at 72,893.68, and Nifty was up 49 points, or 0.22%, at 22,044.85.
Sensex Today Live : Rating: SELL | CMP: ₹9,021 | TP: ₹7,267
Bajaj Auto’s 4QFY24 revenue came in at ₹114.8 bn, which is 3.5%/2.2% higher vs PLe/BBGe. EBITDA grew by 34.4% surpassing PLe/BBGe by 5.2%/4.1% respectively while margin (20.1%) expanded by 80bps vs PLe/BBGe 48bps/37bps.
Management foresees recovery in exports markets, however, emerging markets like Nigeria and Bangladesh continue to be subdued due to currency devaluation and inflationary pressure.
With the launch of new pulsar models along with new launches in EV Chetak and e3Ws coupled with aggressive network expansion, we estimate its 2W/3W volume to grow at a CAGR of 9.8%/7.1% over FY24-FY26E. Higher mix of 125+cc, recovery in exports and premiumization trend shall drive ASP and margin profile.
Factoring this, we estimate its revenue/EBITDA/PAT to grow at a CAGR of 13.8%/18.4%/15.3% over FY24-FY26E. We maintain ‘Sell’ and revise our target price upwards to ₹7,267 valuing the company at 20x on its FY26E EPS.
Sensex Today Live : Barring FMCG, all other sector indices were in the red, with the PSU Bank index down 1.16%, followed by the Healthcare and Auto indices which were down 0.61% and 0.55%, respectively.
Sensex Today Live : The broader market was in the red, with the BSE MidCap index down 0.93%, and the BSE SmallCap index down 0.51%.
Sensex Today Live : 14 of the 50 stocks on the Nifty 50 were in the green, with Grasim Industries, Mahindra & Mahindra, ONGC, Apollo Hospital Enterprises, and ITC, leading the gains, while Bajaj Auto, Axis Bank, Tata Motors, HDFC Life, and Larsen & Toubro, were the top drags.
Sensex Today Live : 11 of the 30 stocks on the Sensex were in the green, with Mahindra & Mahindra, ITC, Maruti Suzuki India, HDFC Bank, and Bharti Airtel leading the gains, while Axis Bank, Tata Motors, HCLTech, Larsen & Toubro, and NTPC, were the top drags.
Sensex Today Live : Indian benchmark indices were down but paring their losses on Friday, as tensions between Iran and Israel flared up after reports suggested that Israel had launched an attack on Iran.
At 12 pm, Sensex was down 249.38 points, or 0.34%, at 72,239.61, and Nifty was down 78.95 points, or 0.35%, at 21,919.90.
Sensex Today Live : Ind-Swift Laboratories informed the exchanges that it is in the process of setting up a subsidiary in Dubai for potential acquisitions, joint ventures, tie ups and operation of pharma manufacturing units. In an exchange filing, the company said, "We hereby inform you that Ind-Swift Laboratories Limited has approved the incorporation of a wholly owned subsidiaryin Dubai, United Arab Emirates (UAE) in the name and style of “Ind-Swift (Dubai) Ltd." or such other name as may be approved by the concerned authorities of the UAE".
The company said the subsidiary intends to strategically invest in pharmaceutical and allied activities, including exploring potential acquisitions, tie-ups, or joint ventures. Additionally, the Company aims to establish and operate pharmaceutical manufacturing units.
Sensex Today Live : Aurionpro Solutions today informed the exchanges about the strategic acquisition of Mumbai-based Banking and Insurance focused PaaS startup, Arya.ai.
With Arya.ai, Aurionpro will significantly enhance its portfolio of enterprise fintech offerings to expedite the adoption of AI that is responsible, accurate, and auditable, aligning strongly with the rapidly evolving demands of Banks and Insurers, the company said in an exchange filing.
Under the terms of the agreement, Aurionpro Solutions will acquire a majority stake (67%) in Arya.ai. This acquisition will bring products and expertise in Artificial Intelligence, Deep Learning, Intelligent Automation, PaaS, Autonomous AI Platforms, and tailored industry solutions, to complement and strengthen Aurionpro’s existing industry leading portfolio, hte company said.
The transaction comprises acquisition of shares held by the existing shareholders and subscription of new equity capital in the company. This will be an all-cash deal. The aggregate investment including secondary acquisition and fund infusion is approximately $16.5 million.
Sensex Today Live : Indian benchmark indices were in the red on Friday, as tensions between Iran and Israel flared up after reports suggested that Israel had launched an attack on Iran.
At 11 am, Sensex was down 401.57 points, or 0.55%, at 72,087.42, and Nifty was down 133 points, or 0.6%, at 21,862.85.
