05 Jun 2024 | 02:53:01 PM IST
Sensex Today | Stock Market LIVE Updates: Indian shares exhibited a fluctuating pattern of gains and losses during early trading on Wednesday. This market movement occurred as investors processed the narrow victory of Prime Minister Narendra Modi’s alliance and awaited further updates regarding the formation of the new government.
Highlights of trade:
- Sensex, Nifty rise 2%
- Hindalco-owned Novelis postpones US IPO
- Adani Group stocks rise up to 5%
- Volatility index India VIX eases 30%
- Auto and FMCG indexes hit 52-week high
Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios. A sharp rebound in the market is unlikely in the near term but sectoral preferences might change. Sectors like FMCG, healthcare and IT will find increasing preferences and the momentum plays will slowdown.
One positive of the sharp market correction is that the excessive valuations have moderated a bit and this will facilitate institutional buying once clarity emerges on the formation and composition of the cabinet.
Investors can start nibbling at high quality largecaps in IT, financials, autos and capital goods.
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Sensex Today | Stock Market LIVE Updates: Sensex zooms 2,400 points
Oil near four-month low on OPEC+ supply outlook and US stocks
On Wednesday, oil prices lingered near four-month lows amid expectations of a supply increase later this year as OPEC+ plans to ease some output cuts. Markets were also processing U.S. jobs data and rising oil inventories. By 0825 GMT, Brent crude futures had risen 26 cents, or 0.3%, to $77.78 a barrel, while U.S. West Texas Intermediate crude futures increased by 24 cents, or 0.3%, to $73.49.
Jefferies’ Chris Wood on India story
Large retail flows drove D-Street recently. India remains a preferred overweight among EMs.
Ray Dalio flags US-China ‘Economic Warfare’ among top global risks
Ray Dalio highlighted that internal conflicts, especially regarding the acceptance of the US election results by both parties, will be the “highlight of this year.” Speaking at the Greenwich Economic Forum in Hong Kong on Wednesday, Dalio noted that the policies of a Donald Trump administration would markedly differ from those of a Democratic administration. However, he pointed out that both parties largely agree on anti-China policies.
Elliott rebuilds stake in SoftBank and pushes for $15 billion buyback: Report
Shares of SoftBank Group surged to a three-year high on Wednesday following a report by the Financial Times that activist investor Elliott Management has rebuilt a stake in the company valued at over $2 billion. Elliott Management is advocating for a $15 billion share buyback and has been in direct discussions with SoftBank’s senior management over the past two to three months, according to sources familiar with the situation.
Sensex Today | Stock Market LIVE Updates: Nifty tops 22,500 level
Sensex Today | Stock Market LIVE Updates: Top stock gainers at this hour
AB Fashion surges 13%, followed by Amara Raja and Voda Idea which have risen in nearly the same quantum.
Price as on 02.08.42 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: As Sensex rallies 2,000 points, these are the top stock contributors
Sensex Today | Stock Market LIVE Updates: Sensex surges 1950 points, reclaims 74K
Sensex Today | Stock Market LIVE Updates: B&K Securities has maintained its ‘Buy’ rating with Target Price of Rs. 770 (CMP- Rs. 622) for Suven Pharmaceuticals as it expect revenue of the company to double at combined sales (Suven + Cohance) over the next four-five years. The company remains top mid-cap pick in brokerage firm’s universe.
Price as on 01.57.52 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Nifty Metal index surges 4%
- NALCO, SAIL, Hindustan Copper among top gainers from metals pack at this hour
Sensex Today | Stock Market LIVE Updates | KEC International gets new orders worth over Rs 1,000 crore
Price as on 01.32.46 PM, Click on company names for their live prices.
India bonds still a ‘buy’ for foreign investors despite post-election policy uncertainty
Despite a narrower-than-expected victory margin for Prime Minister Narendra Modi’s alliance, fund managers predict that India’s government bonds will continue to attract foreign inflows. Foreign investors have been actively investing in bonds throughout this year, and they maintained their buying momentum on Tuesday, even amidst the unexpected election outcome which impacted stocks, bonds, and the rupee. Concerns have arisen regarding populist spending and potential stalling of reforms following the election results.
