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PremiumSensex Today Live Updates : Asian stocks fell, weighed down by Japanese and Chinese shares, while the yen weakened as markets awaited the outcome of the Bank of Japan’s two-day policy meeting.
The MSCI Asia Pacific Index slipped, while the Japanese currency weakened 0.2% to 157.27 per dollar, as the central bank is widely expected to consider reducing bond purchases. The policy board will hold its benchmark rate in a range between 0 and 0.1%, according to economists surveyed by Bloomberg. Traders are also on alert for any signals on the prospect of an interest rate hike next month.
“Taking risk off the table seems like a good game plan, given that markets remain nervous about what the BOJ might do," said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. In the more likely case of a widely expected reduction in bond-buying and moderately hawkish guidance, “markets may still deem it a dovish tightening — and the yen selloff may hurt sentiment without much benefit."
Australian shares slid along with equity benchmarks in Hong Kong and China. The losses in Asia put the regional MSCI stock gauge on track for its third decline in the past four weeks. Mainland Chinese shares extended a drop into a fourth week, with calls growing for the nation’s central bank to ease policy to boost sentiment and support a soggy economy.
US stock futures were little changed in Asia after the S&P 500 notched a fourth straight record, led by a surge in tech shares. Broadcom Inc. led a rally in US chipmakers following solid earnings and a 10-for-1 stock split. GameStop Corp. also climbed as Keith Gill, known as “Roaring Kitty," posted on X. Elsewhere, Adobe Inc. soared 15% in late trading after projecting strong future sales for its creative products, while Tesla Inc. jumped after Elon Musk said shareholders backed his compensation package.
Still, the sentiment didn’t flow into Asia as the breadth of the US rally was “poor" and limited to tech stocks, said Chris Weston, head of research at Pepperstone Group in Melbourne. “The weights of tech stocks on Asian equity markets is far lower."
Australian yields fell as Treasury yields held Thursday’s decline. The US producer price index unexpectedly declined the most in seven months, adding to evidence that inflationary pressures are moderating. Several categories that are used to calculate the Fed’s preferred inflation measure — the personal consumption expenditures price index — were softer in May than a month earlier.
“The latest data in hand nudges the door a little wider open for the Fed to begin making an interest rate cut later this year," said Bill Adams at Comerica Bank, which forecasts Fed reductions in September and December.
Elsewhere, the European Union’s bonds got hit Thursday as bets they would soon be added to key sovereign benchmarks received a blow, undermining the bloc’s efforts to broaden the appeal of its debt. Heightened political risk in France drove the premium on the nation’s 10-year bonds to the widest since 2017 over German peers. The euro held Thursday’s loss as French election worries weigh.
In commodities, oil fell as the US economic data signaled inflation is cooling. Gold was steady.
Sensex Today Live : Lemon Tree Hotels today announced the opening of Keys Lite by Lemon Tree Hotels, at Urban Square, in Udaipur, Rajasthan.
The ninth property of the group in the state of Rajasthan, this property is being operated under the franchise division of Lemon Tree Hotels, the company said in an exchange filing.
The hotel, located next to the Urban Square Mall, has 68 well-appointed rooms, of which 34 are open as part of phase I of the launch, and the remaining 34 will open as part of phase II.
Sensex Today Live : The realty, consumer durables, oil & gas, and healthcare indices were the top sectoral gainers, while the IT, bank, financial services, auto, and metal indices were trading in the red.
The FMCG and pharama indices were muted.
Sensex Today Live : The broader market was outperforming the bechmark indices, with the BSE SmallCap gaining 0.55% and the BSE MidCap climbing 0.48%.
Sensex Today Live : 17 out of the 50 stocks on the Nifty 50 were trading in the green. Grasim Industries, Shriram Finance, Hindustan Unilever, Eicher Motors, and Britannia Industries were the top gainers, while Tech Mahindra, JSW Steel, HCLTech, NTPC, and Wipro, were the top drags.
Sensex Today Live : Only eight stocks out of the 30 on the BSE Sensex were trading in the green. Titan, Asian Paints, UltraTech Cement, Hindustan Unilever and Mahindra & Mahindra, were the top gainers, while Tech Mahindra, JSW Steel, HCLTech, NTPC, and Bajaj Finserv, were the top drags.
