Sensex Today | Share Market Live Updates : Sensex, Nifty slip into the red after strong start; Broader markets down

Coal India, Divi’s Laboratories, Hero MotoCorp were the top gainers on Nifty, while Hindalco, Grasim, Adani Enterprises were the top losers. 

ICICI Bank, NTPC, ITC, Reliance and Kotak Mahindra Bank, top gainers on Sensex. 

Power Grid Corp. JSW Steel, Tata Steel, Wipro, Airtel, top losers. 

The Multi Commodity Exchange (MCX) faced some technical glitches on Tuesday morning. Hence, the commodity trading on the exchange will begin at 10 am.

Paytm: Reserve Bank of India (RBI) governor Shaktikanta Das on Monday ruled out any review of the central bank’s action against Paytm Payments Bank, saying the decision was taken after a lot of consideration and a comprehensive analysis of the lender’s functioning. The RBI on January 31, had directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTTags and other instruments after February 29 citing large scale non-compliance of regulations and supervisory concerns. “At the moment let me say very clearly, there is no review of this decision,” Das said at a press conference after a meeting of the RBI’s central board of directors. The meeting was also addressed by finance minister Nirmala Sitharaman.

Indian benchmark indices opened in the green on Tuesday, tracking Asian peers, and in the backdrop of easing inflation domestically.

Sensex was up 219.59 points, or 0.31%, at 71,292.08 and Nifty was up at 21,664.30 at market open.

Indian benchmark indices were in the green in pre-open on Tuesday.

Sensex was up 141.81 points, or 0.20%, at 71,214.30 and Nifty was up 63.50 points, or 0.29%, at 21,679.55 during pre-open.

Bank Nifty led the negative momentum in broader markets and PSU banks followed through the action with sharp profit booking down by 4.5% for the day reversing last week gains.

The key support is at the 200 day average at 44,500 levels would push the index further lower and witness the next round of sell off.

We believe if it breaks the 200 day average then PSU banks would start declining higher from current levels which is being an outperformer till date.

Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved lower to 44,500 levels.

NIFTY-50 has broken on the downside from its inside range and we expect further profit booking if we sustain below the 50 day average placed at 21,450 levels

The positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,100 will be next support levels.

RSI is being trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts.

Highest call OI is at with 22,000 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.

Punjab National Bank, NMDC, BHEL, Union Bank of India and GMR Airports have entered the MSCI Global Standard Index, according to its February quarterly review.

The index provider has also increased the weights of 12 stocks and reduced the weightage of 2 stocks from the index.

The weights of Zomato, DLF, MRF, Hindalco Industries, Interglobe Aviation, Dr Reddy’s Laboratories, Hero MotoCorp, HDFC AMC, Lupin, Astral, One 97 Communications and Bandhan Bank have been increased.

On the contrary, Jio Financial Services and Container Corporation of India have seen their weight decrease in the MSCI Global Standard Index. (Read the full story here.)

Shares of Gulf Oil Lubricants India Ltd, Dr Lal PathLabs Ltd, Orient Electric Ltd, SMC Global Securities Ltd, Indo Thai Securities Ltd, K.P.R. Mill Limited, Steelcast Ltd, Tube Investments of India Ltd, Tamil Nadu Newsprint & Papers Ltd, and Orbit Exports Ltd will be in focus when the stock market opens on Tuesday, February 13.

The Board of Directors of these companies have declared interim dividend and shares buyback for their eligible shareholders.

The record date by the 10 companies to ascertain the eligibility of shareholders for their respective issues have been fixed on February 13. (Here are the details.)

The Indian stock market gave up early morning gains and ended lower on Monday on account of the sharp sell-off in PSU stocks yesterday. The Nifty 50 index lost 166 points and closed at the 21,616 level, while the BSE Sensex dived 523 points to close at the 71,072 mark. The Bank Nifty index also crashed 752 points and ended at the 44,882 level. In the broader market, the small-cap index crashed 3.16 percent whereas the mid-cap index tanked 2.62 percent.

“Domestic equities opened positive but soon witnessed selling pressure amid muted global cues. While Nifty closed with a loss of 166 points (-0.8%) at 21616, the broader market plunged sharply with the Nifty mid-cap 100 down 2.5% and the Nifty small-cap 100 down 4%. The volatility index – India VIX jumped 4% to 16 levels. Barring IT & Pharma, all sectors ended in red. PSUs saw a heavy profit booking after witnessing a sharp rally over the last few months and weak Q3 results posted by many. There was also caution ahead of domestic CPI and IIP data that is due for release later on Monday,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal. (Read the full story here.)

The Indian stock market indices, Sensex and Nifty 50, are likely to open on a cautious note on Tuesday following mixed global market cues.

The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 21,742 level as compared to the Nifty futures’ previous close of 21,696.

On February 12, the equity benchmark indices witnessed a sharp fall with the Nifty closing the day lower below 21,700 level. (Read the full story here.) 

Bitcoin today achieved a significant milestone by reaching $50,000 for the first time in over two years, Bloomberg reported. The world’s largest cryptocurrency last traded at $50,000 in December 2021.

This marks a notable recovery from the setbacks faced by the crypto industry, including scandals and bankruptcies, which cast doubts on the sustainability of digital assets.

