Sensex Today | Share Market Live Updates: Sensex climbs 300pts, Nifty at 22,110; Auto, O&G, Bank up, IT, FMCG, drag

Sensex Today Live : The Indian Meteorological Department (IMD) predicts that the upcoming summer season, extending from March to May, will experience higher temperatures than usual across the majority of the country. This forecast anticipates above-average temperatures and an increased number of heatwave days during these months.

As the mercury rises, the demand for various products is expected to surge. This includes consumer durables like air conditioners, fans, refrigerators, and other cooling appliances, as well as fast-moving consumer goods. As a result, manufacturers of these products could potentially see a boost in their business. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had pares their earlier losses and were trading in the green on Monday afternoon.

At 2 pm, Sensex was up 195.13 points, or 0.27%, at 72,838.56, and Nifty was up 54.60 points, or 0.25%, at 22,077.95.

Sensex Today Live : A leading government economist has stated that the federal strategy to increase capital expenditure during the COVID-19 pandemic has resulted in an accelerated multiplier effect on economic growth, exceeding initial expectations. This has led to a rise in predictions of GDP growth surpassing this fiscal year’s forecasts.

Arvind Virmani, a member of Niti Aayog and former chief economic advisor in the finance ministry, explained that capital expenditure has a multiplier effect of 2.45, compared to 1 for revenue expenditure or subsidies. He emphasized that this has significantly stimulated growth. “The increase in capital expenditure over the past two years has proven effective,” Virmani said during an interview. (Read the full story here.)

Sensex Today Live : To attract investments from global EV manufacturers and promote Make in India for e-vehicles, the government has formulated a new policy for EV 4Ws. This is a step in the right direction to develop the EV ecosystem in India.

We believe, some EV players who could leverage this policy to enter India are Tesla and Vinfast; more so for Tesla given its product portfolio pricing.

New EV manufacturing policy defines the minimum investment at INR 41.5bn (∼USD 500mn) for making e-4W, with manufacturing to commence within three years of receiving approval. Further, OEMs must achieve domestic value addition (DVA, localization level) of 25% by the third year and 50% by the fifth year.

If Tesla were to enter India with this policy, given its strong brand pull, it would likely accelerate passenger vehicle EV adoption in the country.

Tesla, in its Q4CY23 conference call, had mentioned finalizing another manufacturing location by the end of this year and now India is a serious option for the company.

The expected new model of Tesla, touted to be called Model 2 (USD 25,000 or ~INR 2.0mn), is to be launched globally in H2CY25.

Tesla could import Model X, S, Y and Model 3 initially under the subsidized import duty scheme and produce Model 2 in India, possibly exported from India as well.

With the impending threat of trade wars with China, global OEMs are seeking China+1 strategies to make EVs.

And India will be a serious alternative as a potential export hub in the future. Just as a reference point, Tesla’s China (Shanghai) factory exports 37% of the total Tesla China production (~344k units exported of 931k produced in CY23, per media reports).

Indian EV OEMs such as M&M and Tata Motors are likely to see credible competition from mass market models of Tesla, which may be manufactured in India.

This could keep the EV business multiples of Indian EV OEMs under check (currently, EV subsidiaries of TTMT and M&M form ~5-15% of the SoTP value of TPs, per our calculations).

The real competition is likely only if and when domestic manufacturing starts in India, as the import volumes of 8k units per annum are not meaningful enough to pose any threat.

From within our Auto coverage universe, some key component manufacturers that may benefit are Sona BLW Forgings and Samvardhana Motherson International (SAMIL), which are already suppliers to global EV makers.

In the likelihood that some share of China EV manufacturing shifts to India, these suppliers stand to benefit, as China production encourages sourcing from China suppliers only.

This also gives an opportunity to domestic PV component suppliers to get exposure to global EV players for powertrain neutral components such as Uno Minda.

Shriram Properties today informed the exhchanges that it has sold nearly 70% of the inventory in its recenly launched project called Codename Ultimate, near Electronic City, Bengaluru.

The company, in an exchange filing, said, “In its opening weekend, the Company sold nearly 70% of its project inventory in “Codename Ultimate”, supported by excellent customer response to the compelling value proposition. This 400+ unit Balinese-themed project with an aggregate saleable area of ~5.0 lakh sqft is characterized by its tranquil and harmonious ambience that prioritizes open spaces. “

Sensex Today Live : Indian benchmark indices had pares their earlier losses and were trading in the green on Monday afternoon.

