Stock Market LIVE Updates: Sensex, Nifty green, but muted; KEC Int'l up 6%, P&G Hygiene down

Stock Market LIVE Updates: While the Indian market was likely to be weighed down by global cues, investors here would also have their eyes peeled for the Mukesh Ambani-led RIL's AGM.

Photo: Bloomberg

Stock Market LIVE Updates, Thursday, August 29, 2024: The Indian benchmark indices BSE Sensex and Nifty 50 opened in the red on Thursday, tracking weakness in the overnight US market following Nvidia's results.

At opening bell, the BSE Sensex was down 0.08 per cent at 81,717, while the Nifty 50 was at 25,023, down 0.11 per cent.

Meanwhile, investors in the domestic market would also have their eyes peeled for the Mukesh Ambani-led Reliance Industries Annual General Meeting, scheduled for today afternoon.

Global equity markets eased while the US dollar rebounded on Wednesday. However, chipmaker Nvidia's better-than-expected results failed to impress some investors and the company's stock fell 7 per cent in extended trading.

Wall Street's main indexes finished lower. The Dow Jones Industrial Average fell 0.39 per cent to 41,091.42, the S&P 500 lost 0.60 per cent to 5,592.18 and the Nasdaq Composite lost 1.12 per cent to 17,556.03.

Europe's benchmark STOXX index climbed 0.33 per cent while Japanese stocks closed 0.22 per cent higher. MSCI's gauge of all stocks across the globe was 0.42 per cent lower at 827.32.

Nvidia's third-quarter revenue forecast of $32.5 billion surpassed Wall Street estimates after markets closed. The report still failed to impress the most bullish investors who have driven a dizzying rally in its shares as they bet billions on the future of generative artificial intelligence. Shares of the Santa Clara, California-based company fell 3 per cent in extended trading.

Asia-Pacific markets fell on Thursday, tracking losses on Wall Street as investors assess results from tech giant Nvidia.

Investors in Asia will watch for any spillover to tech stocks in the region, which is home to companies along Nvidia’s value chain like Taiwan Semiconductor Manufacturing Company and SK Hynix.

South Korean chip heavyweight SK Hynix plunged 6 per cent on its open, while Samsung Electronics fell more than 3 per cent, dragging the Kospi down 1.3 per cent. The small-cap Kosdaq was down 0.55 per cent.

Japan’s Nikkei 225 dropped 0.56 per cent, while the broad based Topix was down 0.14 per cent. Australia’s S&P/ASX 200 was down 0.47 per cent.

Hong Kong Hang Seng index futures were at 17,648, lower than the HSI’s last close of 17,692.45.

A preliminary estimate of second quarter US gross domestic product is due on Thursday. The Fed's preferred inflation measure - the core personal consumption expenditures (PCE) index - will be released on Friday.

Markets, which are fully priced for a 25 basis point US interest rate cut next month, see just over 100 basis points of easing by the end of the year.

Gold prices were hurt by the stronger US dollar with spot gold lost 0.68 per cent to $2,507.50 an ounce, and US gold futures settled 0.6 per cent lower at $2,537.80.

Oil prices fell on concerns about Chinese demand and risks of a broader slowdown. Brent crude futures settled down 1.13 per cent at $78.65 a barrel. US West Texas Intermediate crude futures fell 1.34 per cent to $74.52.

10:28 AM

Stock Market LIVE Updates : JSW Energy arm bags additional 400 MW hybrid power project; stock gains 2%

Stock Market LIVE Updates : Shares of JSW Energy gained as much as 1.94 per cent to hit an intraday high of Rs 750.80 apiece on Thursday, August 29, 2024.

However, at 10:02 AM, shares of JSW Energy were off highs and were trading 0.65 per cent lower at Rs 731.70 per share. In comparison, BSE Sensex was trading 0.24 per cent higher at 81,978.28 levels. READ MORE

10:18 AM

Stock Market LIVE Updates : F&O Insights: Aug expiry, RIL AGM to guide Nifty; India Cements exit today

Stock Market LIVE Updates : The Nifty scaled a new high at 25,130 and ended higher for the 10th straight trading session on Wednesday backed by strong domestic flows. On Thursday, the monthly futures & options expiry, global market trends and announcements from index heavyweight - Reliance Industries shall guide the Nifty trend. READ MORE

10:06 AM

Stock Market LIVE Updates : Sensex, Nifty climb; shake off global cues

Stock Market LIVE Updates : Indian benchmark indices BSE Sensex and Nifty 50 were gaining on Thursday.

The BSE Sensex was up 0.27 per cent at 82,010.06, while the Nifty 50 was at 25,105.10, up 0.21 per cent.

9:59 AM

Stock Market LIVE Updates : Genus Power Infrastructures bags orders worth Rs 4,469.04 crore, excluding taxes

Stock Market LIVE Updates : Genus Power Infrastructures’s wholly owned subsidiary has received three Letter of Awards (LOA) worth a total of Rs 4,469.04 crore (net of taxes) for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs).

Apart from that, the deal includes design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of about 5.59 million Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

9:46 AM

Stock Market LIVE Updates : P&G Hygiene down 3% after posting 46% decline in net profit for June quarter

Stock Market LIVE Updates : The company recorded a net profit of ₹81.06 crore for the quarter ended June 2024, a decline of 46.4 per cent compared to the year-ago period.

However, revenue grew by 9.3 per cent year-on-year to ₹931.8 crore during the quarter. The board recommended a final dividend of ₹95 per share.

9:43 AM

Stock Market LIVE Updates : IndiGo block deal: Nearly 23 mn shares change hands; Gangwal likely seller

Stock Market LIVE Updates : IndiGo share price today fell 2.9 per cent intraday to Rs 4,714.9 per share on the BSE on Thursday. The slide in indiGo share price came after nearly 22.65 million shares changed hands on the counter on the BSE amid block deals.

At 9:15 AM, a block of 22,652,485 shares changed hands on the BSE at a price of Rs 4,762.55 per share. READ MORE

9:38 AM

Stock Market LIVE Updates: NLC India up 3.3% after co. signs power sage deal with Telangana state discom

Stock Market LIVE Updates: State-owned NLC India has signed a 25-year power usage agreement with Telangana state discoms for 200 MW of solar energy under the central public sector undertaking scheme.

9:35 AM

Stock Market LIVE Updates: Sonata Software up 4% after company bags multi-billion dollar deal

Stock Market LIVE Updates: The company has secured a multi-million dollar IT outsourcing contract from a US-based premier healthcare and wellness company.

The collaboration focuses on optimizing IT budgets and modernizing technology landscape.

9:33 AM

Stock Market LIVE Updates: Paytm up 2.5% after Paytm Payments gets govt. approval for investment from One 97

Stock Market LIVE Updates : Paytm Payments Services (PPSL) has received the finance ministry’s approval for ‘downstream investment’ from One 97 Communications.

PPSL, a wholly owned subsidiary of One 97 Communications, will now resubmit its payment aggregator (PA) application.

9:31 AM

Stock Market LIVE Updates : KEC International up more than 6% after company bags orders worth Rs 1,171 crore

Stock Market LIVE Updates : Infrastructure company KEC International bagged new orders worth Rs 1,171 crore in its Transmission and Distribution business, including constructing transmission lines in the UAE and Saudi Arabia.

9:25 AM