Sensex Today | Share Market Live Updates: Sensex up 1,200 pts, Nifty hits record high; Paytm tanks another 20%

The offering will comprise a fresh issue of shares worth ₹1,000 crore and an offer for sale in which Blackstone will offload shares worth ₹4,000 crore.

US job growth likely slowed marginally in January as a resilient economy and strong worker productivity encouraged most businesses to retain their employees, a trend that could see the economic expansion sustained this year, Reuters reported.

The closely watched employment report from the Labor Department on Friday could further diminish financial market expectations of an interest rate cut in March, with annual wage growth forecast to have maintained its solid pace last month.

Fitch Ratings said on Friday the slightly faster pace of fiscal deficit reduction does not significantly change India’s sovereign credit profile but the government’s emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term, PTI reported.

In post-budget commentary, Jeremy Zook, Fitch ratings director, sovereign ratings, said over the next five years, India’s government debt-to-GDP ratio will be broadly stable at just above 80% of GDP. This is based on a continued path of gradual deficit reduction, as well as robust nominal growth of around 10.5% of GDP.

Clocked a net loss of ₹46.2 crore for the December quarter against a profit of ₹124.2 crore in the previous quarter. Consolidated revenue from operations grew 30.4% sequentially to ₹2,493.3 crore in the quarter.

The stock is currently up 0.16% to ₹765.90.

Shares of Abbott India are up 8.36% to ₹28,050.05. On Thursday the company posted 26% growth in net profit to ₹311 crore for the December quarter. Revenue from operations grew 8.7% to ₹1,437 crore from a year ago.

The USFDA has classified the inspection of the facility of the company’s subsidiary Panacea Biotec Pharma in Baddi, Himachal Pradesh, as ‘official action indicated’. The stock is currently up 3.03% to ₹168.45.

Flagship brand Royal Enfield sold 76,187 motorcycles in January, up 2% from 74,746 units a year ago. However, exports sales dropped 20% to 5,631 motorcycles. The stock is currently down 1.87% to ₹3,859.75.

At 11 am the Sensex was up 789.27 points or 1.10% at 72,434.57, and the Nifty was up 245 points or 1.13% at 21,942.50.

Shares of Housing and Urban Development Corporation (HUDCO) extended their post-budget rally on Friday, climing to a new all-time high of ₹226.45 on NSE. After the FM’s announcement of two crore new affordable houses in her budget speech, HUDCO’s rallied on Thursday and ended about 20%.

Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, though benchmarks were headed for weekly losses amid unsubstantiated reports of a ceasefire between Israel and Hamas.

Brent crude futures climbed 37 cents or 0.5% to $79.07 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures gained 30 cents or 0.4% to $74.12 a barrel.

Direct revenue in Q3 was up 2% sequentially and up 1.3% in constant currency terms. New deal wins worth $241 million. Management said it was seeing signs of stability despite seasonal softness in the quarter.

“The FY24-25 interim budget has carried forward govt’s focus on (1) Net zero by 2070 (Rooftop Solarisation, Non fossil fuel, E vehicles) (2) 13.9% higher capex allocation (18% effective increase) (3) higher allocation for PM Awas, MNREGA and Aquaculture. 

“Fiscal situation seems to be in fine shape with CAD at ~1% of GDP and fiscal deficit at 5.8% of GDP with next year target at 5.1% of GDP. FY25 assumptions of 11.5% growth in GST and 11.7% in corporate tax and 13% in income tax look reasonable. There has been no change in corporate and income tax rates. 

“Total debt has been lower than earlier estimates and FY25 gross markets borrowings with increased private capex will continue to provide growth capital and momentum to the economy. Thus interim budget just ensures strong fiscal discipline and continuity of policies. We remain overweight on Capital Goods, Infra, Engineering, Green Energy, Hospitals, Pharma, Housing, building material and select stocks in Metals, Financials and discretionary consumption.”

“The bull market at Dalal Street is thriving, fueled by positive developments such as Wall Street’s surge, a 3% drop in WTI Oil prices, and the promising Interim Union Budget. With a focus on sectors like consumption, defense, railways, hotels, services, and electronics, the goal of India’s USD 5 trillion economy is in sight.