Sensex Today | Stock Market LIVE Updates | Lupin arm completes acquisition of two brands from Sanofi
Price as on 01.16.15 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Vodafone Idea shares experienced a significant surge of 12% intraday, reaching a high of 14.85 on the NSE on Wednesday.
This uptick followed an announcement from rating agency CARE Ratings, which upgraded the company’s Long Term Bank Facilities from B+ to BB+, with a stable outlook
Price as on 01.01.44 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Kronox Lab Sciences IPO booked nearly 43x on last day.
The initial public offering (IPO) of Kronox Lab Sciences has garnered significant interest, with a subscription rate of nearly 43 times as of the final day of the bidding process. This surge in subscriptions has been primarily driven by robust demand from non-institutional investors, whose category was oversubscribed by an impressive 113 times.
The categories designated for retail and Qualified Institutional Buyers (QIB) investors were oversubscribed by over 34 times and 4 times, respectively. The IPO reserved 50% for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail investors.
Sensex Today | Stock Market LIVE Updates | Railway stocks trade in red
Price as on 12.39.56 PM, Click on company names for their live prices.
Australian shares end higher; GDP data quells rate hike fears
Australian shares finished Wednesday on a positive note, driven by increases in financial, healthcare, and real estate stocks. Additionally, concerns regarding any imminent interest rate hikes by the central bank were alleviated by the country’s sluggish economic growth in the first quarter.
The S&P/ASX 200 benchmark index concluded 0.4% higher at 7,769.0 points. This followed a 0.3% decline in the benchmark on Tuesday.
Sensex Today | Stock Market LIVE Updates | Top gainers & losers at this hour
Price as on 12.15.58 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Raamdeo Agrawal’s advice to SIP investors amid market correction
“The message to the SIP investors is very clear that they must make double that every single instalment of the monthly SIP is credited to the MFs,” says Raamdeo Agrawal, Motilal Oswal Group.
Election View | Prashanth Tapse, Senior VP (Research), Mehta Equities
Markets are expected to remain volatile in the short term, even as the NDA-led BJP is set to form the government for the third time, making history. Given the known factors, it’s advisable to allow some time for the markets to stabilize following the unexpected election outcome. Traders and investors should be cautious and consider focusing on defensive and non-government-driven sectors such as FMCG, Telecom, and Pharma stocks. The upcoming budget and quarterly earnings reports will be crucial events that could influence market movements. FIIs are likely to reconsider their positions, and DII money will be tested in the short term, which is a cause for concern. Technically, the upside appears limited in the short term, while the downside may develop in phases. The key level to watch is the psychological 21,000 mark; if the market closes below this level, further selling could drive it down to test 20,200.
Stock Market LIVE Updates | Smart rebound! Adani Group stocks rise up to 6%
All Adani group stock except Adani Power, and Adani Transmission rally.
Price as on 11.57.57 AM, Click on company names for their live prices.
NDA is back with a caveat; how will Modi-favoured PSU stocks fare now?
The recent India elections have resulted in a negative surprise, with the NDA securing a narrower majority. This outcome has unsettled investors on the D-Street (Dalal Street, a term for the Indian stock market). Over the past decade, public sector undertakings (PSUs) emerged as significant beneficiaries of government policies, evident in the multibagger surge in the prices of certain PSU stocks.
Stock Market LIVE Updates | Nifty Auto index hits 52-week high, jumps over 4%
Hero Moto, Exide, M&M among top gainers.