At 1 pm, Sensex was up 141.59 points, or 0.19%, at 72,785.02, and Nifty was up 38.15 points, or 0.17%, at 22,061.50.

Sensex Today Live : Salasar Techno Engineering has received an LOI for the acquisition of EMC Ltd. The company, in an exchange filing, said, the acquisition, valued at Rs. 178 crore, will present several advantages for Salasar, including, enhanced market presence, better portfolio and operational synergies.

The compnay’s management also said, the deal will allow, Salasal to leverage EMC Ltd’s expertise to enhance its service offerings, and position it as a qualified bidder for executing 765 kV transmission line, substations, and industrial power system projects—a healthy margin business segment with limited.

Sensex Today Live : Gillette India today informed the bourses that L. V. Vaidyanathan has resigned as the MD and Director of the company, with his last working day being April 30, 2024.

The company, in an exchange filing said that Vaidyanathan will be leaving to to pursue other interests. It also added that the company’s board has approved the appointment of Kumar Venkatasubramanian as Managing Director for a period of five years effective from May 1, 2024.

Sensex Today Live : Heavyweight sectoral indices like IT, FMCG, Consumer Durables, Private Bank, Bank and Financial services, were down 0.88%, 0.44%, 0.57%, 0.10%, 0.03%, and 0.03%, respectively.

Sensex Today Live : The broader market was under pressure, with the BSE SmallCap index down 0.34%, and the MidCap index down 0.23%. 

Sensex Today Live : Tata Steel, Mahindra & Mahindra, JSW Steel, Bajaj AUto, and Tata Motors, were the top gainers on the Nifty 50, while Adani Ports & SEZ, UPL, Tata Consumer Products, Adani Enterprises, and Titan were the top drags. 

Sensex Today Live : Titan, Asian Paints, Nestle India, Infosys, and HUL, were the top drags on the Sensex, while Tata Steel, Mahindra & Mahindra, JSW Steel, Tata Motors, and Axis Bank, were the top gainers. 

Sensex Today Live : Indian benchmark indices were trading marginally down on Monday, led by mixed signals from global peers.

At 12 pm, Sensex was down 119.23 points, or 0.16%, at 72,524.20, and Nifty was down 38.10 points, or 0.17%, at 21,985.25.

Sensex Today Live : Equity benchmarks logged a fresh all time high of 22,523 and closed 2% lower at 22,023. In the process, broader market relatively underperformed as Nifty midcap and small cap were down 5% respectively.

Technical Outlook

The index witnessed profit taking ahead of closure of financial year leading Nifty to close 2% lower. Price action for the week formed sizeable bear candle that engulfed past two week’s gains, indicating pause in upward momentum.

Nifty Mid/Small cap indices witnessed capitulation during middle of the week leading prices to extreme oversold readings, after 9% and 16% decline respectively

In the upcoming week, we expect Nifty to extend consolidation in 21,700-22,400 zone with positive bias, amid stock specific action as prices undergo healthy retracement of recent rally. Such consolidation over next few weeks would set stage for next leg of up move, supported by Nifty heavyweights, as we expect Nifty to head towards target of 22700 in April 2024. Use dips as buying opportunity.

Meanwhile we expect Nifty midcap and small cap indices to undergo base formation over next few weeks.

The Bank Nifty snapped four-week winning streak amid profit taking on all five sessions. We expect, Bank Nifty to consolidate in the broad range of 46200 and 47200 in the coming week.

Sensex Today Live : Investors in ITC Ltd. have been concerned this year. The firm’s shares have seen a decline of just over 9% since the start of the year, a figure that significantly surpasses the 5% fall experienced by the Nifty FMCG sectoral index during the same period.

This downturn in the company’s stock value follows two consecutive years of outperforming the sectoral index. What could be the reasons for this sudden underperformance? It seems a variety of factors are causing unease among investors. (Read the full story here.)

Sensex Today Live : Indian benchmark indices were trading flat or slightly down on Monday, led by mixed signals from global peers.

At 11 am, Sensex was down 30.71 points, or 0.04%, at 72,612.72, and Nifty was down 14.90 points, or 0.07%, at 22,008.45.