Sensex Today Live : The board of the Bengaluru-based real estate firm on June 13 approved raising funds up to ₹1,000 crore through Qualified Institutional Placement (QIP).
Sensex Today Live : The company announced on Thursday that it will acquire a 67.5% stake in Hyderabad-based Sapala Organics for ₹229.5 crore. The company has entered into a definitive agreement for the investment.
Sensex Today Live : The company expects the average pricing of its residential launches for FY25 to be ₹10,000/sq. ft. The company has launched its premium-luxury mixed-use project, Brigade Icon, on Chennai’s iconic Mount Road. The 38-storey structure is expected to be among the tallest buildings in Chennai upon completion.
Sensex Today Live : The company has signed an MOU with Delhi Metro Rail Corporation for collaboration in metro railway system projects, including rolling stock, depot management, station management, and maintenance of railway infrastructure.
Sensex Today Live : The company, owned by Adani Group, announced on June 13 that it will acquire a 100% stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of ₹10,422 crore. The acquisition, expected to be completed within 3-4 months, is part of Adani’s goal to achieve a capacity of 140 million tonne per annum (MTPA) by 2028. The acquisition will be funded through internal accruals and will help Ambuja expand its market presence in South India.
Sensex Today Live : "BankNifty has been in consolidation for the past 4 sessions finding resistance near 50,200 zone with support maintained near 49,500 levels and a decisive breach above 50,200 is much needed to trigger for further fresh upward move for initial target of 51,000 level.
Bankex also witnessing resistance near 0.786% retracement level of 57,200 zone remained rangebound closing on a flat note with overall bias maintained positive till the levels of 56,000 is sustained. The index would have the resistance barrier near 57,200 levels which needs to be breached for further continuation of the upward move.
BankNifty would have the daily range of 49,500-50,200 levels, with Bankex support at 56,200 and resistance at 57,200 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : "Nifty has witnessed a sluggish and gradual rise during the last 4 sessions finding resistance near the 23,400-23,450 zone with some profit booking witnessed in the second half of the trading session. The index has got the near-term support zone near 23,200 zone and a decisive close above 23,400 shall trigger for further rise for next target of 23,800 level.
Sensex oscillated between the 77,200 and 76,700 zone during the intraday session with fluctuations witnessed and would need a decisive breach above the important hurdle at 77,200 zone of for the overall bias to improve. The support for the day is seen at 76,400/23,150 levels while the resistance would be seen at 77,300/23,550 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Indian benchmark indices opened in the green on Friday, despite muted cues from global markets that were weighed down by lengthening hopes of a rate cut by the US Federal Reserve.
At opening bell, Sensex was up 99.09 points, or 0.13%, at 76,909.99 and Nifty was up 25.20 points, or 0.11%, at 23,424.10.
"In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eagerness to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps."
--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Sensex Today Live : Indian benchmark indices were mildly up at pre-open on Friday, despite muted cues from global markets that were weighed down by lengthening hopes of a rate cyt by the US Federal Reserve.
Sensex was up 101.48 points, or 0.13%, at 76,912.38 and Nifty was up 66.05 points, or 0.28%, at 23,464.95 during pre-open.
"Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%. Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play."
--Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today Live : Ambuja Cements, Vi, Havells, Sterlite Tech, Suven Pharma, are a few stocks likely to be in focus on Friday, June 14.
Sensex Today Live : India’s benchmark stock market indices, Sensex and Nifty 50, are anticipated to have a subdued start on Friday due to mixed signals from international markets. The Gift Nifty trends also suggest a steady opening for the Indian index, currently trading around the 23,400 mark.
On Thursday, both Sensex and Nifty 50 ended on a positive note, with Nifty closing near the 23,400 level. The Sensex rose by 204.33 points to close at 76,810.90, and the Nifty 50 increased by 75.95 points (0.33%) to end at 23,398.90.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the market has been moving sideways in the past four sessions, forming a small negative candle on the daily chart. Despite this, the larger positive pattern of higher tops and bottoms remains intact. He added that while the short-term trend of Nifty remains range-bound with a positive bias, similar sideways movements at higher tops have previously led to a downward correction from the highs. (Read the full story here.)
