Sensex Today | Share Market Live Updates : Sensex falls 640pts, Nifty at 22,080; Heavyweight indices bleed heavily

Sensex Today Live : “SME IPOs have seen a stellar run in 2023 with close to 180 listings, but going forward we are expecting consolidation in this space. Like any other investment cycle, super-normal profits are followed by saturation and investors get cautious. But the vision with which the SME IPO market started is far from achieved, it’s a great platform for good profitable companies to tap into capital for growth. With an increase in equity participation across, SMEs provide a new opportunity for investors to diversify thereby bridging the demand-supply gap.

SEBI’s protective stance is valid in the interest of investor protection, which is their primary mission. SME is not a space for risk-averse and less informed investors. There are some valid concerns over valuation that will normalise with some profit booking and correction which is important for sustained growth. It will only create stability and reshape this sector to absorb more capital and increase investor confidence. As for IPOs, they may not enjoy the massive over-subscription that they have in 2023 but we see no reason to believe that their required capital raise will not be fulfilled in the current scenario.”

–Kush Gupta, Director at SKG– Investments & Advisory

Sensex Today Live : Man Industries (India) today informed the exchanges that it will allot 4.6 million shares, to raise nearly ₹170 crores, from select non-promoter entities, including ace investor Ashish Kacholia.

In an exchange filing, the company said, “We hereby inform that the Board of Directors of the Company at its meeting held on 13th March, 2024, has considered and approved the following matters:

1. Allotment of 46,32,133 (Forty-Six Lakhs Thirty-Two Thousand One Hundred and Thirty-Three) fully paid-up equity shares on preferential basis to the non-promoters.”

The exchange filing added, “Preferential Issue of Equity Shares in accordance with the applicable provisions of the Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, provisions of the Companies Act, 2013 and rules made thereunder at a price of Rs. 367/- (Rupees Three Hundred Sixty-Seven only) per Equity Share including a premium of Rs. 362/- (Rupees Three Hundred Sixty-Two only) per Equity Share, on preferential basis, aggregating to cash consideration of Rs.1,69,99,92,811 /- (Rupees One Hundred Sixty-Nine Crores Ninety-Nine Lakhs Ninety-Two Thousand Eight Hundred Eleven only)”.

Sensex Today Live : Barring FMCG, all other sectoral indices were in the red, with the heavyweight Nifty Bank down 0.31. Among the top losers , was Reaslty (down 4.60%), PSU Bank (down 3.86%), followed by Oil & Gas (down 3.09%), Consumer Durables (down 2.16%).

Sensex Today Live : The broader market was deep in the red, with the BSE MidCap index down 2.93%, and the BSE SmallCap index down 3.82%. 

Sensex Today Live : ITC, Kotak Mahindra Bank, Britannia, and Nestle India, were the top gainers on the Nifty 50, while Power Grid Corp., Adani Enterprises, NTPC, Adani Ports & SEZ, and ONGC, were the top drags. 

Sensex Today Live : Power Grid Corp., NTPC, Tata Steel, Tital and Larsen and Toubro, were the biggest drags on the Sensex, while ITC, Kotak Mahindra Bank, ICICI Bank, Nestle India, and Bajaj Finance, were the top gainers. 

Sensex Today Live : Indian benchmark indices had significantly extended their losses by noon on Wednesday.

At 12 pm, Sensex was down 543.82 points, or 0.74%, at 73,124.14, and Nifty was down 219.45 points, or 0.98%, at 22,116.25.

Sensex Today Live : Shakti Pumps (India) today informed the exchanges today that it has received the 4th work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 2,130 pumps. The total amount of the work order is for around Rs. 73.32 Crores (inclusive of GST), it said in an exchange filing.

Sensex Today Live : Larsen & Toubro today informed the exchanges today that it has secured a significant order from the Ministry of Health & Family Welfare, to build the AIIMS project set to come up in Madurai, Tamil Nadu.

