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Sensex Today Live: Another plunge in US Treasury yields nudges Indian peers lower
Indian government bond yields fell at the start of the week, reacting to another drop in their US peers, while sentiment was boosted as India’s ruling party won key state elections, Reuters reported.
India’s 10-year benchmark bond yield was at 7.2636% as of 10:00 a.m. IST, after ending the previous session at 7.2899%.
US Treasury yields plunged on Friday after comments from US Federal Reserve Chair Jerome Powell fanned optimism that the central bank was done hiking rates, while weak manufacturing sector data also reaffirmed bets of rate cuts.
Sensex Today Live: Zomato steers ahead in food delivery race. Is Swiggy far behind?
Indians overall were highly disappointed with the outcome of the ICC Men’s Cricket World Cup 2023. The event though brought cheer in certain sectors such as the online food delivery industry with companies like Zomato Ltd and Swiggy seeing a significant boost.
“The online food delivery segment is likely to have seen a 5-8% year-on-year incremental growth in quarterly gross order value (GOV) during the World Cup,” said Karan Taurani, analyst at Elara Securities (India).
Zomato estimates a 25-30% year-on-year GOV growth for the December quarter. The competition between Zomato and Swiggy, however, remains tight. Swiggy’s market share in the first half of calendar 2023 stood around 46%, showing a modest increase from 2022, according to calculations made based on the data released by Prosus and Zomato’s disclosed metrics. Prosus holds about 33% stake in Swiggy. (Read here)
Sensex Today Live: Dixon Technologies: Preparing to ride a second growth wave
For Dixon Technologies, the latest edition of the government’s production-linked incentive scheme is expected to be a significant shot in the arm, especially considering how India’s largest home-grown electronics manufacturer capitalised on the earlier version.
Announced in May, PIL 2 incentivises manufacturers of IT hardware such as laptops, personal computers, tablet devices, and servers. Recently, the government announced a list of 23 beneficiaries under the scheme, with Dixon Technologies being among the primary ones. (Read here)
Sensex Today Live: Strides Pharma gains as associate Stelis completes unit transfer to Syngene International
Stelis Biopharma, an associate company of Strides Pharma, and Syngene International have executed the final agreements to transfer its Unit 3 multi-modal facility in Bengaluru to Syngene.
Following are the transaction updates:
Gross consideration adjusted from ₹7,020 million to ₹6,170 million, on account of among other things Stelis retaining 10 single use of 2KL (20,000 litre) reactors not currently installed in the facility.
Stelis has received today a payment of ₹3,950 million and the balance amount shall be received on completion of certain post-closing actions and final adjustments, if any which is expected in December 2023.
The proceeds received today along with cash and cash equivalents has been deployed to repay Stelis’ lenders to the extent of ₹4,200 million.
The above payment has also resulted in the release/ reduction of corporate guarantees issued by Strides on behalf of Stelis by ₹8,000 million.
Sensex Today Live: Kalpataru Projects bags orders of ₹2,263 crore
Kalpataru Projects International Limited (KPIL) & its international subsidiaries have secured new orders/notification of awards of ₹ 2,263 crore.
The details of the new orders are as follows:
Orders in the T&D business of ₹ 1,564 crore in India and overseas markets
Order in Water business of ₹ 458 crore
Orders in B&F business of ₹ 241 crore
Sensex Today Live: Adani Group stocks surge amid rally in markets
Sensex Today Live: Sensex hits all-time high, Nifty above 20,500
India’s benchmark indices opened at fresh record highs on Monday.
The Sensex soared 882.38 points to 68,363.57, while the Nifty was up 276.40 points at 20,544.30. About 2,194 shares advanced, 259 declined, and 119 were unchanged.
Adani Enterprises, Adani Ports, SBI, Bharti Airtel, and ICICI Bank were among the top gainers on the Nifty.
Sensex Today Live: Sensex jumps 1000 pts, Nifty above 20500 in pre-open
In pre-open, the Sensex surged 1,001.60 points to 68,482.79, and the Nifty was up 310.60 points at 20,578.50, largely led by optimism following the Narendra Modi-led Bharatiya Janata Party (BJP) sweeping three out of four state elections, winning Madhya Pradesh, Rajasthan and Chhattisgarh.
Senex Today Live: Reliance Securities on Nifty technical outlook
NIFTY-50 scaled and closed above the previous all time high with strong up move across sectors in index pivotal; the potential targets could be 20,600 levels.
It has left multiple gaps over the past few days and the trend reversal levels had moved higher to 19,800 levels with sharp up move.
