Sensex Today LIVE Updates: Indian shares rebounded on Thursday, tracking Asian peers that rose as the Federal Reserve’s less hawkish tone lifted investor sentiment. The benchmark indexes closed over 2% lower on Wednesday, having posted their biggest intraday percentage loss since March 7 earlier in the session, after India’s central bank hiked benchmark rate in a surprise move. In the broader Asian market, shares tracked Wall Street gains after the U.S. central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared.
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Q4 EARNINGS: DABUR (Cons YoY)
#EarningsWithETNOW | Dabur Q4: Revenue at Rs 2518 cr vs Rs 2337 cr, up 7.7%. Vol growth at 2% Take a look at the… https://t.co/6aqACFnmPw
— ET NOW (@ETNOWlive) 1651740961000
Q4 EARNINGS: ADANI POWER
- Revenue: Rs 10,598 cr vs Rs 6,374 cr
- Profit: Rs 4,646 cr vs Rs 13.13 cr
- EBITDA: Rs 7,942 cr vs Rs 2,143 cr
Central Bank of India to close 13% of its branches
Price as on 05 May, 2022 02:20 PM, Click on company names for their live prices.
Sensex Today LIVE: Index off 500 points from day’s high
Market LIVE Updates: Tata Power Solar Systems Limited, one of India’s largest integrated solar companies and a wholly-owned subsidiary of Tata Power, bagged India’s largest single solar EPC order of 1GW for approx. Rs 5,500 crore from SJVN Limited.
Price as on 05 May, 2022 01:37 PM, Click on company names for their live prices.
European stocks rally at open on easing Fed concerns
European stocks rose sharply at the open Thursday after strong gains elsewhere as the Federal Reserve downplayed concerns over aggressive interest rate hikes to tackle soaring inflation. London’s benchmark FTSE 100 index jumped 1.6 percent to 7,611.14 points. In the eurozone, Frankfurt’s DAX index soared 2.3 percent to 14,291.69 points and the Paris CAC rallied 2.4 percent to 6,547.67.
ArcelorMittal Q1 Results: Net income jumps over 80% to $4,125 million
Global steel giant ArcelorMittal on Thursday posted 80.52 per cent growth in net income at USD 4,125 million (about Rs 31,350 crore) for the first quarter ended March 31, 2022. It had posted a net income of USD 2,285 million for the year-ago quarter, the company said in a statement. “ArcelorMittal recorded net income for 1Q 2022 of USD 4,125 million as compared to…a net income of USD 2,285 million for 1Q 2021,” the Luxembourg-based firm said.
We obviously had rate hikes but although yesterday’s timing was a surprise, we are looking at another 100 bps of rate hikes which will take the terminal repo rate to 5.4% in FY24. As far as inflation goes, we are around 6% average for this year. It is not so much inflation as the fact that the rates are too low. That is why there are negative real rates and once the Fed starts to hike, all emerging market central banks including the RBI have to follow suit.
Market LIVE Updates: Zomato, Info Edge, SpiceJet among stocks that hit 52-week lows
Tata Motors signs pact with e-commerce firms for 39,000 AC EVs (Source: ET NOW)
Price as on 05 May, 2022 12:18 PM, Click on company names for their live prices.
Shares of CarTrade Tech nosedived about 10 per cent in early trade on Thursday after the company reported a disappointing performance in March 2022 quarter. The company reported a net loss of Rs 31.68 crore for the quarter ended March 31, 2022. It reported a net profit of Rs 10.21 crore in the same period previous year. Following the development, shares of CarTrade Technologies tumbled about 10 per cent to Rs 573.50, before trading at Rs 589.55 at 9.50 am. The scrip had settled at Rs 636.10 on Wednesday.
