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Sensex Today Live Updates : The euro fell to its weakest in nearly a month after French President Emmanuel Macron called a snap vote in the wake of European Parliament elections. Asian currencies declined on the heels of a strong US jobs report from Friday.
The common currency dropped as much as 0.3%, retreating alongside French bond futures. Gains for a far-right party in the vote — which were in line with expectations — led Macron to call a snap legislative ballot for his country. Still, centrist parties were set to preserve their majority in the European Union-wide ballot.
The South Korean won and the Malaysian ringgit slipped in Asian trading, while MSCI’s Asia-Pacific stock index was slightly lower. Japan’s Topix rose after data showed the country’s economy contracted less than initially estimated.
Markets in China, Hong Kong, Taiwan and Australia were closed Monday for holidays.
The yield on 10-year Treasuries advanced for a third day, as a solid US jobs report spurred a rethink on Federal Reserve interest-rate cuts and eased concern about an economic slowdown.
The latest US jobs figures highlight a labor market that continues to defy expectations and blunt the impact on the economy from high interest rates and prices.
“We’re still expecting a soft landing in the States — as long as that’s a scenario, I think Asian markets have upside potential,” Lorraine Tan, director of Asia equity research at Morningstar Inc., said on Bloomberg Television on Monday.
Investors may glean more on the Fed’s resolve to ease monetary policy when US policymakers update their forecasts for interest rates on Wednesday. The Bank of Japan’s next announcement is scheduled for Friday, and economists expect it to keep policy steady.
“Asia markets will take their cue from the FOMC and BOJ meetings, as well as the US CPI data, which will be released just hours before the Fed’s policy rate decision,” said Lloyd Chan, a currency strategist at Mitsubishi UFJ Financial Group Inc. “Asia FX could face volatility amid the rise in US yields.”
Oil steadied after a weekly drop with the market digesting OPEC ’s decision to restore supply, as traders look ahead to a set of key industry reports and the Fed’s rate decision.
Also in the Middle East, Benny Gantz resigned from Israel’s emergency government and called for elections, criticizing Prime Minister Benjamin Netanyahu over his handling of the war against Hamas. His exit deprives the government of a moderate voice, leaving Netanyahu more reliant on his right-wing coalition partners.
Upcoming data highlights this week also include UK wage numbers, China inflation and US consumer and producer price figures.
Sensex Today Live : Pavna Industries completes acquisition of 4,335 sq. meters land parcel in Pantnagar Uttarakhand; shares gain
Sensex Today Live : Pavna Industries today announced that it has acquired a land parcel of 4,335 sq. meters at the Integrated Industrial State, Pantnagar, Uttarakhand for its upcoming greenfield plant that will primarily cater to the demand of die cast components.
Pavna plans to utilize the logistical and cost benefits of the region to strengthen its presence in the domestic automotive sector and streamline its operations in serving Bajaj Auto, a key client, the company said in an exchange filing.
The company as a part of its ongoing and future expansion plans is setting up the new plant, with an aim to attract business from various original equipment manufacturers (OEMs) in and around Pantnagar, it added.
Sensex Today Live : JSW Energy starts construction of Battery Energy Storage Project, progressing towards becoming a sustainable Energy products and services company
Sensex Today Live : JSW Energy today announced that construction activity for its Battery Energy Storage Project (BESS), which marks its entry into energy storage services has begun. The detailed engineering work, equipment ordering, and commissioning of the project is expected to be completed in Q4FY25.
It added that it has signed a seven-year green hydrogen supply agreement with JSW Steel for 3,800 tons per annum, along with associated green oxygen.
The company has also signed a memorandum of understanding (MoU) with JSW Steel to supply an additional 85,000 to 90,000 TPA of green hydrogen, along with 720,000 TPA of green oxygen, progressively by 2030.
In addition to green hydrogen, the company has started the construction of the 1.0 GWh BESS project awarded by SECI, expected to be commissioned by June 2025. The BESS project, consisting of two installations each with a 500 MWh storage capacity, is designed for two hours of storage in one cycle.
The project will be developed under a Build Own Operate and Transfer (BOOT) mechanism and will be transferred to the offtaker after 12 years, the company added.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring IT, FMCG and Metal, all the other sectoral indices were trading in the green.
