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Sensex Today Live Updates : Asian equity markets dropped after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.
Equity benchmarks slid in Hong Kong, Japan and mainland China, while contracts for US stocks also pointed to declines. Australian financial markets are shut for a holiday. The yen extended declines after weakening beyond 155 per dollar for the first time in more than three decades on Wednesday, heightening the chances of intervention ahead of Bank of Japan’s decision meeting Friday.
A $250 billion exchange-traded fund tracking the Nasdaq 100 got hit after the close of regular US trading as the Facebook parent tumbled more than 15%. Meta projected second-quarter sales that were below analyst expectations and increased its spending estimates for the year.
“Meta’s not-so-upbeat outlook sent markets running for cover after-hours, which also imminently has caution spilling over for Asia markets that are already hobbled by a ‘higher for longer’ Federal Reserve and China jitters,” said Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank in Singapore.
In Japan, the yen depreciated to as low as 155.42 per dollar on Thursday, a new 34-year low versus the dollar. Traders will be alert for any comments from officials that suggest a higher state of readiness for intervention ahead of the Bank of Japan’s policy decision.
The BOJ is forecast to keep its interest rate settings unchanged Friday, while the currency’s plunge makes it more likely the bank will tone down its stance on keeping policy easy.
Japan’s weak currency is a “big problem,” Japan Airlines Co. Chief Executive Officer Mitsuko Tottori said in a group interview, adding that a stronger rate than the current level of around ¥155 to the dollar would be better.
In the corporate world, shares of South Korea’s SK Hynix Inc. plunged even after the company said it expects a full recovery in the memory market after AI demand spurred the chipmaker to log its fastest pace of revenue expansion since at least 2010.
SK Hynix’s stock was sold “on the news after its big gain on Wednesday and Meta’s 15% fall is also denting the investor sentiment,” said Marcello Seongsoo Ahn, a portfolio manager at Quad Investment Management Co. in Seoul.
BHP Group Ltd. has approached Anglo American Plc about buying the 107-year-old company in a move that offers to spark the biggest shakeup of the global mining industry in over a decade.
Elsewhere, oil held a modest decline, with a risk-off tone in broader markets countering a drawdown in US stockpiles. Gold was little changed.
Treasuries opened little changed in Asia after yields rose on Wednesday.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 18 of the 50 stocks on the Nifty 50 were in the red. Kotak Mahindra Bank, Tata Consumer Products, LTIMintree, HUL, and Titan, were the top drags, while Axis Bank, Eicher Motors, HCLTech, Sun Pharma and Nestle India, were the top gainers.
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Sensex Today Live : Kotak Mahindra Bank shares fall nearly 10% after RBI restricts bank from issuing new credit card and onboarding new customers via online channels
Sensex Today Live : On Wednesday, the Reserve Bank of India (RBI) prohibited Kotak Mahindra Bank from adding new customers via its online portal and mobile app, and from issuing new credit cards, due to significant shortcomings in its IT system. The RBI identified deficiencies and non-compliances in several areas of the bank’s IT system for the years 2022 and 2023, including IT inventory management, patch and change management, user access management, vendor risk management, and data security. A spokesperson for Kotak Mahindra Bank stated in a release that the bank has implemented measures to adopt new technologies to bolster its IT systems and will continue to collaborate with the RBI to promptly address remaining issues.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : More than half of the stocks on the BSE Sensex were in the red. Kotak Mahindra Bank, HUL, Titan, Asian Paints, and Mahindra & Mahindra, were the top drags, while Axis Bank, HCLTech, HDFC Bank, Sun Pharma, and IndusInd Bank, were the top gainers.
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Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the red on Thursday, following global peers down as a rout in tech stocks dragged the US benchmark indices down after disappointing forecasts by Facebook-owner Meta.
At opening bell, Sensex was down 181.27 points, or 0.25%, at 73,671.67, and Nifty was down 53.50 points, or 0.24%, at 22,348.90.
Sensex Today Live : Narayana Hrudayalaya acquires 52,272 sq. ft. land in Bengaluru to expand business
Sensex Today Live : Narayana Hrudayalaya today informed the exchanges that it has acquired 52,272 sq. ft. land in Bengaluru to pursue its expansion plans.
In an exchange filing, the company said, “This to inform you that today the Company has purchased Land measuring 01 Acre 08 Guntas (approx. 52,272 Sq. Ft.) in Bengaluru to pursue company’s business expansion plans.”
Sensex Today Live : Benchmark indices red at pre-open
Sensex Today Live : Indian benchmark indices were red at pre-open on Thursday, following global peers down as a rout in tech stocks dragged the US benchmark indices down following disappointing forecasts by Facebook owner Meta.
Sensex was down 278.77 points, or 0.38%, at 73,574.17 and Nifty was down 87.50 points, or 0.39%, at 22,314.90 during pre-open.
Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says bullish sentiment prevails for Nifty, Bank Nifty and some specific stocks in pre-opening market comment
Sensex Today Live : “US stock futures are taking a sharp dive on Thursday morning, spurred by Meta Platforms’ substantial 15% stock price plummet following a disappointing revenue outlook. While a sluggish volatility index hints at hopes for stability in the upcoming elections and geopolitical tensions, concerns linger over escalating conflicts in the Middle East, albeit tempered by a drop in oil prices. All eyes are on Friday’s inflation report amid the Federal Reserve’s data-dependent stance. In the Indian market, FIIs turned net sellers while DIIs made purchases. Attention is also focused on the release of Q4 earnings, with bullish sentiments prevailing for Nifty, Bank Nifty, and specific stocks like CUMMINS.”
–Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : Why is Indian stock market expected to open lower in trade on April 25; Explained
Sensex Today Live : The Indian stock market’s key indices, Sensex and Nifty 50, are anticipated to commence trading on a lower note on Thursday, influenced by unfavorable cues from the global markets. The Gift Nifty trends also suggest a negative opening for the Indian benchmark index, trading around the 22,350 level, nearly 60 points below the previous close of Nifty futures.
The Nifty 50 chart showed a small negative candle with a minor upper shadow. “Technically, this pattern suggests a range-bound movement in the market around 22,450 – 22,500 levels. As Nifty is currently near the crucial overhead resistance of the previous opening downside gap of 15th April around 22,500 levels, there is a higher possibility of a decisive upside breakout of the said resistance in the near term, as long as Nifty doesn’t show any sharp decline from near the key resistance,” stated Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes that the short-term trend of Nifty is range-bound with a positive bias. (Read the full story here.)
Sensex Today Live : From Meta and Tesla shares to Treasury yields, seven key things may impact stocks today in trade today
Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are predicted to start off on a lower note on Thursday, influenced by the weak performance of global counterparts. Asian markets were seen trading in the negative territory, while the US stock markets exhibited a mixed trend overnight. This was primarily due to a slump in technology stocks as investors responded to Meta Platforms’ results and the surge in Treasury yields.
On Wednesday, the Indian stock market indices ended positively for the fourth day in a row, propelled by gains in certain heavyweight stocks amidst generally favorable global cues. The Sensex rose by 114.49 points, or 0.16%, to close at 73,852.94, while the Nifty 50 increased by 34.40 points, or 0.15%, to settle at 22,402.40.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, expressed optimism about the continuation of this bullish trend in the markets. He further noted that the significant drop in India’s VIX at the onset of elections suggests a decrease in market volatility in the near future. He also mentioned that niche sectors are expected to maintain their momentum. (Read the full story here.)
Sensex Today Live : Muted global peers, Gift Nifty, signal slow start for Indian markets
Sensex Today Live : Indian markets were poised to open on a muted note, dragged down by faltering sentiment in global peers, along with mixed results posted by domestic companies in the March quarter.
The Gift Nifty futures was trading at 22,360.50, around 40 points below Nifity 50’s Wednesday’s close of 22,402.40, indicating a slow start to trading on Thursday.
Asian stocks fell on Thursday as disappointing earnings forecasts from Facebook parent Meta Platforms hammered tech shares, while the yen’s slump past 155 per dollar for the first time since 1990 raised the spectre of intervention from Tokyo.
A 15% dive in shares of Meta in extended trading after the Instagram parent forecast lighter-than-expected current quarter revenue and higher expenses soured the mood, sparking a sell-off in U.S. tech and tech-related stocks.
The predictable hit to Asian tech stocks took MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.7%.
Japan’s Nikkei slid 1.3%, while China stocks also fell, with the blue-chip CSI300 index down 0.3% and Hong Kong’s Hang Seng Index 0.5% lower.
In an earnings-packed week, the tech bellwethers are in the spotlight, with Alphabet, Microsoft and Intel due to report later on Thursday.
Beyond corporate earnings, investor focus will be on the first quarter U.S. gross domestic product data on Thursday and personal consumption expenditures, the Fed’s preferred inflation gauge, for March on Friday.
A hotter-than-expected consumer price inflation report for March had pushed back expectations of when the Fed will begin cutting interest rates, with markets pricing in a 70% chance of September being the starting point, CME FedWatch Tool showed.
Traders are pricing in 43 basis points of easing in 2024, drastically lower than the 150 basis points they anticipated at the start of this year.
In commodities, oil prices eased a bit as concerns about a potential slowdown in the U.S. economy outweighed worries over the risk of an expanding conflict in the Middle East.
U.S. crude fell 0.08% to $82.74 per barrel and Brent was at $87.99, down 0.03% on the day. Spot gold added 0.2% to $2,320.32 an ounce.
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