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LIVE BLOG
Economic Times | 03 Apr, 2023 | 11:39AM IST
Share Market Today LIVE Updates: Sensex falls over 150 pts, Nifty above 17,300; BPCL down 3%, Eicher Motors up 2%
Sensex Today Live: Indian shares were muted on Monday, the first trading session of the financial year, amid rising inflation concerns due to a surge in oil prices after a surprise output cut by the OPEC+.
Ten of the 13 major sectoral indexes advanced with auto stocks rising 1% on strong March sales. SML Isuzu jumped over 15% after passenger vehicle sales in March surged 167%.
Inflation concerns soured sentiment on a sharp rise in crude oil prices after Saudi Arabia and other oil-exporting countries announced a surprise production cut over the weekend.
Analysts expect the cuts to lift oil prices by about $10 per barrel, with Goldman Sachs raising its Brent crude forecast to $95 per barrel by the end of 2023.
Besides that, the rise in crude prices is a negative for oil-importing countries like India, where the commodity accounts for a significant share of the country's import bill.
Investors are likely to tread with caution ahead of the Reserve Bank of India's rate decision, due on April 6, said two analysts.
The RBI is likely to raise its main interest rate by 25 basis points on Thursday and then pause for the rest of the year, according to a Reuters poll of economists.
Most Adani Group stocks declined on Monday. India's market regulator is investigating a possible violation of "related party" transaction rules in the conglomerate's dealings with at least three offshore entities linked to the brother of group founder Gautam Adani, Reuters reported, citing two people.
Ten of the 13 major sectoral indexes advanced with auto stocks rising 1% on strong March sales. SML Isuzu jumped over 15% after passenger vehicle sales in March surged 167%.
Inflation concerns soured sentiment on a sharp rise in crude oil prices after Saudi Arabia and other oil-exporting countries announced a surprise production cut over the weekend.
Analysts expect the cuts to lift oil prices by about $10 per barrel, with Goldman Sachs raising its Brent crude forecast to $95 per barrel by the end of 2023.
Besides that, the rise in crude prices is a negative for oil-importing countries like India, where the commodity accounts for a significant share of the country's import bill.
Investors are likely to tread with caution ahead of the Reserve Bank of India's rate decision, due on April 6, said two analysts.
The RBI is likely to raise its main interest rate by 25 basis points on Thursday and then pause for the rest of the year, according to a Reuters poll of economists.
Most Adani Group stocks declined on Monday. India's market regulator is investigating a possible violation of "related party" transaction rules in the conglomerate's dealings with at least three offshore entities linked to the brother of group founder Gautam Adani, Reuters reported, citing two people.
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IPO Update | Avalon IPO subscribed only 1% within 1.5 hours of bidding process
Rail Vikas Nigam jumps 7% to Rs 73.3 after bagging multiple orders worth Rs 721 crore.
Price as on 03 Apr, 2023 11:10 AM, Click on company names for their live prices.
Market LIVE Updates | Most auto stocks in the green post March sales data
Price as on 03 Apr, 2023 10:58 AM, Click on company names for their live prices.
Mumbai-based Aeroflex Industries files DRHP for IPO, seeks to raise about Rs 350 crore
March factory activity hits 3-month high, but job cuts resume
India's manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders, although firms shed jobs for the first time in over a year, a private business survey showed on Monday.
Overall, the survey supports views that Asia's third-largest economy is better placed than many to weather the impact of a potential global downturn. The Indian economy was forecast to grow 6.9% this fiscal year and 6.0% next.
The Manufacturing Purchasing Managers' Index compiled by S&P Global increased to 56.4 in March from February's 55.3, remaining above the 50-mark threshold that separates growth from contraction for a 21st straight month. It was higher than a Reuters poll forecast of 55.0.
Overall, the survey supports views that Asia's third-largest economy is better placed than many to weather the impact of a potential global downturn. The Indian economy was forecast to grow 6.9% this fiscal year and 6.0% next.
The Manufacturing Purchasing Managers' Index compiled by S&P Global increased to 56.4 in March from February's 55.3, remaining above the 50-mark threshold that separates growth from contraction for a 21st straight month. It was higher than a Reuters poll forecast of 55.0.
Tejas Networks gets order worth Rs 696 crore.
Price as on 03 Apr, 2023 10:33 AM, Click on company names for their live prices.
Steel Strips Wheels achieves net turnover of Rs 368 crore in March 2023.
Price as on 03 Apr, 2023 10:32 AM, Click on company names for their live prices.
Avalon Technologies IPO opens for subscription. Should you bid?
The Rs 865 crore initial public offering (IPO) of electronics manufacturing company Avalon Technologies opens for subscription on Monday and will run till April 6. The company has fixed a price band for the issue at Rs 412-436 per share and investors can bid for 34 shares in one lot and in multiples thereof.