The PSU Bank and Realty Indices were the top sectoral gainers.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was outperforming the benchmark indices and trading in the green. The BSE SmallCap index was up 0.65% and the BSE MidCap index was up 0.37%.
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Sensex Today Live : 10 am market update
Sensex Today Live : Indian benchmark indices were trading in the red, weighed down by global cues, after opening at record highs on Monday, driven by positive cues from the formation of a new government in India.
At 10 am, Sensex was down 234.39 points, or 0.31%, at 76,458.97 and Nifty was down 43 points, or 0.18%, at 23,247.15.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were trading in the red. Tech Mahindra, Infosys, Wipro, LTIMindtree, and HCLTech, were the top drags, while Power Grid Corp., UltraTech Cement, Cipla, NTPC, and Axis Bank were the top gainers.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : More than half of the 30 stocks on the BSE Sensex were trading in the red. Tech Mahindra, Wipro, Infosys, HCLTech, and Titan were the top drags, while Power Grid Corp., UltraTech Cement, Axis Bank, Reliance Industries and NTPC, were the top gainers.
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Sensex Today Live : Artson Engineering shares up nearly 5% after company bags ₹126 crore project from Guwahati airport
Sensex Today Live : Artson Engineering has received a Letter of Award for a project worth ₹126.15 crore from the Guwahati International Airport.
Sensex Today Live : Godawari Power shares jump more than 5% after company announces plans to consider share buyback
Sensex Today Live : Godawari Power and Ispat’s board will consider a buyback of equity shares on 15 June.
Sensex Today Live : RailTel shares up more than 3% after company bags ₹81 crore order
Sensex Today Live : RailTel Corporation of India has received an order worth ₹81.6 crore from the National Informatics Centre Services Incorporated (NICSI) for ICT infrastructure. The project, which includes supply, installation, configuration, commissioning, and integration of the infrastructure, is expected to be completed by 31 August, 2024.
Sensex Today Live : Suzlon Energy shares down more than 4% after independent director Marc Desaedeleer resigns citing concerns regarding compliance and transparency
Sensex Today Live : Marc Desaedeleer, an independent director on the board of wind energy major, Suzlon Energy, resigned from the company’s board due to concerns regarding compliance and transparency.
Sensex Today Live : Reliance Infrastructure shares jump more than 6% following company’s plans to raise $350 million
Sensex Today Live : Anil Ambani-promoted Reliance Infrastructure plans to raise $350 million ( ₹3,000 crore) through foreign currency convertible bonds (FCCB) to repay its rupee debt and start new businesses such as electric power generation.
Sensex Today Live : Wardwizard Innovations & Mobility shares frozen at 20% upper circuit after company bags $1.3 billion international order
Sensex Today Live : WIML has secured a big order worth $1.29 billion from Beulah International Development Corporation of the Philippines. The order is part of a strategic collaboration to revolutionise the public transportation system in the Philippines with electric vehicles.
Sensex Today Live : KEC International shares climb more than 4% after company bags ₹1,061 crore order
Sensex Today Live : The company has secured new orders totalling ₹1,061 crore across its various business segments. These include orders for transmission lines and substations in India, a transmission line project in Malaysia, and supply of towers, hardware, and poles in the Americas.
Sensex Today Live : IDBI Bank shares climb more than 3% after company receives ₹2,701 crore tax refund
Sensex Today Live : The bank has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17. The bank is currently evaluating the implications of this refund order on its financial statements.
Sensex Today Live : Mphasis shares down more than 2% after Blackstone looks to sell 10% stake in the company
Sensex Today Live : BCP Topco IX Pte, a Singapore-based private limited company linked to Blackstone, is set to sell a 10.6% stake in Mphasis at a base price of ₹2,350 per share. The transaction, valued at ₹4,700 crore, could potentially increase to 15.1%, raising the deal’s total potential value to ₹6,697 crore. The deal includes a 180-day lock-in period for the shares involved in the block deals.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the green on Monday, led by positive cues from the formation of a new government in India and despite muted sentiment flowing from global peers.
