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Category: Market Updates
Global Stock Market Live: Dow futures down 60 points; Chinese state media hints at rate cut
The announcement by US President Donald Trump of a 90-day ‘pause’ for more than 75 countries and an increase in tariffs on China to 125% caused Wall Street indices to crash overnight.
The Nasdaq Composite concluded 12%, or 1,957.06 points, higher at 17,124.97, the Dow Jones Industrial Average ended more than 2,900 points higher at 40,608.45, and the S&P 500 closed 9.5% higher at 5,456.9.
China’s ‘lack of respect’ for international markets was the reason Trump imposed a 125% tariff on the nation. China had doubled its retaliatory levies earlier in the day in response to Trump’s tariff hike. China hiked its intended duty on US imports from 34% to 84% after Trump raised his proposed duties on the nation to 104%.
China’s consumer deflation persists as trade war poses new risks. The consumer-price index declined 0.1% from a year earlier, the National Bureau of Statistics said Thursday, compared with a 0.7% drop in the previous month. The median forecast of economists surveyed by Bloomberg was zero.China’s consumer deflation extended for a second month in March, as an escalating trade war with the US threatens to put more downward pressure on prices.
3 reasons why stock market is rising today
The BSE Sensex and the NSE Nifty, two benchmark stock indices, rose Monday after a sharp decline on Friday as global markets rallied in tandem with Friday’s Wall Street rise and as GDP growth data for the December quarter matched Street forecasts. Additionally, February auto sales statistics for a few auto players above expectations, which improved investor sentiment. The stocks that made the most contributions to the index increases were Infosys Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., and Bharti Airtel Ltd.
India’s GDP grew 6.2 per cent in the December quarter from 5.6 per cent in the September quarter, in line with consensus but above Nomura’s expectations. HSBC noted that a string of past GDP prints was revised up, suggesting strong growth momentum in the economy. The December quarter GDP grew in line with expectations despite the same quarter last year’s growth being revised up by 0.9 percentage points, it said.
Also, strong agricultural growth in the December quarter means that the summer crop was good. Besides, private consumption data for the first three quarters of the year has been higher than last year, which over time, can be positive for investment.
Sensex stood at 73,593.26, up 395.16 points or 0.54 per cent. Nifty was trading at 22,243.85, up 119.15 points or 0.54 per cent. In Asia, most markets were trading higher, with the Japanese Nikkei at 1.4 per cent climbing the most.
The main triggers for the recent sustained FII selling in India have been the high valuations and the attractive US bond yields. These important macros are undergoing a slow shift.
“Largecap valuations are now fair and in segments like financials attractive. US 10-year bond yields have declined to 4.21 per cent. So, there is a possibility of FIIs reducing their selling, going forward. There is good news on India’s growth front. The correction in the market is an opportunity for long-term investors to buy high quality stocks,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The February auto sales numbers also showed strong performance from M&M and Eicher. Vijayakumar said it is difficult to predict when the market will bottom out. But this is the time to start buying without bothering about the near-term volatility, he said.
Disclaimer: StockEx provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Stock Market Crash: Why Sensex, Nifty 50 falling today? 5 Reasons
Monday’s declines in the Sensex and Nifty 50 were caused by ongoing foreign money withdrawals and new tariff worries. At roughly 10:15 AM, the Sensex fell 650 points, or 0.80%, to trade around 70250, marking the fourth consecutive day of declines. At one point in the early morning session, the Nifty 50 index dropped more than 200 points. At 23380, the Nifty 50 index was down 180 points, or 0.76 percent, at the time this story was written.
At roughly the same time, the Nifty Bank Index fell 400 points, or 0.78 percent, to trade at 49750, falling below the 50,000 barrier.
Why Sensex, Nifty Are Falling? 5 Reasons
Let’s examine the five causes of today’s stock market crash:
Trump Tariff On Steel, Aluminium
President Donald Trump said he will impose new 25 per cent tariffs on all steel and aluminium imports. The move has added jitters over the global trade war with China’s reciprocal duties coming into effect.
Dollar Index Above 108
The rupee depreciated 45 paise to hit a record low of 87.95 against the US dollar on Monday. The dollar index, which gauges the greenback’s strength against a basket of six currencies, quoted 0.22 per cent higher at 108.28. Brent crude, the global oil benchmark, rose 0.63 per cent to USD 75.13 per barrel in futures trade.
Earlier on Saturday, Reserve Bank of India (RBI) Governor Sanjay Malhotra said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement.
FII Selling
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that with the dollar index above 108 and the 10-year US bond yield above 4.4%, FIIs will continue to sell the rally, restricting any potential upside.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 470.39 crore on Friday, according to exchange data.
High Valuations
VK Vijayakumar said that it is important to understand that valuations in India continue to be on the higher side, particularly in the broader market.
“The market needs fundamental triggers like indications on GDP growth and earnings rebound. Until then the market is likely to move only in a range. Investors should stick to fairly valued high quality largecaps,” he said.