In an exchange filing, the company, said, “The Buildings & Factories (B&F) vertical of Larsen & Toubro (L&T) has secured an order from the All-India Institute of Medical Sciences (AIIMS) Madurai, Tamil Nadu under the PMSSY division, Ministry of Health and Family Welfare, Government of India in this month.”

It added, “The scope of work includes construction of a 720-bed hospital, a 150-bed Infectious Diseases Block, a 30 bed AYUSH Block, a 150-seat medical college, a nursing college, a 750-seater auditorium, hostel, and residential facilities. The project is to be executed in 33 months. The total built up area is 2.1 mn Sq. ft.”

The company classifies projects falling within the ₹1,000 crore to ₹2,500 crore ballpark as a significant one.

Sensex Today Live : JSW Steel today informed the exchanges today that it is in the process of raising ₹500 crores, through the issuance of non-convertible debentures.

In an exchange filing, the company said, “We wish to inform you that the Finance Committee (“Committee”), pursuant to powers conferred upon it by the Board of Directors of the Issuer, at its meeting held on i.e. March 13, 2024, has allotted 50,000 (Fifty Thousand) unsecured, listed, rated, redeemable, Non-Convertible Debentures (the “NCDs” or “Debentures”) bearing a face value of INR 1,00,000 (Indian Rupees One lakh only) each, aggregating to INR 500,00,00,000 (Indian Rupees Five Hundred Crores Only) to the investors identified by the Committee at its meeting held on March 12, 2024.”

Sensex Today Live : Nazara Technologies today informed the exchanges that it has set aside $100 million for strategic acquisitions with a view to expand globally.

The company in an exchange filing today, unveiled its ambitious strategy to earmark US$100 million (~INR 830 cr) towards mergers and acquisitions (M&A) within the next 24 months.

The filing said, “Following a recent successful fundraise that garnered Rs. 760 crore (~$90 million) via a preferential allotment that attracted marquee investors such as Nikhil Kamath, ICICI Prudential MF and Plutus Wealth Management among others, Nazara is poised for significant expansion in the coming years.”

Commenting on global expansion Nitish Mittersain, Jt. MD & CEO of Nazara Technologies, said, “Nazara has seen significant success in its ‘acquire and scale’ strategy over the last few years as can be seen by the post-acquisition growth in Kiddopia, Nodwin Gaming and Sportskeeda among others… The $100 million pledge will further boost this opportunity for us in that direction. We are particularly focused on investing in and acquiring gaming studios globally with a specific focus on India’s 500 million gamers as well as the large North American market.”

Sensex Today Live : Man Infraconstruction Limited today informed the exchanges that it has delivered two residential towers (E & F) in Aaradhya Highpark, a residential project located near Dahisar at Mira Road, ahead of schedule.

In an exchange filing, the company stated, “With the completion of the remaining two towers in ‘Aaradhya Highpark’, the group has delivered over 1,300 apartments in a record time, including shops, across its six residential towers and one commercial tower – ‘Aaradhya Primus’.

Launched in October 2018, 1st four residential towers and 1 commercial tower were delivered in November 2022, while the remaining two residential towers launched in August 2021, were delivered 21 months ahead of the schedule.

The project has secured the Occupancy Certificate (OC) for all the towers, demonstrating MICL Group’s adherence to high standards of quality and compliance.”

Sensex Today Live : Indian benchmark indices had pared their early gains to slip into the red on Wednesday.

At 11 am, Sensex was down 74.02 points, or 0.10%, at 73,593.94, and Nifty was down 76.75 points, or 0.34%, at 22,258.95.

Sensex Today Live : Looking ahead, factory output is likely to benefit from recovering domestic demand.

However, subdued global demand may erode growth of export intensive sectors such as leather, textiles and apparels.

The Government’s continued focus on infrastructure building coupled with growing private capex bodes well for the infrastructure and capital goods sector.

Consumer non-durables growth is likely to be guided by growth in urban employment and rural income while consumer durables trajectory will be lead by inflation and interest rates ruling in the economy.

