Stock Market LIVE updates: Sensex, Nifty shed gains, tread water; Financials drag, broader market up

Stock Market LIVE updates: Indian benchmark equity indices opened higher on Tuesday, tracking overnight gains in the US markets.

Photo: Bloomberg

Stock Market LIVE updates, Tuesday, September 10, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50 opened higher on Tuesday, following overnight gains in the US markets that closed sharply higher on Monday, even as investors awaited key data and actions from central banks.

At 10:00 AM, the BSE Sensex was down 48 points, or 0.06 per cent higher at 81,511, while the Nifty50 was at 24,915, down 20 points, or 0.08 per cent higher.

Meanwhile, US stocks closed sharply higher on Monday and the dollar strengthened. All three major US stock indices surged more than 1 per cent, with the S&P 500 and the Dow ending a four-session losing streak, bouncing back from their biggest weekly percentage losses since March 2022. The tech-heavy Nasdaq also staged a comeback.

The strong showing overnight in the US were driving Asia-Pacific markets higher on Tuesday. Japan’s Nikkei 225 was up 0.52 per cent, while the broad-based Topix was 0.65 per cent higher. Australia’s S&P/ASX 200 had gained 0.69 per cent, and South Korea’s Kospi index was up 0.17 per cent, while the small-cap Kosdaq also rose 0.18 per cent.

Meanwhile, Hong Kong's Hang Seng index futures were at 17,216, higher than the HSI’s last close of 17,196.96.

The greenback strengthened ahead of Wednesday's much anticipated Consumer Price Index report.

Last week mixed data, particularly the August employment report, caused investors to dial back expectations that the US Federal Reserve could issue an outsized 50 basis point rate cut when it convenes for its policy meeting next week.

In Asia, traders will monitor August trade data from China and India. China’s exports and imports for August are expected to grow by 6.5 per cent year-on-year and 2.0 per cent, respectively, according to a Reuters poll, in what would be the slowest pace in four months.

On Wednesday, the Labor Department's Consumer Price Index is expected to show underlying inflation remains on its meandering path back down toward the central bank's 2 per cent target.

At last glance, financial markets have baked in a 71 per cent likelihood that the Fed will lower its key policy rate by 25 basis points at the end of next week's meeting, with a 29 per cent probability of a 50 basis point reduction, according to CME's FedWatch tool.

The Dow Jones Industrial Average rose 484.28 points, or 1.2 per cent, to 40,829.69, the S&P 500 gained 62.65 points, or 1.16 per cent, at 5,471.07 and the Nasdaq Composite added 193.77 points, or 1.16 per cent, at 16,884.60.

European stocks staged a comeback with the benchmark STOXX 600 recovering from last week's steep declines as investors awaited an expected interest rate cut from the European Central Bank later in the week.

The pan-European STOXX 600 index rose 0.82 per cent and MSCI's gauge of stocks across the globe gained 0.58 per cent.

Emerging market stocks lost 1.07 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.13 per cent
lower, while Japan's Nikkei lost 0.48 per cent.

US Treasury yields waffled in choppy trading amid uncertainty over the size of the Fed's expected rate cut this month. Benchmark 10-year notes last rose 1/32 in price to yield 3.7061 per cent, from 3.71 per cent late on Friday.

Crude rose as concerns over supply worries arising from forecasts of a hurricane hitting Louisiana this week helped oil prices rebound from last week's heavy losses.

US crude rose 1.54 per cent to settle at $68.71 per barrel, while Brent settled at $71.84 per barrel, up 1.10 per cent on the day.

Gold prices pared gains but held their ground as investors awaited key inflation data. Spot gold added 0.4 per cent to $2,505.75 an ounce.

