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Sensex Today Live Updates : Asian equities rose Thursday after a gain in US technology shares, while the dollar came under pressure amid a reassessment of bets on interest-rate cuts.
Shares in Hong Kong and mainland China climbed at the open, while those in Japan and Australia also gained. Contracts for US equities also advanced after the S&P 500 notched its 25th record close this year. Nvidia Corp. — the poster child of the artificial-intelligence frenzy — led a rally in the “Magnificent Seven” megacaps to top $3 trillion in value.
Treasury yields ticked higher Thursday after falling in the previous session with markets almost fully pricing in two Federal Reserve rate cuts in 2024. The dollar retreated as a rate cut in Canada increased the focus on the policy path from the Federal Reserve. The yen recovered from an overnight selloff in what has been a volatile week for the currency thanks to its role in emerging market carry trades.
India’s stock futures gained after Indian Prime Minister Narendra Modi won crucial backing from two key allies in his coalition, allowing him to form a government and extend his time in power.
“Asian markets will be supported by the fresh record highs seen on major US indices overnight, and sentiment will also be positive as India election shock wavers,” said Charu Chanana, head of FX strategy at Saxo Markets. “Lower US yields and an upbeat risk sentiment is pushing the dollar lower.”
As investors awaited this week’s US jobs report, a private payrolls reading on Wednesday showed hiring at companies grew at the slowest pace since the start of the year. Meantime, the services sector expanded by the most in nine months, powered by the largest monthly gain in a measure of business activity since 2021.
The loonie rebounded Thursday after falling in its previous session. The Bank of Canada became the first Group of Seven central bank to kick off an easing cycle, cutting interest rates on Wednesday and signaling more may follow.
The euro slightly strengthened ahead of the European Central Bank’s policy decision. While policymakers are widely expected to cut rates, traders will be looking for guidance on the path forward, notably from President Christine Lagarde at the press briefing.
In commodities, oil clawed back some losses for a second session with technical support after OPEC ’s plan to return barrels to the market sparked a selloff at the start of the week. Meanwhile, Saudi Aramco lowered prices for all of its oil to Asia next month, the first reduction since February, amid concerns over the strength of demand in its biggest market.
Goldman Sachs Group Inc.’s Scott Rubner noted a “wall of money” from passive equity allocations will pour into the stock market in early July, setting up a continuing rally through the early summer.
Since 1928, the first 15 days of July have been the best two-week trading period of the year for equities, and they tend to fade after July 17, according to Rubner. The S&P 500 has been positive for nine straight Julys, posting an average return of 3.7%. The Nasdaq 100 has an even better record, posting gains in 16 straight Julys, with an average return of 4.6%, he noted.
With earnings season basically over, the focus now turns back to the macro data — and that may impact stocks near-term, according to Gillian Wolff at Bloomberg Intelligence.
The Bloomberg Intelligence Market Pulse Index, a sentiment gauge that acts as a contrarian signal, advanced within striking distance of “manic” territory last month. It’s a rare sign that has typically tempered US stock returns in the short-run. In the three months following a manic reading, the Russell 3000 Index has gained an average 1.7%, compared with 9.1% after panic.
With the Fed widely expected to stay on hold next week, the focus of the meeting will be the new Summary of Economic Projections. Back in March, Fed officials maintained their outlook for three rate cuts in 2024.
“The ‘dots’ are likely to cluster around one or two interest rate cuts this year,” said Stephen Brown at Capital Economics. “Nevertheless, as inflation falls a bit faster than officials expect and GDP growth disappoints, our base case remains that the Fed will cut in September.”
Sensex Today Live : Anmol Singh Jaggi, promoter and MD of Gensol Engineering, increase stake in the company; shares rise
Sensex Today Live : Gensol Engineering today announced that Anmol Singh Jaggi, promoter and managing director of the company, has increased his stake in the company. He acquired an additional 53,945 shares from the open market, costing a total of Rs. 4.8 crore.
Prior to this acquisition, Jaggi held 79,64,766 equity shares, representing 21.03% of the company’s total shareholding. With the recent purchase, his holding has increased to 80,18,711 equity shares, which now represents 21.17% of the total shareholding.
