Stock Market LIVE Updates: Sensex up 150pts, at 84,400, Nifty at 25,850; IT gains, Metal, FMCG drag

Stock Market Today: Indian benchmark indices, BSE Sensex and Nifty 50 were holding onto their opening gains on Tuesday, following positive global cues.

Stock Market Live: Foreign Institutional Investors (FIIs) net sold shares worth Rs 9,791.93 crore on Monday, September 30, while Domestic Institutional Investors (DIIs) net bought shares worth Rs 6,645.80 crore. (Photo: Shutterstock)

Stock Market LIVE Updates, Tuesday, October 1, 2024: Indian benchmark indices, BSE Sensex and Nifty 50 were trading higher after opening in the green on Tuesday, led higher by overnight gains on the Wall Street.

At market open, the BSE Sensex was at 84,429.72, up 129.94 points, or 0.15 per cent, while the Nifty 50 was at 25,857.30, up 46.45 points, or 0.18 per cent.

Eight of the 30 stocks on the BSE Sensex opened in the red, with losses led by Asian Paint (down 0.99 per cent), followed by JSW Steel, Tata Steel, Titan Company, and Hindustan Unilever.

On the Nifty 50, Tech Mahindra (up 2.51 per cent), Mahindra & Mahindra, Larsen & Toubro, Infosys, and Wipro were the top gainers out of the 38 advancers in the index, while Asian Paint (down 1.67 per cent), JSW Steel, Tata Steel, Hindalco, and Sun Pharma, were the top laggards.

Meanwhile, major sectoral indices such as Nifty Bank, Financial Services, Auto, Consumer Durables, and Oil & Gas were trading in the green, with gains led by the IT index, which was up 0.89 per cent.

In contrast, the Metal index was down 0.40 per cent, followed by FMCG, Health and Pharma.

That apart, the broader markets were also higher, with the BSE SmallCap gaining 0.35 per cent, and the BSE MidCap climbing 0.14 per cent.

On Monday, Indian benchmark equity indices BSE Sensex and Nifty 50 ended in negative territory with a fall of more than 1 per cent each, led by massive profit booking across counters.

The BSE Sensex closed down 1,272.07 points, or 1.49 per cent, at 84,299.78, while the Nifty 50 ended 368.10 points, or 1.41 per cent, down at 25,810.85.

The broader markets also closed in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 0.38 per cent and 0.32 per cent, respectively.

The fear index, India VIX, surged 6.89 per cent to close at 12.79.

Auto stocks were the worst hit across sectors, with the Nifty Auto index declining 2 per cent. Bank Nifty, Financial Services, PSU Bank, Private Bank, and Realty indices also fell over 1 per cent each.

Notably, Media and Metal indices defied the trend, ending in the green with gains of 1.33 per cent and 1.12 per cent, respectively.

Apart from that, markets in India will see the implementation of new transaction charges by the NSE and BSE beginning from today, October 1, in response to a Securities and Exchange Board of India (Sebi) directive aimed at eliminating the slab-wise charge structure for market infrastructure institutions (MIIs).

For equity options, the NSE will charge Rs 3,503 per crore of premium value for each side of a transaction, while the BSE will adjust its charges for Sensex and Bankex options contracts to Rs 3,250 per crore of premium turnover.

In addition to these transaction changes, Finance Minister Nirmala Sitharaman had announced an increase in the Securities Transaction Tax (STT) for futures and options trading, effective from the same day. The STT for futures trading will rise to 0.02 per cent, up from 0.0125 per cent earlier, while options trading will see an increase to 0.1 per cent.

Meanwhile, markets in the Asia-Pacific region were mixed on Tuesday following Federal Reserve chair Jerome Powell's comments that future rate cuts would not be as aggresive as the last one.

Many Asian markets, including South Korea, Hong Kong, and mainland China, are closed for a public holiday today, while China markets will remain closed for the rest of the week due to Golden Week celebrations.

Japan's Nikkei 225 rebounded sharply, gaining 1.73 per cent after a 4.8 per cent decline on Monday, while the Topix rose 1.43 per cent.

In contrast, Australia’s S&P/ASX 200 fell 0.47 per cent, pulling back from an all-time high.

In Japan, traders were focused on the Bank of Japan’s third-quarter Tankan survey, which assesses business optimism among large companies.