Its strengths include high-mix flexible volume product manufacturing segment, well-diversified business, long-term relations with marquee customers and global delivery footprint. Some of the key risks for the business are the global nature of its operations, disruptions in its manufacturing facilities and clients not meeting contractual obligations. The company's shares are expected to get listed on the exchanges on April 18.
Its strengths include high-mix flexible volume product manufacturing segment, well-diversified business, long-term relations with marquee customers and global delivery footprint. Some of the key risks for the business are the global nature of its operations, disruptions in its manufacturing facilities and clients not meeting contractual obligations. The company's shares are expected to get listed on the exchanges on April 18.
BHEL: 11.5 lakh shares change hands via block deal
Price as on 03 Apr, 2023 10:21 AM, Click on company names for their live prices.
Stocks To Watch | Total sales for Tata Motors stood at 46,823 units in March
Price as on 03 Apr, 2023 10:09 AM, Click on company names for their live prices.
Mahindra & Mahindra's auto sales for the month of March 2023 stood at 35,976 vehicles, its highest ever, with a growth of 31%.
Price as on 03 Apr, 2023 09:44 AM, Click on company names for their live prices.
In the absence of the indexation benefit, other investments like the AIF will be more attractive in the long term, especially for big ticket size investors, due to better capital appreciation and parity in the tax treatments. Whereas, in the short term, the outlook for real estate is muted due to the economic slowdown and high interest rates. Debt schemes look attractive due to healthy yields and possibilities for capital gains due to the peaking of the market yield in FY24.
- Yadhu Ramachandran, Research analyst at Geojit Financial Services
Spicejet completes Spicexpress hive off- SpiceJet completes Spicexpress hive off; cargo and logistics business transferred to Spicexpress, hive off effective April 1- Spicexpress reported net profit of Rs 514 million in first three quarters of FY 2023- Hive off results in a one-time gain of Rs 2556 crore for Spicejet- Hive off paves way for Spicexpress to raise funds independently
Price as on 03 Apr, 2023 09:31 AM, Click on company names for their live prices.
The sharp 279 point rally in the Nifty last Friday was a big relief rally for investors. The important question now is whether this rally can be sustained. There are more headwinds for markets at this stage. The strongest headwind is the sharp 5% spike in Brent crude caused by the unexpected output cut by OPEC +. This will make inflation management tough for the RBI and therefore a 25 bp rate hike by the MPC on April 6th is a given now. Auto sales data in March reflect improvement in domestic demand. Maruti’s numbers are very impressive. Survey among industry leaders indicates rising capex plans and hiring. This augurs well for capital goods. Markets are likely to consolidate around the present levels in the near-term and triggers for directional move are likely to be provided by the Q4 results starting from April 13th.
- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Rupee falls 25 paise to 82.46 against US dollar in early trade.
Stocks of oil & gas marketing firms fall
Price as on 03 Apr, 2023 09:23 AM, Click on company names for their live prices.
Top gainers & losers in morning trade
Price as on 03 Apr, 2023 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex rises 120 points, tops 59,000; Nifty above 17,350; BPCL falls 3%, Eicher Motors gains 2%
STOCK IN NEWS: Tejas Networks
Stocks In News | Tejas Networks wins Rs 696 cr order for BSNL router network #TejasNetworks #BNSL https://t.co/Z29AWkv03c
— ET NOW (@ETNOWlive) 1680492314000Pre-open session: Sensex rises over 100 points; Nifty above 17,425
Oil prices surge, markets narrow odds on Fed hike
Oil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 36 points, or 0.21 per cent, higher at 17,453.50, signaling that Dalal Street was headed for positive start on Monday.
Tech View: Nifty forms morning star pattern on weekly scale
While forming a strong bullish candle on the daily chart, Nifty formed a morning star pattern, which is a bullish reversal sign, on the weekly scale. Now it has to hold above 17,250 zone to extend the momentum towards 17,442 then 17,550 zone while on the downside supports shift higher at 17250 then 17171 marks
Tokyo shares open up after global rallies
Tokyo shares opened higher on Monday following global market rallies as data showed inflation slowing in the eurozone and the United States.The benchmark Nikkei 225 index rose 0.58 percent, or 161.87, to 28,203.35 at the open, while the broader Topix index climbed 0.57 percent, or 11.51 points, to 2,015.01.
US stocks jump on inflation data; Nasdaq posts best quarter since 2020
Wall Street rallied more than 1% on Friday and the Nasdaq notched its biggest quarterly percentage gain since June 2020, as signs of cooling inflation bolstered hopes the Federal Reserve might soon end its aggressive interest rate hikes.
Rupee rises by 13 paise against US dollar on forex inflows, stocks rally
The rupee appreciated 13 paise to 82.21 against the US dollar on Friday as foreign capital inflows and a rally in domestic stocks bolstered investor sentiment.
Oil prices soar almost 6% after OPEC+ output cut
Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day.The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42.
Sensex, Nifty on Friday
Led by buying across sectors, Sensex rallied over 1,000 points to end near Mt. 59K while Nifty zoomed past the 17,350 mark on the last day of the financial year 2022-23.
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