With this acquisition, total shareholding of the promoter group has increased from 62.62% to 62.77%.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Barring FMCG and Healthcare, all other sectoral indices were trading in the green.
The Realty index had gained the most, followed by the PSU Bank, Media and Oil & Gas indices.
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Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was up, with the BSE MidCap gaining 2.31% and the BSE SmallCap climbing 2.91%.
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Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 16 of the 50 stocks on the Nifty 50 were trading in the red. Hindustan Unilever, Nestle India, Hero MotoCorp, Divi’s Laboratories, and Hindalco Industries were the top drags, while Coal India, NTPC, SBI, ONGC and Shriram Finance, were the top gainers.
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Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : 10 out of the 30 stocks on the BSE Sensex were trading in the red. Hindustan Unilever, Nestle India, Sun Pharma, Asian Paints and Kotak Mahindra Bank were the top drags, while NTPC, SBI, Tata Steel, HCLTech, and Tech Mahindra were the top gainers.
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Sensex Today Live : 10 am market update
Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.
At 10 am, Sensex was up 407 points, or 0.55%, at 74,789.24 and Nifty was up 122.85 points, or 0.54%, at 22,743.20.
Sensex Today Live : Uno Minda shares rally more than 16% after company signs deal to manufacture and sale of electric PVs and CVs
Sensex Today Live : The company has entered into an agreement with Suzhou lnovance Automotive for the manufacture and sale of select high voltage category electric vehicle products for passenger vehicle and commercial vehicle in India.
InfiniSensex Today Live : Heritage Foods shares climb more than 7% as company launches new range of pure ghee ladduste India
Sensex Today Live : The company has launched a new range of pure ghee laddus under the brand name ‘Truly Good’.
Sensex Today Live : Reliance Infrastructure shares jump more than 6% after company establishes subsidiary to provide engineering consultancy services and trade in commodities
Sensex Today Live : The company has incorporated a new subsidiary, Reliance Risee Private Limited, which will provide advisory and consultancy services related to engineering and technology, and deal in commodities and their derivatives.
Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says India has near-term political stability but political developments will continue to weigh on markets
Sensex Today Live : “As the market comes back to normalcy after the abnormal volatility of the last three days, the global construct has turned favourable with rising possibility of rate cuts by the Fed. Clear signs of weakening labour market in the US has led to sharp decline in the US bond yield to 4.29%. Even though this is favourable for foreign capital inflows, the FIIs continue to sell on high valuations in India particularly in comparison to the cheap valuations of Chinese stocks.
In the near-term we have political stability but political developments will continue to weigh on markets. A concern in the market is that the BJP’s dependence on allies might put economic reforms on the back burner impacting growth and thereby corporate earnings in the long run.”
–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : IEX shares up more than 5% after company reports 29% YoY increase in total monthly volumes traded in May 2024
Sensex Today Live : The Indian Energy Exchange (IEX) has achieved a total monthly volume of 10,633 MU in May 2024, reflecting a 28.9% year-over-year increase.
Sensex Today Live : Kalpataru Projects International shares gain more than 4% after company discloses plans to raise funds
Sensex Today Live : The company will discuss and approve a proposal for raising funds by issuing non-convertible debentures (NCDs) on a private placement basis.
Sensex Today Live : RVNL shares climb more than 5% after bagging orders worth ₹500 crore
Sensex Today Live : Rail Vikas Nigam has received multiple orders worth more than ₹500 crore.
Sensex Today Live : BHEL shares jump 10% on bagging ₹3,500 crore contract from Adani Power
Sensex Today Live : The company received an order, worth ₹3,500 crore, for a 2×800 MW thermal power project in Uttar Pradesh from Adani Power’s Mirzapur Thermal Energy (UP) Private Limited.
Sensex Today Live : KP Green Engineering shares frozen at 5% upper circuit after company bags orders worth ₹350 crore
Sensex Today Live : The company has secured new orders from multiple clients amounting to ₹351.35 crore.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the green open on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.
At opening bell, Sensex was up 289.8 points, or 0.39%, at 74,672.04 and Nifty was up 96.05 points, or 0.42%, at 22,716.40.
