Sensex Today | Share Market Live Updates : Sensex jumps 300pts, Nifty at 22,430; Bank index up 1%, broader markets down

Sensex Today Live : The recent stepping down of Manju Agarwal, former deputy managing director of SBI, from the board of CMS Info Systems has highlighted the challenges independent directors face when balancing multiple board roles. Agarwal’s resignation from CMS Info Systems coincided with her departure from Paytm Payments Bank Limited (PPBL), where she was an independent director, reported Economic Times.

Previously, after resigning from her role as an independent director at PPBL, Agarwal had sought to be reappointed at CMS Info Systems, where she also held a directorial position. However, her bid for reappointment was met with criticism due to her departure from PPBL and allegations of selective “preoccupation”. Consequently, Agarwal resigned from the CMS Info Systems board just prior to the conclusion of the postal ballot voting on her reappointment on March 1, according to the ET report. (Read the full story here.)

Sensex Today Live : The 26th of February marked a significant event for India’s textile industry with the launch of the Bharat Tex Expo at Bharat Mandapam (IECC) in the nation’s capital, inaugurated by Prime Minister Narendra Modi. The global textile market, estimated to be worth nearly $1 trillion, is a lucrative opportunity that the government intends to tap into with a strategic and ambitious plan. With the global industry projected to expand at a modest annual rate of 4%, it’s imperative for Indian textile firms to innovate and adapt to achieve their ambitious goal of a $350 billion textile industry by 2030.

This article will delve into three companies that are well-positioned to secure a larger portion of the global textile market and generate shareholder value. (Read the full story here.)

Sensex Today Live : As expected, the Saudi Arabia-led oil cartel, the Organization of the Petroleum Exporting Countries, and its allies (Opec+) have decided to prolong their production cuts until June. Initiated last November, these cuts are designed to stabilize oil prices amidst increasing crude production in non-Opec nations and the potential dampening effect of sluggish global growth on petroleum product demand.

The World Bank predicts a slowdown in global growth to 2.4% this year. It forecasts a modest 3.9% growth for developing countries, while low-income countries are projected to see a 5.5% growth. Advanced economies are expected to grow by a mere 1.2%. However, India stands out as a potential high performer, with an anticipated growth rate exceeding 6% in 2024-25. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had pared their losses and were trading in the green on Monday.

At 2 pm, Sensex was up 150.96 points, or 0.20%, at 73,828.09, and Nifty was UP 17.40 points, or 0.08%, at 22,373.70.

Sensex Today Live : On Monday, the power ministry issued a directive to domestic coal-based power generation companies (gencos), instructing them to maintain a blend of 6% imported coal in power plants until June. This norm, initially extended until March 2024 in October, has been further extended.

This decision is in anticipation of a surge in power demand during the forthcoming summer season. Power plants that rely on imported coal have been directed to operate at maximum capacity until June. This initiative is particularly significant as the country is gearing up for general elections, and states are striving to ensure a consistent power supply in the lead-up to the voting. Mint explores the reasons behind this governmental directive. (Read the full story here.)

Sensex Today Live : The name ‘Secretariat’ might not resonate with many, but for those familiar with the racetrack, it’s a name of legend. Secretariat, an American thoroughbred, is often hailed as the most outstanding racehorse of the 20th century.

This sly thoroughbred had a unique strategy. He typically lingered at the back during the initial part of the race, only to dramatically accelerate in the latter half, breezing past the finish line and leaving his rivals trailing behind.

A similar scenario is unfolding on Dalal Street.

Public Sector Undertakings (PSUs) stocks, which were once associated with sluggish returns, are now surging. The BSE PSU Index has risen by 23% this year and an impressive 300% since October 2020, outpacing the broader market after nearly a decade of lagging behind. (Read the full story here.)

Sensex Today Live : Foreign portfolio investors (FPI) turned net buyers of Indian stocks in February, adding ₹15.39 billion (~$186 million) led by inflows into auto and pharma, data from the National Securities Depository Ltd (NSDL) showed, while weightage hike in a key MSCI index also aided sentiment, reported Reuters.

The benchmark indexes Nifty 50 and BSE Sensex , which were little changed in January amid foreign outflows, gained more than 1% last month on FPI buying and robust domestic inflows.

FPI inflows are likely to increase further due to India’s rising share in the MSCI Emerging Markets index, CLSA said in a note.

India narrowed the gap with China in MSCI’s Global Standard index, which tracks emerging market stocks for investors, after the latest revision.

Index provider MSCI raised India’s weightage to an all-time high of 18.2%, which came into effect at the end of February.

India could witness up to $1.2 billion of passive foreign flows after the MSCI February review, Nuvama Alternative and Quantitative Research said in a note.

FPIs have bought shares worth 63.60 billion rupees so far in March after data showed faster-than-expected economic growth in the October-December quarter.