Bitcoin has tripled in value since the beginning of last year, rebounding from a 64 percent decline in 2022. Despite this surge, the current price remains below the all-time high of nearly $69,000 recorded in November 2021. (Read the full story here.)

On 12th February, Bitcoin (BTC) hit $50,000 marking a new high since December 2021. The impact of Bitcoin Spot ETFs and market’s anticipation for Bitcoin Halving in May plays a vital role in the market surge. From 1st Jan 2024 to Jan 10th (Bitcoin ETF approval date), BTC trading volumes grew from $16B to $50B – a 300% increase. This is the impact of the approved BTC ETF. However, the effects of Bitcoin Halving are yet to factor in.

Historically Bitcoin Halvings have resulted in driving BTC prices to new ATHs in the preceding year. The first halving occurred in November 2012. Within one year, the price of Bitcoin rose from a high of $13 to $1,152 (in December 2013), and reached its peak one year and one month after the halving. The second halving occurred in July 2016, when the price of Bitcoin rose from a high of $664 to $17,760 (December 2017), reaching its peak one year and five months after the halving. The third halving occurred in May 2020, when the price of Bitcoin rose from a high of $9,734 to $67,549 (April-November 2021), reaching its peak one year and six months after the halving.

The fourth halving will occur in April 2024. It is expected that the price of Bitcoin will rise from the highest point in the US dollar to the US dollar (April-November 2021), and the price is expected to peak one year and five months after the halving. A similar trend has been observed with the previous three halvings with prices increasing over to hit a new BTC price ATH.

As of now, there’s no upcoming news that may have a price correlation with Bitcoin except the halving which may provide returns in the medium to long term. It’s also important to take market’s psychological levels, such as BTC prices ranging from $50K to previous ATH, which may cause larger price retracements.

$50K Bitcoin Macro-factors

Bitcoin rose by about 12% in the second week of February 2024, with the currency price reaching a maximum of $48,800, which is about to approach the integer mark of $50,000. In the last bull market, the price of Bitcoin was between US$38,000 and US$48,000, which was the main trading range, and a large number of chips were concentrated in this position. The current surge of Bitcoin’s price is mainly due to:

The U.S. SEC officially approved the Bitcoin ETF, which allows investors around the world to invest in Bitcoin through compliance channels. This will undoubtedly bring more attention and capital injection to Bitcoin.

There was a short-term decline after the adoption of the Bitcoin ETF. This was due to the switching of positions by some holders of Grayscale and the selling of some equity holders.

As the grayscale sell-off came to an end, the overall Bitcoin ETF market began to see daily net inflows in and out, and this rhythm is still maintained. BlackRock, for example, has opened its own sales network to sell Bitcoin ETFs.

Bitcoin’s fourth halving is coming soon, and the market is confident that the price of Bitcoin will reach a record high after this halving. At the same time, the Federal Reserve will also start an interest rate cut cycle this year, which is a good signal for risk assets and emerging markets.

A series of excellent projects have built on the Bitcoin ecosystem, which has promoted its further development, increasing the demand for its underlying asset BTC. This allows more players to participate in the Bitcoin ecosystem increasing its awareness and adoption globally.

The Indian equity market is expected to open on a cautious note on Tuesday tracking mixed global cues.

Asian markets traded higher, while the US stock indices ended mixed overnight as investors awaited key US inflation data that will influence the Federal Reserve monetary policy.

On Monday, the Indian stock market indices ended with steep losses amid heavy selling in banking and financial heavyweights, ahead of key macro numbers and mixed global cues.

The Sensex plunged 523.00 points, or 0.73%, to close at 71,072.49, while the Nifty 50 settled 166.45 points, or 0.76%, lower at 21,616.05.

“The premium valuation gap between mid to large caps has notched to its all-time high. Despite a robust economic forecast, corporate earnings are expected to slow due to moderated operating margins. It is going to be a challenge for the broad market to sustain the premium valuation. Large caps are predicted to excel amid consolidation,” said Vinod Nair, Head of Research, Geojit Financial Services. (Read the full story here.)

Asian stocks inched higher and the dollar held steady on Tuesday ahead of a key U.S. inflation report that could help shape the Federal Reserve’s rates outlook and determine the timing of interest rate cuts.

Bitcoin remained strong after crossing $50,000 for the first time in over two years, thanks to inflows into exchange traded funds backed by the digital asset. It was last at $50,0097 in Asian hours.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.15% higher in early trading. The index is down 3% so far in the year.

Japan’s Nikkei on the other hand has carried on from last year and is up 12% for the year. On Tuesday, the index rose 1.7% to hit a fresh 34-year high on the back of a weak yen which is nearing the closely-watched 150 per dollar level.

China’s financial markets are closed for the Lunar New Year holiday and will resume trade on Monday, Feb. 19, with Hong Kong markets due to resume on Feb. 14, leaving trading in Asia subdued and taking cues from the Wall Street.

On Monday, the Nasdaq slipped in the afternoon session after briefly surpassing its record closing high from November 2021. The benchmark S&P 500 closed lower but remained just above the 5,000-point level it crossed on Friday. E-mini futures for the S&P 500 fell 0.16%.

The yield on 10-year Treasury notes was at 4.172%. The dollar index, which measures the U.S. currency against six rivals, was little changed at 104.16.