Sensex Today Live : Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher, gives technical outlook for Bankex and BankNifty
Sensex Today Live : “BankNifty gained more than 4% to move past the 49,000 zone with decent recovery witnessed and with the support maintained near 47,300 level, it needs to sustain above the significant 50EMA level of 48,150 zone to maintain the bias intact. Once a decisive breach above 49,700 zone is confirmed, we can establish some conviction for further upside move, provided there are no surprise developments from the political end.
Bankex has given a good bounce from the 200 DMA level of 52,500 and almost retraced 0.786% of the fall. The index needs to breach above the 56,300 zone to further strengthen the trend and establish some conviction to anticipate a further rise in the coming days. BankNifty would have the daily range of 48,200-50,300 levels ,with Bankex support at 54,300 and resistance at 56,500 levels.”
–Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
Sensex Today Live : Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher, gives technical outlook for Sensex and Nifty
Sensex Today Live : “Nifty after witnessing the heavy erosion a day before, bulls regained some lost strength to gain 735 points to end near the 22,600 zone once again moving above the significant 50EMA level of 22,400 zone. The index would have the support zone near the low made near 21,800 levels and on the upside a decisive breach above 22,900 zone shall further improve the bias and sentiment.
Sensex has retraced almost 0.382% from the low made on result day, which is at the 200 DMA level of 70,500, and is trading in the rising channel pattern with support at the 72,700 level. The support for the day is seen at 73,800/22,450 levels while the resistance is seen at 75,600/22,900 levels. BankNifty would have the daily range of 48,200-50,300 levels.”
–Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
Sensex Today Live : Benchmark indices firm at pre-open
Sensex Today Live : Indian benchmark indices were green and firm at pre-open on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.
Sensex was up 696.46 points, or 0.94%, at 75,078.70 and Nifty was up 178.25 points, or 0.79%, at 22,798.60 during pre-open.
Sensex Today Live : Sell sell? Why the market doesn’t like the poll results
Sensex Today Live : The BJP-led NDA emerged victorious in the Lok Sabha polls, but the saffron party was unable to secure a simple majority on its own.
The age of coalition politics is back and this queers the pitch for the market in the short term. Mint explains why. (Read the full story here.)
Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says Wednesday’s surge in benchmark indices shows increasing confidence of investors
Sensex Today Live : “Nifty surged in yesterday’s trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market. India VIX tumbled 29%, signaling reduced volatility. Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a $3 trillion market cap. Additionally, oil prices remain low at $73.50 a barrel. Technically, Nifty’s immediate targets are 22,900 and 23,339, with intraday support at 22,300. The RBI MPC meeting outcome on June 7th is also highly anticipated. Preferred trades: Buy Nifty at 22,620 with targets of 22,750/22,900, and Bank Nifty at 49,055 with targets of 49,350/49,700. Top stock pick: NTPC at CMP 341, targeting 365/381, with an aggressive target of 401.”
–Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : What to expect from Indian stock market in trade on June 6
Sensex Today Live : The Indian stock market, represented by the Sensex and Nifty 50, is poised to continue its upward trajectory on Thursday, influenced by robust global market trends. The Gift Nifty’s trading around the 22,670 level, a premium of nearly 90 points from the Nifty futures’ previous close, further indicates a positive start for the Indian benchmark index.
Technical analysis reveals a bullish inside day type pattern formation in the Nifty 50, which formed a long bull candle on the daily chart with a lower shadow on Wednesday, next to Tuesday’s long bear candle. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this market action signals a counter-attack by bulls after a day of market weakness and is a positive indication. He noted that the Nifty moved above the crucial hurdle of the mid part of Tuesday’s long-range bear candle around 22,250 on Wednesday and closed higher. He added that the next crucial hurdles to watch are around the upper part of that candle, around 23,200 levels. (Read the full story here.)
Sensex Today Live : Eight key things that changed for market overnight – Gift Nifty, US Private Payrolls to Nvidia shares
Sensex Today Live : The Indian equity market, represented by the Sensex and Nifty 50, is set for a positive opening on Thursday, buoyed by encouraging global indicators. Asian markets are experiencing a surge, influenced by the US stock market’s overnight gains. The uptick comes in the wake of weak economic data, which has sparked expectations of interest rate cuts by the Federal Reserve.
