LIVE BLOG
Economic Times | 11 Apr, 2023 | 11:50AM IST
Stock Market LIVE Updates: Sensex rises 300 points, Nifty above 17,700; barring IT, all sectors in the green; PSU bank index surges 2%
Sensex Today Live: Indian shares advanced on Tuesday, aided by financials stocks on strong quarterly updates, ahead of corporate earnings for the March quarter.
All the 13 major sectoral indexes advanced, with financials leading the gains.
The bank index rose over 1%, and the public sector bank index added 2%, aided by a 4% uptick in shares of state-owned lender Bank of Baroda Ltd. Financials gained nearly 1%.
Several global brokerages reiterated "buy" on Bank of Baroda, after the lender saw a 19% YoY rise in total advances for the March quarter.
Shares of Shilpa Medicare surged over 10% after the pharma firm received U.S. FDA approval for drug to treat adult patients with active psoriatic arthritis.
The Nifty has risen nearly 4% over the past six sessions. Corporate earnings, scheduled from Tuesday, will be the near-term trigger for markets, according to analysts.
Casino gaming firm Delta Corp Ltd will report its Q4 earnings on Tuesday, followed by top information technology firm Tata Consultancy Services Ltd on Wednesday.
J.P. Morgan recently said that TCS and Infosys Ltd have highest exposure to regional banks in the United States that are gripped under financial turmoil.
The two companies, and smaller rival LTIMindtree Ltd , might need to set aside provisions in the fourth quarter, according to J.P. Morgan.
"The undertone of the market remains positive on expectation of healthy Q4 earnings, ahead of key macro data" said Siddhatha Khemka, head - retail research at Motilal Oswal Financial Services.
India's consumer inflation likely eased in March to 5.80%, dipping below the RBI's upper tolerance limit for the first time in 2023, according to a Reuters poll of economists. The data is due on Wednesday.
All the 13 major sectoral indexes advanced, with financials leading the gains.
The bank index rose over 1%, and the public sector bank index added 2%, aided by a 4% uptick in shares of state-owned lender Bank of Baroda Ltd. Financials gained nearly 1%.
Several global brokerages reiterated "buy" on Bank of Baroda, after the lender saw a 19% YoY rise in total advances for the March quarter.
Shares of Shilpa Medicare surged over 10% after the pharma firm received U.S. FDA approval for drug to treat adult patients with active psoriatic arthritis.
The Nifty has risen nearly 4% over the past six sessions. Corporate earnings, scheduled from Tuesday, will be the near-term trigger for markets, according to analysts.
Casino gaming firm Delta Corp Ltd will report its Q4 earnings on Tuesday, followed by top information technology firm Tata Consultancy Services Ltd on Wednesday.
J.P. Morgan recently said that TCS and Infosys Ltd have highest exposure to regional banks in the United States that are gripped under financial turmoil.
The two companies, and smaller rival LTIMindtree Ltd , might need to set aside provisions in the fourth quarter, according to J.P. Morgan.
"The undertone of the market remains positive on expectation of healthy Q4 earnings, ahead of key macro data" said Siddhatha Khemka, head - retail research at Motilal Oswal Financial Services.
India's consumer inflation likely eased in March to 5.80%, dipping below the RBI's upper tolerance limit for the first time in 2023, according to a Reuters poll of economists. The data is due on Wednesday.
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Life Insurance Corporation of India says P R Mishra ceases to be chief investment officer. Ratnakar Patnaik appointed in his place. LIC also appoints P. C. Paikray as chief risk officer.
Price as on 11 Apr, 2023 11:37 AM, Click on company names for their live prices.
JUST IN | KPI Green Energy accomplished charging of 26.10 mw wind-solar hybrid for Bhungar site. Additionally charged 1.01 mw solar capacity in the company's IPP segment, 34.86 mw capacity in the company's CPP segment.
Price as on 11 Apr, 2023 11:19 AM, Click on company names for their live prices.
Adani rout has retail investors snapping up group’s stocks
Retail investors in India were buyers in most Adani Group companies as the unprecedented selloff sparked by short-seller Hindenburg Research’s allegations corrected their sky-high valuations.
Individual investors raised their holdings in eight of the 10 companies related to the ports-to-power group in the three months through March, including its flagship firm Adani Enterprises Ltd. and a key unit that handles a big chunk of India’s ports, according to regulatory filings.
Individual investors raised their holdings in eight of the 10 companies related to the ports-to-power group in the three months through March, including its flagship firm Adani Enterprises Ltd. and a key unit that handles a big chunk of India’s ports, according to regulatory filings.
India G20 presidency aims to develop common framework to deal with crypto risks: FM
Finance Minister Nirmala Sitharaman has said India's G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year's episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value.
JUST IN | HFCL offered integrated wireless broadband alliance support across entire IO portfolio of Wi-Fi products
Price as on 11 Apr, 2023 10:46 AM, Click on company names for their live prices.
Secstor Watch |Almost all sectors trade in green; PSB & realty lead the gainers
Market Update | Sensex surges 400 pts!