10:28 AM

Stock Market LIVE updates: Adani seeks Md Yunus' assistance in getting $800 mn in payments cleared

Stock Market LIVE updates: Adani Group chairman Gautam Adani has approached Muhammad Yunus, the chief advisor to the Bangladesh government, requesting his assistance in expediting the clearance of $800 million in outstanding payments owed by the Bangladesh Power Development Board to Adani Power for electricity supplies, according to a report by The Economic Times. READ MORE

10:15 AM

Stock Market LIVE updates: IRB Infrastructure August toll collection zooms 20% YoY; share price gains

Stock Market LIVE updates: Shares of IRB Infrastructure Developers Ltd (IRB) rose as much as 2.79 per cent to hit an intraday high of Rs 63.60 per share on Tuesday, September 10, 2024.

The uptick in IRB Infrastructure Developers came on the back of strong toll revenue collection for August 2024. READ MORE

10:02 AM

Stock Market LIVE updates: 10 AM market update

Stock Market LIVE updates: Indian benchmark indices BSE Sensex and Nifty50 were trading in the red, after opening higher on Tuesday on the back of a strong overnight showing on Wall Street.

At 10:00 AM, the BSE Sensex was at 81,511, down 48 points or 0.06 per cent lower at 81,511, while the Nifty 50 was at 24,915, down 20 points, or 0.08 per cent.

9:58 AM

Stock Market LIVE updates: HG Infra Engg shares zoom 5% on bagging LoA from Ministry of Road Transport

Stock Market LIVE updates: HG Infra Engineering share price rose as much as 5.50 per cent at Rs 1,542 per share on the BSE in Tuesday’s intraday trade. This came after the company bagged a letter of award from the Ministry of Road Transport & Highways (MoRTH) for a road project.

The HG Infra Engineering share price has appreciated by 68.09 per cent in the last six months, while rallying 80.21 per cent year to date, BSE data shows. READ MORE

9:41 AM

Stock Market LIVE updates: Neogen Chemicals CFO Ketan Vyas resigns to pursue other opportunities

Stock Market LIVE updates: Neogen Chemicals today informed that its chief financial officer (CFO) Ketan Vyas has resigned from his position as CFO and Key Management Personnel of the company to pursue other opportunities outside the company.

The company, in an exchange filing, said, "We wish to inform you that Mr. Ketan Vyas who has been associated with the Company from October 10, 2020 as the Chief Financial Officer, has on September 9, 2024, submitted his resignation as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from the close of business working hours on Wednesday, September 11, 2024".

The company added that Vyas has decided to move on to pursue opportunities outside the company and it has accepted his resignation.

9:33 AM

Stock Market LIVE updates: Dixon Tech climbs as co partners with HP to make its laptops in India

Stock Market LIVE updates: HP India is set to partner with Dixon Technologies' subsidiary, Padget Electronics, to manufacture notebooks, desktops, and all-in-one PCs in Chennai under the PLI 2.0 scheme.

The new facility is expected to create 1,500 jobs and produce up to 2 million units annually.

9:31 AM

Stock Market LIVE updates: Pritika Auto gains 3% as management targets 7-10% growth in PAT margin

Stock Market LIVE updates: The company aims to achieve sales of Rs 950 crore over the next three years, supported by a strong order book of Rs 650 crore. The company is targeting a profit after tax (PAT) margin of 7-10 per cent.

Pritika is also expanding into the railways and defense sectors, with planned capital expenditure and increased authorized share capital to support its growth strategy.

9:28 AM

Stock Market LIVE updates: Awfis Space gains 3% on plans to sell its facility management business

Stock Market LIVE updates: The company plans to sell its facility management division, Awfis Care, to SMS Integrated Facility Services for Rs 27.5 crore.

This move is expected to improve the company’s working capital cycle and financial flexibility, allowing Awfis to focus more on its core flexible workspace business and expansion efforts. The transaction will be completed within 120 days.

9:26 AM

Stock Market LIVE updates: Suzlon Energy climbs 3% on bagging 1,166 MW project in Gujarat

Stock Market LIVE updates: The company has secured a 1,166 MW project in Gujarat with NTPC Green Energy Limited. This deal involves installing 370 wind turbines and is a key part of NTPC's goal to add 60 GW of renewable energy capacity by 2032.

Suzlon’s order book now stands at nearly 5 GW.

9:22 AM