LIVE BLOG
Economic Times | 10 Apr, 2023 | 11:30AM IST
Stock Market LIVE Updates: Sensex erases gains, turns flat; Nifty holds 17600; realty index surges over 3%; Tata Motors rallies 7%
Stock Market Live Updates: Indian shares advanced on Monday, aided by auto and realty stocks following strong quarterly business updates, but rising odds of a U.S. Federal Reserve rate hike in May capped gains.
The Nifty and the Sensex have risen nearly 4% over the past five sessions. Investors now await the corporate earnings for the quarter-ended March, scheduled to begin this week.
Ten of the 13 major sectoral indexes advanced, with auto stocks rising over 1%.
Tata Motors surged 8% and was the top gainer in the Nifty, after several brokerages reiterated a "buy" rating and maintained positive view of the company after its business update for the March quarter. Tata Motors said JLR sales rose in Q4 as chip supply recovered.
Realty stocks jumped over 2%. Sobha climbed nearly 4% after its Q4 business update showed that quarterly sales rose to record high 14.63 billion rupees ($178.8 million).
"The market has been on an upward bias," said Prashanth Tapse, senior vice president (research) at Mehta Equities, adding that healthy foreign institutional investors' buying over the last few sessions and economic data have fuelled optimism.
FIIs have remained net buyers in each of the last six sessions, adding 47.39 billion rupees worth of equities over the period.
Wall Street equities rose on Thursday in a truncated week, ahead of U.S. jobs data, which was released on Friday.
The data indicated that the labour market remained tight in March, but was largely in line with expectations and increased the probability of a Fed rate hike in May.
The market is pricing in 68.3% chance of a 25 basis point rate hike in May, up from 49.2% on Thursday, according to CME's FedWatch Tool.
The Nifty and the Sensex have risen nearly 4% over the past five sessions. Investors now await the corporate earnings for the quarter-ended March, scheduled to begin this week.
Ten of the 13 major sectoral indexes advanced, with auto stocks rising over 1%.
Tata Motors surged 8% and was the top gainer in the Nifty, after several brokerages reiterated a "buy" rating and maintained positive view of the company after its business update for the March quarter. Tata Motors said JLR sales rose in Q4 as chip supply recovered.
Realty stocks jumped over 2%. Sobha climbed nearly 4% after its Q4 business update showed that quarterly sales rose to record high 14.63 billion rupees ($178.8 million).
"The market has been on an upward bias," said Prashanth Tapse, senior vice president (research) at Mehta Equities, adding that healthy foreign institutional investors' buying over the last few sessions and economic data have fuelled optimism.
FIIs have remained net buyers in each of the last six sessions, adding 47.39 billion rupees worth of equities over the period.
Wall Street equities rose on Thursday in a truncated week, ahead of U.S. jobs data, which was released on Friday.
The data indicated that the labour market remained tight in March, but was largely in line with expectations and increased the probability of a Fed rate hike in May.
The market is pricing in 68.3% chance of a 25 basis point rate hike in May, up from 49.2% on Thursday, according to CME's FedWatch Tool.
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GAIL passed the benefit of lower domestic gas pricing to its customers by reducing CNG and domestic PNG prices. Substantial reduction in prices with effect from 9 April 2023. New guidelines on pricing will accelerate expansion of CNG & PNG.
Price as on 10 Apr, 2023 11:30 AM, Click on company names for their live prices.
Q4 Update | Ajmera Realty & Infra posts FY23 sales value at Rs 834 crore, up 93% YoY; FY23 volume sold at 3,70,219 sq ft, up 50% YoY; Q4 FY23 collections up 11% YoY
Price as on 10 Apr, 2023 11:12 AM, Click on company names for their live prices.
Top 5 gainers from software IT companies
Price as on 10 Apr, 2023 11:10 AM, Click on company names for their live prices.
Sensex Today | Index erases most gains, turns flat
Bond yields little changed on continued profit booking
Indian government bond yields were largely unchanged early on Monday as traders continued to book profit.
The 10-year benchmark 7.26% 2032 bond yield was at 7.2076% as of 10:00 a.m. IST, after closing at 7.2120% on Thursday. Indian markets were shut on Friday.
There was heavy profit booking from state-run banks on policy day, and, hence, yields are unable to fall further, a trader with a primary dealership said. "The uptick in U.S. yields is also acting as a resistance point."
The 10-year U.S. yield was at 3.37% on Monday.
The 10-year benchmark 7.26% 2032 bond yield was at 7.2076% as of 10:00 a.m. IST, after closing at 7.2120% on Thursday. Indian markets were shut on Friday.
There was heavy profit booking from state-run banks on policy day, and, hence, yields are unable to fall further, a trader with a primary dealership said. "The uptick in U.S. yields is also acting as a resistance point."
The 10-year U.S. yield was at 3.37% on Monday.
Rupee rises 24 paise to 81.78 against US dollar
The rupee gained 24 paise to 81.78 against the US dollar in early trade on Monday tracking a positive trend in domestic equities and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar, then climbed to 81.78, registering a rise of 24 paise over its previous close.On Thursday, the rupee closed at 82.02 against the US currency.On April 7, equity and forex markets were closed on account of Good Friday.
