Sensex Today | Share Market Live Updates: Sensex jumps 700pts, Nifty at 22,06; Broader market up, metal, bank, O&G shine

Sensex Today Live : International Finance Corporation has increased its stake in Parag Milk Foods by 2.03%. It already holds a 5.05% stake in the company, Parag Milk Foods informed the exchanges today.

Sensex Today Live : We initiate on Aegis Logistics (AGIS) with an Outperform rating. AGIS is a play on increased LPG imports in India without the commodity price risk. It is a combination of high growth, low leverage, strong return ratios at reasonable valuations. It is our top pick in the sector.

Volume from logistics and distribution to see a strong 26% and 21% CAGR over FY24-27E:

Our detailed forecast of LPG logistics volumes for each asset suggests CAGR of 26% over FY24-27E. This is driven by capacity expansion, improvement in evacuation mechanisms for Aegis’ port assets and potential LPG demand from industrial clusters.

AGIS has also benefited from the switch to propane from natural gas amongst industrial users near Kandla, leading to high-margin distribution volumes rising from 0.1mt in FY22 to over 0.5mt in FY23.

Despite concerns that some LPG volumes may revert to LNG on reduction in LNG prices, we believe AGIS is on track to deliver 0.6mt of distribution volumes in FY24. With the commissioning of Mangalore LPG terminal, we expect a similar swing of 0.3-0.4mt in FY27 in distribution volumes.

TP of INR536 based on 26x FY26E EPS of INR21; valuation compelling:

Given AGIS’ underlying ROE of 19% (adjusted for CWIP/cash), net cash balance sheet, strong growth and lack of related part transactions, we find the valuation of 26x FY26E P/E as reasonable.

Sensex Today Live : Castrol, a subsidiary of the bp Group, in a press release, said the company has signed up Bollywood superstar Shah Rukh Khan as brand ambassador.

The company said, “Over the next two years, Shah Rukh Khan will feature in digital, print, and TV campaigns for bp and Castrol, showcasing their wide range of products”.

Sensex Today Live : : Gensol Engineering today informed the exchanges today that it has successfully completed the 10.6 MWp rooftop solar project for Trident Limited in Madhya Pradesh.

In an exchange filing, the company said this project marks a major milestone for both the companies, showcasing Gensol’s expertise in sustainable energy solutions and propelling Trident Limited towards its clean energy goals.

Sensex Today Live : Indian benchmark indices were up on Thursday following global peers who were rallying after the Federal Reserve stuck to its stance of three rate cuts this year.

At 11 am, Sensex was up 708.53 points, or 0.98%, at 72,810.22, and Nifty was up 218.25 points, or 0.25%, at 22,057.35.

Sensex Today Live : India’s business activity ended this fiscal year on a high note, expanding at the fastest rate in eight months in March, according to a business survey, suggesting the country would remain the fastest growing major economy.

HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.3 this month from February’s final reading of 60.6.

That extended the streak of expanding activity to 32 months. The 50-mark separates expansion from contraction on a monthly basis.

Growth was led by the manufacturing sector, which has been one of the primary economic drivers over the past few quarters. The index tracking factory activity rose to 59.2, its highest since February 2008, from 56.9 last month.

Demand in Asia’s third-largest economy for factory goods remained strong with new orders recording the fastest expansion in over three years.

Meanwhile, services activity also remained robust although the index eased slightly to 60.3 in March from 60.6 last month.

Overall exports expanded at the fastest pace in seven months.

Sensex Today Live : RailTel today informed the exchanges that it has received a work order from the Bihar Education Project Councils for the supply of teaching learning materials for students from Class 6 to Class 12.

In an exchange filing, the company said, “This is to inform that RailTel Corporation of India Ltd. has received the work order from State Project Director (Spd) Bihar Education Project Council (Bepc) for Supply amounting to Rs. 99,01,95,806 (Including Tax).”

Sensex Today Live : NHPC Ltd, informed the exchanges today that its Board of Directors will meet on 27 March to discuss the proposal of raising debt in FY24 and FY25.

The company, in an exchange filing, said, “It is to inform that a meeting of Board of Directors of the company is scheduled to be held on Wednesday, 27th March, 2024 to inter-alia consider the proposal for raising of debt during financial years 2023-24 and 2024-25.”

Sensex Today Live : Indian benchmark indices climbed up on Thursday following global peers who were rallying after the Federal Reserve stuck to its stance of three rate cuts this year.

At 10 am, Sensex was up 549.55 points, or 0.76%, at 72,651.24, and Nifty was up 172.35 points, or 0.79%, at 22,011.45.

Sensex Today Live : Castrol, a subsidiary of the bp group, today informed the exchanges its association with Mumbai Indians (MI) as the ‘Official Performance Partner’ for the upcoming cricketing league IPL, starting on 22 March 2024.

In an exchange filing, the company said, “This association underscores Castrol’s enduring legacy of aligning with some of the world’s most prestigious sporting extravaganzas. Notably, Castrol’s previous partnership with JioCinema for streaming the 2023 TATA Indian Premier League as an associate sponsor underscores its dedication to top-tier sports events.”

Sensex Today Live : Hinduja Global Solutions informed the exchanges today that its board has approved the company’s plan to rationalise the supply chain management function of its media division and its media subsidiaries with a view to bringing in operational efficiencies and optimise costs.

The company added that it also plans to monetise its optical fibre assets for a consideration of ₹208 crores to retire debt, which will help the company bring down interest costs.

Sensex Today Live : All sectoral indices were in the green, with the Metal index leading gains. It was up 2.05%, followed by PSU Bank, up 1.71%.