Price as on 11.37.14 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Sea of Green
- All sectors rally as Nifty tops 22,400
- Auto and FMCG indexes hit 52-week high
Sensex Today | Stock Market LIVE Updates | SENSEX SOARS 1,600 PTS; NIFTY ABOVE 22,400
Sensex Today | Stock Market LIVE Updates | SENSEX SOARS 1,400; NIFTY ABOVE 22,300
Sensex Today | Stock Market LIVE Updates | FMCG Stocks In Focus
- Nifty FMCG index surges over 6%, hits record high
- Colgate, Dabur, HUL shares among top gainers
Price as on 11.09.11 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | SENSEX HEATMAP: Check out how top stocks are performing
Sensex Today | Stock Market LIVE Updates: Sensex surges 1,000 pts
HUL, Nestle, Asian Paints, M&M top gainers from 30-share Sensex pack
CLSA tweaks India portfolio, fears de-rating in expensive capex stocks
Following the failure of Prime Minister Narendra Modi’s BJP to secure a simple majority in the Lok Sabha election, global brokerage firm CLSA has adjusted its India portfolio to adopt a more defensive stance. As part of this adjustment, it has replaced L&T with HCL Tech in its India-focused portfolio.
“Recognising these uncertainties, we take out L&T from our India focus portfolio and replace it with HCL Tech. L&T has been in our portfolio since its inception in January 2021 and outperformed by a huge 106.2ppt. ITC remains our preferred staples name,” CLSA said.
Stock Market LIVE Updates | HUL, ITC drive Sensex 600 pts higher
Sensex Today | Stock Market LIVE Updates | Sectoral Snapshot
- FMCG sector surge up to 6%
- IT, pharma and auto indices jump up to 2.5%
- PSU Bank and realty drop over 3%
Market Expert View: MOSL on how markets can move going ahead, top picks from largecap & midcap space
In the very near term, we expect the market to remain obsessed with government formation exercise, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways.
With elections now behind, fundamentally, India remains in a very good shape with almost a mini-Goldilocks moment with excellent macros (GDP growth of 8.2% in FY24 on the back of ~7% growth in FY23, inflation at ~5%, both current account and fiscal deficits well within tolerance band, stable currency, etc.), solid corporate earnings (Nifty ended FY24 with 25% earnings growth and FY25/26 earnings are likely to post 14-15% CAGR) and valuations at ~20x one-year forward earnings. After the initial disappointment and anxiety around government formation, we expect the focus to revert to fundamental bottom-up stock picking. That said, sectors with over-heated valuations and recent sharp outperformance viz. Industrials, Railways, Defense, and PSUs may see more moderation in valuations before they become attractive again from the risk-reward perspective.
Largecaps: ICICI Bank, ITC, HCL Tech, Coal India, SBI, L&T, M&M, Ultratech, CIFC and Hindalco;
Midcaps: Indian Hotels, Ashok Leyland, Godrej Properties, Global Health, KEI Industries, PNB Housing, Cello World, and Kirloskar Oil.
Stock Market LIVE Updates | 10 years of Modi: 597 smallcaps zoom up to 48,000%; will the counters repeat show?
Small and midcap stocks have experienced a remarkable surge over the past decade under the Narendra Modi government, with more than 670 stocks listed on the BSE achieving multibagger status. Nevertheless, experts caution that this upward trend may not be consistent during Modi’s third term. They anticipate sector-specific movements and warn of potential volatility ahead, according to ETMarkets.
Indian bond yields little changed, market jittery after election verdict
On Wednesday, Indian government bond yields initially declined but then stabilized, remaining largely unchanged. Investors maintained a cautious stance amid concerns about the potential impact of Prime Minister Narendra Modi’s narrower victory margin in his third term.
As of 10:00 a.m. IST, India’s benchmark 10-year yield stood at 7.0467%, compared to its previous close of 7.0382%. The yield experienced its most significant single-session increase since October 6 on Tuesday.
Sensex Today | Stock Market LIVE Updates | Fear gaunge India VIX decline up to 25%
Sensex Today | Stock Market LIVE Updates | PSU stocks trade with cuts
Price as on 10.00.52 AM, Click on company names for their live prices.
Oil near 4-mth low after OPEC+ supply plan, US stock build
In Asia on Wednesday, oil prices remained close to four-month lows as investors processed an OPEC+ resolution to increase supply later this year and reacted to a rise in U.S. crude and fuel inventories. Brent crude futures saw a slight increase of 4 cents, reaching $77.56 a barrel by 0307 GMT, while U.S. West Texas Intermediate crude futures remained unchanged at $73.25 a barrel.