Sona Comstar partners with US-based C-Motive Technologies to develop electrostatic drive motors
Auto components major Sona Comstar on Thursday said it has partnered with US-based start-up C-Motive Technologies to develop electrostatic drive motors for electric vehicle applications. The serial production of the electrostatic drive motors is expected to start in 2026, the company said in a statement. Under the partnership, Sona Comstar will also participate in C-Motive’s latest financing round, the company said without disclosing the details.
Market LIVE Updates: PSP Projects bags new order worth Rs 97.3 crore
Price as on 05 May, 2022 12:05 PM, Click on company names for their live prices.
RBI rate hike was expected, the timing was not known: Govt sources (ET NOW)
#ETNOWExclusive | #RBI rate hike was expected, the timing was not known. Govt is monitoring #bond yields, action if… https://t.co/WYy03BP2zx
— ET NOW (@ETNOWlive) 1651731277000
Stock Alert: L&T bags order worth up to Rs 5,000 cr for Bullet Train Project
The Railways Business of L&T Construction has secured a·contract from the National High-Speed Rail Corporation Limited to construct 116 Route Km of High-Speed Ballastless Trackworks for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the Bullet Train Project. Order is worth Rs 2,500 to 5,000 crore. Stock traded 2% higher on BSE.
Sensex today LIVE: Most index stocks trade in the green
TechM, Tata Steel, Infosys top Sensex gainers at this hour. The index is trading over 800 points higher on less-than-expected hawkish US Fed.
LIC IPO subscription status check: Issue subscribed 75%
- QIB: 34%
- HNI: 29%
- Retail: 69%
- Employee: 1.46x
- Policyholder: 2.26x
Banks with higher CASA mix and healthy mix of floating loans are well positioned to navigate through the rising rate environment. Though we expect a calibrated increase in term deposit rates – given ample liquidity – the cost of SA is likely to stay unchanged. We believe that large private banks with strong liability franchises are well placed to gain incremental market share. Banks with a higher mix of floating rate book stand to benefit from this turn in rate cycle, which is likely to progress at a rapid pace. We maintain our preference for ICICI Bank and SBI.
– Motilal Oswal
Berkshire buys more Occidental shares, boosts stake to 15.2%
- Warren Buffett’s Berkshire Hathaway Inc has bought another 5.9 million shares of Occidental Petroleum Corp, boosting its stake in the oil company to about 15.2%.
- The purchases were made on Monday and Tuesday and cost about $336 million, Berkshire said in a regulatory filing on Wednesday night.
- Following the purchases, Berkshire owned about 142.3 million Occidental shares worth approximately $8.8 billion, plus $10 billion of preferred stock it acquired in 2019 to help finance Occidental’s purchase of Anadarko Petroleum Corp.
LIC IPO subscription status: Issue subscribed 71% so far on Day 2
As of Wednesday, investors made bids for 10,86,91,770 equity shares or 67 per cent compared to the 16,20,78,067 equity shares offered for subscription. Among the five categories, employees and policyholders quota was fully subscribed. Retail quota saw 60 per cent subscription while non-institutional investor quota was subscribed 27 per cent. QIB quota saw 33 per cent bids so far.
These stocks defy market mood, crack up to 18%
Price as on 05 May, 2022 10:06 AM, Click on company names for their live prices.
Market View: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
On the other hand, the Fed’s clear communication triggered a sharp relief rally in the US market. There are three positive takeaways from the Fed’s announcement. One, there won’t be a 75% rate hike and the market can expect a 50bp rate hike in the next two meetings also. Two, there is some evidence that inflation may have peaked. Three, the US economy continues to be strong with household spending, businesses and labour markets in good shape.
It remains to be seen whether the relief rally will sustain.
The logistics service provider and supply chain startup, Delhivery, has fixed the price band for its initial public offering (IPO) at Rs 462-487 per share. The issue will open for subscription on Wednesday, May 11 and can be subscribed till Friday, May 13. The company has slashed its offer size to Rs 5,235 crore from Rs 7,460 crore as planned earlier. It will issue fresh equity shares worth Rs 4,000 crore and existing shareholders and promoters will offload shares worth Rs 1,235 crore.
