Sensex Today Live Updates : Equities in Asia climbed and the yen rallied, ahead of crucial US jobs data due later Friday.
Shares in Australia and South Korea rose alongside Hong Kong futures, while markets in Japan and mainland China are closed for holidays. The S&P 500 advanced 0.9% and the tech-heavy Nasdaq 100 climbed 1.3% on Thursday, only to strengthen further in futures trading following better-than-estimated results from Apple Inc.
The yen touched a three-week high against the greenback in early Friday trading. The currency has likely faced official support, with estimates indicating Japan spent more than $20 billion in its latest round of intervention. An index of the dollar was steady after falling by the most since December on Thursday.
The suspected intervention “appears to have had only limited impact and is unlikely to ultimately reverse the direction of the USD/JPY rate,” said a team from Goldman Sachs Group Inc. including Jenny Grimberg, in a report.
Australian and New Zealand yields fell Friday after Treasuries rallied across the curve Thursday. The US 10-year yield fell five basis points to 4.58%, while the policy-sensitive two-year yield dropped nine basis points. Treasuries trading in Asia is closed due to the holiday in Japan.
The moves come ahead of US nonfarm payrolls data that will help identify the path forward for Federal Reserve policy. Economists surveyed by Bloomberg forecast a 240,000 gain in payrolls, which would be the slowest pace since November.
The Fed decided Wednesday to leave the target range for the benchmark rate at 5.25% to 5.5% following a slew of data that pointed to lingering price pressures. Yet Chair Jerome Powell said it’s unlikely that the Fed’s next move would be to raise rates.
“While the Fed appears to have all but ruled out a rate hike, it also made clear it’s willing to keep rates higher for longer,” said Chris Larkin at E*Trade from Morgan Stanley. “The markets will be hungry for any data suggesting the economy isn’t heating up any more than it did in the first quarter.”
The options market is betting that stocks will swing widely after Friday’s US jobs report, which traders expect will offer more clarity on how much the Fed may cut interest rates this year.
The S&P 500 is expected to move 1.2% in either direction after the release, based on the cost of at-the-money puts and calls expiring Friday, according to Stuart Kaiser, Citigroup Inc.’s head of US equity trading strategy. That figure, based on the prices of S&P straddles as of Wednesday’s close, is the largest implied swing ahead of an employment report since March 2023, he said.
In Asia, data set for release includes Thai inflation and retail sales for Hong Kong and Singapore. Oil edged higher early Friday after ending the prior session little changed. Gold was flat.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Five stocks, Bharti Airtel, Larsen & Toubro, Maruti Suzuki India, Tech Mahindra, and Nestle India, out of the 30 stocks on the Sensex were in the red, while Bajaj Finance, Bajaj Finserv, NTPC, Tata Steel, and JSW Steel, were in the green.
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Sensex Today Live : 10 am market update
Sensex Today Live : Indian benchmark indices were up on Friday, led by a rally in global peers. Benchmark Nifty 50 had touched a fresh all-time high of 22,794 in early trades.
At 10 am, Sensex was up 352.87 points, or 0.47%, at 74,963.98, and Nifty was up 120.45 points, or 0.53%, at 22,768.65.
Sensex Today Live : South Indian Bank shares down nearly 2% after company posts 14% YoY dip in net profit
Sensex Today Live : The bank reported a 14% YoY dip in net profit at ₹287.5 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, it had posted a net profit of ₹333.9 crore. Net interest income (NII) rose 2.1%, coming at ₹875 crore against ₹857 crore in the corresponding quarter of FY23.
Sensex Today Live : Voltamp Transformers shares down more than 8% after posting a weak operating margin in Q4FY24
Sensex Today Live : : The oil-filled power and distribution transformer maker has recorded net profit of ₹93.5 crore for the March FY24 quarter, rising 22.1% over the corresponding period of the previous fiscal year despite a weak operating margin and higher other income and topline. Revenue from operations soared 14.6% YoY to ₹504.2 crore for the quarter.
Sensex Today Live : ICICI Bank shares climb as company appoints Gaurav Singhvi and Sarun Agarwal as co-heads of the Equity Capital Markets (ECM) division
Sensex Today Live : The bank has appointed Gaurav Singhvi and Sarun Agarwal as co-heads of the Equity Capital Markets (ECM) division of its investment banking unit. They replace Pratik Loonker, who has moved to Axis Capital Ltd. Singhvi has over six years of experience at ICICI Securities Ltd., while Agarwal has been with the firm for more than two years.
Sensex Today Live : Ajanta Pharma shares up 10% as company posts 66% jump in Q4 net profit
Sensex Today Live : The company reported a 66% increase in consolidated net profit of ₹202.72 crore for the January-March quarter of FY24, up from last year’s ₹122.25 crore. The company’s revenue came in at ₹1,054.08 crore, up 20% from ₹881.84 crore a year back. The company’s EBITDA was at ₹278.4 crore, up 26.4% from ₹16.9 crore in the year-ago period. The Board also made a decision on buyback of up to 10,28,881 fully paid-up equity shares of face value of ₹2 each (representing 0.82% of the total number of equity shares of the company) at a price of ₹2,770, per share payable in cash for a total consideration not exceeding ₹285 crores.
Sensex Today Live : Coforge shares down nearly 9%, Cigniti down 3%, as Coforge set to acquire 54% stake in Cigniti
Sensex Today Live : The company reported a slightly lower-than-expected fourth-quarter revenue amid overall tepid tech spending from clients. Consolidated revenue rose 8.7% YoY to ₹2,359 crore in the three months ended March 31, falling short of analysts’ estimate of ₹2,395 crore. Net profit rose 95% to ₹224 crore for the three-month period. Coforge’s fresh order intake more than doubled to $774 million from $301 million a year earlier during the January-March period. The company also announced plans to acquire up to 54% stake in Cigniti Technologies. Aided by the acquisition of Cigniti Technologies, the company said it aims to grow its revenue to $2 billion by fiscal 2027.