Sensex Today Live : Bajaj Auto reported an 18% increase in consolidated net profit in Q4FY24, at ₹2,011.43 crore, up from ₹1,704.74 crore in the same period last year. It reported a revenue of ₹11,249.8 crore for the January-March quarter, marking a 30% increase from ₹8,660 crore in the corresponding period last year. For the fiscal year ending on March 31, 2024, the company reported a 33% increase in net profit, reaching ₹7,479 crore, compared to ₹5,628 crore in the FY23 fiscal. The company's revenue from operations reached a record high of ₹44,685 crore for FY24, up from ₹36,428 crore in the 2022-23 fiscal. The company's EBITDA for the March quarter surged by 34.4% to ₹2,307 crore, while operating margins stood at 19.7%, an increase of 180 basis points. The automaker's board also approved a dividend of ₹80 per share.
Sensex Today Live : Indian benchmark indices were in the red on Friday, as tensions between Iran and Israel flared up after reports suggested that Israel had launched an attack on Iran.
At 10 am, Sensex was down 301.26 points, or 0.42%, at 72,187.73, and Nifty was down 98 points, or 0.45%, at 21,897.85.
Bed linen manufacturer and exporter Indo Count informed the exchanges today that it has acquired US-based bed, bath and home fashion brand WAMSUTTA from Beyond, Inc.
This acquisition, which closed on April 18, 2024, strengthens Indo Count’s brand portfolio, and elevates its position in the premium market segment, the company said.
WAMSUTTA, renowned for its exceptional quality and a brand legacy dating back to 1846, is poised for substantial growth under Indo Count's leadership, the company added in its exchange filing.
Sensex Today Live : Inox Wind informed the exchanges that it has bagged an order for the supply of 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies. The order is for IWL’s state-ofthe-art 3 MW Wind Turbine Generators (WTGs), and the scope comprises of equipment supply with certain add-on services, the company said.
Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services. The WTGs will be supplied to HFE from Q3FY25 onwards and will be installed in South India.
Sensex Today Live : Man Industries (India) informed the exchanges today that its coating mill at Anjar, Gujarat has undergone stringent technical assessment from Shell Global Solutions International for steel pipeline and been approved by it against their Design and Engineering Practices (DEPs). This approval demonstrates quality standard compliances, reduce risk, and optimize performance of the company's manufacturing facilities.
Sensex Today Live : Happiest Minds Technologies today informed the exchanges that it has entered into a share purchase agreement with Macmillan Learning India Pvt. Ltd. to acquire the company for ₹4.5 crore.
In an exchange filing, the company said, "We wish to inform that the Company has executed a Share Purchase Agreement to acquire 100% equity interest in Macmillan Learning India Private Limited, subject to the terms and conditions set out in the Agreement. On closing the said transaction, Macmillan Learning India will become a wholly owned subsidiary of the Company".
Sensex Today Live : On Thursday, April 18, Infosys reported a 30% YoY increase in its net profit for Q4FY24, at ₹7,975 crore, compared to a profit of ₹6,134 crore in Q4FY23. Its revenue for the quarter was ₹37,923 crore, marking a 1.3% YoY increase. In terms of constant currency (CC), the revenues remained unchanged YoY and saw a 2.2% decrease QoQ. Its operating margin at 20.1%, decreased 0.9% YoY and 0.4% QoQ. The company also projected its slowest ever growth guidance, anticipating a revenue growth of 1-3% in constant currency terms for FY25. This subdued guidance is a result of the company's historically weakest full-year dollar-revenue growth of 1.9% for FY24. Infosys also announced its biggest acquisition to date - a $480-million purchase of German engineering research and development firm In-Tech .
Sensex Today Live : All the sectoral indices were in the red, with the PSU Bank index (down 1.64%), and the IT index (down 1.08%), emerging as the biggest losers.
Sensex Today Live : The broader market was swimming in a sea of red, with the both the BSE SmallCap and BSE MidCap index down more than 1% each.
Sensex Today Live : Only six out of the 50 stocks on the Nifty 50 were in the green. ONGC, ITC, Sun Pharma, Cipla, and ICICI Bank, were the top gainers, while BPCL, HDFC Life, Bajaj Auto, Infosys, and Larsen & Toubro, were the top drags.
Sensex Today Live : Only one stock, ITC, out of the 30 on the BSE Sensex was in the green, while losses were being led by Infosys, Larsen & Toubro, NTPC, Power Grid Corp., and SBI.
Sensex Today Live : Indian benchmark indices opened in the red on Friday, as tensions between Iran and Israel flared up after reports suggested Israel had launched an attack on Iran.
At opening bell, Sensex was down 632.67 points, or 0.87%, at 71,856.32, and Nifty was up 163.25 points, or 0.74%, at 21,832.60.
Sensex Today Live : Indian benchmark indices were red at pre-open on Friday, as tensions between Iran and Israel flared up again after reports suggesting explosions in Iran.
Sensex was down 489.34 points, or 0.68%, at 71,999.65 and Nifty was down 134.35 points, or 0.61%, at 21,861.50 during pre-open.
Sensex Today Live : Dhanlaxmi Bank informed the exchanges today that the RBI has approved the appointment of Ajith Kumar K.K as the managing director and CEO of the bank for a period of three years with effect from the date of taking charge.