Nifty 50 Resistance
Sameet Chavan, Head Research, Technical and Derivative – Angel One, said that Nifty 50 resistance levels remain at 100-point intervals, with key hurdles at 23800 (Tuesday’s high), 23900 (89 DEMA), 24000 (200 DSMA), and 24250 (previous swing high). A strong buying momentum is needed to surpass these levels; until then, traders should book profits at regular intervals. The market may continue consolidating in the near term within the 23250–23800 range, and a breakout from this zone could reignite momentum.
Adani Enterprises Sees Positive Trading Surge Today
On the last trading day, Adani Enterprises opened at ₹2259.95 and closed at ₹2223.85, experiencing a decline. The stock reached a high of ₹2422.10 and a low of ₹2247.95 during the session. The company’s market capitalization stood at ₹256,822.5 crore. Over the past year, the stock has seen a 52-week high of ₹3743 and a low of ₹2030, with a trading volume of 136,499 shares on the BSE.
The share price of Adani Enterprises has increased by 0.65% today, reaching ₹2397.75, mirroring the performance of its peers. Companies like Coal India, Sindhu Trade Links, Stratmont Industries, and Emergent Industrial Solutions are also experiencing gains. In general, the benchmark indices Nifty and Sensex have risen by 0.06% and 0.29%, respectively.
A higher futures price along with higher open interest in Adani Ent suggests that it may experience positive price movement in the coming days, so traders can continue to hold their long positions.
Sensex tanks 600 pts, Nifty below 23,250; all sectors in the red
Indian blue-chip indices, the Sensex and Nifty, opened Monday much down as expectations of an early Federal Reserve interest rate cut were dampened by a better-than-expected U.S. jobs data. Additionally, concerns about declining profitability affected market mood. The BSE Sensex fell 654 points, or 0.85%, to 76,714 at 9:21 a.m., while the Nifty50 down 193 points, or 0.82%, to 23,238.
The total market capitalisation of all listed companies on the BSE fell by Rs 4.53 lakh crore to Rs 225.14 lakh crore. All major sectoral indices traded lower, with broader, domestically focused small-cap and mid-cap indices dropping around 1.4% each at the open.
Among the 30 Sensex stocks, Zomato Ltd fell the most by 2.86%, trading at ₹236.05. This was followed by Mahindra & Mahindra Ltd, which fell 2.13%, trading at ₹3,026.05, and Power Grid Corporation of India Ltd, which fell 2.07%, trading at ₹293.60.
Only 2 Sensex stocks were in the green. These included IndusInd Bank Ltd which rose by 2.05%, trading at ₹956.80 and Axis Bank Ltd which was up by 0.44%, trading at ₹1,045.40.
Nifty scales above 24,750; private bank share rally
At 14:30 IST, the barometer index, the S&P BSE Sensex, surged 1,033.18 points or 1.26% to 81,983.27. The Nifty 50 index jumped 286.30 points or 1.17% to 24,753.75.
The broader market underperformed the benchmark indices, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.26%.
The market breadth was positive. On the BSE, 2,153 shares rose and 1,763 shares fell. A total of 126 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index gained 0.99% to 26,034.20. The index rallied 3.16% in five consecutive trading sessions.
Kotak Mahindra Bank (up 1.29%), RBL Bank (up 0.93%), Axis Bank (up 0.91%), ICICI Bank (up 0.83%), City Union Bank (up 0.55%) HDFC Bank (up 0.37%) and IDFC First Bank (up 0.15%) advanced.
On the other hand, Federal Bank (down 0.19%), Bandhan Bank (down 0.15%) and IndusInd Bank (down 0.04%) edged lower.
Numbers to Track:
The yield on India’s 10-year benchmark federal paper rose 0.04% to 6.797 as compared with the previous close of 6.794.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.7225, compared with its close of 84.7500 during the previous trading session.
MCX Gold futures for the 5 December 2024 settlement gained 0.16% to Rs 76,168.
The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.23% to 106.07.
The United States 10-year bond yield added 0.50% to 4.203.
In the commodities market, Brent crude for the February 2024 settlement gained 23 cents or 0.32% to $72.54 a barrel.
Here are the key factors fuelling this rally!
The bulls made a strong comeback on the Street, with the benchmark indices Nifty and Sensex surging nearly 2 percent each, propelling investor wealth by a staggering Rs 8.5 lakh crore in just one day. A confluence of factors—including the positive outcome of the Maharashtra elections, encouraging signals from Asian and US markets, and a welcome dip in foreign outflows—sparked widespread buying across the bourses.
Short Covering:
A significant feature of the Friday rally of 557 points on the Nifty was the sharp spurts in many large cap stocks with some shooting up by more than 4 percent. This clearly indicates a short covering, which will keep the market resilient today.
