Market Close Highlights : Sensex ends down 45pts, Nifty flat; Bank, FS, IT drag, Broader markets, O&G, PSB, Auto gain

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, the Bank, Financial Services, PSU Bank, IT, Pharma, Healthcare and Consumer Durables indices were trading in the red, while the Oil & Gas, Auto, Metal, Media, PSU Bank, Media, FMCG, and Realty indices were trading in the green.

View Full Image

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.73%, and the BSE SmallCap index up 0.55%

View Full Image

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 23 of the 50 stocks on the Nifty 50 were in the red. Dr Reddy’s, Asian Paints, Hindustan Unilever, SBI Life and HDFC Bank were the top drags, while Hero MotoCorp, BPCL, Power Grid Corp., Tata Motors, and Hindalco, were the top gainers. 

View Full Image

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 14 of the 30 stocks on the BSE Sensex were in the red. Asian Paints, Hindustan Unilever, UltraTech Cement, HDFC Bank, and HCLTech, were the top drags, while Power Grid Corp., Tata Motors, NTPC, Larsen & Toubro, and Maruti Suzuki India, were the top gainers.  

View Full Image

Sensex Today Live : 3 pm market update

Sensex Today Live : Indian benchmark indices were trading on a muted note on Wednesday, as investors remained cautious amid uncertainty about the way the 2024 Lok Sabha elections was progressing.

At 3 pm, Sensex was down 42.81 points, or 0.06%, at 73,469.04, and Nifty was down 9 points, or 0.04% at 22,301.50.

Sensex Today Live : Balaji Amines reports a 44% YoY increase in Q4 net profit; shares jump more than 10%

Sensex Today Live : Balaji Amines reported a robust performance in Q4, with a 44% YoY increase in Q4 net profit to ₹68 crore, up from ₹47.4 crore in the same quarter of the previous year.

The company’s revenue also increased 12.2% to ₹413.9 crore, compared to ₹471.4 crore in the same quarter of the previous year.

EBITDA increased by 4.7% to ₹97.4 crore in Q4, up from ₹93 crore YoY. The company’s margin improved to 23.5%, compared to 19.7% in the same quarter of the previous year.

Sensex Today Live : Bharat Forge posts 59% jump in Q4FY24 net profit to ₹389.6 crore; shares climb 8%

Sensex Today Live : Bharat Forge reported a 59% increase in net profit to ₹389.6 crore, up from ₹244.5 crore in Q4FY23. Revenue increased 16.6%, to ₹2,328.5 crore in Q4FY24, compared to ₹1,997 crore in the same quarter of the previous fiscal year.

The company’s operating profit, or EBITDA, climbed by over 35% year-on-year to ₹659 crore in the March quarter of FY24, up from ₹488 crore in Q4FY23. Additionally, the EBITDA margin expanded by 320 basis points to 28.3% in Q4FY24, compared to 24.4% in the same quarter of the previous fiscal year.

For the full fiscal year, Bharat Forge’s topline grew by 18.4% to ₹8,969 crore, and EBITDA increased by 28.0% to ₹2,469 crore.

Sensex Today Live : 2 pm market update

Sensex Today Live : Indian benchmark indices were trading on a muted note on Wednesday, as investors remained cautious amid uncertainty about the way the 2024 Lok Sabha elections was progressing.

At 2 pm, Sensex was down 53.76 points, or 0.07%, at 73,458.09, and Nifty was up 1 point at 22,301.50.

Sensex Today Live : Canara Bank posts a 19% YoY jump in Q4 net profit; shares climb

Sensex Today Live : Canara Bank’s net profit rose by 19% year-on-year to ₹3,757.2 crore.

The operating profit saw a modest increase of 1.9% YoY, reaching ₹7,390 crore.

The bank has also managed to reduce its gross non-performing assets (NPAs) from 4.39% in the previous quarter to 4.23% in Q4.