Sensex Today Live : KPI Green Energy today informed the exchanges that it has received new orders aggregating to 9.40 MW for executing solar power projects, out of which 5 MW capacity development will be undertaken by KPI Green Energy Limited, and 4.40 MW capacity by KPIG Energia Private Limited, a wholly owned subsidiary of the Company under the ‘Captive Power Producer (CPP)’ segment.

The projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order

The order has been placed by Sustainable Spinning & Commodities Pvt. Ltd., Sharvil Tex Fab, Dharma Fab, and Raghuveer Tex.

Sensex Today Live : Indian benchmark indices were in the red on Monday, dragged down by weak signals from global peers.

At 1 pm, Sensex was down 192.13 points, or 0.26%, at 73,485, and Nifty was down 81.10 points, or 0.36%, at 22,275.20.

Sensex Today Live : Tata Motors Ltd, a corporation valued at $42 billion, has declared its plan to divide its passenger vehicle (PV) and commercial vehicle (CV) sectors into two distinct publicly traded companies. Conversely, Reliance Industries Ltd and Walt Disney Co. recently proclaimed the consolidation of their television and media properties in India, forming an entertainment behemoth worth $8.5 billion.

These two conglomerates have opted for opposing strategies to enhance value and expansion—intensified specialization through a split, and amplified magnitude via a union. The question arises, which approach is superior in accomplishing a similar objective? (Read the full story here.)

Today Live : Ajmera Realty & Infra India Ltd has successfully secured credit facilities totaling INR 500 Crores from two leading financial institutions: Standard Chartered Bank and ICICI Bank. These funds will be utilized for the execution of Ajmera Manhattan, a luxurious residential project situated in Wadala, Mumbai. Additionally, a portion of the funds amounting to INR 200 crores has been utilized towards the partial prepayment of the GCP loan availed from HDFC Bank.

Sensex Today Live : Apart from a few pockets of calm across sectors, most of the major sectoral indices were red at noon. For instance, the heavyweight Nifty Bank was up 0.89%, on the strenght of private banks. This was reflected in the performance of the Private Bank index, which was ip 0.91%.

On the flip side, the PSU Bank index was down 0.87%, while other heavyweight indices like IT (down 1.39%), Oil & Gas (down 2.51%), FMCG (down 0.71%), were under pressure. 

Sensex Today Live : The broader market was largely in the red, dragged down by the BSE MidCap index (down 2.02%) and BSE SmallCap index (down 2.91%).

Sensex Today Live : On the Nifty 50, NTPC, ONGC, Adani Enterprises, Power Grid Corp., and Tata Steel were the top drags, while private bank peers Kotal Mahindra Bank, Axis Bank, ICICI Bank, and IndusInd Bank, along with Bajaj Auto, were the top gainers. 

Sensex Today Live : The top gainers on the Sensex were private bank peers, Kotak Mahindra Bank, Axis bank, ICICI Bank, IndusInd Bank, along with pharma company Sun Pharmaceuticals. Meanwhile, top drags on the benchmark index were NTPC, Power Grid Corp., Tata Steel, Wipro, and JSW Steel. 

Sensex Today Live : Indian benchmark indices were in the red on Monday, dragged down by weak signals from global peers.

At 12 pm, Sensex was down 276.71 points, or 0.38%, at 73,400.42, and Nifty was down 109.95 points, or 0.49%, at 22,246.35.

Sensex Today Live : Investors in Tata Motors Ltd (TaMo) seem to concur with the company’s strategy that dividing is beneficial. After the company declared its plan to segregate its commercial-vehicles (CV) and passenger-vehicles (PV) businesses into two distinct entities, the automaker’s shares ended Tuesday with a rise of over 3%. Current shareholders will receive one share in each of the new firms.

The decision to split appears logical and timely, especially considering reports that competitor Hyundai Motor is contemplating an initial share sale worth $3 billion in the near future. (Read the full story here.)

Sensex Today Live : IIFL Finance today informed the exchanges that Fairfax India Holdings Corporation, a longstanding investor in IIFL Finance, has commited to provide liquidity support amidst the recent Reserve Bank of India (RBI) embargo effective March 5, 2024, on the company’s gold loan disbursements.

The RBI’s embargo has raised liquidity concerns amongst the company’s investors and lenders. In response to these concerns, Fairfax India has agreed to invest up to US$200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals.

Prem Watsa, Chairman of Fairfax India, said, “We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company’s strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI’s compliance standards”.

Nirmal Jain, Managing Director and Founder of IIFL Finance, said about the investment, “At this crucial juncture, Fairfax India’s and Prem’s generous offer to provide liquidity support is very timely and motivating. We are committed to complying fully with RBI’s directives and growing the business under the regulator’s guidance on the strong foundation of compliance, risk management, and fair practices.”