Sensex Today Live : The broader market was shining, as the BSE SmallCap index was up 1.31%, and the BSE MidCap index was up 1.20% in early trades.

Sensex Today Live : Tata Steel, JSW Steel, BPCL, Coal India, and Hindalco, were the top gainers on the Nifty 50, while Nestle India, Hero MotoCorp, Britannia, Dr Reddy’s and Maruti Suzuki India, were the top drags. 

Sensex Today Live : Tata Steel, IndusInd Bank, Wipro, JSW Steel, and HCLTech, were the top gainers on the Sensex, while Nestle India was the only stock in the red on the benchmark index, in the morning.

Sensex Today Live : Indian benchmark indices jumped at open on Thursday following global peers who were rallying after the Federal Reserve stuck to its stance of three rate cuts this year.

At opening bell, Sensex was up 547.57 points, or 0.76%, at 72,649.26, and Nifty was up 169.75 points, or 0.78%, at 22,008.85.

Sensex Today Live : Indian benchmark indices jumoed during pre-open on Thursday following global peers who were rallying after the Federal Reserve stuck to its stance of three rate cuts this year.

Sensex was up 405.67 points, or 0.56%, at 72,507.36, and Nifty was up 150.80 points, or 0.69%, at 21,989.90 during pre-open.

Sensex Today Live : “Status-quo from the US Fed, with minimum alterations in their official statement. While the economic growth forecast was revised upwards, the Dot-Plot ‘signals’ three rate-cuts in 2024 but 2025, 2026, and beyond all seeing chances of less aggressive cuts. Gold and stocks have outperformed even with the dollar rising modestly and bitcoin stealing the show. Stocks have rallied since the last meeting despite a plunge in 2024 rate-cut expectations from 6 to 3 – interesting times! With BoJ scrapping radical interest rate regime, hiking interest rates in 17 years shows an independent approach undertaken by central banks across the globe post covid. Global markets will take its own sweet time to reset to these nuances.”

-Dhawal Ghanshyam Dhanani, International Equity Fund Manager at SAMCO Mutual Fund

Sensex Today Live : The Sensex and Nifty 50, India’s stock market indices, are projected to start off strong on Thursday, influenced by the positive performance of global markets.

The Gift Nifty trends also suggest a gap-up opening for the Indian benchmark index. The Gift Nifty was observed trading around the 22,080 mark, which is nearly 170 points higher than the previous close of Nifty futures.

On Wednesday, despite intermittent volatility, the Indian stock market indices managed to close with slight gains, buoyed by a positive global sentiment. The Sensex rose by 89.64 points (0.12%) to close at 72,101.69, while the Nifty 50 increased by 21.65 points (0.1%) to settle at 21,839.10.

On the daily chart, the Nifty 50 formed a small body candle with shadows on both ends.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, interpreted this pattern as a doji type candle pattern. He explained that a doji usually signals potential trend reversals following significant upward or downward movements. Given that a doji has formed after a minor downtrend, he anticipates a minor pullback rally. (Read the full story here.)

Sensex Today Live : On Thursday, positive global market trends are likely to lead to a higher opening for domestic equity indices. Asian markets, including the Nikkei which reached new all-time highs, traded positively. Similarly, US stock indices closed at record levels overnight, bolstered by the results of the US Federal Reserve’s monetary policy meeting.

The Federal Open Market Committee (FOMC), led by Fed Chair Jerome Powell, kept the Federal Funds rate at 5.25% – 5.5% and reiterated its prediction for three rate cuts this year.

On Wednesday, amid bouts of volatility, the Indian stock market indices ended with slight gains, buoyed by positive global sentiment. The Sensex rose by 89.64 points, or 0.12%, to close at 72,101.69, while the Nifty 50 increased by 21.65 points, or 0.1%, to settle at 21,839.10.

Vinod Nair, Head of Research at Geojit Financial Services, commented that the Indian markets rebounded and closed with modest gains, driven by positive global sentiment and strong direct tax collection. (Read the full story here.)

Sensex Today Live : Markets around the world were on a strong footing after the Federal Reserve stuck to its stance of three interest rate cuts in this year.

Before markets open in India, even the Gift Nifty futures was trading substantially ahead of Wednesday’s Nifty 50 close.

At 7:58 am, the Gift Nifty was at 22,077.50, more than 230 points ahead of Wednesday’s Nifty 50 close of 21,839.10.

Elsewhere, Asian shares bounced while gold prices and Japan’s Nikkei jumped to record highs on Thursday after the U.S. Federal Reserve indicated it would stick with plans for cutting interest rates.

The U.S. dollar nudged lower and traders slightly increased their expectations for a U.S. rate cut in June.

Japan’s Nikkei went up 1.5% to a fresh peak over 40,000 in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.6%. Spot gold, an expected beneficiary of lower interest rates as yields on bonds come down, spiked to a record $2,222 an ounce.

Overnight the Fed left U.S. rates on hold between 5.25% and 5.5%, as expected, and nudged up inflation forecasts. Policymakers’ median projection for three 25 basis point rate cuts this year was unchanged from December.

U.S. Treasury yields fell slightly in New York trade and were steady in Asia. Two-year yields were last at 4.59% and 10-year yields at 4.26%. The S&P 500 notched a record closing high overnight and U.S. and European futures rose in Asia trade.

Fed Chair Jerome Powell told reporters sticky inflation reports show price pressures but “haven’t really changed the overall story, which is that of inflation moving down gradually”.

Gold was last a bit lower than its early-hours spike, though at $2,200 an ounce is up 7% this year.

Brent crude futures were steady at $86.34 a barrel.