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Sensex Today Live Updates : Equities in Asia advanced on Friday after a rally in the world’s largest technology companies drove a rebound in US stocks.
Japanese stocks rose while Australian shares were little changed and Hong Kong equity futures fell. US contracts were steady after the S&P 500 climbed Thursday while the tech-heavy Nasdaq 100 closed over 1.5% higher. A solid economy is expected to fuel a rise in profit growth for US companies — and strong margins from big tech will be a key driver.
Treasuries gained slightly in Asia after selling on Thursday pushed 10-year yields four basis points higher. US producer prices increased in March from a year earlier by the most in 11 months. Australian and New Zealand bonds faced selling pressure early Friday.
“It’s not going to be Federal Reserve rate cuts that drive the market going forward, rather it’s going to be earnings,” said George Ball, chairman of Sanders Morris. “Corporate earnings are much stronger than people have anticipated even in this elevated interest-rate environment.”
Investors will also be closely watching the offshore yuan after it advanced against the greenback for a fourth time in five trading sessions. The strengthening follows support from the People’s Bank of China on Thursday.
While the latest PPI reading was constructive, investors should be prepared for fewer rate cuts this year — one or two — and for a first potential move not until the July meeting, according to Larry Tentarelli at Blue Chip Daily Trend Report.
“Although we understand the relief with which this report will be received, there is nothing very encouraging contained within it — and the best that can be said is that there was ‘no new bad news’ either,” said Michael Shaoul at Marketfield Asset Management.
Fed Bank of New York President John Williams said the central bank has made “tremendous progress” toward better balance on its inflation and employment goals, but added there’s no need to cut in the “very near term.” His Richmond counterpart Thomas Barkin said the US central bank still has work to do to contain price pressures and can take its time before cutting interest rates.
Earnings season in the US kicks into full swing Friday with a handful of US banks reporting. Wall Street projects S&P 500 members will show 3.8% annual growth in earnings per share for the first-quarter reporting period, data compiled by Bloomberg Intelligence show. Profits for the “Magnificent Seven” cohort — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp., Meta Platforms Inc. and Tesla Inc. — are on course to rise 38% in the first quarter, according to BI.
Elsewhere in Asia, data set for release in the region includes industrial production in Japan, inflation in India and trade figures for China. The central bank of South Korea is due to deliver its monetary policy decision. Markets are closed in Indonesia, Thailand and Dubai.
In commodities, gold steadied in early Asian trading after climbing to a fresh record Thursday on the US inflation report. Meanwhile, oil edged higher Friday after a decline in the previous session as a swelling of US stockpiles overshadowed the possibility of an attack on Israel by Iran or its proxies.
Sensex Today Live : RattanIndia-backed Revolt Motors to launche its first company-owned company-operated store in Karol Bagh, Delhi
Sensex Today Live : RattanIndia-backed Revolt Motors informed the exchanges today that it will inaugurate its first Company-Owned Company-Operated (COCO) store in Karol Bagh, Delhi, on April 12, 2024.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring Auto, Media, PSU Bank, and Realty, most other heavyweight indices were in the red. The Nifty Bank was down 0.31%, while Financial Services was down 0.35%. Pharma, Metal, FMCG, Healthcare, Oil & Gas, and Consumer Durables, were down 0.73%, 0.23%, 0.35%, 0.53%, 0.23%, 0.04%, respectively.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the green, with the BSE SmallCap index gaining 0.30%, and the BSE MidCap index up 0.13%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : Only 14 of the 50 stocks on the Nifty 50 were in the green, with gains led by NTPC, Larsen & Toubro, Tata Motors, Hindalco, and Divi’s Laboratories, while Sun Pharma, JSW Steel, Shriram Finance, Asian Paints, and Titan, were the top drags.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Only nine of the 30 stocks on the BSE Sensex were in the green, with gains led by NTPC, Tata Motors, Larsen & Toubro, IndusInd Bank, and Mahindra & Mahindra, while the top losers were Sun Pharma, JSW Steel, Asian Paints, UltraTech Cement, and TCS.
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Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the red on Friday, led by weak signals from Asian peers as hopes of an early rate cut by the US Federal Reserve faded on the back of hot inflation data.
At opening bell, Sensex was down 303.89 points, or 0.40%, at 73,959.75 and Nifty was up 66 points, or 0.29%, at 22,687.80.
