Stock Market LIVE updates: Sensex, Nifty set for higher open, signals GIFT Nifty; Tata Steel eyed
Stock Market LIVE updates: Markets in India were poised to open higher, tracking overnight gains on Wall Street and other Asia-Pacific markets.
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Stock Market LIVE updates, Thursday, September 12, 2024: Indian benchmark equity indices BSE Sensex and Nifty 50 were likely to start higher on Thursday, tracking overnight gains in the US markets that were also driving other Asian markets higher.
At 7:25 AM, GIFT Nifty futures, at 25,088, were trading 150 points ahead of Nifty future's last close, bearing out the benchmark indices' higher open.
Meanwhile, the US markets reversed an earlier sell-off to close higher on Wednesday, and Brent crude prices rebounded from their three and a half year lows as a key inflation report cemented expectations that the US Federal Reserve will issue a 25-basis point rate cut next week.
Investors also parsed Tuesday night's US Presidential debate to gauge potential policy shifts after the November election.
All three major US stock indices pulled a U-turn, transforming a sell-off into a rally by mid-afternoon. Tech stocks, particularly chips, were clear outperformers, putting the Nasdaq ahead of the pack.
The Labor Department's Consumer Price Index (CPI) showed the annual inflation rate CPI shed 0.4 percentage points to a cooler-than-expected 2.5 per cent. The core measure - which excludes food and energy - posted a hotter-than-expected monthly gain of 0.3 per cent, and an annual increase of 3.2 per cent.
At last glance, financial markets have baked in an 85 per cent probability that the Fed will cut its key policy rate by 25 basis points at next week's policy meeting, with a dwindling 15 per cent chance of a double-sized 50 bp cut, according to CME's FedWatch Tool.
Market participants also paid close attention to late Tuesday's US presidential debate, listening closely for potential policy clues from Vice President Kamala Harris and former President Donald Trump.
That apart, investors in India would have their eyes peeled for index of industrial production (IIP) for July and August's consumer price index (CPI) set to be released late on Thursday. Economists polled by Reuters expect CPI to rise 3.5 per cent year-on-year, compared to 3.54 per cent in July.
The Dow Jones Industrial Average rose 124.75 points, or 0.31 per cent, to 40,861.71, the S&P 500 gained 58.6 points, or 1.07 per cent, to 5,554.12 and the Nasdaq Composite added 369.65 points, or 2.17 per cent, to 17,395.53.
European stocks ended the session essentially flat as investors shifted their focus to the European Central Bank and its rate decision expected on Thursday.
The pan-European STOXX 600 index rose 0.01 per cent and MSCI's gauge of stocks across the globe gained 0.62 per cent.
Following that, markets in the Asia-Pacific region opened higher on Thursday. Japan’s Nikkei 225 jumped 3 per cent in early trades and Topix gained 2.48 per cent.
South Korea's Kospi opened 1.2 per cent higher and the small cap Kosdaq advanced 2.5 per cent. Australia’s S&P/ASX 200 jumped 0.6 per cent, meanwhile, Hong Kong’s Hang Seng index futures were at 17,194, higher than the HSI’s last close of 17,108.71. Futures for mainland China’s CSI 300 stood at 3,181.6, lower than its Wednesday close at 3,186.13.
Oil prices steadied after Tuesday's sell-off as a drop in US crude inventories and potential supply disruptions from Hurricane Francine balanced against concerns over softening global demand.
US crude jumped 2.37 per cent to settle at $67.31 per barrel, while and Brent settled at $70.61 per barrel, up 2.05 per cent on the day.
Gold prices dipped as hopes dimmed for a larger interest rate cut from the Fed at next week's policy meeting. Spot gold dropped 0.2 per cent to $2,512.30 an ounce.
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Views by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services ![]()
Stock Market LIVE updates: 'FIIs turning buyers in last three days signals that markets will be resilient'
Stock Market LIVE updates: Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier. This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50bp rate cut, finally settling for a 25bp rate cut. CPI inflation in India also is expected to be low at around 3.5 per cent in August. This can facilitate a rate cut by the MPC in 2024 itself. In brief, the benign inflation conditions and prospects for rate cuts are positives for stock markets.
FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient. The record Rs 3.23 lakh crore application money from 89 lakh investors for Bajaj Housing Finance IPO is a reflection of the humongous liquidity chasing stocks in the Indian market now. The bullish undercurrent of the market will continue.
Views by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
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Stock Market LIVE updates: EVs get Rs 14k crore double shot: Boost for ambulances, buses, trucks
Stock Market LIVE updates: The Union Cabinet approved two major schemes with a total outlay of Rs 14,335 crore to promote the use of electric vehicles (EVs), including buses, ambulances, and trucks.
The two schemes are PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) with an outlay of Rs 10,900 crore over two years, and PM-eBus Sewa-Payment Security Mechanism (PSM) with a budget of Rs 3,435 crore. READ MORE
The two schemes are PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) with an outlay of Rs 10,900 crore over two years, and PM-eBus Sewa-Payment Security Mechanism (PSM) with a budget of Rs 3,435 crore. READ MORE
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Stock Market LIVE Updates: 'Nifty has support in 24,641-24,753 zone'
Stock Market LIVE Updates: In yesterday's session, Nifty closed below the key 25,000 mark with a negative bias, though the positive takeaway was FIIs being net buyers to the tune of Rs 1,255 crore.
Wall Street remained volatile amid expectations of a modest Fed rate cut, but excessive pessimism may be unwarranted given the cooling US inflation. Bears appear to be capitalising on concerns over Chinese growth to fuel fears of a US recession.
Technically, Nifty has support in the 24,641-24,753 zone, while investors await US producer price data for further cues. Our top picks for today are Persistent Systems, Berger Paints, and Britannia.
