Sensex Today Live Updates: Sensex up 2,300pts, Nifty at 23,220; PSB, O&G, Realty, Bank, FS indices rally

Sensex Today Live : The National Statistical Office (NSO) released the gross domestic product (GDP) estimates on May 31, 2024, revealing an impressive growth rate of 8.2% for the fiscal year 2023-24. This figure significantly outpaces the most optimistic predictions by brokerages and exceeds the Reserve Bank of India’s (RBI) estimate of 7% as of December 2023.

While these numbers may undergo revisions in the coming months, it is almost certain that the GDP deflator’s computation and the year’s net tax behavior have contributed to this increase in economic output. The GDP, calculated as gross value added plus taxes less subsidies, has shown a remarkable surge. (Read the full story here.)

Sensex Today Live : Indian stock market indices, Sensex and Nifty 50, hit record highs on Monday, June 3, surging nearly 4% each. The surge was driven by the prospects of political stability and policy continuity, following the exit polls’ prediction of a decisive victory for the BJP-led NDA in the 2024 Lok Sabha elections.

The exit polls released on Saturday, June 1, projected that the NDA could secure between 350-370 seats. Despite the possibility of actual results varying from these predictions, experts opine that the formation of a non-NDA government is highly unlikely. (Read the full story here.)

Sensex Today Live : Indian benchmark indices were trading at record highs on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and other positive global cues.

At 1 pm, Sensex was up 2,327.03 points, or 3.15%, at 76,289.03 and Nifty was up 701.30 points, or 3.11%, at 23,232.

Sensex Today Live : IndiGo airlines today gave an ambiguous replay to the clarification sought by the BSE and NSE regarding news reports of the airline considering to buy 100 smaller aircraft to improve regional connectivity.

In an exchange filing, the company said, “We keep all our options open at all times in order to serve our customers and drive growth for our organization.”

“We would like to clarify that presently there are no (material) events which are required to be disclosed under Regulation 30 of SEBI (LODR) Regulations. The Company is cognizant of its obligations and will duly inform the exchanges and furnish the required information as and when the need arises,” it added.

Sensex Today Live : All the sectoral indices were trading in the green, with PSU Bank index leading the gains, having climbed 7%, followed by the Oil & Gas index, which was up 5.29%, and Realty index, which was up 4%.

Sensex Today Live : The broader market was trading in the green, with the BSE SmallCap gaining 1.88% and the BSE MidCap climbing 3.29%.

Sensex Today Live : Only four stocks, Eicher Motors, LTIMindtree, HCLTech, and Britannia Industries, were trading in the red on the Nifty 50, while APSEZ, Power Grid Corp., SBI, NTPC, and BPCL were the top gainers. 

Sensex Today Live : Barring one, all other stocks in the 30-stock BSE Sensex were trading in the green, with Power Grid Corp., SBI, NTPC, Axis Bank, and Larsen & Toubro, leading the gains. 

Sensex Today Live : Indian benchmark indices were trading at record highs on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and other positive global cues.

At 12 pm, Sensex was up 2,319.18 points, or 3.14%, at 76,280.49 and Nifty was up 700.75 points, or 3.11%, at 23,231.45.

Sensex Today Live : SSWL today announced that it has achieved net sales of ₹342.04 crore In May 2024, compared to ₹357.27 crore in May 2023, recording a decline of 4.26% YOY.

Sensex Today Live : The company announced a significant increase in the prices of various grades of manganese ore and electrolytic manganese dioxide (EMD) from the midnight of May 31.

Sensex Today Live : The company has secured a wind energy project of about 82 MW from Oyster Green Hybrid One Pvt Ltd. The company will install 26 wind turbine generators (WTGs), each having a rated capacity of 3.15 MW.

Sensex Today Live : The bank has received approval to raise up to ₹8,500 crore this financial year through debt instruments. The bank plans to raise ₹4,000 crore through Basel-III compliant Additional Tier-I bonds and ₹4,500 crore through Tier-II bonds.