Sensex Today Live : While Eicher Motors Ltd’s Royal Enfield is set to introduce new models, it is anticipated that its market share may decline in the forthcoming months. The company’s competitors are also launching new vehicles, which could potentially dilute Royal Enfield’s market presence. Despite new launches contributing to category expansion, which is beneficial for Royal Enfield, the intensifying competition could negate this advantage. Notably, Bajaj Auto Ltd and Hero MotoCorp Ltd have entered the premium vehicle segment through collaborations with Triumph Motorcycles and Harley Davidson, respectively. (Read the full story here.)

Sensex Today Live : J. Kumar Infraprojects Limited today informed the exhcanges that it is in receipt of LOA in the capacity of sole bidder, from CIDCO Limited for the work of design and construction of coastal road at Ulwe, Navi Mumbai for the total contract cost amounting to Rs. 912.3 crore.

Sensex Today Live : Indian benchmark indices were in the red on Wednesday, dragged down by weak signals from global peers.

At 11 am, Sensex was down 174.87 points, or 0.24%, at 73,502.26, and Nifty was down 68.70 points, or 0.31%, at 22,287.60.

Sensex Today Live : AVP Infracon, an infrastructure construction firm, is set to debut its initial public offering (IPO) on March 13. This IPO is classified as an SME IPO, and the company has disclosed the price range for the issue. The IPO of AVP Infracon will be available for public subscription from March 13 to March 15, with the allotment expected to be finalized by March 18, 2024.

The price band for the AVP Infracon IPO has been established at ₹71 to ₹75 per share. The company aims to accumulate ₹52.34 crore at the upper limit of the price band through the book-built issue, which consists entirely of a new issue of 69.79 lakh equity shares. (Read the full story here.)

Sensex Today Live : Sumitomo Wiring, a key stakeholder in the automotive firm Samvardhana Motherson, is reportedly planning to sell a 4.5 percent stake through a block deal, reported CNBC-Awaaz on March 5, citing sources. The report indicated that Sumitomo intends to sell approximately 30 crore shares via the block deal. Sources also revealed that the base price for the block deal has been established at ₹121-122 per share, which is 2.5-3.5 percent lower than the current market price.

Sensex Today Live : Antfin Singapore Holdings Pte, a subsidiary of the China-based Ant Group, is reportedly planning to sell up to 2% stake or 17.64 crore shares in the food delivery platform Zomato. The transaction, which is expected to be worth ₹2,800 crore, will be conducted through a block deal, reported CNBC-Awaaz on Tuesday. The block deal’s floor price has been set at ₹159.4 per share, indicating a 4% discount on Zomato’s current market price, as per the report.

Sensex Today Live : Bloomberg, a provider of financial news and data, announced on Tuesday that it will incorporate a series of Indian government bonds into its widely-followed emerging market index. This inclusion could potentially draw investment inflows of $3-4 billion starting from next year.

Investors worldwide with passive investment strategies often purchase stocks and bonds listed in global indices. Therefore, the addition of Indian bonds to Bloomberg’s index is likely to attract investments. (Read the full story here.)

Sensex Today Live : Indian benchmark indices opened lower on Wednesday, dragged down by weak sentiment from global peers.

At 10 am, Sensex was down 190.46 points, or 0.26%, at 73,486.67, and Nifty was down 90.25 points, or 0.25%, at 22,266.05.

Sensex Today Live : Recently, the small-cap market segment has undergone a significant correction, resulting in its performance trailing behind that of larger-cap peers. This change is driven by a growing caution in market sentiment, fueled by worries about overpriced valuations in the absence of new catalysts.

On Wednesday, March 6, the BSE Smallcap index saw a nearly 1 per cent drop in early trading. Since February, the index has been underperforming compared to the benchmark Sensex, attributed to its high valuations. (Read the full story here.)

Sensex Today Live : India’s banking regulator RBI initiaited action against JM Financial Products to stop it from providing financing against shares and debentures, citing violation of regulations.

The RBI directed the company in its order, “to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures.”

The order, however, allowed the company to continue to service its existing loan accounts through the usual collection and recovery process.

Sensex Today Live : Most of the heavyweight sectoral indices were in the red, with the Nifty Bank down 0.06%, the IT Index down 0.82%, while the Metal, PSU Bank, and FMCG indices were also down 0.74%, 0.79%, and 0.41%, respectively. 

Sensex Today Live : The broader markets were under pressure, with the BSE MidCap down 0.03%, while the BSE SmallCap was down 0.53%.

Sensex Today Live : Bajaj Auto, SBI Life, BPCL, Tata Motors, and Coal India, were the top gainers on the Nifty 50, while Apollo Hospital Enterprises, Bajaj Finance, Dr Reddy’s, Wipro, and Tech Mahindra, were the top losers. 