On the income front, Canara Bank reported a 20% YoY increase in interest income, which stood at ₹28,810 crore. However, the interest expense also saw a rise of 26% YoY, amounting to ₹19,230 crore.

Sensex Today Live : Elara Securities India recommends to ‘ACCUMULATE’ Lupin, says company going strong, but profit concentration risks remain

Sensex Today Live : Lupin Rating: ACCUMULATE

Target Price : ₹1,820

Upside : 13%

CMP : ₹1,611 (as on 07 May 2024)

Valuations: Maintain Accumulate with TP of ₹1,820

We raise FY25E core EPS by 16% and FY26E by 7%, with upside coming in from gMyrbetriq and gSpiriva. LPC trades at 27.8x our FY25E core earnings. We believe that the risk-reward is still on the favorable side. Maintain Accumulate with unchanged TP of ₹1,820. Potential authorized generic competition in gSpiriva and additional competition in gMyrbetriq are key risks.

Sensex Today Live : Elara Securities India recommends to ‘ACCUMULATE’ Godrej Consumer Products, says new innovations to drive growth

Sensex Today Live : Godrej Consumer Products Rating: ACCUMULATE

Target Price : ₹1,470

Upside : 11%

CMP : ₹1,322 (as on 07 May 2024)

Valuation: revise to Accumulate with a higher TP of ₹1,470

We largely retain our estimates for FY26E even as FY25E earnings see a cut of 3% due to higher tax rate. We revise GCPL to Accumulate from Buy post recent run-up in stock price. But we up TP to ₹1,470 from ₹1,400 on 53x (from 50x) P/E due to improved visibility on long-term growth led by launches.

Sensex Today Live : 1 pm market update

Sensex Today Live : Indian benchmark indices were up but muted on Wednesday, as investors remained cautious amid uncertainty about the way the 2024 Lok Sabha elections was progressing.

At 1 pm, Sensex was up 84.99 points, or 0.12%, at 73,596.84, and Nifty was up 42.70 points, or 0.19%, at 22,345.20.

Sensex Today Live : RattanIndia Enterprises-owned Revolt Motors cuts prices of its RV400 and RV400 BRZ models; shares gain

Sensex Today Live : Revolt Motors today announced a reduction in the prices of its RV400 and RV400 BRZ models.

The company said, the RV400 now starts at an ex-showroom price of ₹1,49,950, while the RV400 BRZ is now priced at ₹1,42,950.

The company added that it is also introducing a flat ₹10,000 discount on both models. Additionally, customers can take advantage of a special exchange program, offering an extra ₹5,000 off when they trade in their old bikes for a brand-new Revolt electric bike, the company said.

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, the Bank, Financial Services, and Consumer Durables indices were in the red, while the Oil & Gas, PSU Bank, Metal, Media, Auto, and FMCG indices were in the green.

View Full Image

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was in the green, with the BSE SmallCap gaining 0.66% and the BSE MidCap gaining 0.65%. 

View Full Image

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 20 of the 50 stocks on the Nifty 50 were in the red. Dr Reddy’s, Asian Paints, Hindustan Unilever, Shriram Finance, and HDFC Bank, were the top drags, while BPCL, Coal India, NTPC, Power Grid Corp., and Tata Motors, were the top gainers. 

View Full Image

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were in the red. Asian Paints, Hindustan Unilever, HCLTech, HDFC Bank, and UltraTech Cement, were the top losers, while NTPC, Power Grid Corp., Tata Steel, Tata Motors, and SBI were the top gainers. 

View Full Image

Sensex Today Live : 12 pm market update

Sensex Today Live : Indian benchmark indices were muted on Wednesday, as investors remained cautious amid uncertainty about the way the 2024 Lok Sabha elections was progressing.

At 12 pm, Sensex was down 34.65 points, or 0.05%, at 73,477.20, and Nifty was down 3.70 points, or 0.02%, at 22,306.20.