Sensex Today Live : The company has secured a contract worth ₹509.37 crore from the Centre for Development of Advanced Computing (CDAC). The contract involves the development of a high-performance computing (HPC) System on a Chip (SoC) using 5nm technology.

Sensex Today Live : The company asked its customers to avoid ordering food during the peak afternoon hours due to intense heatwave conditions across the country.

Sensex Today Live : “Fundamentals, technicals and sentiments turning favourable at the same time are rare in the market. This is what has happened now. The market went into the big event, elections, very light with Nifty correcting around 600 points from the May highs. Profit booking also happened on a large scale. The short position in the market also is high.

All these are going to change dramatically. DIIs, HNIs, retail …are all going to turn buyers. Short-covering can add to the momentum.

The rally is likely to be led by largecaps. Stocks like RIL, ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, Bajaj Finance, Bharti Airtel, L & T, M&M, Tata Motors, Bajaj Auto, Eicher Motors are fundamentally strong largecaps with potential to lead the rally. IT stocks like TCS, Infy, HCL Tech, Coforge, Persistent and L&T Tech offer contrarian buying opportunities.

The GDP numbers which came on Friday were better than expected with 8.2% growth. This will provide fundamental support to the market. S&P’s upward revision of India’s rating outlook also is positive.”

–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

Sensex Today Live : Indian benchmark indices were trading at record highs on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and other positive global cues.

At 11 am, Sensex was up 2,014.95 points, or 2.72%, at 75,976.26 and Nifty was up 614.40 points, or 2.73%, at 23,145.10.

Sensex Today Live : India’s manufacturing growth, as indicated by the HSBC final India Manufacturing Purchasing Managers’ Index (PMI), dipped to 57.5 in May from April’s 58.8, below a preliminary estimate of 58.4.

The manufacturing sector remained in expansionary territory in May, albeit the pace of expansion slowed, led by a softer rise in new orders and output.

New export orders rose at the fastest pace in over 13 years, with a broad-based demand across geography.

Sensex Today Live : Samir Modi, executive director of Godfrey Phillips, has lodged a complaint against his mother, Bina Modi, accusing her of instigating an attack on him. The incident occurred during a board meeting on May 30, further escalating the family dispute over the late KK Modi’s ₹11,000-crore estate. Samir alleges that his mother’s personal security officer assaulted him, resulting in a broken finger. Despite his injuries, he claims he was forced to participate in the meeting.

Sensex Today Live : The company’s total sales were up by a significant 112% at 2,331 units.

Sensex Today Live : All the sectoral indices were tradin in the green, with the PSU Bank index emerging as the biggest rallying point. It has gained more than 6%, followed by the Oil & Gas index, which had gained more than 5% and the Realty index which had gained more than 4%.

Sensex Today Live : The broader market was trading in the green, with the BSE MidCap climbing 3.21% and the BSE SmallCap gaining 2.15%. 

Sensex Today Live : Nearly all the stocks on the Nifty 50, barring two, were trading in the green. Adani Ports & SEZ, Power Grid Corp., Adani Enterprises, Shriram Finance, and NTPC, were the top gainers, while Eicher Motors, and HDFC Life were the only drags. 

Sensex Today Live : All the 30 stocks on the BSE Sensex were trading in the green, with Power Grid Corp., NTPC, SBI, Larsen & Toubro, and UltraTech Cement, leading the gains. 

Sensex Today Live : Indian benchmark indices were trading at record highs on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and positive global cues.

At 10 am, Sensex was up 2,052.63 points, or 2.78%, at 76,013.94 and Nifty was up 638.55 points, or 2.83%, at 23,169.25.

Sensex Today Live : The bank has increased their marginal cost of funds-based lending rate by 5 bps on various tenures, effective from 3 June.

Sensex Today Live : The company announced on 31 May that its subsidiary, PNC Kanpur Highways, has received ₹390.62 crore from the National Highways Authority of India (NHAI). This payment, part of a settlement agreement under the Government of India’s ‘Vivad Se Vishwas II (Contractual Disputes)’ Scheme, marks a significant resolution of contractual disputes between NHAI and PNC Kanpur Highways.