JUST IN | 1.6% equity block deal in Delhivery; stock up 2%
Price as on 11 Apr, 2023 10:17 AM, Click on company names for their live prices.
The Indian government plans to invite financial bids for the privatisation of Shipping Corp of India Ltd (SCI) next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters. The stock traded flat with a positive bias.
Price as on 11 Apr, 2023 10:15 AM, Click on company names for their live prices.
Bank stocks in vogue! Check out the top gainers from the banking pack
Price as on 11 Apr, 2023 10:09 AM, Click on company names for their live prices.
Market LIVE Updates | NIFTY50 SAILS PAST 17,700
ET Exclsuive | Lenders to Anil Ambani-promoted Reliance Capital have cancelled Tuesday's scheduled auction for the sale of the distressed company undergoing insolvency proceedings, two people aware of the development told ET. However, the lenders have not entirely dropped the plans to hold the auction, which will likely be rescheduled shortly, the people said.
Price as on 11 Apr, 2023 09:55 AM, Click on company names for their live prices.
The recent down moves and up moves in the US bond yields reflect the market uncertainty regarding the direction of US inflation and the Fed’s potential future responses. Even now there is no clarity on whether the US will tip into recession or not. The latest jobs data indicate increasing labour force participation and unemployment at very low 3.5%, despite the massive tightening by the Fed. The volatility in the bond market is getting reflected in the equity market, too. It remains to be seen whether tomorrow’s US inflation data can indicate a clear emerging trend. The resilience in Nifty is largely due to the sustained buying by the FIIs and the consequent short covering. The ongoing mild rally is likely to be sustained by individual stock performances triggered by Q4 results rather than by sectoral moves.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Bajaj Finserv shares rose 1% after Bajaj Finserv Mutual Fund, which received Sebi's clearance to begin the mutual fund operations last month, filed draft documents with the markets regulator for launching seven schemes in equity, debt and hybrid spaces.
Price as on 11 Apr, 2023 09:46 AM, Click on company names for their live prices.
Brokerage Radar | Morgan Stanley remains overweight on IndiGo
Brokerage Radar | @MorganStanley on @IndiGo6E: Maintain Overweight; Expect 11% QoQ yield decline and adj. net profi… https://t.co/RzLm4dp3S5
— ET NOW (@ETNOWlive) 1681182169000PNB, YES Bank among most active stocks on NSE in morning trade
Price as on 11 Apr, 2023 09:43 AM, Click on company names for their live prices.
Bitcoin pushes past $30,000 as investors eye end of rate rises
Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign. Bitcoin peaked at $30,438 in Asian trade and was last 2% higher at $30,262. It has gained about 6% since the start of the month, after rising 23% in March. The token's surge follows Friday's closely-watched U.S. nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.
Rupee rises 3 paise to 81.96 against US dollar in early trade.
State Bank of India rose over 1% after the company on Monday said its board will meet on April 18 to decide on long term fund raising in single or multiple tranches of up to $2 billion through a public offer and/or private placement of senior unsecured notes.
Price as on 11 Apr, 2023 09:26 AM, Click on company names for their live prices.
Q4 Update Impact | Public sector lender Bank of Baroda recorded healthy advances growth for the March quarter, showing a growth of nearly 19% over the previous year period.
Price as on 11 Apr, 2023 09:26 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 200 points, Nifty above 17,650; Kotak Mahindra Bank rises 5%, BoB 3%
Pre-open session: Sensex rises over 150 points; Nifty above 17,710
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 26.5 points, or 0.15 per cent, higher at 17,711.50, signaling that Dalal Street was headed for positive start on Tuesday.
Tech View: Nifty charts show bulls getting tired
As the headline equity index ended on a positive note for the sixth consecutive session, Nifty charts indicated that bulls are getting tired at the crucial hurdle of 17,600-17,700 levels. Nifty formed a small negative candle with a long upper shadow on the daily chart.
Tokyo shares open higher on Dow's rise, yen's fall
Tokyo shares opened higher Tuesday following overnight gains of New York shares, while the yen's fall was seen as helping exporters.The benchmark Nikkei 225 index rose 0.93 percent, or 258.04 points, to 27,891.70 in early trade, while the broader Topix index added 0.79 percent, or 15.53 points, to 1,992.06.
Wall Street ends mixed with inflation data, earnings on tap
U.S. stock indexes clawed back from steep losses to a mixed close on Monday as investors digested Friday's employment report and prepared for an eventful week of inflation data and bank earnings.
Rupee edges up 3 paise to 81.99 against US dollar amid rate hike fears
The rupee pared its early gains to close 3 paise higher at 81.99 against the US dollar on Monday as a resurgent greenback amid expectations of Fed rate hike and firm crude oil prices weighed on the local unit.
Oil inches up, weighing OPEC+ supply cuts against rate hike fears
Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand.
Sensex, Nifty on Monday
The 30-share BSE benchmark Sensex rose 13 points or 0.02% to settle at 59,846. The broader NSE Nifty surged 25 points or 0.14% to end at 17,624.
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