§ Manufacturing slowed marginally to 3.16% during Jan’24 as compared with 4.49% during Dec’23.

§ Mining (5.88% in Jan’24 vs 5.20% Dec’23) and electricity (5.63% vs 1.23%) depicted pickup benefitting the overall index.

§ Infrastructure (4.58% vs 5.15%) and Capital goods (4.10% vs 3.60%) indices benefitted from government and private capex plans.

§ Consumption activity growth was led by consumer durables (10.94% vs 5.33%) while consumer non-durables (-0.30% vs 2.41%) contracted.

Sensex Today Live : Sona Machinery’s shares had a subdued start on the NSE SME today, opening at ₹125. This was 12.59% below the issue price of ₹143. Despite the lukewarm debut, the share price of Sona Machinery managed to rebound by approximately 4%.

The IPO for Sona Machinery was available for subscription from Tuesday, March 5, and it closed on Thursday, March 7. (Read the full story here.)

Sensex Today Live : Aditya Birla Capital (ABC) is preparing for a merger with its fully-owned subsidiary, Aditya Birla Finance Ltd (ABFL). This news has led to a nearly four per cent increase in the company’s shares, reaching an intra-day peak of ₹190.65. JM Financials, a domestic brokerage firm, has maintained its ‘buy’ recommendation for the Aditya Birla Group stock, forecasting a potential 33 per cent rise to a revised target price of ₹240 within the next year from the current levels.

The brokerage has increased its target price for the stock by 9.1 per cent from its previous target of ₹220, stating that the merger with the subsidiary will benefit the parent company. The merger will also enable the unlisted subsidiary, ABFL, to bypass the public listing requirement mandated by the Reserve Bank of India (RBI). (Read the full story here.)

Sensex Today Live : “We believe that shares of ITC could be under pressure in the near term amid a large supply of shares after an expected 3.5% stake sale by British American Tobacco (BAT). A near term top seems to be in place around Rs. 500-odd levels which happened just before the announcement of the demerger of the hotel business into a new entity in August 2023. However, we remain constructive on the company from a medium to long term perspective owing to its strong brand recall and enormous runway for its FMCG business ahead. With inflation expected to moderate further ahead, especially the rural side, we expect volumes in the overall business to come back as we move forward. At the current valuation, we believe that most of the negatives are already priced in and investors could start considering adding the stock to their portfolio at every dip.”

–Manish Chowdhury, Head of Research, StoxBox

Sensex Today Live : With the soaring prices of gold, Muthoot Finance Ltd and Manappuram Finance Ltd, two prominent gold loan providers, are currently drawing significant attention.

The domestic gold prices are now surpassing the significant threshold of ₹65,000 per 10 grams, suggesting a strong demand for gold loans. This trend is beneficial for both Muthoot and Manappuram as it could potentially stimulate the growth of their assets under management (AUM). Moreover, the escalating gold prices may assist in mitigating the squeeze on margins to some degree in the face of increasing borrowing costs. (Read the full story here.)

Sensex Today Live : The Nifty FMCG index gained 1.47%, led by a surge in ITC stocks, that was up 5.62%. 

Sensex Today Live : Indian benchmark indices had pared their early gains to slip into the red on Wednesday.

At 10 am, Sensex was down 18.49 points, or 0.03%, at 73,649.47, and Nifty was down 50.80 points, or 0.23%, at 22,284.90.

Sensex Today Live : Infibeam Avenues informed the exchanges today that it has entered into a payment processing partnership with Saudi Arabia’s Saudi Awwal Bank

The company also said that it has secured a eMSP Payment technical service provider approval from SAMA (Saudi Payments), in its exchange filing.

Infibeam Avenues said its international subsidiary Infibeam Avenues Saudi Arabia has received a PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP – Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA), in its exchange filing.

Post-certification, the company’s flagship payment brand, CCAvenue, will establish itself as a payment gateway (PTSP) player for digital transactions in the Saudi Arabian market.

The company’s CCAvenue payment gateway solution has already done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.