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are projected to start off subdued on Friday due to mixed signals from global markets. While Asian markets are mostly down, the US market closed mixed with tech stocks gaining amidst weak economic data.
On Thursday, both Sensex and Nifty 50 closed higher, reaching new record highs during the session, driven by positive domestic and global influences. The Sensex rose by 204.33 points (0.27%) to close at 76,810.90, and the Nifty 50 increased by 75.95 points (0.33%) to end at 23,398.90.
Deepak Jasani, Head of Retail Research at HDFC Securities, noted that although Nifty continues to hit new highs daily, it struggles to maintain these gains. He predicts that Nifty may oscillate between 23,297 and 23,481 in the near term. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were expected to open on a muted note with a positive bias as global markets weighed the timeline for interest rate cuts by the Federal Reserve this year.
In India, Gift Nifty futures were trading at 23,419, marginally ahead of Nifty 50's Thursday close of 23,399, indicating a muted but positive start for markets in India.
Asian stocks fell on Friday as investors pondered the outlook for U.S. rates after the Federal Reserve tempered its rate-cut views even as inflation came in softer than expected, while the yen was shaky before the Bank of Japan's policy meeting.
The dollar was hovering near a one-month high on the back of the hawkish tone from the Fed this week, while political uncertainty in Europe kept the euro under pressure.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.48% lower. Chinese stocks also fell, with the blue chip shares down 0.3%, while Hong Kong's Hang Seng was 0.79% lower.
Japan's Nikkei declined 0.25%, while the yen was slightly weaker at 157.185 per dollar in early trading ahead of the BOJ meeting where the central bank is likely to keep interest rates ultra-low.
But the focus will be on whether the BOJ will take steps to trim its bond purchases or drop clues on its future tapering plans and start reducing its huge balance sheet.
A Reuters poll showed nearly two-thirds of economists expect the BOJ to start tapering its monthly bond buying, now set at around 6 trillion yen ($38 billion), on Friday.
"It is possible that the BOJ will tweak its JGB buying operation with only a small reduction, but we are not sure that the BOJ will start cutting without a grace period," said ING economists in a note.
The yen's decline to a 34-year low of 160.245 per dollar at the end of April triggered several rounds of intervention by Japanese authorities totalling 9.79 trillion yen ($62.25 billion).
The yen, which is extremely sensitive to U.S. Treasury yields, is down over 10% against the dollar this year.
Greg Hirt, global CIO for multi asset at AllianzGI, expects the BOJ to remain patient and possibly raise rates only in July or later this year as more data become available over the summer.
"The wild card is the renewed weakness of the yen over the past two months. Another bout of currency-induced cost-push inflation could be detrimental to achieving the goal of real income growth."
On the macro level, markets remain focused on when the U.S. central bank will cut rates and by how much after event-filled week.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased to a 10-month high last week, while producer prices unexpectedly fell in May.
That followed Wednesday's cooler-than-expected consumer inflation report and the Fed's revised dot plot, which lowered rate-cut expectations this year from three to one.
James McCann, deputy chief economist at abrdn, said the Fed seems to be in a patient mood as it waits for signs of sustained progress on inflation and expects the U.S. central bank to start its monetary easing campaign in December.
Traders though are taking their cues from the inflation reports and are now pricing in 50 basis points of cuts this year, with a rate cut in September priced in at 68%, CME FedWatch tool showed.
"Rate expectations are likely to remain volatile over coming months against the backdrop of a data dependent Fed," McCann said.
The shifting expectations has seen the dollar bounce around this week, with the U.S. currency index which measures its value against six peers, last at 105.25, not far from the one-month high of 105.46 it touched on Tuesday. The index is up 0.3% for the week.
In commodities, oil prices eased on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of U.S. rates staying higher for longer against solid outlooks for crude and fuel demand this year.
Brent crude futures fell 0.62% to $82.26 a barrel while West Texas Intermediate (WTI) U.S. crude futures eased 0.69% to trade at $78.08.
