Sensex Today | Share Market Live Updates: Sensex jumps 900 pts after Fed’s decision, Nifty above 21,150; IT cos surge

The state-owned company has bagged a ₹1,500 crore project management consultancy contract for the construction of 1,469 warehouses and other infrastructure related to the agriculture sector. NBCC has bagged the work order from National Cooperative Development Corporation and Primary Agriculture Cooperative Society in various states.

The BSE midcap index surged 0.7% in line with the benchmark index; Mphasis and Sail gained 5% each

Banking stocks gained on Thursday as Fed’s dovish policy stance fuelled rate cut hopes among investors. Indusind Bank, Bandhan Bank and ICICI Bank lifted the Nifty Bank index by 1.2%.

After a drop on Wednesday, IT stocks made a comeback to trade higher with the Nifty IT trading a whopping 3% higher

The Indian rupee opened at 83.27 per US dollar vs Wednesday’s close of 83.40. Dollar index slipped below 103.

Sensex and Nifty were sharply higher in pre-opening session tracking global markets, Sensex was at 69,992.85, up 408.25 points at 0905am.

India’s logistics companies, which handle millions of items, will soon have to follow uniform packaging standards at their cavernous warehouses. The government is working on packaging standards that would mandate optimum space utilization in warehouses, a move that would support its objective of lowering its logistics costs from a high 14-15% of gross domestic product (GDP) to the 7-8% seen in advanced economies. (Read more)

PI Industries Ltd’s shares have fallen by about 11% in the past two trading days. The stock’s returns remain flattish in 2023. Concerns have surfaced recently, especially about rising competition for key product, pyroxasulfone. (Read more)

“Nifty once again witnessed some profit booking in the initial half scaling the low of 20,770 zone and thereafter, recovered strongly to end on a flat note indicating a “Bullish Hammer” pattern on the daily chart to maintain the positive bias and anticipating for further rise. Once again, as mentioned earlier, the index would need a decisive breach above 21,100 levels to carry on with the uptrend and expect for next higher targets of 21,800-21,900 levels in the coming days with major support lying near 20,550 zone of the rising trendline zone.”

Parekh recommended three intraday stocks for today — Jai Corp, Radico Khaitan and Greenpanel Industries.

Oil prices saw an uptick in early Asian trading on Thursday following a larger-than-expected withdrawal from U.S. crude oil reserves and the Federal Reserve’s indication that it plans to reduce borrowing rates starting in 2024.

The prospect of lower interest rates typically leads to reduced borrowing costs for consumers, which can stimulate economic growth. Brent futures saw a rise of 46 cents, or 0.6% to $74.72 per barrel. West Texas Intermediate crude also rose by 48 cents, or 0.7%, to close at $69.95.

SBI, Ultratech Cement, Biocon, Niva Bupa, NBCC, Sunteck Realty, JSW Energy, Uno Minda are some stocks to watch today

Asian markets followed a worldwide surge in stocks and bonds, fueled by indications that the Federal Reserve may lower interest rates next year. Global stock index rose for the sixth consecutive session, with Australian and South Korean markets opening on a higher note. However, Japanese stocks lagged slightly behind the regional trend, partly due to a strengthening yen. These gains mirrored a Wall Street rally that lifted the S&P 500 to its highest point in almost two years. In early trading in Asia, U.S. futures also saw an upward movement.

The Gift Nifty is trading at a premium of more than 200 pts from Nifty Futures, indicating a strong start for the Indian market amid dovish Fed policy. The Gift Nifty was trading around the 21,222 mark, a rise from the Nifty futures’ last closing at 21,035.