Sensex Today Live : Barring a few, most of the sectoral indices were in the green. Among the losers were Metal (down 0.66%), Pharma (down 0.54%), Health (down 0.57%), and Oil & Gas (down 0.52%).

Sensex Today Live : The broader market had finally shaken off two days on its losing streak, with the indices opening in the green. The BSE MidCap index was up 0.20%, while the BSE SmallCap index was up 0.23%. 

Sensex Today Live : ITC, Nestle India, LTI Mindtree, Wipro, and SBI Life, were the top gainers on the Nifty 50, while Power Grid Corp., NTPC, Bharti Airtel, ONGC, and Coal India, were the top losers. 

Sensex Today Live : ITC, Nestle India, Wipro, ICICI Bank, and IndusInd Bank, were the top gainers on the Sensex, while Power Grid Corp., NTPC, Bharti Airtel, HUL, and Sun Pharma, were the top losers. 

Sensex Today Live : Indian benchmark indices opened in the green on Wednesday, led by positive cues from global peers.

At opening bell, Sensex was up 325.44 points, or 0.44%, at 73,993.40, and Nifty was up 60.50 points, or 0.27%, at 22,396.20.

Sensex Today Live : The company informed the exchanges today that it has secured a Notification of Award (NOA) for 7 disInct contracts aggregately worth Rs. 10,337.8 Mn from Tamil Nadu GeneraIon and DistribuIon CorporaIon Limited (TANGEDCO).

The company, in an exchange filing, said, “As part of the contract, Salasar, operaIng within the framework of Revamped Reforms based and Results-linked, DistribuIon Sector Scheme:

o Will deliver a comprehensive turnkey service (except supply of DTs, Poles, and its Base Plate) in Coimbatore District of Tamil Nadu.

o Will undertake the development of distribuIon infrastructure prioriIzing the reducIon of losses and the enhancement of operaIonal efficiency across various districts of Tamil Nadu. These include Tiruvallur, Kanchipuram, ChengalpaZu, Karur – Rural Division in Karur District, Karur District, Krishnagiri District, Pallikonda, Vellore & Katpadi divisions in Vellore district, and Gingee division in Villupuram district.”

Sensex Today Live: Indian benchmark indices were climbing up during pre-open on Wednesday, following positive cues from global markets.

Sensex was up 320.60 points, or 0.44%, at 73,988.56, and Nifty was up 96.50 points, or 0.43%, at 22,432.20 during pre-open.

Sensex Today Live : Inflation in the US increased consecutively for two months, with February seeing a rise due to elevated gasoline prices.

The core Consumer Price Index (CPI), which does not take into account the costs of food and energy, saw an increase of 0.4% from January to February. This was a slight acceleration compared to the 0.3% increase observed in the previous month, as per the data released by the government on Tuesday.

When viewed on a yearly basis, consumer prices experienced a 3.2% increase last month, which is a faster pace compared to the 3.1% increase seen in January. (Read the full story here.)

Sensex Today Live : The industrial production growth in India remained steady at 3.8% in January, mirroring the consistent growth trajectory of the Indian economy.

The most recent data from the Index of Industrial Production (IIP) suggests a continuous rise in manufacturing activity into January, bouncing back from a slowdown in previous months and picking up pace in December. From April to January, the factory output saw an expansion of 5.9%, slightly higher than the 5.5% growth observed during the same period in the previous year.

The manufacturing sector, which constitutes more than 77% of the industrial output, saw a growth of 3.2%. Meanwhile, the mining and power sectors experienced growth rates of 5.9% and 5.6% respectively. (Read the full story here.)

Sensex Today Live : In February, Consumer Price Index (CPI)-based inflation declined by one basis point to 5.09%, compared to 5.1% in January 2024. This information was reported by the statistics ministry on Tuesday.