Sentiment among large manufacturers remained steady at +13, aligning with forecasts, while non-manufacturers saw a slight increase to +34 from +33, surpassing expectations of +32. A positive reading indicates that optimists outnumber pessimists.

Additionally, Japan reported a drop in its unemployment rate for August to 2.5 per cent, down from 2.7 per cent in July and better than the anticipated 2.6 per cent.

That apart, MSCI's global equities index fell on Monday and the dollar rose as the Federal Reserve Chair Jerome Powell dampened hopes for another big rate cut, while oil futures ended flat after a choppy session on concerns about an escalating conflict in the Middle East.

Global benchmark Brent crude, however, posted its biggest monthly loss since November 2022 and its biggest quarterly drop in a year, slumping 17 per cent in the third quarter, as waning global demand concerns overshadowed fears of the conflict curtailing supply.

Stock trading was choppy after Powell suggested that the central bank was not in a hurry to cut rates. While some investors had been betting on more substantial easing, Powell signalled that the Fed would make two 25 basis point cuts this year if the economy evolves as expected.

Wall Street indexes had rallied last week with help from a benign reading on core US inflation on Friday that had boosted bets for another half-point rate from the Fed.

But on Monday traders saw a 36.7 per cent probability of a 50 basis point cut in November, down from 53.3 per cent on Friday, according the latest reading on CME Group's FedWatch tool.

While stocks fell during Powell's speech, they regained lost ground with the S&P 500 and the Dow registering record closing highs on the last day of the quarter when many traders make last minute adjustments to their portfolios.

The Dow Jones Industrial Average rose 0.04 per cent, to 42,330.15, the S&P 500 rose 0.42 per cent, to 5,762.48 and the Nasdaq Composite rose 0.38 per cent, to 18,189.17.

For the month, the S&P 500 gained 2.01 per cent and for the quarter it rose 5.53 per cent.

MSCI's gauge of stocks across the globe fell 0.21 per cent, to 851.02 for the day. For the month the global index was showing an increase of around 2 per cent and for the quarter it was registering a gain of around 6 per cent.

In Beijing's trading day, equities had rallied sharply after China's latest round of stimulus.

China government stimulus measures announced last week continued to boost stock markets, with the blue-chip CSI300 closing up 8.5 per cent.

The dollar rose after Powell's more hawkish tone lead traders to pare bets for a big rate cut in November.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.32 per cent to 100.76.

In Treasuries, the yield on benchmark US 10-year notes rose 3.6 basis points to 3.785 per cent, from 3.749 per cent late on Friday.

The 2-year note yield, which typically moves in step with interest rate expectations, rose 7.4 basis points to 3.637 per cent, from 3.563 per cent late on Friday.

In energy markets, US crude settled down 1 cent at $68.17 a barrel, but tumbled 7 per cent in September in its biggest monthly decline since October 2023.

Brent edged down 21 cents to $71.77 per barrel.

Gold eased, taking a breather after a historic rally driven by US monetary easing and heightened Middle East tensions.

Spot gold fell 1 per cent to $2,631.39 an ounce. US gold futures fell 0.54 per cent to $2,629.90 an ounce.

(With inputs from Retuers.)

10:30 AM

Stock Market LIVE Updates: TARC secures debt refinancing of Rs 1,000 crores at 12.75% per annum

Stock Market LIVE Updates: TARC today informed that it has refinanced its existing debt, worth Rs 1,000 crore, along with securing an on call facility of Rs 250 crore for working capital needs.

The refinancing was provided by Kotak Mahindra Bank, as the leader in a consortium of institutions, including Nomura Capital, Aditya Birla Capital, and STCI, the company said.

It added that the new borrowing cost at 12.75 per cent per annum will significantly enhance TARC's cash flows, and facilitate substantial savings.

Apart from that, the company said that the refinancing has been secured only against the project cash flows of two of TARC's developments: TARC Kailasa and TARC Tripundra, while its remaining debt is to be secured by project cash flows from TARC lshva.

10:21 AM

Stock Market LIVE Updates: Welspun Corp bags Rs 2,400 cr order to supply pipes for pipeline project in US

Stock Market LIVE Updates: Welspun Corp today informed that the company has received an order worth approximately Rs 2,400 crore, to suppl coated HSAW pipes for a natural gas pipeline project in the US.

The company, in an exchange filing, said the order will be executed between FY25 and FY26.