“Technical analyses suggest a potential FOMO-driven surge in Nifty to its all-time high, supported by favorable indicators. Bank Nifty outperformed, and stocks like SBI, Bank of Baroda, and others show breakout potential.

“The preferred trade suggests buying Nifty and Bank Nifty, with bullish sentiments on Indigo, State Bank Of India, Bank Of Baroda, Adani Enterprises, and RBL Bank. The top stock to buy is Indigo, with targets at ₹3,100 and ₹3,147, emphasizing a rebound play.”

At 10 am the Sensex was up 741.22 points or 1.03% at 72,386.52, and the Nifty was up 229.70 points or 1.06% at 21,927.20.

Shares of Adani Ports and SEZ are up 4.94% to a 52-week high of ₹1,279.05.

Reliance shares have hit a new all-time high, up 2.37% to ₹2,921.

Companies that will announce their December-quarter earnings today: 

Tata Motors, UPL, Delhivery, Bank of India, Aegis Logistics, Bikaji Foods International, Devyani International, Engineers India, InterGlobe Aviation, JSW Infrastructure, LIC Housing Finance, Metropolis Healthcare, MOIL, Samhi Hotels, Torrent Pharmaceuticals, and Ujjivan Financial Services.

Net profit was up 18.2% to ₹476.9 crore in Q3 from a year ago, revenue up 16.5%. Ebitda increased 22.6% yoy, while margin was 37.3% from 35.4% last year. Revenue for the quarter was led by 21% growth in room revenue. International RevPAR growth of 9% yoy due to 70% occupancy levels.

The stock is currently up 2.99% to ₹509.35. 

Shares of Paytm parent firm One97 Communications it the 20% lower circuit for the second day in a row, after the RBI imposed harsh restrictions on Paytm Payments Bank. The stock has crashed from around ₹760 to around ₹490 in two days.

At 9.15 am the Sensex was up 576.04 points or 0.80% at 72,221.34, and the Nifty was up 172.50 points or 0.80% at 21,870. 

-Outperform call, target ₹1,243 a share

-Another strong quarter on all fronts, from volume to net income

-Management has revised their guidance upwards for FY24

-Global turmoil in Red Sea could affect near-term performance

-Capex for first nine months of FY24 is at ₹5,500 crore versus initial guidance of ₹4,500 crore for full year

Gold prices were set for their best week in seven on Friday as the dollar and Treasury yields retreated.

The dollar fell broadly on Friday in a bout of positive risk sentiment following upbeat big tech earnings on Wall Street, while traders awaited U.S. jobs data due later in the day to gauge how soon the Federal Reserve could begin easing rates.

Management said during an analyst call that the RBI’s actions were a big speed bump and that operational changes would be required. The stock hit the 20% lower circuit soon after the market opened on Thursday. 

The company recorded total sales of 4,33,598 units in January, up 21.6% from a year ago. Domestic sales increased 20.5% to 4.2 lakh units and exports jumped 74.6% to 12,664 units.

Tokyo stocks opened higher on Friday, supported by Wall Street rallies, with investors awaiting US jobs data due later in the day. The benchmark Nikkei 225 index was up 0.61% or 218.77 points at 36,230.23 in early trade, while the broader Topix index added 0.29% or 7.39 points to 2,541.43.

The GIFT Nifty is trading at a premium of more than 150 points from Nifty Futures Thursday close, indicating a gap-up start for the Indian market.

Oil headed for the biggest weekly loss since early November as negotiations advance for an agreement to pause the Israel-Hamas war in what could be a crucial step toward ending the conflict. 

West Texas Intermediate rose above $74 a barrel on Friday, but was still down almost 5% for the week. Brent tumbled for a second session on Thursday. Talks on a ceasefire are still in the early stages and a breakthrough isn’t expected in the coming days, people familiar with the matter said.

Shares in Asia rose as a rebound in US equities extended into after-hours trading after a set of bumper results from tech giants. Australian and South Korean shares edged higher, while contracts for Hong Kong stocks also climbed. Futures for US equities advanced early in Asia after both the S&P 500 Index and the tech-heavy Nasdaq 100 Index rose over 1% on Thursday.