Sensex Today | Share Market Live Updates: Sensex, Nifty erase early gains, trade lower; LIC jumps 4%

Tata Motors’s stock is up 4.54% at ₹879.20, setting a new all-time high.

At 2 pm the Sensex was down 377.85 points or 0.53% at 71,563.72, and the Nifty was down 73.10 points or 0.34% at 21,664.50.

Net profit was up 28.1% at ₹217.6 crore from ₹169.9 crore a year ago, and revenue up 1.9% at ₹4,013 crore from ₹3,938.9 crore a year ago.

For Indian IT companies, persistent demand uncertainty and lack of revenue visibility have kept revenue performance of the key banking, financial services, and insurance (BFSI) vertical under pressure lately. The impact on revenue aggravated in the December quarter (Q3FY24). Historically, Q3 has been a seasonally weak quarter due to furloughs. Read more.

China’s 10-year government bond yield dropped to the lowest in more than two decades as investors still expect more policy easing to defend equity markets after China announced a cut to bank reserves last week, Reuters reported.

Yields on China’s 10-year government bonds CN230026=CN10YT=RR dropped below 2.47%, the lowest since June 2002.

China 10-year treasury futures for March delivery CFTC1 rose to the highest since April 2020.

Yields on China’s 30-year government bonds CN30YT=RRCN230009= dropped to a record low of 2.71%.

Consolidated net profit is up 21% at ₹2,158 crore from ₹1,782 crore a year ago. Revenue is up 34% at ₹29,038 crore from ₹21,755 crore a year ago.

Mahindra Logistics posted a consolidated net loss of ₹16.4 crore for the December quarter, against a profit at ₹1.67 crore a year ago, thanks to weak operating numbers. Revenue from operations grew 5% to ₹1,397.2 crore.

At 1 pm the Sensex was down 264.25 points or 0.37% at 71,677.32, and the Nifty was down 39.50 points or 0.18% at 21,698.10.

Shares of LIC have crossed their issue price and are up 3.94% at ₹951.70.

Nippon Life India Asset Management has registered a net profit of ₹264.7 crore for the December quarter, up 33.3% from a year ago. Revenue from operations grew 18.7% on-year to ₹392.3 crore.

Japan’s Nikkei share average ended higher, as chip-related shares tracked overnight gains on Wall Street, but caution ahead of the Federal Reserve’s decision limited the rise. The Nikkei edged up 0.11% to close at 36,065.86, coming off earlier highs, as investors hesitated from active buying toward the end of the session.

Profit after tax came in at ₹155 crore, up from ₹100 crore a year ago. Revenue was at ₹1,257 crore, up from ₹917 crore a year ago.

The NCLT has agreed to hear Zee shareholder Mad Men Film’s plea to implement the merger with Sony as it was cleared by the tribunal.

“Maruti Suzuki Ltd is expected to report low double-digit growth YoY in sales owing to a notable 8% YoY volume growth, primarily driven by strong traction in UVs which experienced a remarkable 60% YoY surge.

“However, entry-level models faced a decline of 48% YoY during the same period. The company’s EBITDA margin is expected to slightly contract which can be attributed to the increase in RM costs along with operational deleverage.

“Despite domestic volumes shrinking 11% QoQ, realization is anticipated to increase sequentially, propelled by an improved product mix leaning towards SUVs, along with exports which grew 3% QoQ, contributing ~14.3% to sales in Q3FY24.”

At 12 pm the Sensex was down 137.89 points or 0.19% at 71,803.68, and the Nifty was down 7.20 points or 0.03% at 21,730.40.

The company recorded consolidated net profit of ₹1,213 crore for the December quarter, up 41.7% from the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7% sequentially to ₹14,747.2 crore during the quarter.

The stock is currently up 5.4% at ₹277.15.

“We expect Sun Pharma Industries Ltd to come out with a healthy set of numbers in Q3FY24, aided by specialty portfolio and domestic brand formulation, which will help offset US generic pressures expected in the current quarter. 

“The pharma giant is poised to have a high single-digit revenue growth on a YoY basis, led by low teen growth in the global specialty portfolio and domestic branded formulation business. 

“We believe its US generic business may decline on a QoQ basis, primarily due to supply challenges. However, its EBITDA and PAT margins will likely expand on an annual basis, mainly driven by strong branded contributions. 

“Furthermore, we would monitor the management’s comments on key focus areas such as US base business, specialty portfolio, and margin trend.”

Shares of ITC are down 2% at ₹441.70 on the BSE after it reported a 3.2% decline in Ebitda at ₹6,024 crore for the December quarter.

The company recorded 10.75% growth in standalone net profit at ₹5,572 crore for the quarter despite weak operating numbers, thanks to more other income and a lower tax cost. Standalone revenue from operations increased by 1.6% to ₹16,483.3 crore, driven by the cigarette and FMCG segments.

KEC International has secured new orders worth ₹1,304 crore for T&D projects in India, SAARC countries and the Americas. With this, its year-to-date order intake stands at ₹13,000 crore.

At 11 am the Sensex was down 205.33 points or 0.29% at 71,736.24, and the Nifty was down 32.90 points or 0.15% at 21,704.70.

