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Sensex Today Live Updates : Shares in Asia rose Friday after an upbeat day on Wall Street following jobs data that supported the case for US rate cuts.
Equities in Japan, South Korea, Australia and China climbed. Hong Kong’s Hang Seng Index reached its highest level since September. US contracts were largely flat after the S&P 500 index gained 0.5% to trade less than 1% away from its all-time high on Thursday. The Nasdaq 100 index rose 0.2%.
Australian and New Zealand government bonds edged higher in early Friday trading. Treasuries held a Thursday rally, with the US 10-year yield staying around 4.45%, after support from a successful $25 billion sale of 30-year US bonds.
“There’s quite a bit of upside left for major Big Tech as well as the S&P 500,” said Daniel Yoo, head of global asset allocation for Yuanta Securities Korea, on Bloomberg Television. Earnings growth and even a small decline in US interest rates this year could push stocks to fresh records, which would have “positive implications for a lot of countries in Asia,” such as the tech-heavy markets of South Korea and Taiwan, he said.
Initial applications for US unemployment benefits rose last week to the highest level since August, topping estimates, with cooling in the jobs market supporting the case for interest rate cuts. Fed Bank of San Francisco President Mary Daly said rates are currently restraining the economy, but it may take “more time” to return inflation to their goal.
“Time will tell whether it’s a one-off or part of a genuine cooldown in the labor market,” said Chris Larkin at E*Trade from Morgan Stanley. “Investors may have adjusted to the idea of the Fed waiting until September to cut interest rates, but that doesn’t mean they’re comfortable waiting indefinitely.”
Emerging market currencies were broadly higher against the greenback, extending gains from Thursday when the dollar weakened. The greenback was steady Friday while the yen was little changed at around 155 per dollar.
The pound was flat after a Thursday rally that came despite growing confidence the Bank of England may soon begin loosening policy.
Data set for release in Asia Friday includes industrial output for India and the first-quarter current account balance for China. New loans and money supply data for China may also be released as early as today.
Investors were digesting news that the Biden administration is set to update its China tariff regime as soon as next week. Changes are expected to target key strategic sectors with new levies while rejecting the kind of across-the-board hikes sought by Donald Trump, people familiar with the matter said.
Elsewhere, JPMorgan Chase & Co. said it was on track to include India in its emerging market debt index from June, a move that is expected to drive inflows from global investors.
Oil extended gains into a third day as key technical levels provided a floor for losses while investors digested a mixed US inventories report. Gold traded was slightly higher after jumping more than 1% on Thursday.
If the economy is slowing, unemployment rising, inflation receding, and the Fed is expected to cut rates, there will be plenty of buyers for US Treasury notes and bonds, according to Joe Kalish at Ned Davis Research.
“But make no mistake. When conditions change, prices can change too – and quickly!”
Sensex Today Live : Quess Corp reports 226% YoY jump in Q4 net profit; shares down
Sensex Today Live : Quess Corp reported an 11% YoY increase in both headcount and total revenue for Q4FY24. The headcount rose to 567,000, while the total revenue reached ₹4,910 crore.
Its EBITDA surged 28% YoY, to ₹195 crore. This increase also led to a 55bps expansion in the EBITDA margin, bringing it to 3.98%.
The Profit Before Tax (PBT) experienced a growth of 96% YoY, reaching ₹95 crore.
Its Profit After Tax grew 226% YoY, amounting to ₹98 crore, while profit marging expanded 132bps to reach 1.99%.
Sensex Today Live : VST Tillers and Tractors shares down more than 4% as company posts 13% drop in Q4 net profit
Sensex Today Live : The company reported a 13.4% YoY drop in net profit at ₹34.8 crore in Q4FY24. The company’s revenue from operations fell 15.3% to ₹273.4 crore.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring IT, PSU Bank, and Realty, all other sectoral indices were trading in the green, with FMCG, Pharma, Healthcare, and Consumer Durables leading the gains.
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Sensex Today Live : 10 am market update
Sensex Today Live : Indian benchmark indices had stopped their bleeding and were climbing up on Friday, tracking gains in global markets amid improving sentiment about US Federal Reserve rate cuts.
At 10 am, Sensex was up 529.55 points, or 0.73%, at 72,933.72, and Nifty was up 147.35 points, or 0.67%, at 22,104.85.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market indices were lagging behind the benchmark indices, with the BSE MidCap up 0.25%, and the BSE SmallCap trading down by 0.01%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : Only eight out of the 50 stocks on the Nifty 50 were trading in the red. BPCL, ITC, JSW Steel, Sun Pharma, and Asian Paints, were the top gainers, while LTIMindtree, Infosys, Grasim Industries, Larsen & Toubro, and Tata Consumer Products, were the top drags.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Only five stocks, Infosys, HCLTech, Larsen & Toubro, HDFC Bank, and TCS, out of the 30 on the BSE Sensex were trading in the red. ITC, JSW Steel, Axis Bank, NTPC, and Sun Pharma, were the top gainers.