The bank said it will now convene a board meeting to approve the appointment of Ajith Kumar K.K as the MD and CEO of the bank and the approval of the shareholders will be obtained after that as per the regulatory provisions.
Presently, Ajith Kumar is serving as the Chief Human Resources Officer in Federal Bank Limited in the cadre of President.
Sensex Today Live : Infosys, Bajaj Auto, Wipro, ICICI Securities, ITC, Suzlon, RVNL, are a few stocks likely to be in focus on Friday, April 19.
Sensex Today Live : “Nifty bears are seizing the opportunity amid Middle East tensions. However, for a sustained rally at Dalal Street, positive surprises in inflation, geo-political developments, or Q4 earnings are crucial. Wall Street experienced volatile trading on Thursday, driven by corporate earnings and Fed commentary hinting at reduced rate cut expectations. Minneapolis Fed President Neel Kashkari advocated patience, suggesting policy adjustments might not occur until 2025. With INFY’s ADR shares dropping 2%, Nifty faces downward pressure. Amid concerns about US inflation, Nifty's immediate downside is pegged at 21,710. FIIs were net sellers while DIIs bought. Nifty's trading range is projected between 21,700-22,200, with 22,000 as crucial resistance. Long story short: caution and agility are advised. Preferred trades: Buy Nifty on dips between 21,750-21,800 with targets at 22,250/22,500, and Bank Nifty between 46,500-46,600 with targets at 48,371/49,101."
Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : The Indian stock market indices, **Sensex** and **Nifty 50**, are predicted to commence trading on a lower note on Friday, influenced by the global market's weak performance. The **Gift Nifty** trends suggest a gap-down opening for the Indian benchmark index, trading around the 21,800 mark, nearly 260 points lower than the previous close of Nifty futures.
On Thursday, the domestic equity indices ended their fourth consecutive session in the red, with Nifty dropping below the 22,000 mark. The Sensex fell by 454.69 points to close at 72,488.99, while the Nifty 50 index declined by 152.05 points, or 0.69%, to settle at 21,995.85.
The Nifty chart showed a long bearish candle, negating the minor upward bounce from the previous session. "The Nifty is on the brink of falling below the critical support level of 22,000 (the lower end of the ascending channel and upward trend line on the weekly chart). The positive chart pattern of higher tops and bottoms remains intact. As long as the Nifty stays above the 21,700 level, there's a likelihood of a bounce back from the lows according to this pattern," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : The local stock market is predicted to start off on a negative note this Friday, continuing the bearish trend in the light of unfavorable global market indicators. Asian markets are performing poorly, and the US stock market showed a mixed performance last night. This follows a series of assertive remarks from officials at the US Federal Reserve and robust economic data, indicating that the central bank is unlikely to reduce interest rates anytime soon.
The market's anticipation for a minimum rate cut of 25 basis points in June has dwindled to 15.2%, as per CME's FedWatch Tool, with July's expectation at 41.5%, a decrease from 48.4% just a week ago, as reported by Reuters.
"Markets experienced a flurry of sell-offs towards the end of a highly fluctuating trading session, with fading hopes of a rate cut and ongoing foreign institutional investors' withdrawal from domestic stocks negatively impacting investor sentiment. Despite the Indian economy's resilience and successful navigation of global concerns, persistent inflation, increasing geo-political tensions, and delays in interest rate cuts have triggered profit booking in recent weeks," stated Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. (Read the full story here.)
Sensex Today Live : Indian shares are set to open lower on Friday, tracking Asian peers, on reports of an escalation in geopolitical tensions in the Middle East.
India's GIFT Nifty was trading at 21,670 as of 8:02 a.m. IST, indicating that the Nifty 50 will open below its Thursday's close of 21,995.85.
MSCI's broadest index of Asia-Pacific shares slipped more than 2% and U.S. stock futures also pointed 1.3% lower following media reports that Israeli missiles had hit a site in Iran.
Indian markets fell for a fourth straight session on Thursday, their longest daily losing streak in six months. The benchmark Nifty 50 and S&P BSE Sensex have lost about 3.3% each in the last four sessions.
Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.
MSCI's broadest index of Asia-Pacific shares dived more than 2% and U.S. stock futures also pointed 1.3% lower following media reports Israeli missiles had hit a site in Iran.
U.S. long-term Treasury yields dropped as much as 13.5 basis points to 4.512%. The U.S. dollar index was last up 0.14%, while the yen gained about 0.4% versus the dollar. Both currencies are considered safe havens.
Gold jumped 1.6% to $2,414.69, heading back toward last week's all-time high at $2,431.29.
"Market response looks tied to fears that this is an Israeli reprisal," said Kyle Rodda, an analyst at Capital.com. "We're just waiting to get more news now as the situation unfolds."
Oil prices jumped $3 a barrel as the reports heightened concerns that Middle East supply could be disrupted.
Israeli Prime Minister Benjamin Netanyahu had vowed retaliation earlier this week following a volley of attacks from Iran on the weekend.