Realty Check! Stocks from the sector rally up to 8%
Price as on 10 Apr, 2023 09:56 AM, Click on company names for their live prices.
Ramkrishna Forgings renews long term contract with overseas tier 1 customer based in North America
Price as on 10 Apr, 2023 09:42 AM, Click on company names for their live prices.
Anant Raj says unit formed an alliance with Telecommunications Consultants India. It plans to develop data centres of 300 MW of I.T. load at Manesar, Rai and Panchkula.
Price as on 10 Apr, 2023 09:41 AM, Click on company names for their live prices.
Market View | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The hawkish pause delivered by the MPC against the market expectation of a dovish hike indicates that the central bank is prioritising growth now. If the economy achieves GDP growth of 6.5% and CPI inflation of 5.2% in FY 24 in tune with the MPC’s expectations, that would be a huge positive from the market perspective. We will have to wait for the eventual outcome, given the uncertainty in the global economic environment.
It appears that the market is bracing for a rally. The major positive is that FIIs have turned buyers having bought equity for Rs 4740 crores during the last 6 trading sessions. Nifty has rallied 650 points from the March lows and with Bank Nifty batting for the bulls, the rally can sustain, particularly since the Q4 results starting April 12 are expected to deliver good numbers for the leading banks.
IT companies are expected to deliver soft Q4 numbers. So the guidance by the leading players will be keenly watched by the market. Overall Indian valuations have turned reasonable now. The market construct favours systematic calibrated buying.
It appears that the market is bracing for a rally. The major positive is that FIIs have turned buyers having bought equity for Rs 4740 crores during the last 6 trading sessions. Nifty has rallied 650 points from the March lows and with Bank Nifty batting for the bulls, the rally can sustain, particularly since the Q4 results starting April 12 are expected to deliver good numbers for the leading banks.
IT companies are expected to deliver soft Q4 numbers. So the guidance by the leading players will be keenly watched by the market. Overall Indian valuations have turned reasonable now. The market construct favours systematic calibrated buying.
Q4 Update Impact | Titan saw healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year-on-year (YoY for the March quarter. The growth was aided by strong showings from watches and wearables and emerging business segments.
Price as on 10 Apr, 2023 09:24 AM, Click on company names for their live prices.
Top movers in morning trade
Price as on 10 Apr, 2023 09:22 AM, Click on company names for their live prices.
Q4 Update Impact | Tata Motors on Friday reported an 8 per cent year-on-year increase in group global wholesales, including that of Jaguar Land Rover (JLR), at 3,61,361 units in the fourth quarter of FY23. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in the January-March period this year stood at 1,18,321 units, up 3 per cent over the same period of FY22, Tata Motors said in a statement. Global sales of JLR stood at 1,07,386 vehicles in the March quarter, which comprised 15,499 units of Jaguar and 91,887 units of Land Rover, it said.
Price as on 10 Apr, 2023 09:22 AM, Click on company names for their live prices.
Opening Bell: Sensex rises 150 points, Nifty above 17600; Tata Motors, Godrej Prop rally 5% each
Pre-open session: Sensex rises 30 points; Nifty above 17,630
Asian shares subdued as jobs data raises odds of Fed rate hike
Asian shares inched higher, while the dollar started the week on the front foot after the U.S. jobs data underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month.MSCI's broadest index of Asia-Pacific shares outside Japan was 0.14% higher, while Japan's Nikkei gained 0.5%. Australian, Hong Kong and European markets are closed for Easter. E-mini futures for the S&P 500 were flat.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 22 points, or 0.12 per cent, lower at 17,694.50, signaling that Dalal Street was headed for negative start on Monday.
Tech View: Nifty may consolidate before decisive breakout
Nifty today formed a reasonable positive candle on the daily chart with a minor upper shadow. Chart readers said this pattern indicates a breather type movement in the market at the hurdle after a sharp upside movement from the lows recently.
Tokyo stocks open higher after US jobs data
Tokyo stocks opened higher on Monday as concerns over slowing economic growth eased after closely watched US jobs data met market expectations.The benchmark Nikkei 225 index was up 0.53 percent, or 145.52 points, at 27,663.83 in early trade, while the broader Topix index added 0.61 percent, or 12.06 points, to 1,977.50.
S&P 500, Dow end higher as investors eye upcoming jobs data
Major U.S. stock indexes ended higher on Thursday, helped by a rally in Alphabet shares as investors, worried about a slowing economy, looked to upcoming jobs data.
Rupee declines 12 paise to close at 82.02 against US dollar
The rupee declined by 12 paise to close at 82.02 against the US dollar on Thursday as the RBI decided to keep the key benchmark policy rate at 6.5 per cent.
Oil edges higher on prospect of tighter supplies
Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains.
Sensex, Nifty on Thursday
While the Sensex ended at 59,833, up by 144 points, the broader market Nifty50 settled at 17,599, higher by 42 points or 0.24%.
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