10:13 AM

Stock Market LIVE Updates: Escorts' tractor volume sales decline 0.9% YoY to 25,995 in Q2FY25; shares down

Stock Market LIVE Updates: Escorts Kubota sold 12,380 tractors in September 2024, up 2.5 per cent year-on-year (YoY) from 12,081 tractors sold in year-ago period.

However, overall sales in the quarter ended September 2024, declined 0.9 per cent YoY to 25,995, compared to 26,241 in the year ago period.

10:08 AM

Stock Market LIVE Updates: Transaction charges on NSE, BSE, MCX, Higher STT from today: Things to know

Stock Market LIVE Updates: From Tuesday onwards i.e effective October 1, 2024, the Indian financial markets will undergo several reforms that investors must know - for starters the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have introduced new transaction fees for brokers across various segments, while the government has implemented a new tax regime for share buybacks, treating them as dividends.

Additionally, the securities transaction tax (STT) on Futures & Options (F&O) trading has increased, and the Securities and Exchange Board of India (SEBI) has streamlined the process for trading bonus shares. READ MORE

10:02 AM

Stock Market LIVE Updates: 10 AM market update - Sensex, Nifty hold opening gains

Stock Market LIVE Updates: Indian benchmark indices, BSE Sensex and Nifty 50 were higher at opening bell on Tuesday, following S&P 500 and Dow's record high close on the Wall Street overnight.

At 10 AM, the BSE Sensex was at 84,451.44, up 151.66 points, or 0.18 per cent, while the Nifty 50 was at 25,849.15, up 38.30 points, or 0.15 per cent.

9:56 AM

Stock Market LIVE Updates: RITES bags $4.28 mn deal to supply and service 3,100-HP diesel-electric locomotive

Stock Market LIVE Updates: RITES today informed that it has received a letter of award for the "supply, commissioning and one year onsite warranty of overhauled in-service Cape Gauge 3,100 HP, diesel electric locomotive," from Tsiko Africa Logistics (Pty) Limited.

The company, in an exchange filing, said the deal is worth $4.28 million.

9:50 AM

Stock Market LIVE Updates: Bajaj Auto posts 11.64% YoY increase in Q2 overall auto sales at 2.32 million units

Stock Market LIVE Updates: Bajaj Auto reported sales of 19,84,125 units of two-wheelers in the April to Septemer quarter, compared to 17,70,913 units in the year ago period.

In the month of September, sales of two wheelers were at 4,00,489 units, compared to 3,27,712 units in the year ago period.

Apart from that, commercial vehicle sales came in at 3,39,435 in Q2FY24, compared to 3,10,447 in the year-ago period.

Overall, the company sold 23,23,560 units in the quarter, compared to 20,81,360 units in the year ago period.

9:41 AM

Stock Market LIVE Updates: SpiceJet climbs nearly 4% as Plutus Wealth buys 0.66% stake in airline

Stock Market LIVE Updates: Plutus Wealth Management acquired 85 lakh shares of SpiceJet, representing a 0.66 per cent stake, for around Rs 51 crore at an average price of Rs 59.95 per share.

9:39 AM

Stock Market LIVE Updates: Cyient DLM gains over 4% as HDFC MF acquires 4 lakh shares from Morgan Stanley

Stock Market LIVE Updates: Morgan Stanley sold 4.34 lakh shares of Cyient DLM for Rs 29 crore, while HDFC Mutual Fund increased its stake by purchasing 4 lakh shares at the same price of Rs 667 each. HDFC's holding in the firm now stands at 5.29 per cent, up from 4.79 per cent.

9:37 AM

Stock Market LIVE Updates: McLeod Russel up 5% after co's CMD exudes confidence about resolving debt issues

Stock Market LIVE Updates: The company's chairman and MD, Aditya Khaitan expressed optimism about resolving the company's debt issues amid insolvency petitions from creditors totaling around Rs 1,800 crore. With encouraging results in Q1FY25, the company hopes for a price rebound due to crop shortages and regulatory changes that could benefit compliant tea producers.

9:33 AM

Stock Market LIVE Updates: Blue Dart Express gains over 4% after announcing price hikes in the range of 9-12%

Stock Market LIVE Updates: The logistics company announced a price increase of 9-12 per cent for shipments starting January 1, 2025. This decision aims to cover rising operational costs while ensuring the delivery of quality service, the company said.