Sensex Today Live : Ceat shares dive more than 4% after company posted a 23% decline in cons. Q4 net profit
Sensex Today Live : Tyre manufacturer Ceat reported a 23% decrease in its consolidated net profit to ₹102 crore for Q4FY24. The company’s revenue from operations increased to ₹2,992 crore in Q4FY24, up from ₹2,875 crore in Q4FY23.
Sensex Today Live : Bajaj Finance shares jumps more than 6% as RBI removes restrictions on the company from sanctioning and disbursing fresh loans
Sensex Today Live : The Reserve Bank of India has removed the restrictions it had previously imposed on two of Bajaj Finance’s products, eCOM and the online digital ‘Insta EMI Card’. This decision, effective immediately, was announced by the company on May 2. As a result, Bajaj Finance will resume sanctioning and disbursing loans, including the issuance of EMI cards, in these two business segments.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices climbed at open on Friday, led by a jump in global peers.
At opening bell, Sensex was up 387.28 points, or 0.52%, at 74,998.39 and Nifty was up 118.60 points, or 0.52%, at 22,766.80.
Sensex Today Live : Indian benchmark indices jump at pre-open
Sensex Today Live : Indian benchmark indices were jumped at pre-open on Friday, led by a jump in global peers.
Sensex was up 405 points, or 0.54%, at 75,016.11 and Nifty was up 118.15 points, or 0.52%, at 22,766.35 during pre-open.
Sensex Today Live : What to expect from Indian stock market in trade on May 3
Sensex Today Live : The Indian stock market indices, namely Sensex and Nifty 50, are anticipated to commence trading on a positive note on Friday, influenced by encouraging signals from global markets.
The Gift Nifty trends also suggest a promising start for the Indian benchmark index. The Gift Nifty was observed trading at around the 22,890 mark, which is nearly 115 points higher than the previous closing level of Nifty futures.
On Thursday, the Indian stock market indices concluded with slight gains, amidst a blend of global indicators following the US Federal Reserve’s monetary policy outcome. The Nifty 50 chart depicted a small positive candle with a minor upper shadow.
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, interpreted this chart pattern as an indication of range-bound activity in the market around the critical resistance level of 22,800. He noted that similar range movements have occurred at this hurdle in the past, which have typically led to a short-term downward correction in the market. (Read the full story here.)
Sensex Today Live : Six key things that changed for market overnight – Gift Nifty, Apple earnings to US jobless claims
Sensex Today Live : The domestic stock market is projected to commence on a high note on Friday, mirroring the positive performance of global counterparts. Asian markets experienced an uptick, and the US stock market concluded positively overnight, amidst a blend of corporate earnings results and economic data. Investors are keenly awaiting the crucial US non-farm payrolls data, which could provide further insights into the Federal Reserve’s policy direction.
On Thursday, the Indian stock market indices recorded modest increases, influenced by mixed global indicators following the outcome of the US Federal Reserve’s monetary policy. The Sensex rose by 128.33 points or 0.17%, closing at 74,611.11, while the Nifty 50 ended 43.35 points or 0.19% higher at 22,648.20.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented that the Indian markets concluded slightly higher in a lackluster trading session. This was due to weak global indicators and the anticipation of a further delay in rate cuts owing to inflation worries, which led investors to make selective bets. He added that the market had seen a significant surge in recent sessions, and the escalating valuations are starting to concern investors. (Read the full story here.)
Sensex Today Live : India markets likely to start on a strong note, led by rallying global peers
Sensex Today Live : Markets in India were headed for a positive start with global peers from the US to Asia rallying, led by a jump in tech stocks in the US as Apple unveiled a share buyback plan.
At 8:17 am, Gift Nifty futures was trading at 22,879, more than 230 points ahead of Nifty 50’s Thursday close of 22,648.
Asian stocks rallied on Friday after Apple’s record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected interventions from Tokyo.
With markets in Japan and mainland China closed on Friday, regional trading activity is likely to be subdued as traders look ahead to the U.S. nonfarm payrolls data later in the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5% and was set for a second straight week of gains. Hong Kong’s Hang Seng Index spiked 2% higher, on course for a 5% gain for the week.
The yen strengthened 0.55% to 152.80 per dollar in early trading on Friday, having started the week by touching a 34-year low of 160.245 per dollar on Monday.
The dollar index, which measures the U.S. currency against six peers, was last at 105.25. The index is set to clock a 0.7% decline for the week, its worst weekly performance since early March.
The Federal Reserve this week left rates unchanged and signalled that its next policy move will be to lower its rates, though chair Jerome Powell noted that recent strong inflation readings have suggested that the first of these cuts could be a long time in coming.
While the bar for moving back to a tightening bias is quite high, it seems likely that the current 5.25%-5.50% Fed Funds target range will be unchanged for the next several months, Hill said.
U.S. stocks ended higher on Thursday, with tech heavy Nasdaq advancing 1.5% buoyed by chip stocks.
In after-market hours Apple reported quarterly results and forecast that beat modest expectations and unveiled a record share buyback program, sending its stock up almost 7% in extended trade.
U.S. economic data on Thursday also showed the labour market remains tight, ahead of key government payrolls data due later on Friday. Economists polled by Reuters forecast 243,000 jobs, with estimates ranging from 150,000 to 280,000.
In commodities, U.S. crude rose 0.39% to $79.26 per barrel and Brent was at $83.98, up 0.37% on the day. Spot gold was last $2,304.16 an ounce and were set for second straight weekly decline.
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