Sensex Today Live : Larsen & Toubro, Kotak Mahindra Bank, Tata Motors, Tata Steel, and Reliance Industries were the top gainers on the Sensex, while IT stocks Tech Mahindra, Wipro, TCS, and Infosys, along with Bajaj Finance were the top losers. 

Sensex Today Live : RBI said, “On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers.”

It’s order, said, “Card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks.”

and,

“Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal.”

Sensex Today Live : Indian benchmark indices opened lower on Monday, dragged down by weak sentiment from global peers.

At opening bell, Sensex was down 157.91 points, or 0.21%, at 73,519.22, and Nifty was down 49.35 points, or 0.22%, at 22,306.95.

Sensex Today Live: Indian benchmark indices turned red at pre-open on Wednesday, weighed down by mixed signals from global peers.

Sensex was down 89.43 points, or 0.12%, at 73,587.70, and Nifty was down 28.80 points, or 0.13%, at 22,327.50 during pre-open.

Sensex Today Live : LTI Mindtree today informed the exchanges that it has entered into a 51:49 joint venture with Global Digital Integrated Solutions Company, a wholly owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco), for setting up a Joint Venture in the Kingdom of Saudi Arabia.

The scope of the joint venture company will be to market and provide information technology services to accelerate digital transformation and new next generation technology adoption in government and private sector enterprises in the KSA as well as in the MENA region.

Sensex Today Live : The Initial Public Offering (IPO) for Rajkot-based Gopal Snacks starts today, March 6, and will conclude on March 11. The company has successfully garnered ₹193.94 crores from its anchor investors. It has informed the stock exchanges that it allocated 48,36,657 equity shares, each priced at ₹401, to these anchor investors on March 5.

The price band for the Gopal Snacks IPO has been set between ₹381 and ₹401 for each equity share, which has a face value of Re 1. Investors can subscribe in lots of 37 equity shares, and in multiples thereof. (Read the full story here.)

Sensex Today Live : The Indian stock market benchmarks, Sensex and Nifty 50, are projected to commence trading on a negative note on Wednesday, influenced by the pessimistic mood in the international market.

On the previous trading day, the domestic equity indices broke their four-day rally and closed in the red, influenced by unfavorable global indicators. The Sensex dropped by 195.16 points to conclude at 73,677.13, while the Nifty 50 ended 49.30 points, or 0.22%, down at 22,356.30.

On the daily chart, the Nifty 50 formed a small bearish candle with slight upper and lower shadows. From a technical perspective, this pattern suggests a minor market correction in the offing, accompanied by significant volatility. (Read the full story here.)

Sensex Today Live : The Indian stock market is likely to start on a downbeat note on Wednesday, mirroring the negative cues from global markets.

Most Asian markets are in the red, and US stock indices also ended lower last night due to a sell-off in technology stocks.

Investors are now looking forward to the testimony of Jerome Powell, the Chair of the US Federal Reserve, before lawmakers on Wednesday and Thursday. This will provide further insights into the interest rate policy. Additionally, they are awaiting key economic data, including the all-important non-farm payrolls report, which is scheduled for release on Friday. (Read the full story here.)

Sensex Today Live : Gift Nifty Futures was trading marginally ahead of Nifty 50’s Tuesday close, indicating a muted start for Indian benchmark indices. Sentiment for Indian markets would be marred further by the mixed performance of global peers that were weighed down by the cautious mood elsewhere.

South Korean shares fell for a second straight session on Wednesday, dragged down by heavyweight chipmakers tracking losses in global peers.

The benchmark KOSPI fell 5.42 points, or 0.20%, to 2,643.98 by 0110 GMT. On Tuesday, it fell 0.93%, its biggest in nearly three weeks.

Wall Street stocks closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions.

All three major U.S. stock indexes fell 1% or more on the day, with the tech-laden Nasdaq suffering the steepest loss.

Despite the risk-averse sentiment among stock investors, bitcoin touched, and then backed away from, a record high. The cryptocurrency was last off 7.6% on the day at $62,380.

Gold also reached an all-time high, powered by interest rate cut expectations.

The Dow Jones Industrial Average fell 404.64 points, or 1.04%, to 38,585.19, the S&P 500 lost 52.3 points, or 1.02%, to 5,078.65 and the Nasdaq Composite dropped 267.92 points, or 1.65%, to 15,939.59.

European shares ended lower after moves by China to stimulate its economy failed to impress investors, who grew cautious ahead of euro zone and U.S. economic data, as well as a policy decision from the European Central Bank.

The pan-European STOXX 600 index lost 0.23% and MSCI’s gauge of stocks across the globe shed 0.79%.

Emerging market stocks lost 0.89%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.95% lower, while Japan’s Nikkei lost 0.03%.