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Sensex Today Live : Care Ratings posts 22% YoY growth in consolidated Q4 net profit; shares down
Sensex Today Live : Care Ratings’ standalone total operating income increased 10% YoY, to reach ₹74.80 crore from ₹68.05 crores in the year-ago quarter.
The consolidated total operating income jumped 16%, to ₹90.15 crore from ₹77.51 crore in Q4FY23.
Total expenses saw a slight increase of 2% and 19% for standalone and consolidated figures respectively.
EBITDA remained stable for consolidated figures but saw an impressive growth of 18% for standalone numbers, reaching ₹35 crores from ₹29.55 crores.
Profit before tax (PBT) exhibited robust growth across both categories; with standalone PBT soaring by a substantial rate of 32%, and consolidated PBT following suit with a healthy increment of 6%.
Profit after tax (PAT) increased by 35% to reach ₹34.83 crores in the standalone category and increasing by 22% to ₹24.55 crores in consolidated terms.
Sensex Today Live : Anand James, Chief Market Strategist,Geojit Financial Services, gives technical outlook for Nifty 50
Sensex Today Live : “With the day closing near our downside objective of 21,920, the stage is set for atleast a dead cat bounce. Such a scenario sees resumption of selling pressure on pull back to 22,090, aiming 21,500, with low potential for pause near recent low of 21,778. Alternatively, a direct rise above 22,090, will signal weakening of bear grip, but we will wait for a push above 22,175 to weigh the prospects of playing a 22,400 run.”
–Anand James, Chief Market Strategist, Geojit Financial Services
Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says FIIs are selling not because of concerns relating to elections but because India is underperforming relative to China and Hong Kong, which are outperforming
Sensex Today Live : “The divergence in institutional activity is becoming stark this month. FIIs have turned sustained sellers and DIIs have turned sustained buyers in all trading days of this month, so far, with cumulative FII selling of ₹22,858 crores and cumulative DII buying of ₹16,700 crores. From the data showing sharper declines in the broader market, it appears that HNIs and retail investors have booked some profits and are in a wait and watch mode, perhaps responding to the noise relating to uncertainty regarding the election results.
An important point to understand is that FIIs are selling not because of concerns relating to elections but because India is underperforming ( Nifty down by 3.5% in last one month) while China and Hong Kong are outperforming ( Shanghai Composite and Hang Seng up by 4.19% and 8.61% respectively in last one month). So long as this ‘Sell India, Buy China’ trade sustains FII selling will weigh on the markets. The situation can change dramatically when clarity emerges on the election outcome. If the election results turn out to be favourable from the market perspective, aggressive buying by DIIs, retail and HNIs can push the market sharply up.
So, investors can wait for clarity to emerge on the political front. Meanwhile long-term investors can slowly accumulate high quality largecaps, particularly those in banking and automobiles that have delivered good Q4 results.”
–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : Rushil Décor shares fall more than 6% as company posts 33% decline in Q4 net profit
Sensex Today Live : Rushil Décor reported a 33.61% YoY decline in profit after tax to ₹9 crore in Q4FY24. The company’s revenue from operations increased by 9.7% YoY to ₹233 crore.
Sensex Today Live : Abbott India shares climb 3% as company posts 24% increase in Q4 net profit, declares dividend of ₹410
Sensex Today Live : Abbott India reported a 24.1% YoY increase in net profit to ₹287.1 crore for Q4FY24. The company’s revenue from operations increased by 7.1% to ₹1,438.6 crore. EBITDA rose by 17.6% to ₹329.5 crore. The board of directors has recommended a final dividend of ₹410 per equity share for the year ended March 31, 2024.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices had stopped their bleeding and were green red at open on Friday, tracking gains in global markets that were trading higher amid improving sentiment about US Federal Reserve rate cuts.
At opening bell, Sensex was up 107.17 points, or 0.15%, at 72,511.34, and Nifty was up 37.30 points, or 0.17%, at 22,994.90.
Sensex Today Live : Benchmark indices green at pre-open
Sensex Today Live : Indian benchmark indices had stopped their bleeding and were trading in the green red at pre-open on Friday, tracking gains in global markets that were trading higher amid improving sentiment about US Federal Reserve rate cuts.
Sensex was up 75.6 points, or 0.10%, at 72,479.77 and Nifty was up 33.45 points, or 0.15%, at 21,990.95 during pre-open.
Sensex Today Live : Prashanth Tapse, Senior VP (Research) at Mehta Equities, says investors should be cautious amid pre-election jitters
Sensex Today Live : “Gains in overseas markets are likely to help local benchmark indices register gains in early trades Friday after yesterday’s sharp sell off. However, caution would be the buzzword amid pre-election jitters and intra-day volatility could continue as the election phase gathers momentum. Another worrying factor has been the pace at which FIIs have been deserting Indian equities in the current month so far, which has been making local investors nervous. With inflation in the US staying high, and the American central bank hinting that it is in no hurry to cut rates, FIIs are pulling money out of emerging markets such as India. Nifty’s technical landscape also suddenly looks treacherous again as it is now way below its 21-DMA and 50-DMA with probable double top pattern on the daily charts. The line in the sand is at Nifty’s make or break support at 21710 mark.”