At opening bell, Sensex was up 320.24 points, or 0.42%, at 77,029.45 and Nifty was up 61 points, or 0.26%, at 22,351.15.
Sensex Today Live : Benchmark indices up at pre-open
Sensex Today Live : Indian benchmark indices were up at pre-open on Monday, driven by the formation of a new government and despite muted sentiment flowing from global peers.
Sensex was up 242.7 points, or 0.32%, at 76,936.06 and Nifty was up 29 points, or 0.12%, at 23,319.15 during pre-open.
Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, options data suggests a trading range of 22,000-24,000 for Nifty 50
“Last week, Nifty saw significant gains, with the Sensex hitting a historic high of 76,795.31. With Narendra Modi sworn in for a third term as Prime Minister and the RBI raising India’s GDP growth projection to 7.2% for FY24-25, markets are expected to trade positively. Nifty’s major support is at 23,000/22,507, with hurdles at 23,500/24,000. Options data suggests a trading range of 22,000-24,000, with significant call writing at 24,000 and put writing at 23,000. Preferred trades include buying Nifty between 23,000-23,100 and Bank Nifty between 49,500-49,600. Balkrishna Industries is recommended for buying at CMP 3202 with targets of 3,257/3,355 and aggressive targets at 3,551.”
–Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says FIIs selling on concerns of high valuations will be easily absorbed by DII plus retail buying
“After the roller coaster ride last week the market is likely to take a breather in the near-term. It is important to understand that the major driving force in this bull market is the Indian retail investors including HNIs. Big selling by FIIs is getting eclipsed by the aggressive buying of DIIs and retail investors. The fact that retail investors bought equity for ₹21,179 crores on June 4th, the day Nifty tanked 5.9%, indicates the buying power and optimism of the retail investors. This is a structural long-long term trend. FII selling on concerns of high valuations will be easily absorbed by DII plus retail buying. So, if FIIs swim against this trend, they will underperform in one of the best performing stock markets in the world. That said, retail investors should not chase highly valued mid and small caps. Safety is in largecaps.”
–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : Foreign investment surge fuels spectacular rally in India’s smallcaps amid bubble alerts
Sensex Today Live : In the fiscal year 2023-24, small-cap stocks experienced a remarkable rally, largely fueled by foreign portfolio investors (FPIs) placing bets on smaller Indian firms.
This surge, constituting about 35% of the total FPI equity investments in India ( ₹2.08 trillion), raised bubble concerns due to some opaque transactions. Specifically, ₹71,631 crore was invested into the top 100 companies of the BSE Smallcap index, accounting for 70% of the total smallcap investments, as per BSE shareholding data analysed by Mint. (Read the full story here.)
Sensex Today Live : Retail investors outplay FIIs, MFs on 4 June
Sensex Today Live : Retail investors, encompassing individuals, Hindu undivided families, NRIs, proprietorship and partnership firms, and limited liability partnership firms, are demonstrating increased savvy in share trading. Notably, they surpassed both domestic and foreign investors in their trading strategy leading up to and on the election results day on 4 June, marking a rare occurrence of retail investors outperforming their counterparts. (Read the full story here.)
Sensex Today Live : What to expect from Indian stock market in trade on June 10 after Narendra Modi sworn in as PM
Sensex Today Live : Indian benchmark indices, Sensex and Nifty 50, are anticipated to start weak on Monday due to mixed global signals. The Gift Nifty trends also suggest a lukewarm start, trading around 23,285, nearly 50 points lower than the previous Nifty futures’ close.
On Friday, following the RBI policy outcome, domestic equity indices closed at record highs. The Sensex rose by 1,618.85 points (2.16%) to 76,693.36, and the Nifty 50 increased by 468.75 points (2.05%) to 23,290.15.
Nifty 50’s long bull candle on Friday’s daily chart reached the upper trajectory of Tuesday’s long bear candle at 23,200 levels. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this recovery from Tuesday’s sharp fall in just three sessions is a positive sign, indicating a continued short-term positive trend for Nifty. He suggests that reaching the overhead resistance of around 23,300 – 23,400 levels could lead to a minor market dip in the short term, potentially presenting a buying opportunity. (Read the full story here.)