Sensex Today Live : Eicher Motor had been consolidating in the broader range of 3,800-4,000 over the past 2 months.

Last week, the stock closed below its important support of 3,800, which has turned our bias negative.

On the options front, aggressive Call writing was observed in the strikes ranging from 3,800 to 4,200 Call strikes, making them strong hurdle on the upside.

We believe there will be limited upside and the stock is likely to remain under pressure.

Sensex Today Live : HDFC Life has shown significant resilience in the recent market volatility and outperformed markets.

The stock started the series with one of the highest open interests in the last 9 months. During the series, the outperformance came amid significant closure suggesting ongoing short covering in the stock.

Furthermore, the stock has closed above its maximum Call base of 630 strike above which a likely to extend the move.

We believe the current short covering move may help the stock to move towards ₹ 670 levels in the coming sessions.

Sensex Today Live : Banking index erased the gains of last 3 weeks and closed the week near 46,500 levels losing more than 2.5%.

Profit booking among outperforming PSU banks along with private sector heavyweights led the declines in Bank Nifty as it closed negative in all 5 sessions of the week.

Going ahead, we believe that February lows near 45,800 is likely to act as immediate support for the bank Nifty while fresh positive bias should be formed if it is able to sustain itself above 47,200 levels.

Sensex Today Live : Nifty snapped its 4 weeks of winning streak and ended with the losses of more than 2%.

The major pain was seen in the broader markets where midcap and small cap indices experienced deep cuts and lost nearly 5% each.

Going ahead, we believe 22200 levels on higher side to act as immediate hurdle and aggressive longs should be avoided till Nifty is not able to sustain above these levels.

Sensex Today Live : Indian benchmark indices were trading flat on Monday, led by mixed signals from global peers.

At 10 am, Sensex was down 35.27 points, or 0.05%, at 72,608.16, and Nifty was down 27.35 points, or 0.12%, at 21,996.

Sensex Today Live : Adani Ports & SEZ today informed the exchanges that it has resolved its dispute with the Government of Kerala in the Vizhinjam port case.

The company, in an exchange filing, said that in the matter of its wholly-owned subsidiary Adani Vizhinjam Port Private Limited’s dispute with the Kerala government, both the parties have consented to close the matter, with arbitral tribunal passing the consent award on March 8, the copy of which the company received on March 17.

The company said, “We would like to inform you that the arbitral tribunal has passed the consent award on 8th March, 2024, copy of which received on 17th March, 2024, in relation to the arbitration proceedings between AVPPL and the Government of Kerala (GoK).”

It added that as per consent award, “the GoK has extended the completion date from 3 rd December, 2019 to 3rd December, 2024; and (ii) the Concession Agreement is extended by 5 years until 3rd December, 2060, subject to fulfillment of conditions therein.”

The arbitration between AVPPL and GoK stands closed, the company’s exchange filing said.

Sensex Today Live : Heavyweight sectoral indices like the Nifty FMCG was down 0.13%, Nifty IT was down 0.29%, and Nifty Financial Services was down 0.03%. 

Sensex Today Live : The broader market was in the green, with the BSE SmallCap index up 0.70%, and the BSE MidCap index up 0.45%.  

Sensex Today Live : Mahindra & Mahindra, Tata Steel, Tata Motors, HCL Tech, and Apollo Hospital Enterprises, were the top gainers on the Nifty 50, while Adani Enterprises, Adani Ports & SEX, Eicher Motors, Power Grid Corp., and Grasim Industries, were the top losers. 

Sensex Today Live : Mahindra & Mahindra, Tata Steel, NTPC, Tata Motors, and Larsen & Toubro, were the top gainers on the Sensex in early deals, while Titan, Maruti Suzuki India, Asian Paints, Nestle India, and Power Grid Corp., were the top drags.  

Sensex Today Live : Indian benchmark indices opened in the red on Monday, led by mixed signals from global peers.

At opening bell, Sensex was down 154.85 points, or 0.21%, at 72,488.58, and Nifty was dowb 59.50 points, or 0.21%, at 21,963.85.

Sensex Today Live : Indian benchmark indices were red at pre-open on Monday, taking cues from global markets that were trading mixed.

Sensex was down 56.13 points, or 0.08%, at 72,587.30, and Nifty was down 33.25 points, or 0.15%, at 21,990.10 during pre-open.