Sensex Today | Stock Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios. A sharp rebound in the market is unlikely in the near term but sectoral preferences might change. Sectors like FMCG, healthcare and IT will find increasing preferences and the momentum plays will slowdown.
One positive of the sharp market correction is that the excessive valuations have moderated a bit and this will facilitate institutional buying once clarity emerges on the formation and composition of the cabinet.
Investors can start nibbling at high quality largecaps in IT, financials, autos and capital goods.
Sensex Today | Stock Market LIVE Updates | Sensex, Nifty volatile
After opening in green and then erasing all its gains in the early trade, the Indian stock market indices are now rising.
Sensex Today | Stock Market LIVE Updates | Most of the Adani stocks plunge
- Adani Ent, Adani Power top losers
- Adani Wilmar, Ambuja Cements trade in green
Price as on 09.30.22 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Sensex eraese early gains, trades in red
L&T & SBI among top drags
Forex News | Rupee rises in early trade
Rupee gains 7 paise to 83.44 against US dollar in early trade.
Sensex Today | Stock Market LIVE Updates | BEL, BHEL, NHPC maong top movers in morning trade
Price as on 09.22.02 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Opening Bell
Sensex rebounds over 650 pts, Nifty reclaims 22,000 as election verdict anxiety eases
In a dramatic downturn, Nifty 50 recorded its biggest single-day plunge in over four years, falling 6%, as bears took control of Dalal Street following the BJP’s failure to secure a clear majority in the elections. The Narendra Modi-led BJP leads with 293 seats, but concerns over the new government’s ability to implement bold policies weighed heavily on the market. GIFT Nifty remains subdued despite Modi’s victory speech, with technical indicators pointing to a trading range of 21000-22500. Meanwhile, WTI crude oil futures dropped to a four-month low, offering some relief. Eyes are now on the RBI’s three-day MPC meeting.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today | Stock Market LIVE Updates | Sensex surges 1,000 pts in pre-open session
Nifty trades above 22,000 in pre-open.
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | JEFFERIES ON ELECTIONS RESULT: MAHESH NANDURKAR
• Base case remains a coalition Govt led by Mr Modi
• Continue to believe in housing-led capex upcycle
• Potential extreme market reaction could prove to be a buying opportunity
• Large-cap laggards offer the best risk/reward; OWT pvt banks, consumer staples, auto OEMS
- • Cut OWT on real estate, industrials, & PSUs
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | IIFL ON ELECTION VERDICT: GV GIRI
• Populism can cause multiples compression
• Unreasonably priced sectors like PSUs, Cap goods vulnerable, but expected to get broad based later
• Avoid Defence
• Sun Pharma, Apollo Hospitals added in large caps, remove SBILI, BPCL
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | MACQUARIE ON ELECTIONS RESULT: ADITYA SURESH
• India’s GDP growth trajectory since 1980 has been less influenced by the ruling party
• We see the BJP-led govt focusing on job creation, Global manufacturing hubs, improve ease of doing business
• We see no clear evidence to support earnings upgrades across sectors
• Don’t see Fll flows as a support factor
• If SIP support doesn’t hold then we see further downside over the next six months
• Like large caps: HCLT, SUNP, HUVR, HERO, HDFCB. Stocks we still fundamentally like and recommend adding in this pullback with a 2-3 year view: Cummins, Bharat Electronics, Delhivery
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | MORGAN STANLEY ON ELECTION VERDICT: RIDDHAM DESAI
• Medium-to long-term views do not change
• Realized and implied volatility to ebb in the coming days
• Unresolvable disagreements within the NDA coalition are not priced in by the equity markets
• Unlikely that pace of reforms will slow
• Government is unlikely to sacrifice macro stability as its anchor to economic policy
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | GOLDMAN SACHS ON ELECTIONS RESULT: SUNIL KOUL
• Buy the weakness; Strong Earnings delivery to drive returns
• Expect mid term 12m returns, expect NIFTY to reach 26,000 by end-June 2025
• Expect 15% earnings CAGR in 2024/25
• Valuations aren’t inexpensive at 22x PE
• Expect foreign flows to return
• Continue to favor domestic sectors
• Upgrade staples from underweight to neutral on likely rural support
• Lower utilities to neutral on rich valuations
• Stay overweight autos, industrials, telcos and insurance
• SMID remain vulnerable given high valuations and increasing regulatory scrutiny
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | CLSA ON BEL
• Expensive valuations leave little space for execution error
• Downgrade Bharat Electronics (BEL) from BUY to Outperform but lift our target price from Rs207 to Rs294
• Maintain our Outperform rating on Hindustan Aeronautics (HAL) but lift our target price from Rs3,225 to Rs 4,731
• Defence spending has seen a 9% Cagr over FY16-24, and that is unlikely to change
Sensex Today | Stock Market LIVE Updates | Tokyo stocks open lower
On Wednesday, Tokyo stocks began trading lower, influenced by a strengthened yen in comparison to the dollar, despite positive performances on Wall Street.
