Sensex tanks over 2,700 points, Nifty slips 815 points to close below 16,250 : Rashtra News #Sensex #tanks #points #Nifty #slips #points #close Equity benchmark Sensex crashed over 2,700 points on Thursday following a severe sell-off in global markets after Russia launched a military offensive against Ukraine. The 30-share BSE gauge plunged about 2,850 points during
On the daily chart, MCX April Gold futures have given a breakout of its descending channel forming higher high and higher low while the MACD has given a positive crossover indicating bullish sentiments. Moreover, the 21-day EMA 21 and the 50-day EMA suggest a bullish outlook and RSI is forming a higher high and higher low pattern which adds to her bearish outlook.
India's largest passenger carmaker on Wednesday reported over 33% jump in its consolidated net profit for the quarter ended December 2023 at Rs 3,206.8 crore vs Rs 2,406.1 crore reported in the year-ago period. Revenue for the quarter came in at Rs 33,512.8 crore vs Rs 29,251.1 crore a year ago, registering a 14.5% YoY growth.
Megatherm Induction's IPO received a strong response from investors, with a subscription rate of 190 times. The company is set to finalize the IPO allotment today. Investors can check the status of the Megatherm Induction IPO allotment on the official website of the registrar, Bigshare Services. In the unlisted market, Megatherm Induction shares are trading at a premium of Rs 135, compared to the issue price of Rs 108.
Titan Ltd is expected to report strong Q3 results with significant growth in consolidated revenues and net profit. However, higher raw material prices may lead to a decline in gross and EBITDA margins. The Jewellery segment is likely to have a strong quarter, with notable growth in gold and coins sales. The Watches & Wearables segment is expected to show growth, while the Eyecare segment may have a muted quarter. Titan also added 90 new stores during the quarter, expanding its total presence to 2,949 stores.
Nilesh Shah, MD of Kotak AMC, expects the budget to focus on infrastructure investment, raising revenue, and fiscal prudence. He also believes that the government should attract more foreign institutional investors and simplify the old tax structure. Additionally, he discusses the possibility of freebies and tax sops in the budget and the market's focus on policy and reforms. The market has already factored in the continuity of government and policies, as seen in the recent up move in the market.
The stock was trading with minor gains at the opening time and hit the day's high of Rs 1,430.45 on the NSE, up 0.84% over the Wednesday closing price.
Net revenue from operation stood at Rs 4,901 crore up 20% YoY from Rs 4,069 crore reported in the year-ago period. On a sequential basis, it was up 7% over Rs 4,585 crore reported in Q2FY24.
Sensex Today | Stock Market LIVE Updates: Equity benchmark indices bounced back on Tuesday after three days of fall amid recovery in global markets and buying in HDFC Bank post its quarterly earnings. Among the Sensex firms, Power Grid, Bajaj Finance, Tata Steel, HDFC Bank, Tech Mahindra, Wipro, Bajaj Finserv and Titan were the major gainers.HDFC Bank traded nearly 1 per cent up after the company reported a consolidated net profit of Rs 16,811 crore for the September quarter, its maiden quarterly earnings announcement after merging parent HDFC with itself.Larsen & Toubro and Hindustan Unilever were the laggards.In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.The US markets had ended with gains on Monday.Global oil benchmark Brent crude declined 0.01 per cent to USD 89.64 a barrel.Foreign Institutional Investors (FIIs) offloaded equities worth Rs 593.66 crore on Monday, according to exchange data.The Sensex had declined 115.81 points or 0.17 per cent to settle at 66,166.93 on Monday. The Nifty slipped 19.30 points or 0.10 per cent to 19,731.75.
Sensex Today | Stock Market Live Updates: Indian shares fell on Friday dragged by a slide in information technology (IT) and bank stocks, while inflation concerns in the United States also weighed on investor sentiment.Eight of the 13 major sectoral indexes declined. High weightage IT index lost 0.75%, afterInfosys and HCLTech flagged weak client spending and cut their revenue forecast on Thursday.Infosys cut the upper end of its annual revenue forecast to 2.5% from 3.5% and HCLTech lowered its revenue outlook to 4%-5% from 6%-8%.Infosys tumbled as much as 4.5%, while HCLTech shares were volatile, rising 3.5% after losing 1.24% at the open.Bank index lost 0.85%, dragged by a fall in the largest state-owned lender State Bank of India and private lender Axis Bank after global brokerage UBS downgraded both.USB downgraded SBI to "sell" from "buy" and Axis Bank to "neutral" from "buy".While India's September retail inflation eased to a three-month low of 5.02%, the rise in U.S. consumer prices rekindled concerns over higher-for-longer interest rates and triggered a slide in global markets."From a macroeconomic perspective, India is still in a sweet spot as evidenced by inflation data," said Anita Gandhi, Founder and Head of Institution at Arihant Capital."However, weak revenue outlook from top IT companies indicates concerns on the growth side and could weigh on markets as they were not expecting lowering of guidance."The more-domestically focussed small- and mid-caps continued to outperform the blue-chips, rising 0.2% each."The earnings season would be the ultimate test for small- and mid-caps as results have to justify high valuations," Gandhi added.Small- and mid-caps have risen 33% and 29%, respectively, compared to a 9% rise in Nifty 50 in 2023 so far.