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are anticipated to commence Monday’s trading session on a softer note, influenced by mixed signals from global markets. The Gift Nifty trends also suggest a gap-down opening for the Indian benchmark index, trading around the 22,060 mark, nearly 70 points below the previous close of Nifty futures.

On the previous Friday, the domestic equity indices extended their weakness, closing more than half a percent lower each due to profit booking. The Sensex declined by 0.62% to settle at 72,643.43, while the Nifty 50 dropped 123.30 points or 0.56%, closing at 22,023.35.

The Nifty 50 formed a minor negative candle on the daily chart, positioning it on the brink of falling below the immediate support level of 21,900. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the market is encountering resistance at the previous breakout area around 22,150 – 22,200 levels, indicating a change in polarity. He added that the downside breakout of the daily 10/20 period Exponential Moving Average (EMA) and the ascending trend line remains intact. (Read the full story here.)

Sensex Today Live : The Indian equity indices, Sensex and Nifty 50, are projected to have a subdued opening on Monday, influenced by a blend of global market indicators. Asian markets are trading in the green, anticipating key regional economic data releases, while US stock indices concluded the previous week on a lower note.

Investors will be keeping a close eye on several market catalysts, including the outcome of the US Federal Reserve policy meeting, foreign capital inflows, crude oil price trends, and other global indicators. Later today, China is set to disclose data on retail sales, industrial production, and urban unemployment rates.

On Friday, the Indian stock market indices closed with substantial losses. Investors engaged in profit booking, maintaining a cautious stance due to ongoing worries about overvalued and speculative segments of the market. The Sensex fell by 453.85 points or 0.62%, closing at 72,643.43, while the Nifty 50 dropped 123.30 points or 0.56%, ending at 22,023.35.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, commented that the outcome and commentary of the US Fed policy will be crucial as mixed macroeconomic data has left investors apprehensive about the timeline for rate cuts. He anticipates near-term market volatility, with a focus on large-cap and defensive stocks. (Read the full story here.)

Sensex Today Live : Gift Nifty futures was marginally up on Monday morning, ahead of crucial interest rate announcements by central banks around the world from the US to Japan, and Norway to Australia, among others.

At 8:09 am, Gift Nifty was at 22,070, around 50 points ahead of the Nifty 50 close of 22,023.35 on Friday, which indicated that the benchmark would likely maintain its 22,000 level today.

Asian shares firmed on Monday as Chinese data surprised on the upside for once, while investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and a slower glide path for U.S. rate cuts.

Beijing reported industrial output climbed an annual 7% over January and February, while retail sales rose 5.5% on a year earlier. But real estate remained a worry as property investment fell 9% on the year, underlining the case for further policy support.

Central banks in the United States, Japan, UK, Switzerland, Norway, Australia, Indonesia, Taiwan, Turkey, Brazil and Mexico all meet this week and, while many are expected to hold steady, there is plenty of scope for surprises.

Tuesday could see the end of an era as the Bank of Japan is now widely tipped to end eight years of negative interest rates and cease or amend its yield curve control policy.

Markets also assume the BOJ will hike at a snail’s pace and have a rate of 0.27% priced in by December, compared with the current -0.1%.

The central bank on Monday said it would conduct an unscheduled operation to buy bonds, presumably to head off any significant rise in yields and avoid market volatility.

Japan’s Nikkei bounced 2.0%, having shed 2.4% last week as a run up to record highs drew some profit taking.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%, after dipping 0.7% last week. Chinese blue chips firmed 0.4%.

EUROSTOXX 50 futures and FTSE futures were little changed. S&P 500 futures added 0.1% and Nasdaq futures 0.2%, with tension building ahead of the Federal Reserve policy meeting in Tuesday and Wednesday.

The Fed is considered certain to keep rates at 5.25-5.5%, but there is a possibility it might signal a higher for longer outlook on policy given the stickiness of inflation at both a consumer and producer level.

The ascent in the dollar and yields took some shine off gold, which was idling at $2,153 an ounce, having fallen 1% last week and away from all-time highs.

Oil prices have had a better run after the International Energy Agency raised its view on 2024 oil demand, while the supply outlook was clouded by Ukrainian strikes on Russian oil refineries.

Brent added 22 cents to $85.56 a barrel, while U.S. crude rose 25 cents to $81.29 per barrel.