Sensex Today | Share Market Live Updates : Sensex down 400pts, Nifty below 22,300; TaMo surges 7%, IT, Bank stocks down

Sensex Today Live : Purv Flexipack Limited listed at a premium of 266% over the issue price, opening at ₹266 per share on the NSE SME.

Interest in its IPO was evident, with the public issue subscribed 448.73 times in the retail category, 157.32 times in the QIB, and 690.72 times in the NII category by February 29, 2024.

Even the Grey Market Premium (GMP) for Purv Flexipack reached ₹130, indicating that the share price was trading at a premium in the grey market compared to the issue price, as reported by investorgain.com.

Sensex Today Live : Exicom Tele-Systems had an impressive debut on the stock exchanges today. On the National Stock Exchange (NSE), its share price opened at ₹265 per share, a remarkable 86.62% higher than the issue price of ₹142. Meanwhile, on the Bombay Stock Exchange (BSE), Exicom Tele-Systems’ share price started at ₹264 apiece, reflecting an 85.92% increase over the issue price.

Market experts had anticipated that Exicom Tele-Systems’ share price would list within the range of ₹282 to ₹299 . The company’s strong debut has certainly caught investors’ attention, and it will be interesting to see how its stock performs in the coming days.

Sensex Today Live : Retail investors seem to have become more astute in their stock trading strategies, strategically exiting small-cap stocks when prices were at their peak.

In the category of retail investors, there was a noticeable decrease in their stake in these stocks between the March and December quarters. This was a time when numerous small-cap stocks yielded exceptionally high returns. Historically, many retail investors have been caught in the trap of purchasing overvalued shares and selling them when prices fell. (Read the full story here.)

Sensex Today Live : Indian benchmark indices were in the red on Tuesday, follwing negative cues from global peers.

At 10 am, Sensex was down 284.19 points, or 0.38%, at 73,588.10, and Nifty was down 76.70 points, or 0.34%, at 22,328.90.

Sensex Today Live : Kalpataru Projects International has announced that it has received a Letter of Intent (LoI) from Saudi Arabia’s energy major, Aramco, for carrying out EPC work for three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia.

The EPC scope covers laying of over 800 kms of lateral gas pipeline.

The exact contract value of the three packages will be confirmed upon contract execution, the company said in an exchange filing.

Sensex Today Live : On Monday, the Reserve Bank of India (RBI) instructed IIFL Finance to cease the distribution of gold loans due to “significant supervisory concerns” identified in the non-banking financial company’s gold loan portfolio. The central bank highlighted that these lapses, which include regulatory breaches, negatively affect customer interests. The RBI had conducted an examination of the company’s financial status as of 31 March 2023. The RBI discovered “grave discrepancies” in the evaluation and certification of gold used as security for loans and during auctions in case of default during this inspection.

Sensex Today Live : Across sectors, the Nifty Auto was the biggest gainer, trading up 1.34%, while the IT index was down 0.93%. 

Sensex Today Live : The broader markets were largely green, with the BSE MidCap index up 0.32%, and the BSE SmallCap index marginally up by 0.09%. 

Sensex Today Live : Tata Motors, UPL, Mahindra & Mahindra, Apollo Hospital Enterprises, and Eicher Motors, were the top gainers on the Nifty 50, while ICICI Bank, HCL Tech, Power Grid Corp., Axis Bank, and TCS, were the top losers.   

Sensex Today Live : Tata Motors, Mahindra & Mahindra, Bajaj Finserv, Bharti Airtel, and ITC, were the top gainers on the Sensex, while Power Grid Corp., HCLTech, TCS, ICICI Bank and Axis Bank, were the top losers in early trades.

Sensex Today Live : The leading Indian automaker has announced its decision to separate its commercial and passenger vehicles businesses into distinct listed entities. This strategic move is designed to unlock potential value and reflects the company’s confidence in the future of both sectors. The commercial vehicles (CV) division of Tata Motors, which manufactures trucks, vans, and buses, will operate separately from the passenger vehicles (PV) division that produces cars, SUVs, and electric vehicles (EV). The PV division also encompasses Jaguar Land-Rover (JLR), a British luxury car manufacturer that contributes over 80% of its revenue.

Sensex Today Live : Indian benchmark indices opened in the red on Tuesday, follwing negative cues from global peers.

At opening bell, Sensex was down 90.56 points, or 0.12%, at 73,781.73, and Nifty was down 61.55 points, or 0.27%, at 22,344.05.

Sensex Today Live : Godrej Properties today announced that it has been declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.

Spread over ~ 6.46 acres, the land is strategically located in Sector 44, one of the most prime locations in Noida.

The land parcel will offer around 1.4 million square feet of development potential and an estimated revenue potential of around ₹3,000 crore* comprising premium residential apartments of varied configurations.

Sensex Today Live: Indian benchmark indices were in the red at pre-open on Tuesday, following a tepid close in the US market, and with Asian markets trading mixed.