The Nikkei 225 index, a key benchmark, dropped by 0.56 percent, or 219.16 points, to reach 38,618.30 in early trading, while the broader Topix index fell by 0.66 percent, or 18.48 points, to 2,769.00.
Sensex Today | Stock Market LIVE Updates | GIFT Nifty rises 100 points; here’s the trading setup for today’s session
Indian markets reacted to the NDA’s election results with a 6% loss in Sensex and Nifty. Concerns over socialist policies were raised. Traders were cautioned by Kotak Securities. Adian Markets and Hang Seng futures showed varied performance. Oil prices fell slightly. Stocks in F&O ban.
Oil slips for sixth consecutive day on big builds in US oil, fuel stocks
In early Asian trading on Wednesday, oil prices continued their slight decline from the previous session. This movement came after an industry report revealed increases in U.S. crude and fuel stockpiles, which raised concerns regarding demand growth.
Brent crude futures dropped by 14 cents, or 0.2%, to $77.38 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude futures fell by 18 cents, or 0.3%, to $73.07 a barrel.
Sensex Today | Stock Market LIVE Updates | Tech View
On Tuesday, the Nifty concluded its session with a notable 6% decline, settling at 21,884.50. This resulted in the formation of a long bearish candle on the daily charts. Additionally, it closed below both short-term and medium-term averages.
For traders now, 50-day SMA or 22,400/73,500 and 22,500/74,000 would be the key resistance areas while 21,600-21,300/71,000-70,200 would act as key intraday support zones. “We are of the view that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for next few trading sessions,” Shrikant Chouhan, Head of Equity Research, Kotak Securities said.
Stock Market LIVE Updates | Asian Markets Wrap
- S&P 500 futures rose 0.1% as of 9:03 a.m. Tokyo time
- Hang Seng futures rose 0.2%
- Japan’s Topix fell 0.9%
- Australia’s S&P/ASX 200 was little changed
- Euro Stoxx 50 futures fell 1%
Sensex Today | Stock Market LIVE Updates | Adani stocks, overseas bonds battered by rout
Adani Group’s offshore bonds experienced a decline of 1-2 points in response to the Modi government’s inability to achieve the decisive victory forecasted by exit polls. Adani Green’s recently issued $409 million 6.7% bond dropped to 93/94 from 95/96, while Adani Ports and SEZ’s $750 million 4.375% bond due in 2029 decreased to 88/89 from 90.
Stock Market LIVE Update | Tuesday Market Wrap: Sensex tanks 4,389 pts, its worst fall in 4 years
India’s stock benchmarks experienced their most significant decline in over four years on Tuesday, triggered by the Bharatiya Janata Party’s (BJP) performance in the general elections falling below expectations. This unexpected outcome fueled a risk-off sentiment in the market. The drop came just a day after a surge in stock prices, driven by exit poll predictions that ultimately proved inaccurate when the actual votes were tallied on Tuesday. Notably, shares of Adani Group and public sector units also saw a sharp decline after having soared in value on Monday.
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