Stock Market LIVE updates: Indian benchmark equity indices opened higher on Tuesday, tracking overnight gains in the US markets.
Photo: Bloomberg
Stock Market LIVE updates, Tuesday, September 10, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 were trading higher on Tuesday, tracking overnight gains in the US markets that closed sharply higher on Monday.
Around noon, the BSE Sensex was up 324 points, or 0.40 per cent higher at 81,884, while the Nifty50 was at 25,028, up 92 points, or 0.37 per cent higher.
Meanwhile, US stocks closed sharply higher on Monday and the dollar strengthened. All three major US stock indices surged more than 1 per cent, with the S&P 500 and the Dow ending a four-session losing streak, bouncing back from their biggest weekly percentage losses since March 2022. The tech-heavy Nasdaq also staged a comeback.
The strong showing overnight in the US were driving Asia-Pacific markets higher on Tuesday. Japan’s Nikkei 225 was up 0.52 per cent, while the broad-based Topix was 0.65 per cent higher. Australia’s S&P/ASX 200 had gained 0.69 per cent, and South Korea’s Kospi index was up 0.17 per cent, while the small-cap Kosdaq also rose 0.18 per cent.
Meanwhile, Hong Kong’s Hang Seng index futures were at 17,216, higher than the HSI’s last close of 17,196.96.
The greenback strengthened ahead of Wednesday’s much anticipated Consumer Price Index report.
Last week mixed data, particularly the August employment report, caused investors to dial back expectations that the US Federal Reserve could issue an outsized 50 basis point rate cut when it convenes for its policy meeting next week.
In Asia, traders will monitor August trade data from China and India. China’s exports and imports for August are expected to grow by 6.5 per cent year-on-year and 2.0 per cent, respectively, according to a Reuters poll, in what would be the slowest pace in four months.
On Wednesday, the Labor Department’s Consumer Price Index is expected to show underlying inflation remains on its meandering path back down toward the central bank’s 2 per cent target.
At last glance, financial markets have baked in a 71 per cent likelihood that the Fed will lower its key policy rate by 25 basis points at the end of next week’s meeting, with a 29 per cent probability of a 50 basis point reduction, according to CME’s FedWatch tool.
The Dow Jones Industrial Average rose 484.28 points, or 1.2 per cent, to 40,829.69, the S&P 500 gained 62.65 points, or 1.16 per cent, at 5,471.07 and the Nasdaq Composite added 193.77 points, or 1.16 per cent, at 16,884.60.
European stocks staged a comeback with the benchmark STOXX 600 recovering from last week’s steep declines as investors awaited an expected interest rate cut from the European Central Bank later in the week.
The pan-European STOXX 600 index rose 0.82 per cent and MSCI’s gauge of stocks across the globe gained 0.58 per cent.
Emerging market stocks lost 1.07 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.13 per cent
lower, while Japan’s Nikkei lost 0.48 per cent.
US Treasury yields waffled in choppy trading amid uncertainty over the size of the Fed’s expected rate cut this month. Benchmark 10-year notes last rose 1/32 in price to yield 3.7061 per cent, from 3.71 per cent late on Friday.
Crude rose as concerns over supply worries arising from forecasts of a hurricane hitting Louisiana this week helped oil prices rebound from last week’s heavy losses.
US crude rose 1.54 per cent to settle at $68.71 per barrel, while Brent settled at $71.84 per barrel, up 1.10 per cent on the day.
Gold prices pared gains but held their ground as investors awaited key inflation data. Spot gold added 0.4 per cent to $2,505.75 an ounce.
12:44 PM
Stock Market LIVE updates: ITI soars 5% on order win worth Rs 300 cr
ITI Limited, telecom manufacturing company has received an order worth around Rs 300 crores from Bihar Renewable Energy Development Authority
(BREDA) for supply and installation of 1,00,000 numbers of Solar Street Light Systems to Bihar State Government.
Source: BSE
12:21 PM
Stock Market LIVE updates: Action Construction Equipment shares gain 3% on order from defence ministry
Action Construction Equipment share price gained up to 3.44 per cent at Rs 1278.15 per share on the BSE in Tuesday’s intraday deals. The construction vehicles share price zoomed after the company got an order from the Ministry of Defence to supply forklifts. Read more
12:10 PM
Stock Market LIVE updates: Akzo Nobel India rallies 5%; hits record high on healthy growth outlook
Shares of Akzo Nobel India, a paints and coatings company that makes Dulux Paints, rallied 5 per cent on the BSE in Tuesday’s intra-day trade to hit a fresh record high of Rs 3,960 on healthy growth outlook. In comparison, the BSE Sensex was up 0.16 per cent at 81,697 at 11:05 AM.
The stock is quoting higher for the sixth straight trading day, having surged 16 per cent during the period. Read more
12:04 PM
Stock Market LIVE updates: 12 PM market update
Stock Market LIVE updates: Indian benchmark indices BSE Sensex and Nifty50 were trading higher on Tuesday on the back of a strong overnight showing on Wall Street.
At 12:00 PM, the BSE Sensex was at 81,905, up 345 points or 0.42 per cent, while the Nifty 50 was at 25,029, up 92 points, or 0.37 per cent.
11:52 AM
Stock Market LIVE Updates: SEPC surges 3% after order win
The company has been awarded a work order worth Rs 182.56 crore from Irrigation Division, Govt. Of Bihar.