Sensex was down 102.16 points, or 0.14%, at 73,770.13, and Nifty was down 34.35 points, or 0.15%, at 22,371.25 during pre-open.

Sensex Today Live : L&T Technology Services has announced a collaboration with Intel Corporation aimed at developing and providing scalable edge-AI solutions for a range of use cases, including Cellular Vehicle-to-Everything (CV2X) applications.

LTTS’ expertise in the domains of connected vehicles and smart transportation systems has been pivotal in the development and implementation of advanced communication technologies like telematics, ADAS and C2VX.

By harnessing Intel’s Edge Platform, including built-in AI runtime the with OpenVINO™ inference for real-time AI inferencing optimization, LTTS will empower on-premises and hybrid AI scenarios for traffic management and emergency safety in smart cities and transportation.

This collaboration underscores LTTS’ commitment to push the envelope in smart cities and road infrastructure, facilitating and laying the groundwork for enabling intelligent transportation systems.

Sensex Today Live : Bank Nifty has closed higher filling the gap levels it had left in Jan’24 and we remain positive to test 48,000 levels over the next few days.

On the downside the hourly support average of 47,200 would be the immediate followed by the breakout zone of 46,600 levels

RSI is moving upwards from its average line and we expect the momentum to continue over the next few days.

Bank Nifty highest call OI is at 48,000 levels while on the downside put OI is at 47,000 levels for the weekly expiry.

Sensex Today Live : Nifty-50 has closed in a doji candle near to all time high and we expect some consolidation with key supports at 22,000 levels on the downside.

On the higher side the pivot resistance is placed at 22,550 levels followed by 22,800 and could test in the coming few weeks.

RSI is trending above the average line and other key technical indicators are overbought on hourly charts from current levels.

Highest call OI is placed at 22,500 strike while on the downside the highest put OI is at 22,000 for the weekly expiry.

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are predicted to have a subdued start on Tuesday, influenced by weak signals from global peers. On Monday, the domestic equity indices experienced a slight increase, marking their new closing highs and continuing the upward trend for the fourth session in a row. The Sensex rose by 66.14 points to end at 73,872.29, while the Nifty 50 increased by 27.20 points, or 0.12%, to settle at 22,405.60.

The Nifty 50 chart showed a small candle formation for the day, with minor shadows at both ends.

“From a technical perspective, this pattern signifies the creation of a doji pattern. Such patterns typically suggest a consolidation or a reversal following a significant rise, upon confirmation. Given that this pattern has formed near the new highs, a slight drop or intraday fluctuations should be anticipated in the short term,” stated Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

Sensex Today Live : On Tuesday, the domestic equity indices are likely to start on a muted note due to weak cues from the global market. Asian markets are trading lower, and the US stock market indices ended in negative territory overnight, awaiting crucial economic data. Market players seem to be exercising caution in anticipation of Powell’s two-day congressional testimony later this week, the decision on policy by the European Central Bank, and the Labor Department’s important jobs report for February.

China’s “Two Sessions” meeting commenced today, with the country setting an ambitious GDP growth target of “around 5%” for 2024 and projecting the inflation rate to rise to “around 3%.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, stated, “Considering the positive domestic sentiments, we anticipate the market momentum to persist over the next few days with Nifty likely advancing towards the 22,500 zones. However, the broader market may face pressure due to profit booking and an unfavorable advance-decline ratio. Therefore, we advise traders to exercise selectivity when dealing with mid/small caps.” (Read the full story here.)

Sensex Today Live : With Gift Nifty futures trading ahead by 100 points from Monday’s Nifty close, Indian benchmarks looked all set to start on a positive note, but concerns about the China’s moves to stabilize its economy could prove to be a dampener for markets elsewhere.

At 7:40 am, Gift Nifty futures was trading at 22,495, nearly a 100 points ahead of Monday’s Nifty close of 22,405.60.

Wall Street stocks closed lower on Monday, backing away from record highs, while U.S. Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell’s congressional testimony later in the week.

After European stocks backed off from record highs, the major U.S. equity indexes followed suit, failing to eke out further gains following Friday’s record-setting rally.

All three U.S. indexes struggled for gains through much of the range-bound session, but lost momentum in the final hour.

The S&P 500 closed modestly lower, while the Nasdaq and the Dow registered more pronounced declines.

The Dow Jones Industrial Average fell 97.55 points, or 0.25%, to 38,989.83, the S&P 500 lost 6.13 points, or 0.12%, to 5,130.95 and the Nasdaq Composite dropped 67.43 points, or 0.41%, to 16,207.51.

The pan-European STOXX 600 index lost 0.03%, and MSCI’s gauge of stocks across the globe shed 0.01%.

Emerging market stocks rose 0.51%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.57% higher, while Japan’s Nikkei rose 0.50%.

Oil held a drop with traders assessing tensions in the Middle East ahead of economic data releases from the US.

West Texas Intermediate traded below $79 a barrel after declining by 1.5% on Monday, while Brent crude closed under $83.