Market LIVE Updates: Nifty Realty only sectoral loser
STOCK ALERT: 1% equity of Varun Beverages changes hand in 2 bunches
Source: ET NOW
Vodafone Idea, Varun Beverages, Tata Power among most active stocks on NSE
Price as on 05 May, 2022 09:19 AM, Click on company names for their live prices.
Sensex Heatmap: Top gainers & losers in opening trade
OPENING BELL: Sensex gains 500 points, Nifty tops 16,800; Infosys, Tata Steel rise 2% each
Pre-open session: Sensex gains nearly 500 points, Nifty above 16,800
SGX Nifty signals a gap-up start
Nifty futures on the Singapore Exchange traded 163 points, or 0.98 per cent, higher at 16,852, signaling that Dalal Street was headed for a strong start on Thursday.
Tech View: Nifty50 bears in driving seat
Nifty50 on Wednesday slipped below its 50-day simple moving average (SMA) at open after falling below the 200-day simple SMA the previous session. The index breached strong support, which was present at the lower end of the 16,700-17,300 range and ended up forming a long bearish candle on the daily chart. Analysts said chances are good that the ongoing weakness may intensify.
Hong Kong shares rally at open
Hong Kong stocks started Thursday with a healthy advance after the Federal Reserve lifted interest rates but played down any chance of a huge 75 basis-point lift in the near future. The Hang Seng Index climbed 1.41 percent, or 293.63 points, to 21,163.15. The Shanghai Composite Index dipped 0.07 percent, or 2.21 points, to 3,044.85 as traders returned from an extended break this week, while the Shenzhen Composite Index on China’s second exchange dropped 0.66 percent, or 12.39 points, to 1,866.49.
Oil prices jump as EU aims for Russian oil ban
Oil prices extended gains on Thursday after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies. Brent crude for July delivery increased more than $1 to $111.34 per barrel. This is in addition to a $5.17, or 4.9 per cent, rise in Brent prices in the previous session. The Brent crude had closed at $110.14 level on Wednesday at the London ICE Futures Exchange.
Asian shares firm as Fed hike dashes more hawkish bets
Asian shares tracked Wall Street gains on Thursday after the US central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared, lifting investor sentiment but sending yields and the dollar lower. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.52%, although trading was thin with Japanese and Korean markets closed for public holidays.
Wall Street closes with sharp gains after Fed’s interest rate hike
US stocks ended sharply higher on Wednesday after the Federal Reserve delivered a widely expected interest-rate hike, and the S&P 500 recorded its biggest one-day percentage gain in nearly two years. The Dow Jones Industrial Average rose 932.27 points, or 2.81%, to 34,061.06, the S&P 500 gained 124.69 points, or 2.99%, to 4,300.17 and the Nasdaq Composite added 401.10 points, or 3.19%, to 12,964.86.
Rupee rises 8 paise to 76.40 against dollar
The rupee appreciated by 8 paise to settle at 76.40 against the US dollar on Wednesday following RBI’s surprise rate hike ahead of the US Federal Reserve’s policy decision. At the interbank forex market, the domestic unit opened at 76.46 against the US dollar. It moved in the range of 76.17 to 76.58 during the session. The rupee finally closed at 76.40, registering a rise of 8 paise over its previous close.
Sensex, Nifty on Wednesday
Equities went into a tailspin on Wednesday after the Reserve Bank surprised the market with a mid-cycle rate hike in a bid to tame soaring inflation. After a choppy start, the 30-share BSE Sensex came under massive selling pressure following RBI’s interest rate hike, closing 1,306.96 points or 2.29 per cent down at a two-month low of 55,669.03. This was its third straight session of loss. On similar lines, the broader NSE Nifty tanked 391.50 points or 2.29 per cent to finish at 16,677.60.