–Prashanth Tapse, Senior VP (Research) at Mehta Equities
Sensex Today Live : What to expect from Indian stock market in trade on May 10
Sensex Today Live : The Sensex and Nifty 50, India’s key stock market indices, are anticipated to open on a positive note on Friday, recovering from the previous day’s significant losses, influenced by encouraging global market trends. The Gift Nifty’s trends suggest a gap-up start for the Indian benchmark index, trading around the 22,145 level, nearly 70 points higher than the Nifty futures’ previous close.
However, Thursday saw the domestic equity indices decline for the fifth consecutive session, with the Nifty 50 dropping below the 22,000 mark. The Sensex plummeted by 1,062.22 points (1.45%) to close at 72,404.17, and the Nifty 50 ended 345.00 points (1.55%) lower at 21,957.50. The formation of a long negative candle on the Nifty 50’s daily chart indicates a strong downward momentum in the market.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the Nifty, having decisively breached the immediate support of 22,300 levels on Thursday, is expected to further decline in the short term. The Nifty has been oscillating within a broader range of approximately 22,800 – 21,750 levels over the past few months and is currently approaching the lower range and a critical short-term support level around 21,750. (Read the full story here.)
Sensex Today Live : Seven key things that changed for market overnight – Gift Nifty, BoE policy to US jobless claims
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are poised for a positive opening on Friday, buoyed by upbeat global markets. Asian markets are trading higher, and the US market closed positively, fueled by expectations of US Federal Reserve interest rate cuts following disappointing employment data.
Market sentiment has been impacted by continued selling by Foreign Institutional Investors (FIIs) and concerns over an unfavorable election outcome. The voter turnout ratio of 65.68%, slightly lower than in 2019 for the same seats (excluding Assam), has caused investor anxiety about the expected seat count for the BJP. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates this volatility to persist in the near term due to the lack of any significant positive triggers. He suggests that if the Nifty remains below the 22,000 level, it could potentially drop to around 21,700. (Read the full story here.)
Sensex Today Live : Strong global cues, Gift nifty signal firm start for Indian markets
Sensex Today Live : Indian markets were likely to start on a muted-to-positive note, tracking gains in global peers that were trading higher on the back of improving sentiment about US rate cuts, which could likely happen sooner than expected.
Even the Gift Nifty futures, were trading at 22,132.50, around 175 points higher than Nifty 50’s Thursday close of 22,197.50.
Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week’s crucial inflation data.
Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.66% and was on course for a nearly 1% gain for the week, its third straight week of gains. Japan’s Nikkei was 1.6% higher.
China stocks also gained, with blue-chip shares 0.14% higher, while Hong Kong’s Hang Seng Index rose 1.4%, having touched an eight month high in early trading.
Data on Thursday showed U.S. initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said.
The figures follow last week’s report showing U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years.
“After a period of remarkable strength and resilience, signs are growing that the U.S. labour market may be starting to soften,” said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.
Brandham said the softer labour market should help the Fed in the fight against inflation, even if the central bank is hoping to tame prices without materially impacting the labour market.
Markets will be closely watching April U.S. producer price index (PPI) and the consumer price index (CPI) out next week for signs that inflation has resumed its downward trend towards the Fed’s 2% target rate.
Hotter-than-expected inflation reports last month knocked back any lingering expectations of interest rate cuts in the near term, with markets now fully pricing in a 25-basis-point rate cut only in November though there remains a chance of a cut in September.
Traders now anticipate 47 bps of cuts this year from the Fed, drastically lower than the 150 bps they priced in at the start of 2024.
The shifting expectations around U.S. rates have kept the dollar adrift, with the euro holding to its 0.3% overnight gains and last at $1.0778. The single currency was on track for its fourth straight week of gains on the dollar.
The dollar index, which measures the U.S. currency versus six peers, was little changed at 105.24.
BOE Governor Andrew Bailey said there could be more reductions than investors expect, with central bank’s move was the latest sign of the growing divergence between Europe and U.S. rate outlook, with interest rates expected to fall earlier and further across Europe than in the United States.
Markets now imply a 50-50 chance of a BoE cut in June and are almost fully priced for August. They also imply an 88% chance the European Central Bank will ease in June.
The yen remains in the spotlight after last week’s suspected rounds of interventions from Japanese authorities. It was last at 155.51 per dollar, with Japan’s Finance Minister Shunichi Suzuki repeating Tokyo’s recent warnings that it was ready to take action against disorderly currency moves.
Data from Bank of Japan suggests Tokyo spent nearly $60 billion last week in suspected interventions to pull the yen off its 34-year lows of 106.245 per dollar. However, with the yen nudging its way up to the 155 levels, traders are once again on intervention alert.
Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management, said the Ministry of Finance wants to avoid spikes in volatility which could negatively impact domestic financial markets.
“So like we suspect a few days ago, they will intervene if intraday moves become too large. But I don’t think they’ll push against a steady depreciation, like we’ve seen since.”
In commodities, oil prices were on the rise, with U.S. crude up 0.63% to $79.76 per barrel and Brent at $84.33, up 0.54% on the day.
Spot gold added 0.3% to $2,352.92 an ounce.
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