Sensex Today Live : The company’s sales were up by 21.2% at 1,563 units, with passenger vehicles growing by 19.3%.

Sensex Today Live : The company has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane. The land has an estimated potential carpet area of 18.20 lakh sq ft and a potential Gross Development Value (GDV) of ₹4,000 crore over the project lifecycle.

Sensex Today Live : The company recorded a 7.5% rise in production, with offtake rising 7.2% in May.

Sensex Today Live : The company has been awarded a ₹2,157 crore contract from India Jewellery Park, Mumbai, for the construction and development of Gems & Jewellery Park in Mahape, Navi Mumbai. Additionally, it has won a ₹88.15 crore contract from Daffodil Hotel.

Sensex Today Live : The company has secured the lowest bid for two projects valued at ₹2,153 crore from the Maharashtra State Road Development Corporation.

Sensex Today Live : The company’s total sales grew by 2.4% to 76,766 units in May, with domestic sales and commercial vehicle sales both increasing by 2%. Passenger vehicle sales also saw a 2% increase.

Sensex Today Live : The company reported a 4.3% YoY increase in net profit at ₹91.9 crore for Q4FY24. The company’s revenue from operations increased 1.5% to ₹1,018.6 crore. EBITDA rose 20.9% to ₹130.8 crore, with an EBITDA margin of 12.8%. The company’s order intake during the quarter was ₹924 crore, with a consolidated order backlog of ₹3,528 crore as of March 31, 2024.

Sensex Today Live : The company’s sales volume fell by 4.1% to 4.98 lakh units in May, with domestic sales declining by 5.7%. However, exports saw a significant growth of 67.3%.

Sensex Today Live : The company’s total sales volumes grew by 16.7% to 71,682 units in May. Passenger vehicle sales saw a significant increase of 31%, and tractor sales increased by 9%. Tractor exports saw a massive growth of 85%.

Sensex Today Live : Udupi Cochin Shipyard, a subsidiary of Cochin Shipyard, has won an order from Ocean Sparkle Limited, an Indian tug operator under Adani Harbour Services, for the construction of three Azimuth Stern Drive (ASD) Tugs of 70 T bollard pull power.

Sensex Today Live : Adani International Ports Holdings Pte Ltd (AIPH), a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.

Sensex Today Live : The Indian rupee opened 47 paise higher, which was a near three-month high for the currency, at 82.99 per dollar on Monday, versus Friday’s close of 83.46.

Sensex Today Live : Indian benchmark indices opened at record highs on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and positive global cues.

At opening bell, Sensex was up 1,894.7 points, or 2.56%, at 75,856.01 and Nifty was up 611.20 points, or 2.71%, at 23,141.90.

Sensex Today Live : “BankNifty would have the important support zone near 47,400 levels while a clear breakout above 49,600 zone would trigger for fresh upward move for next higher targets of 51,600 and 53,500 levels in the coming days.

Bankex maintaining above the 20 DMA level of 54,500 zone for most part of the session improved the bias with a decent close above the 55,500 level. With the indicators showing signs of improvement, it is expected to achieve the next targets of 56,800 and thereafter 57,500 levels in the coming days.

BankNifty would have the daily range of 48,300-49,200 levels, with Bankex support at 55,000 and resistance at 57,500 levels.”

–Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher

Sensex Today Live : “Nifty after making a higher top formation at 23,100 zone on the daily chart, it has witnessed some correction to slip towards the significant 50EMA zone of 22,400 level and currently is precariously placed before the election outcome event. A decisive breach above 22,800 zone shall improve the bias to some extent and thereafter, can anticipate for further rise while a breach below 22,150 zone shall weaken the trend overall.

Sensex has trading in the inside bar for the day, and the upper range of the rising channel is at around 75,600. A decisive close above 75,600 will strengthen the trend. The index would have the next targets of 76,500 and 77,000 levels, respectively, with near-term support maintained near the 73,500 zone. The support for the day is seen at 73,400/22,350 levels while the resistance is seen at 76,000/23,400 levels.”

–Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher

Sensex Today Live : Indian benchmark indices climbed massively at pre-open on Monday, led by optimism about the incumbent government winning the 2024 Lok Sabha elections as indicated by various exit polls, combined with a better than expected GDP print for FY24 and positive global cues.

Sensex was up 2,621.98 points, or 3.55%, at 76,583.29 and Nifty was up 807.20 points, or 3.58%, at 23,337.90 during pre-open.

Sensex Today Live : “Dalal Street is poised for a strong start to June, with Gift Nifty indicating a gap-up (+602, 23343) as bulls eye Nifty’s all-time high of 23,111, driven by optimistic exit poll results predicting a significant win for the BJP-led NDA. Key catalysts include India’s GDP exceeding estimates at 8.2% for FY24, a surge in Dow Jones by 574 points, increased odds of a September rate cut, early monsoon advancement, and a 10% rise in GST collections to ₹1.73 lakh crore in May. With both FIIs and DIIs being net buyers, Nifty and Bank Nifty are set to climb, with targets of 23,111 and 50,000+ respectively. Bullish stocks to watch include ADANI PORTS, SUZLON, JUPITER WAGON, GMR INFRA, and HDFC AMC. Suzlon (CMP 47) is recommended for accumulation with long-term targets at 53/59 and an aggressive target of 75.”

–Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Sensex Today Live : The Indian stock market is projected to open significantly higher on Monday, with the benchmark Nifty 50 poised to reach unprecedented levels. This surge is attributed to the optimistic Lok Sabha election exit polls, robust GDP growth in India, and favourable global market indicators.

Gift Nifty trends also suggest a gap-up start for the Indian benchmark index, trading around the 23,370 level. This represents a premium of nearly 660 points from the Nifty futures’ previous close.

On Friday, the domestic equity indices ended with slight gains, breaking a five-day losing streak. The Sensex rose by 75.71 points to close at 73,961.31, while the Nifty 50 increased by 42.05 points (0.19%) to settle at 22,530.70.

The Nifty 50 formed a long-legged doji on the daily chart, indicating a potential reversal of the recent downtrend. Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, stated that the Nifty’s rebound from near the 50-day SMA opens up the possibility of further gains in the upcoming sessions. For the bulls to take control, the Nifty would need to surpass immediate resistance levels of 22,654 – 22,706. Key support levels to monitor for a potential resumption of weakness are at 22,465 – 22,396. (Read the full story here.)

Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are poised for a significant rise on Monday, buoyed by exit polls predicting Prime Minister Narendra Modi’s return to power for a third term. The BJP-led alliance is projected to secure a resounding victory in the Lok Sabha elections, a factor that has positively influenced investor sentiment.

Global cues have also contributed to this optimism, with Asian markets trading higher and US stocks ending last week on a high note. This follows a softer inflation measure from the Federal Reserve, sparking hopes of an interest rate cut.

Investors are now keenly awaiting the Lok Sabha election results due tomorrow. Other key events on their radar include the upcoming Monetary Policy Committee (MPC) meeting by the Reserve Bank of India (RBI), auto sales data, flow of foreign funds, domestic and global macroeconomic data, crude oil prices, and other significant global cues. (Read the full story here.)

Sensex Today Live : Indian shares are set to open higher on Monday with analysts expecting gains in infrastructure, capital goods and manufacturing stocks, after exit polls over the weekend projected a third term for Prime Minister Narendra Modi’s government.

The Gift Nifty was trading at 23,353 points as of 7:05 a.m. IST, indicating that the Nifty 50 will open higher than its Friday’s close of 22,530.70.

The Nifty 50 and S&P BSE Sensex dropped about 2% each last week ahead of the election result, which is due on June 4.

Exit polls released on Saturday projected the Bharatiya Janata Party-led National Democratic Alliance will likely get a two-thirds majority in the 543-member lower house.

Indian stock futures jumped early on Monday and the rupee rose as exit polls pointed to a third term and sizable mandate for Prime Minister Narendra Modi, whom investors hope will spend on infrastructure and manufacturing to keep economic growth going.