The National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed against SpiceJet by aircraft lessor Wilmington Trust SP Services on 29 January.

Hearing for an Emergency arbitration in the Zee Entertainment-Sony merger will take place tomorrow in Singapore, CNBC-TV18 reports, citing sources.

Euphoria Infotech’s stock listed at ₹190, a 90% premium to the IPO price of ₹100 on the BSE SME platform.

L&T Construction has won a huge order in the range of ₹10,000-15,000 crore to set up a renewable energy generation plant in the United Arab Emirates.

The company recorded consolidated net profit of ₹1,213 crore for the December quarter, up 41.7% from the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7% sequentially to ₹14,747.2 crore during the quarter.

The stock is currently up 3.38% at ₹271.85.

At 10 am the Sensex was down 72.90 points or 0.10% at 71,868.67, and the Nifty was up 4.90 points or 0.02% at 21,742.50.

The company reported a net loss of ₹16.4 crore from ₹15.5 crore last year. Revenue was up 5.1% at ₹1,397.2 crore, Ebitda was down 17.1% to ₹52.2 crore, and margin dropped to 3.7% from 4.7% last year.

The stock is currently down 5.77% at ₹412.30.

The company reported a net profit of ₹186 crore in Q3 against ₹60 crore a year ago. The stock is currently up 9.37% at ₹948.

The rupee is up 3 paise to 83.13 against the US dollar in early trade.

The telecom operator posted a net loss of ₹6,986 crore for the December quarter, against a loss of ₹8,738 crore in the previous quarter. Revenue fell 0.4% sequentially to ₹10,673.1 crore.

The stock is currently down 0.34% at ₹14.65.

Shares of Bajaj Finance are currently down 4.36% at ₹6,878.25.

On Monday the company registered 22% growth in consolidated net profit at ₹3,639 crore for the December quarter despite higher loan losses and provisions. Net interest income during the quarter increased by 29% from a year ago to ₹7,655 crore.

Indian benchmark indices opened in the green, with the Nifty around 21,800.

At 9.15 am the Sensex was up 152.63 points or 0.21% at 72,094.20, and the Nifty was up 61.20 points or 0.28% at 21,798.80.

“Nifty surged in the recent session, propelled by a 6.8% gain in Reliance Industries, reaching a record high of Rs. 2905 and a market capitalization of Rs. 19.2 lakh crore. 

“The current market outlook suggests a sustained and broadening rally on Dalal Street, contingent on Nifty maintaining levels above 21389. Positive factors include Wall Street nearing its all-time high, a growing US economy, easing inflation rates, a thriving artificial intelligence revolution, and optimism around the FM’s economic blueprint. 

“Key upcoming events include the FOMC rate decision, FM Nirmala Sitharaman’s interim Union Budget, and the US Jobs Report. Notable Q3 corporate earnings today include Astral, Bajaj Finserv, and Dr Reddy’s Lab. Nifty’s options data hints at a trading range of 21300-22500. The top stock recommendation is to buy Hindustan Aeronautics Limited (HAL) with specific targets and a breakout play rationale.”

Companies that will announce their December-quarter earnings today: 

Larsen & Toubro, Dr Reddy’s Laboratories, Bajaj Finserv, PB Fintech, Arvind, Astral, Adani Total Gas, Blue Star, Cochin Shipyard, Coromandel International, Gillette India, JBM Auto, J Kumar Infraprojects, KEC International, KPIT Technologies, Mahindra & Mahindra Financial Services, Piramal Pharma, Keystone Realtors, Shyam Metalics and Energy, SRF, Strides Pharma Science, Star Health and Allied Insurance Company, Symphony, Triveni Engineering & Industries, VIP Industries and Voltas. 

-Overweight call, target ₹491 a share

-Company sees Q3 topline miss led by cigarettes and agri business

-Hotels reported better revenue versus estimates

-EBIT for cigarette business was below estimate while FMCG was ahead

The company registered 22% growth in consolidated net profit at ₹3,639 crore in the December quarter despite higher loan losses and provisions. Net interest income during the quarter increased by 29% from a year ago to ₹7,655 crore.

Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns.

Brent crude futures rose 25 cents or 0.3% to $82.65 a barrel by 0105 GMT. US West Texas Intermediate crude was up 31 cents or 0.4% at $77.09 a barrel.

Asian markets were trading higher on Tuesday. The only exception was Hong Kong, which fell as investors continue to grapple with the fallout from China Evergrande’s liquidation order.

The company recorded 10.75% growth in standalone net profit at ₹5,572 crore for the December quarter despite weak operating numbers, thanks to more other income and a lower tax cost. Standalone revenue from operations increased by 1.6% to ₹16,483.3 crore, driven by the cigarette and FMCG segments.

Treasuries steadied after rebounding in the previous session following a reduction in this quarter’s US borrowing levels. Yields fell on Monday after the cut in the quarterly borrowing estimate by the US Treasury eased concerns about the flood of debt being issued to cover the federal deficit. Futures contracts on US equities were mostly unchanged after Wall Street climbed to fresh records.

The GIFT Nifty is up more than 100 points from Nifty Futures’ Monday close, indicating a gap-up start for the Indian market.