Sensex Today Live : PVR INOX shares in focus as company launches 14-screen megaplex in Bengaluru’s Phoenix Mall of Asia
Sensex Today Live : On Thursday, April 11, PVR INOX unveiled a 14-screen megaplex in Bengaluru, featuring three high-end formats: MX4D, ScreenX, and Insignia. The newly opened cinema at Phoenix Mall of Asia in Bengaluru can accommodate up to 1,997 viewers and is equipped with 4K laser projection, Dolby Atmos advanced surround sound, and a Volfoni 3D screen.
The multiplex chain has introduced South India’s first MX4D, an immersive 4D movie experience, and ScreenX, a 270-degree cinema viewing experience. Of the 14 screens, one offers the multi-sensory MX4D experience, one features the large-screen format ScreenX, three are designed in a luxury format, and nine premiere auditoriums are equipped with plush recliners in the last row for a celebrity-like experience.
Sensex Today Live : Maharashtra Seamless shares in focus as company bags ₹674 crore order from ONGC to supply pipes
Sensex Today Live : Maharashtra Seamless, a manufacturer of steel pipes and tubes, announced on April 11, Thursday, that it had won an order from Oil and Natural Gas Corporation Ltd (ONGC) worth around ₹674 crore. The company will deliver casing seamless pipes in staggered shipments over a period of 44 weeks, as reported in a regulatory filing by the DP Jindal Group’s leading company.
The operations of Maharashtra Seamless Ltd are divided into three sectors: steel pipes and tubes, power electricity, and RIG. In the third quarter of FY24, the company witnessed a year-over-year (YoY) increase of 6.92% in its net revenue. It also saw a significant YoY profit growth of 60.66%. The operating income of the company rose by 62.71% YoY. The market capitalisation of Maharashtra Seamless was ₹12,021.06 crore as of April 11, Thursday.
Sensex Today Live : Benchmark indices red during pre-open
Sensex Today Live : Indian benchmark indices were red at pre-open on Friday, led by muted Asian peers that were trading down on the back of fading hopes of an early US interest rate cut.
Sensex was down 152.08 points, or 0.20%, at 74,886.07, and Nifty was down 76.35 points, or 0.34%, at 22,677.45 during pre-open.
Sensex Today Live : Oricon’s shares in focus as Manjushree Technopack set to acquire company’s packaging business for ₹520 crore
Sensex Today Live : On April 11, Manjushree Technopack Limited (MTL) declared that it has finalized agreements to purchase the plastics packaging division of Oricon Enterprises Limited, with an Enterprise Value of ₹520 crore.
The business being acquired includes Oriental Containers, a producer of plastic caps, closures, and preforms, predominantly utilized in beverages.
MTL stated that this deal will result in doubling its existing market share in the caps and closures segment, boasting an installed capacity of nearly 15 billion pieces annually.
The acquisition encompasses two manufacturing facilities situated in Goa and Odisha.
MTL expressed that the amalgamated business will reap the benefits of a broader range of moulds, machines, and SKUs, thereby enhancing unit economics and deepening relationships with key customers.
Sensex Today Live : Stocks to Watch
Sensex Today Live : TCS, Wipro, Vi, TaMo, HUL, CAMS, Dr Reddy’s, Adani Total Gas, are a few stocks likely to be in focus on Friday, April 12.
Sensex Today Live : What to expect from Indian stock market in trade on April 12
Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are projected to commence on a downward note this Friday, taking cues from the mixed performance of global counterparts. The Gift Nifty trends suggest a gap-down opening for the Indian benchmark index, trading at a level of 22,675, which is approximately 130 points lower than the Nifty futures’ close on Wednesday.
On Wednesday, the domestic equity indices concluded with significant gains, with the benchmark Nifty 50 achieving a new record high of 22,775 and closing near the peak. The Sensex escalated by 354.45 points to conclude at 75,038.15, while the Nifty 50 ended 111.05 points, or 0.49%, up at 22,753.80.
The Nifty 50 chart formed a small positive candle with minor shadows at both ends. “Technically, this pattern signifies the formation of a high wave type candle pattern. However, given that this pattern was formed amidst a sideways range, the predictive value of this pattern could be less,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : 10 key things that changed for market overnight – Gift Nifty, US inflation to rally in tech stocks
Sensex Today Live : The local stock market is anticipated to start on a lower note this Friday, influenced by a blend of global market indicators. Asian markets exhibited a mixed performance, whereas US stocks mostly closed on a higher note after experiencing significant losses in the prior session. The Indian markets remained closed on Thursday due to Eid.