NIFTY 50 index futures were up about 2.7% in early trade and, at 23,350, indicated the index could touch new peaks when the cash market opens. Non-deliverable rupee forwards traded at 83.11 to the dollar, against a close of 83.46 in the spot foreign exchange market on Friday.

Weekend exit polls projected the alliance led by Modi’s Bharatiya Janata Party (BJP) to increase its 303 seats in the 543-member lower house and likely get a two-thirds majority – enough to initiate amendments to the constitution.

A win had been widely expected but, if confirmed in official results due on Tuesday, the margin will be larger than analyst forecasts and seen as a positive for equity markets that have scaled record highs on the back of economic growth.

Asian share markets rallied on Monday as investors looked forward to a rate cut in Europe, and quite possibly Canada, as the next step in global policy easing, though sticky inflation threatens to make the process a drawn out affair.

There was also better news from China as the private Caixin survey showed a pick-up in its main factory index to a two-year top of 51.7 in May, from 51.4 in April.

Japan’s factory activity expanded for the first time in a year in May, while activity in South Korea grew at the fastest pace in two years.

All of which helped MSCI’s broadest index of Asia-Pacific shares outside Japan bounce 1.4%, having slid 2.5% last week. Chinese blue chips added 0.3%.

Japan’s Nikkei rose 1.1%, after rebounding from one-month lows on Friday, while South Korea gained 1.8%.

South Korean President Yoon Suk Yeol on Monday flagged the possibility of a vast amount of oil and gas reserves in the sea off the country’s east coast.

Indian markets are waiting to see if Prime Minister Narendra Modi will expand his alliance’s majority in parliament when election results are released on Tuesday, amid speculation this would lead to more economic reforms.

EUROSTOXX 50 futures climbed 0.9% and FTSE futures 0.7% as the risk-on mood spread.

Month-end flows saw Wall Street stage a late rally on Friday and left the Nasdaq up almost 7% for May. Early on Monday, S&P 500 futures were up 0.2%, with Nasdaq futures adding 0.1%.

The prospect of lower borrowing costs globally has been generally positive for equities.

The European Central Bank (ECB) is considered almost certain to trim rates by a quarter point to 3.75% on Thursday, the first time in history it would have eased ahead of the U.S. Federal Reserve.

However, a surprisingly high reading for euro zone inflationout last week blunted hopes for a rapid round of reductions and markets have 57 basis points of easing priced in for this year.

“The probability of back-to-back cuts now appears very low, putting the focus for a second move on September,” said Bruce Kasman, head of economic research at JPMorgan.

“We suspect President Christine Lagarde will signal that the direction of rates is downward next week, but the policy statement will emphasize that future moves are data-dependent, and there is no pre-commitment to a particular rate path.”

Markets also imply around an 80% chance the Bank of Canada will cut at its meeting on Wednesday and 59 basis points of easing this year, though analysts are hopeful the easing will be even deeper.

Investors are a lot less dovish on the Fed, seeing little prospect of a move until September and even that is far from a done deal.

The outlook could change this week given data due includes key surveys on services and manufacturing, and the May payrolls report where unemployment is seen holding at 3.9% as 190,000 net new jobs are created.

In forex markets, the Japanese yen remains the weakest of the majors, though the government is clearly prepared to spend big to slow its slide. Data out last week showed Tokyo spent 9.788 trillion yen ($62.27 billion) on currency intervention between April 26 and May 29.

The dollar stood at 157.09 yen, just off last week’s peak of 157.715. The euro held firm at $1.0855, still benefiting from the EU inflation report, but faces resistance at $1.0895.

Gold was a shade firmer at $2,330 an ounce, having now rallied for four months in a row helped in part by buying from central banks and China.

Oil prices recovered from an early dip to push higher on Monday after OPEC agreed on Sunday to extend most of its oil output cuts into 2025, though some cuts will start to be unwound from October 2024 onwards.

Brent rose 38 cents to $81.49 a barrel, while U.S. crude firmed 39 cents to $77.38 per barrel.