RSI has moved to the higher band of 75 levels and would continue to move higher trending above the average lines.
Highest call OI has moved to 20,400 strike while on the downside the highest put OI is at 20,000 for the weekly expiry
Sensex Today Live: Elara Capital on election results and markets
Sector-wise, we see rural- and healthcare-focused stocks coming back into focus with the BJP’s execution of schemes being more clinical and targeted. The victory should further diminish expectations of a fuel price cut at the retail level and hence should provide a leg-up to performance of oil marketing companies (OMC) stocks.
With focus shifting to election preparedness and related spending, impetus to new ordering activity is moderating even as the private sector adopts a wait-and-watch approach. We see order inflow momentum weakening for capital goods and infrastructure companies at least until Q2FY25.
Sensex Today Live: Ajay Piramal may look to buy a state-run bank
The Piramal Group, which owns a non-bank financier, is weighing acquisitions to enter the banking space and may look at public sector banks (PSBs) that the government puts on the block, group chairman Ajay Piramal said. “We’ll look at opportunities as and when they come. We’ll see,” Piramal said in an interview.
Possible targets could be IDBI Bank Ltd and a couple of other state-run banks. (Read full story here)
Sensex Today Live: Nuvama Institutional Equities on elections results and market implications
In the four recently held state assembly elections, the BJP has turned in a very strong showing, outclassing expectations. The ruling party, locked in three bipolar contests with the Congress, has sealed an emphatic victory in Madhya Pradesh, and regained Rajasthan and Chhattisgarh. For Congress, securing Telangana (ousting BRS) is a small consolation.
The BJP’s decisive wins in the high-decibel bipolar contests in the Hindi heartland imply its firm footing in the 2024 general elections. From an economic standpoint, this lessens the risk of a populist turn and bodes well for continued government capex.
These election results are certainly a cut above market expectations. And markets, to that extent, shall cheer the outcome in the near term in our view. That said, eventually, fundamentals—earnings, liquidity and interest rates—shall have an upper hand in shaping the market outlook over medium term.
Sensex Today Live: Indian stock market may open higher as F&O bears crash out
The benchmark Nifty index of the National Stock Exchange (NSE) may open higher by 100-150 points and the BSE’s Sensex may set a new record on Monday, analysts said, as investors look to close out bearish bets in futures and options (F&O) following the saffron sweep in the Hindi heartland. The Bharatiya Janata Party’s (BJP) victory in Rajasthan and Madhya Pradesh and surprise sweep in Chhattisgarh exceeded exit poll predictions by a wide margin, reinforcing its likelihood of winning the national election next year, they added.
The Nifty may test 20,500 levels, thanks to short-covering by foreign portfolio investors (FPIs) as well as retail and high net-worth option sellers. (Read here)
Sensex Today Live: Stocks to Watch
Tata Power, GAIL, LIC, Suzlon, Eicher Motors, Hero MotoCorp, among others, will be in focus in today’s trade.
On Friday, the Nifty50 surged to a fresh all-time high higher-than-expected GDP data and positive interest outlook in the US.
At close, the Sensex was up 492.75 points, while the Nifty added 134.70 points to end at 20,267.90.
Sensex Today Live: GIFT Nifty climbs higher
GIFT Nifty futures rose 145 points, or 0.70%, to 20,638.50, indicating a strong open for Indian markets.
Sensex Today Live: Asian stocks rise in early deals
Asian shares started strong on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.
Hong Kong stocks opened slightly higher Monday morning following a positive lead from Wall Street, with traders keeping tabs on a court hearing over a creditor request to wind up battered developer China Evergrande.
Australian shares on Monday hit their highest in 2-1/2 months, as traders found comfort in signs that the U.S. central bank was done with its monetary tightening, while investor focus was also on the Reserve Bank of Australia’s policy meeting due this week.
The S&P/ASX 200 index was up 1.2% at 7,157.700 points, as of 0052 GMT, hitting its highest level since Sept. 20. The benchmark closed 0.17% lower on Friday.
Tokyo, however, drifted lower as a higher yen against the dollar weighed on the market.
The benchmark Nikkei 225 index was down 0.34%, or 114.89 points, at 33,316.62 in early trade, while the broader Topix index slipped 0.48%, or 11.44 points, to 2,371.08.
A broad rally on Wall Street closed out a fifth straight week of gains for the market Friday, driving the S&P 500 to its highest level in more than a year.
The benchmark index rose 0.6%, eclipsing its previous high for the year set in July. The Dow Jones Industrial Average closed 0.8% higher, while the Nasdaq composite added 0.6%.
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