Wall Street remained volatile amid expectations of a modest Fed rate cut, but excessive pessimism may be unwarranted given the cooling US inflation. Bears appear to be capitalising on concerns over Chinese growth to fuel fears of a US recession.
Technically, Nifty has support in the 24,641-24,753 zone, while investors await US producer price data for further cues. Our top picks for today are Persistent Systems, Berger Paints, and Britannia.
Views by: Prashanth Tapse, Senior VP (Research), Mehta Equities
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Stock market LIVE Updates: Red Sea crisis produces winners & losers in Asia as freight rates spike
Stock market LIVE Updates: First-half earnings in Asia showed how the ripple effects of the Red Sea crisis will continue to be costly for companies that make goods for export, while those that transport their wares benefit from higher freight rates. READ MORE
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Stock Market LIVE updates: Housing, road, railways lead capex spend in Apr-July period, shows data
Stock Market LIVE updates: Amid tepid growth in central government capital expenditure (capex) during April-July, ministries such as housing (at 35 per cent), road (34 per cent), railways (34 per cent) along with departments of health (32 per cent) and atomic energy (30 per cent) were outliers in spending.
They spent more than the average of 24 per cent overall capex during the four-month period, government data showed. READ MORE
They spent more than the average of 24 per cent overall capex during the four-month period, government data showed. READ MORE
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Stock market LIVE Updates: Govt proposes to give brokers more freedom to invest surplus cash
Stock market LIVE Updates: The government has proposed an amendment to the Securities Contracts Regulation Act (SCRA) to give brokers more flexibility in using their surplus cash. Currently, Rule 8 of the SCRA prohibits brokers from engaging in any business other than securities or commodity derivatives. However, the term "other business" is not clearly defined, leading to confusion and restrictions on brokers' ability to make investments. READ MORE
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Stock market LIVE Updates: Hindenburg questions Sebi chief Madhabi Buch's silence amid Congress claims
Stock market LIVE Updates: Hindenburg Research, the United States-based short seller, on Wednesday criticised Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch for her prolonged silence on emerging issues in a post on social media. The statement came in response to recent allegations raised by India's opposition Congress party accusing both Buch and her husband of receiving additional funds from private entities. READ MORE
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Stock market LIVE Updates: Investors switch to safe-haven funds; flows into low-risk MFs up 70%
Stock market LIVE Updates: Mutual fund offerings that are believed to be safer investment options have witnessed a marked surge in inflows, reflecting a shift in investor sentiment amid concerns over a potential global slowdown and elevated valuations in the midcap and smallcap segments. READ MORE
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Stock market LIVE Updates: Gold prices climb Rs 10 to Rs 73,260, silver rises Rs 100 to Rs 86,600
Stock market LIVE Updates: The price of 24-carat gold climbed Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 73,260 according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 86,600. The price of 22-carat gold moved up Rs 10, with ten grams of the yellow metal selling at Rs 67,160. READ MORE
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Stock market LIVE Updates: Tata Steel, APSEZ, Vedanta and BPCL among top stocks to watch today
Stock market LIVE Updates: Tata Steel: The company has secured a £500 million grant from the UK government for the green steel project at its Port Talbot facility. This funding supports the installation of a state-of-the-art electric arc furnace (EAF) and aims to transition the plant to greener steelmaking. READ MORE
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Stock market LIVE Updates: Inox Wind’s EPC Projects arm Resco Global completes Rs 350 crore equity raise
Stock market LIVE Updates: Inox Wind said, "Pursuant to its board meeting held on September 2, 2024, Resco Global Wind Services Pvt. Ltd., an EPC Projects subsidiary of Inox Wind Limited, announced on September 12 that it has completed Rs 350 cr equity raise from marquee investors and issued securities in lieu of the funds raised."
Source: BSE
Source: BSE
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Stock Market LIVE Updates: Ajit Mishra of Religare Broking recommends buying these stocks on Sept 12
Stock Market LIVE Updates: Markets traded with volatility, losing nearly half a percent as the consolidation phase continued. The first half of the session was subdued, with the Nifty inching higher but failing to surpass Tuesday’s high. Sentiment shifted in the second half with a sharp decline in select heavyweight stocks, leading to a close at 24,918.45, down by 0.5 per cent. READ MORE
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Stock Market LIVE Updates: CPI rose 0.2% in Aug as annual inflation rate hits lowest since early 2021
Stock Market LIVE Updates: The CPI, a broad measure of goods and services costs across the US economy, increased 0.2 per cent in August, in line with the Dow Jones consensus.
Source: CNBC
That put the 12-month inflation rate at 2.5 per cent, down 0.4 percentage point from the July level and the lowest since February 2021.
Traders priced in an 85 per cent chance that the Fed will approve a quarter percentage point, or 25 basis point, interest rate reduction when its meeting concludes September 18.
Real earnings also rose for the month, with average hourly earnings outpacing the monthly CPI increase by 0.2 per cent.
Source: CNBC
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Stock Market LIVE Updates: Nifty eyes gap-up; CPI, Shree Tirupati IPO listing in focus
Stock Market LIVE Updates: Indian benchmarks -- Sensex and Nifty -- are likely to edge higher on Thursday, indicates GIFT Nifty futures. At 6:42 AM GIFT Nifty futures were up 120.5 points at 25,065.5. READ MORE
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Stock Market LIVE Updates: Auto stocks may see fresh sell-off if Nifty Auto breaks 25,150, show charts
Stock Market LIVE Updates: The Nifty Auto Index is currently at a critical juncture, with 25,150 acting as a key support level. This level is the last hope for all bullish positions, meaning that a close below 25,150 could trigger a bearish sentiment in the market. READ MORE
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First Published: Sep 12 2024 | 7:32 AM IST