Domestically, market sentiment has been bolstered by political developments. The National Democratic Alliance (NDA) leaders have expressed their support for Narendra Modi’s Bharatiya Janata Party (BJP), paving the way for the alliance to form a government for the third consecutive term.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates that the market will continue to focus on the government formation process, particularly on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. He added, “With the election overhang done, we expect the focus to revert to fundamentals.” (Read the full story here.)
Sensex Today Live : Firm global cues, Gift Nifty signal muted to positive start for Indian markets
Sensex Today Live : The Indian share market looked all set to open on a muted note with a positive bias on Thursday, even as clarity was emerging on the formation of a new government by the BJP-led NDA, and improving investors’ sentiment around the globe on the back of rising expectations of a likey interest rate cut in September by the US Federal Reserve.
The Gift Nifty futures was trading at 22,678, marginally higher than Wednesday’s Nifty 50 close of 22,620, signalling a muted start for the markets on Thursday, but with a positive bias.
Asian shares gained on Thursday on rising expectations the U.S. Federal Reserve will likely cut interest rates in September, while the euro advanced ahead of the European Central Bank policy meeting where a rate cut is widely expected.
The shifting Fed expectations lifted oil prices and dragged Treasury yields to their lowest in two months after data this week hinted the U.S. labour market was easing.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.14% higher, led by tech stocks. The index was on course for a 2.7% gain in the week and snap its two-week losing streak. Japan’s Nikkei rose 1%.
China stocks also gained, with the blue-chip index up 0.38%, while Hong Kong’s Hang Seng index added 0.81%.
Indian stocks were poised for a muted start to the session in a turbulent week after Prime Minister Narendra Modi was formally named to lead a new coalition government for a third straight term.
Modi will for the first time head a government dependent on the support of regional allies whose loyalties have wavered over time, which could complicate the new cabinet’s reform agenda and has unnerved some investors.
On Wednesday, the S&P 500 and Nasdaq indexes hit record closing highs, with AI darling Nvidia becoming the world’s second-most valuable company after breaching market valuation of $3 trillion and overtaking Apple.
The May private payrolls report on Wednesday was the latest data to suggest an easing in the labour market and comes after a report on Tuesday showed job openings fell in April to the fewest in more than three years.
Markets have taken their cue from the labour data this week and are now pricing in 49 basis points of cuts from the Fed this year, with a rate cut in September at 69% chance compared with 47.5% a week earlier, CME FedWatch tool showed.
“We’re still in the Goldilocks range so bad economic news has been good for equities as Fed rate cuts are back on the table,” said Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management.
Investor focus is now on the nonfarm payroll report for May due on Friday, with a Reuters poll of economists expecting it to increase by 185,000 jobs.
“We need that to be around 100-150k to maintain the Goldilocks narrative,” Bennett said. “Much higher than that and yields could move back up, but if we get zero or negative, then we could be talking about a hard landing again.”
Benchmark 10-year note yields were last at 4.2929% in Asian hours. On Wednesday the yields fell to as low as 4.2750%, the lowest since April 1.
In the currency market, the dollar was broadly lower, with the yen strengthening to 155.445 per dollar, close to a more than two-week high of 154.55 touched on Tuesday.
The euro was up 0.2% at $1.089025, not far from the two-and-a-half month high it touched on Tuesday ahead of the ECB meeting that will kick off a fresh round of central bank policy reviews, with the Fed and the Bank of Japan due to meet next week.
The ECB is all but certain to cut interest rates from record highs on Thursday and is likely to acknowledge it has made progress in its battle against inflation, but also stress that the fight is not yet over.
Investor focus will be on comments and the economic projection to gauge what comes after the expected rate cut. Markets are pricing in 64 basis points of cuts this year.
Charu Chanana, head of currency strategy, said the key risk going into the meeting is if the ECB hawks fall short of the high bar or signal further rate cuts in a clear manner.
“The market can perceive this to be a policy mistake as a series of rate cuts can potentially exacerbate inflation in the medium term.”
The Bank of Canada trimmed its key policy rate on Wednesday, the first G7 country to do so, in a widely expected move, but indicated further easing would be gradual and dependent on data.
In commodities, Brent crude futures rose 0.48% to $78.79 a barrel, while U.S. West Texas Intermediate crude futures rose 0.66% to $74.55.
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