Despite this slight decrease, February inflation remained above the central bank’s target of 4%, but still within its tolerance range of 2-6% for the sixth consecutive month. Notably, prices of food and beverages continued to rise, remaining above 7% for four consecutive months. This upward trend was driven by increases in the prices of eggs, meat, fish, and vegetables. However, other primary categories such as clothing, footwear, housing, and transport experienced marginal easing.

In comparison, in February 2023, inflation had exceeded the upper tolerance band, reaching 6.44%. Subsequently, inflation rates stood at 5.5% in November 2023 (up from 4.87% in October) and 5.02% in September 20231. The economic landscape continues to evolve, and policymakers closely monitor these fluctuations to make informed decisions. (Read the full story here.)

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are likely to sart on a flat-to-higher note on Wednesday, influenced by the gains in global counterparts. The Gift Nifty trends also suggest a slightly positive kick-off for the Indian benchmark index. The Gift Nifty was observed trading around the 22,460 mark, a premium of more than 10 points from the Nifty futures’ last close.

On Tuesday, the domestic equity benchmark indices concluded the volatile session with a slight upward tilt. Nifty 50 exhibited a neutral candlestick pattern on the daily chart following a bearish engulfing, indicating persistent bearish pressure in the market.

Deepak Jasani, Head of Retail Research at HDFC Securities, stated, “The bearish Evening star pattern formed in the previous session has not been invalidated yet. Nifty is now expected to hover in the 22,224 – 22,526 range for the near term. The unfavorable breadth data is causing concern among investors and traders.” (Read the full story here.)

Sensex Today Live : On Wednesday, the domestic stock market indices are projected to start on a higher note, influenced by encouraging signals from global markets. Asian markets were seen trading positively, and US stock indices closed significantly higher the previous night. Despite the persistent inflation data, the anticipation of interest rate reductions by the US Federal Reserve in the upcoming months has not deterred investors.

On Tuesday, the Indian stock market indices concluded a volatile trading session with a slight upward trend. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, warned that the broader market is likely to continue experiencing discomfort due to overvaluation and SEBI’s warning signals. He added that the obligatory mutual fund disclosure format from SEBI, which will provide insights into the funds’ stress situation and is due by March 15, is contributing to the existing worries. As a result, he anticipates that the volatility in midcap and smallcap could restrain the benchmark indices. (Read the full story here.)

Sensex Today Live : After a subdued showing on Tuesday, markets looked primed to start on a positive note on Wednesday, on the back of the overnight record high close in the US market, and a stronger showing in Asian peers.

The trend was visible in the Gift Nifty futures, which was trading at 22,459.50, more than 120 points ahead of Nifty 50’s Tuesday close at 22,335.70.

Asian shares notched seven month highs on Wednesday, on the back of record peaks on Wall Street, as investors mostly shrugged off slightly hotter-than-expected U.S. inflation, betting it won’t derail interest rate cuts expected by the middle of the year.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% to its highest level since early August. The Hang Seng advanced 0.4% to 3-1/2 month highs.

Tokyo’s Nikkei was steady and focus in Japan is on springtime wage negotiations underway this week, with pay hikes seen encouraging an exit from negative interest rates perhaps as early as next week.

U.S. Treasury yields rose after the reading, with two-year yields finishing the New York session 6.5 basis points higher at 4.599% and 10-year yields climbing 5.1 bps to 4.155%. Early trade in Tokyo was steady.

South Korean shares rose for a second straight session on Wednesday, with Samsung Electronics leading the gains after Reuters’ report on its high-end chip production plan. The benchmark KOSPI rose 14.91 points, or 0.56%, to 2,696.72 by 0050 GMT, building on its 0.83% gain on Tuesday.

Australian shares inched higher on Wednesday, as the gains in financials offset a decline in commodity stocks. The S&P/ASX 200 index rose 0.2% points to 7,729.20 by 0025 GMT. The benchmark rose 0.1% in the previous session.

In commodities, higher yields yanked gold from near record levels and it was last at $2,157 an ounce. Crude futures have been rangebound for several weeks. Brent was last 0.5% stronger at $82.36 a barrel.