Sensex Today Live : Anand Rathi Research retains ‘BUY’ rating on CreditAccess Grameen

Sensex Today Live : CreditAccess Grameen had a strong Q4: sturdy growth and profitability. Key positives were 1) strong growth (GLP up 27% y/y), 2) stable NIM (13.1%) and 3) robust profitability (5.7% RoA). We have a sanguine view of the MFI sector and expect CREDAG to be one of the top performers.

We maintain a Buy at lower a 12-mth TP of ₹1,896, 3.1x the FY26e book.

Valuation: Our ₹1,896 TP is based on the residual income model. This implies a ~3.1x P/BV multiple on the FY26e book. Risks: Less-than-expected AUM-book growth; large slippages from higher ticket-size unsecured loans.

Sensex Today Live : The cloud is building; will TCS, Infosys, Wipro get showers of joy?

Sensex Today Live : Three years after a global cloud adoption surge propelled India’s IT services sector, indications of a similar trend are emerging. Microsoft Azure, Amazon Web Services (AWS), and Google Cloud registered unprecedented new business in Q1 2024, a promising sign for India’s top tech firms to potentially outpace last year’s growth.

The trio of cloud behemoths collectively reported a sequential incremental revenue increase of $2 billion in the March quarter, according to a Mint analysis. This represents a significant 36.5% leap from the $1.49 billion in new business they secured in Q1 2021. This development could set the stage for a faster growth trajectory for India’s largest technology services companies in the current fiscal year. (Read the full story here.)

Sensex Today Live : 11 am market update

Sensex Today Live : Indian benchmark indices were trading down on Wednesday, as investors treaded with caution amid the ongoing 2024 Lok Sabha elections.

At 11 am, Sensex was down 314.7 points, or 0.43%, at 73,197.15, and Nifty was down 82.45 points, or 0.37%, at 22,220.05.

Sensex Today Live : Adani Ports & SEZ says it remains in discussions with various parties on reports of discussions for Bataan port development

Sensex Today Live : Adani Ports & SEZ today informed the exchanges that it remains in discussions with various parties, on reports of discussions for the Bataan port development in the Philippines. The company refrained from outright declining its involvement in the discussions. 

In an exchange filing, the company said, We would like to inform you that the Company evaluates various opportunities for growth and expansion of the business of the Company on an ongoing basis with the objective of enhancing stakeholders’ value. Pursuant to this, the management of the Company remains in discussions with various parties.

Sensex Today Live : Protean eGov shares fall more than 4% after company posts 39% decline in consolidated net profit

Sensex Today Live : Protean eGov Technologies reported a consolidated net profit of ₹19.3 crore for the March FY24 quarter, a decrease of 39% compared to the same period last year. The company’s revenue from operations also fell by 4.3% year over year, totalling ₹222.1 crore for the quarter.

Sensex Today Live : GTPL launches access to secure linear TV content via Samsung connected TVs

Sensex Today Live : GTPL Hathway today announced the launch of Linear TV content on Connected TVs through TVKey Cloud, a joint solution developed by NAGRA and Samsung. This opens up new possibilities for GTPL viewers to access linear content.

Compatibility with a range of Samsung Connected TVs (2023-year models and soon to be launched 2024 year models) including Ultra HD, OLED, QLED & NeoQLED, ensures a wide range of potential users that can benefit from this service.

Sensex Today Live : L&T wins ‘Major’ (between ₹5,000 to ₹10,000 crore) orders in renewables and grid systems

Sensex Today Live : Larsen & Toubro informed today that its Power Transmission & Distribution (PT&D) business has won multiple orders in India and abroad.

It said, the business has bagged orders to establish two floating solar plants in India. The orders comprise a cumulative floating solar capacity of more than 150 MWac, in addition to a ground-mounted Solar PV of 120 MWac capacity.

PT&D has also received orders to establish 765 kV Transmission Lines and a Gas Insulated Substation to integrate Solar Energy Zones in Rajasthan and Karnataka.

The company added that it has secured another order in the State of Kuwait to build a 400kV Gas Insulated Substation.