The US inflation rate, which exceeded expectations, has diminished the prospects of a June interest rate reduction by the US Federal Reserve. Conversely, the European Central Bank (ECB) has indicated that the declining inflation in the eurozone will soon enable it to initiate rate reductions.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, expressed, “We foresee the current upward trend in the market to persist. The broader market is also expected to maintain its superior performance along with specific stock action, driven by robust domestic flows and positive business updates. The technology sector is projected to be under the spotlight as TCS is set to announce its Q4FY24 results on Friday.” (Read the full story here.)
Sensex Today Live : Global peers, Gift Nifty indicate muted-to-positive opening bias for Indian markets
Sensex Today Live : Indian benchmark indices were likely to open on a muted-to-positive note, as US and Asian peers advanced on the back of climbing tech stocks and on the back of expectations of positive results from most companies in the quarter ended March 31.
At 8:30 am, the Gift Nifty futures were trading at 22,676.50, nearly 80 points below the Nifty 50’s Wednesday’s close of 22,753.80. Markets were closed in India on Thursday for Eid.
A global equities index rose slightly on Thursday after falling earlier in the day while Treasury yields rose as investors looked to the latest inflation data for clues on the potential for Federal Reserve interest rate cuts.
A day after March’s hot Consumer Price Index (CPI) reading sent equity investors to the exits, Thursday’s data showed U.S. producer prices rose more slowly than expected last month with a cost of services increase blunted by falling goods prices. The producer price index (PPI) for final demand rose 0.2% versus economist expectations for 0.3% and a February increase of 0.6%.
But New York’s Fed President John Williams said on Thursday that while the central bank has made considerable progress with inflation, it does not yet appear to need rate cuts. Richmond Fed President Thomas Barkin said the Fed is not yet where it wants to be to have confidence price pressure will keep easing.
“(Thursday) morning’s PPI report came in softer than expected, lessening the blow of the disappointing CPI report (on Wednesday), which obviously shows that progress on disinflation is stalling,” said Emily Roland, co-chief investment strategist at John Hancock Investment.
But while the Fed will have two more months of data to look at before it makes a rate decision in June, Roland said “markets are getting the memo that the Fed is likely not going to be able to cut anytime soon” and that “it’s tough to see the case to cut rates.”
On Thursday, traders were betting on a roughly 76% chance that the Fed will keep rates unchanged in June, versus 83.5% on Wednesday and an almost 51% chance they will stay the same in July compared with 57.6% on Wednesday, according to CME Group’s FedWatch tool.
On Wall Street the Dow Jones Industrial Average fell 2.43 points, or 0.01%, to 38,459.08, the S&P 500 gained 38.42 points, or 0.74%, to 5,199.06 and the Nasdaq Composite gained 271.84 points, or 1.68%, to 16,442.20.
MSCI’s gauge of stocks across the globe rose 2.10 points, or 0.27%, to 774.88 after falling earlier by 0.46%. Europe’s STOXX 600 index closed down 0.4% earlier.
In currencies, trading was choppy with the dollar last up slightly as weaker-than-expected March U.S. producer prices did not relieve concerns about persistent inflation which has fueled fears that the Fed will take its time cutting rates this year.
The dollar index gained 0.07% at 105.27, with the euro down 0.16% at $1.0725. Against the Japanese yen , the dollar strengthened 0.05% at 153.25. The yen’s recent slide against the dollar re-ignited intervention fears, as Japanese officials reiterated they would not rule out any steps to deal with excessive swings.
Oil prices settled lower as sticky inflation dampened hopes for near-term U.S. interest rate cuts, but worries that Iran might attack Israeli interests kept crude near six-month highs. U.S. crude settled down 1.38% at $85.02 a barrel and Brent ended at $89.74 per barrel, down 0.82% on the day.
Gold prices firmed after the inflation data while persistent geopolitical concerns added to the metal’s shine. Spot gold added 1.84% to $2,375.67 an ounce. U.S. gold futures gained 1.86% to $2,372.90 an ounce.
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