PSU Comeback:
The sharp rally in PSU stocks follows the BJP-led Mahayuti alliance’s triumphant victory in the Maharashtra Assembly elections. Shares of PFC, IRFC, BEL, Central Bank of India, RVNL, Bharat Dynamics, NBCC (India), GAIL, Concor Corporation of India, and SAIL, among others, surged in the range of 3-8 percent in an overall strong market.
Given the remarkable rise in the past year, PSU stocks have been at the receiving end for a host of reasons such as expensive valuations and softer-than-expected elections outcome. As early as last week, the share of public sector companies (PSUs) in India’s total stock market capitalisation declined to an 11-month low in November amid sharp corrections. In November, PSU firms accounted for 15.34 percent of India’s total market capitalisation — the lowest since December 2023
PSU Comeback: The sharp rally in PSU stocks follows the BJP-led Mahayuti alliance’s triumphant victory in the Maharashtra Assembly elections. Shares of PFC, IRFC, BEL, Central Bank of India, RVNL, Bharat Dynamics, NBCC (India), GAIL, Concor Corporation of India, and SAIL, among others, surged in the range of 3-8 percent in an overall strong market.
Given the remarkable rise in the past year, PSU stocks have been at the receiving end for a host of reasons such as expensive valuations and softer-than-expected elections outcome. As early as last week, the share of public sector companies (PSUs) in India’s total stock market capitalisation declined to an 11-month low in November amid sharp corrections. In November, PSU firms accounted for 15.34 percent of India’s total market capitalisation — the lowest since December 2023.
Capex push:
With the elections over and the BJP gaining huge support from the results in Haryana and Maharashtra, the government will shift its focus to increasing spending.
These poll results, coupled with a strong monsoon-driven recovery in rural spending and expected strong kharif output, should slightly improve the demand outlook. Corporate earnings are expected to pick up modestly in the second half of FY25, with BFSI, capital goods and real estate being their preferred sectors.
Here are top the factors behind today’s rally
The Indian stock market has experienced a significant jump today, with various factors contributing to this upward trend. Here are some of the key reasons:
1) Rally in IT stocks
The Nifty IT index jumped nearly 2%, driven by strong US labour market data. Initial jobless claims in the US dropped by 6,000 to a seasonally adjusted 2,13,000 for the week ending November 16, the lowest in seven months. This indicates that US job growth likely rebounded in November following a slowdown in October due to hurricanes and strikes.
2) Rebound in Adani stocks
Adani Group stocks recovered from early losses and rose up to 6% in midday trade on Friday. Ambuja Cement led the rally with a 6% jump, followed by ACC, which gained nearly 4%.
3) Buying the dip
Today’s rally in the equity markets also comes as investors capitalize on recent declines, with the Nifty index down over 11% from its recent peak. The mid-cap and small-cap indices have also corrected by around 12% and 9%, respectively.
As market sentiment shifts, buyers are seizing the opportunity presented by lower valuations, reflecting confidence in the long-term recovery potential of these segments
4) Global Markets
Indian equity indices surged, following the upward movement in global markets.
5) Rise in PSU bank stocks
Public sector bank stocks also contributed to today’s rally. Heavyweights like State Bank of India, Bank of Baroda, and Punjab National Bank led the recovery as investor confidence returned following Thursday’s sell-off.
The Nifty PSU Bank Index rose nearly 3%, reaching 6,509.2, reversing the losses from the previous session
5 key factors driven the market down
Both key indices had clocked modest gains in the previous session on Tuesday. However, they resumed their downward march on Thursday on lingering concerns over weak earnings, geopolitical tensions, and stretched valuation. The US indictment of Adani Group Chairman Gautam Adani and other senior executives on bribery charges dealt a fresh blow to sentiment.
Let’s take a look at the key factors behind the market selloff.
1. The Adani saga
Several Adani Group shares hit their lower circuits in early trade on Thursday after Gautam Adani was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
2. Concerns over weak Q2 earnings
Q2 earnings came out significantly weak. The July-September quarter numbers of the majority of companies disappointed markets.
Global cyclicals, such as oil and gas, along with metals, cement, chemicals, and consumers, weighed on earnings growth. Consumption has emerged as a weak spot, while select segments of BFSI are experiencing asset-quality stress. Weakness in government spending has also been one of the factors driving moderation in earnings.
3. Escalating geopolitical tensions
Fresh escalation in the Russia-Ukraine war has soured the market mood further. Russian President Vladimir Putin signed a revised nuclear doctrine on Tuesday, days after the US allowed Ukrainian use of longer-range missiles against Moscow.
4. Heavy foreign capital outflow
Foreign portfolio investors (FPIs) have been relentlessly selling Indian equities, which has been among the key reasons behind the recent market downtrend.
According to NSDL data, FPIs sold Indian stocks worth ₹94,017 crore in October, and they sold stock for an additional ₹25,942 crore in November till the 19th.
5. Technical factors
Nifty 50 is trading below its 200-day moving average of 23,575. The market structure is weak and the 23,100-22,800 levels are crucial.