Source: BSE
11:29 AM
Stock Market LIVE updates: Bikaji, Gopal Snacks stocks get tastier after GST council cuts rate; up 8%
Shares of packaged snack companies, Gopal Snacks and Bikaji Foods International gained up to 8.5 per cent in the morning deals on Tuesday, September 10, 2024. Individually, Gopal Snacks shares soared 8.5 per cent, while Bikaji Foods advanced 7.7 per cent on an intraday level.
The counters saw buying after the Goods and Services Tax (GST) Council slashed GST on extruded and savoury items. Read more
11:15 AM
Stock Market LIVE updates: Zaggle Prepaid surges 6% on inking deal with HDFC Ergo General Insurance Co
Zaggle Prepaid Ocean Services shares rise:Shares of Zaggle Prepaid Ocean Services (Zaggle) soared up to 6.21 per cent to hit an intraday high of Rs 372.70 per share on Tuesday, September 10, 2024.
The Zaggle Prepaid Ocean Services share price rose after the company announced that it has inked a pact with HDFC Ergo General Insurance Company. Read more
11:02 AM
Stock Market LIVE updates: 11 AM market update
Stock Market LIVE updates: Indian benchmark indices BSE Sensex and Nifty50 were trading higher on Tuesday on the back of a strong overnight showing on Wall Street.
At 11:00 AM, the BSE Sensex was at 81,692, up 133 points or 0.16 per cent, while the Nifty 50 was at 24,969, up 32 points, or 0.13 per cent.
10:50 AM
Stock Market LIVE updates: Ahluwalia Contracts shares rally 7% after bagging orders worth Rs 1,307 cr
Stock Market LIVE updates: Shares of Ahluwalia Contracts shot up by 6.78 per cent, recording an intraday high of Rs 1,280 per share on the BSE on Tuesday. Ahluwalia Contracts share price today soared after the company bagged two work orders from the real estate firm Signature Global.
Ahluwalia Contracts stock price has appreciated by 61.08 per cent in the last six months, while rallying 75.58 per cent in the last one year, BSE data shows. READ MORE
10:38 AM
Stock Market LIVE updates: Nomura cuts target prices for Axis Bank, SBI and BoB ahead of Fed meeting
Stock Market LIVE updates: Tokyo-headquartered international brokerage firm Nomura has reduced its target prices for some of the private and public lenders ahead of the US Federal Reserve’s policy meeting scheduled for next week.
The brokerage firm has reduced the target price for Axis Bank, State Bank of India (SBI) and Bank of Baroda (BoB) to Rs 1,370, Rs 980, and Rs 280 per share, respectively. Despite slashing their target prices, Nomura has maintained its ‘Buy’ rating for these banks. READ MORE
10:28 AM
Stock Market LIVE updates: Adani seeks Md Yunus’ assistance in getting $800 mn in payments cleared
Stock Market LIVE updates: Adani Group chairman Gautam Adani has approached Muhammad Yunus, the chief advisor to the Bangladesh government, requesting his assistance in expediting the clearance of $800 million in outstanding payments owed by the Bangladesh Power Development Board to Adani Power for electricity supplies, according to a report by The Economic Times. READ MORE
10:15 AM
Stock Market LIVE updates: IRB Infrastructure August toll collection zooms 20% YoY; share price gains
Stock Market LIVE updates: Shares of IRB Infrastructure Developers Ltd (IRB) rose as much as 2.79 per cent to hit an intraday high of Rs 63.60 per share on Tuesday, September 10, 2024.
The uptick in IRB Infrastructure Developers came on the back of strong toll revenue collection for August 2024. READ MORE
10:02 AM
Stock Market LIVE updates: 10 AM market update
Stock Market LIVE updates: Indian benchmark indices BSE Sensex and Nifty50 were trading in the red, after opening higher on Tuesday on the back of a strong overnight showing on Wall Street.
At 10:00 AM, the BSE Sensex was at 81,511, down 48 points or 0.06 per cent lower at 81,511, while the Nifty 50 was at 24,915, down 20 points, or 0.08 per cent.
9:58 AM
Stock Market LIVE updates: HG Infra Engg shares zoom 5% on bagging LoA from Ministry of Road Transport
Stock Market LIVE updates: HG Infra Engineering share price rose as much as 5.50 per cent at Rs 1,542 per share on the BSE in Tuesday’s intraday trade. This came after the company bagged a letter of award from the Ministry of Road Transport & Highways (MoRTH) for a road project.
The HG Infra Engineering share price has appreciated by 68.09 per cent in the last six months, while rallying 80.21 per cent year to date, BSE data shows. READ MORE
9:41 AM
Stock Market LIVE updates: Neogen Chemicals CFO Ketan Vyas resigns to pursue other opportunities
Stock Market LIVE updates: Neogen Chemicals today informed that its chief financial officer (CFO) Ketan Vyas has resigned from his position as CFO and Key Management Personnel of the company to pursue other opportunities outside the company.
The company, in an exchange filing, said, “We wish to inform you that Mr. Ketan Vyas who has been associated with the Company from October 10, 2020 as the Chief Financial Officer, has on September 9, 2024, submitted his resignation as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from the close of business working hours on Wednesday, September 11, 2024”.
The company added that Vyas has decided to move on to pursue opportunities outside the company and it has accepted his resignation.
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First Published: Sep 10 2024 | 7:28 AM IST
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