Sensex Today Live : Seven key things that changed for market over weekend – Gift Nifty, Modi 3.0 to US nonfarm payrolls
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are poised for a subdued start on Monday, influenced by mixed global market trends. The US market saw a slight dip last week, despite robust job data fueling expectations of a US Federal Reserve interest rate cut. Traders anticipate a 56% probability of a rate cut in September, as reported by Reuters using the CME’s FedWatch tool.
The formation of the new Indian government, with Narendra Modi and his 71 ministers sworn in on Sunday, is also expected to impact the Indian market.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, suggests that the market will remain volatile but with an upward trend, fueled by revived hopes of a US Federal Reserve rate cut in September and the allocation of key cabinet portfolios in the new Indian government. (Read the full story here.)
Sensex Today Live : Muted global cues weigh on India market sentiment, likely headed for a slow start
Sensex Today Live : Indian markets were likely to be weighed down by the muted sentiment flowing from global peers as hopes of a sooner rate cut by the US Federal Reserve faded on the back of better-than-expected labour market data in the US.
Notwithstanding the boost in sentiment from the formation of a new Union government in India, Gift Nifty futures was trading at 23,310, marginally ahead of Friday’s Nifty 50 close of 23,290, indicating a muted to positive opening for India on Monday.
Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns and weighed on the euro.
Trading was thinned in Asia with Australia, China, Hong Kong and Taiwan out for public holidays, but MSCI’s broadest index of Asia-Pacific shares outside Japan still slumped 0.46%.
U.S. futures eased slightly, with S&P 500 futures and Nasdaq futures down about 0.03% each, while the dollar was back on the front foot.
The halt in the global risk rally came on the back of Friday’s nonfarm payrolls report which showed the U.S. economy created far more jobs than expected in May and annual wage growth reaccelerated, underscoring the resilience of the labour market.
Futures now show roughly 36 basis points (bps) worth of cuts priced in for the Fed, down from 50 bps last week. The odds for an easing cycle beginning in September have also lengthened.
The latest developments come ahead of the Fed’s policy decision on Wednesday, with U.S. inflation figures for May due just before that.
“It’s going to be very difficult for the Fed to continue predicting three rate cuts this year,” said Rob Carnell, ING’s regional head of research for Asia-Pacific.
“Quite a few of the Fed speakers are talking about the possibility of just one (cut). While the most likely outcome is we’ll see the three move to two, it is possible we just get a move to one.”
U.S. Treasury yields similarly rose on Monday, reflecting the higher-for-longer U.S. rate expectations.
The two-year yield and benchmark 10-year yield each ticked up about 1 bp to 4.8826% and 4.4414%, respectively.
Against the dollar, the yen fell 0.1% to 156.87. The dollar index, which measures the greenback against a basket of six peers, firmed to 105.10.
Japan’s Nikkei took advantage of the weaker yen and rose 0.42%.
The Bank of Japan (BOJ) also holds its two-day monetary policy meeting this week and could offer fresh guidance on how it plans to scale back on its massive bond purchases.
Over in France, President Emmanuel Macron on Sunday called snap legislative elections for later this month after he was trounced in the European Union vote by Marine Le Pen’s far-right party.
Macron’s shock decision set off a political earthquake in France, offering the far-right a shot at real political power after years on the sidelines and threatening to neuter his presidency three years before it ends.
The euro tumbled to a one-month low in the wake of the announcement amid growing uncertainty over Europe’s future political direction. It was last 0.25% lower at $1.07735.
Futures similarly fell, with EUROSTOXX 50 futures losing 0.38% while FTSE futures slid 0.7%. French bond futures shed 0.2%.
“Macron’s decision, seen as a calculated risk, comes as he struggles with a parliamentary majority, making legislative progress difficult,” said Shier Lee Lim, Convera’s APAC lead FX and macro strategist.
“We remain bearish on the (euro) in the short term.”
In commodities, oil prices last traded higher, reversing slight falls from earlier in the session owing to a stronger dollar.
Brent crude futures gained 0.13% to $79.72 a barrel, while U.S. West Texas Intermediate crude futures ticked up 0.16% to $75.65 per barrel.
Spot gold rose 0.18% to $2,296.65 an ounce.
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