The Sultanate of Oman is integrating its multiple standalone electricity networks into a 400 kV national grid. As part of the interconnection and grid strengthening, PT&D has received orders to build a 400 kV Overhead Transmission Line and two 400 kV Grid Stations.

Sensex Today Live : 10 am market update

Sensex Today Live : Indian benchmark indices were trading down on Wednesday, as investors treaded with caution amid the ongoing 2024 Lok Sabha elections.

At 10 am, Sensex was down 243.74 points, or 0.33%, at 73,268.11, and Nifty was down 55.80 points, or 0.25%, at 22,246.70.

Sensex Today Live : Anand James, Chief Market Strategist, Geojit Financial Services, gives technical outlook for Nifty 50

Sensex Today Live : Downside momentum eased towards close yesterday, in an acknowledgement of testing the 50day SMA at 22,300. Short covering prospects will emerge should we float above 22,340 early in the day, but unless that is followed by a direct rise above 22,550, expect resumption of downtrend, aiming for 21920 initially.

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Across sectors, the PSU Bank, Oil & Gas, Metal, Media, and Realty indices were trading in the green. The Healthcare and Pharma indices were the top losers.

View Full Image

Sensex Today Live : Broader market indices heat map

Sensex Today Live : Shaking off the cautious mood plaguing the benchmark indices, the broader markets were trading in the green. The BSE MidCap index had gained 0.53%, while the BSE SmallCap index had gained 0.52%. 

View Full Image

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 29 of the 50 stocks on the Nifty 50 were in the red. BPCL, Coal India, Tata Steel, ONGC, and Adani Enterprises, were the top gainers, while Dr Reddy, Hindustan Unilever, Asian Paints, Hero MotoCorp, and Larsen & Toubro, were the top drags. 

View Full Image

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 18 of the 30 stocks on the BSE Sensex were in the red. Larsen & Toubro, Asian Paints, Hindustan Unilever, UltraTech Cement, and IndusInd Bank, were the top losers, while Maruti Suzuki India, Tata Steel, NTPC, SBI, and Kotak Mahindra Bank, were the top gainers. 

View Full Image

Sensex Today Live : Bharat Forge shares down more than 1% amid ongoing dispute between promoter group family dispute

Sensex Today Live : Baba Kalyani, chairman of the Kalyani Group, which operates Bharat Forge, has denied sharing any assets of the Kalyani joint family with the children of his estranged sister Sugandha Hiremath, as the two families do not have a common male ancestor. Kalyani stated in an affidavit that Sameer Hiremath and Pallavi Swadi cannot request any partition of the assets or wealth owned by any Kalyani joint family entity.

Sensex Today Live : LatentView Analytics shares up more than 4% as company posts 32% jump in Q4 net profit

Sensex Today Live : The company reported a 32% increase in net profit to ₹45 crore for Q4FY24. Revenue was up 20% to ₹172 crore. For FY24, the company reported a 2% increase in net profit to ₹158 crore on 19% growth in revenue to ₹640 crore.

Sensex Today Live : Indraprastha Gas shares climb more than 4% as company posts 9% YoY growth in consolidated Q4 net profit

Sensex Today Live : State-run Indraprastha Gas (IGL) reported a 9% YoY growth in its consolidated net profit at ₹433 crore in Q4FY24, aided by higher sales. IGL’s consolidated total income rose 2% YoY to ₹4,044 crore in Q4FY24.

Sensex Today Live : Paytm shares down more than 3% as more top leaders resign

Sensex Today Live : Paytm’s chief business officers, Bipin Kaul and Ajay Vikram Singh, have resigned, following the recent departure of the company’s president and chief operating officer Bhavesh Gupta. The company has seen several leadership changes in recent times as part of a restructuring effort.

Sensex Today Live : Sonata Software shares fall more than 12% as company posts 3% YoY dip in net profit

Sensex Today Live : The company reported a 3% YoY decrease in net profit at ₹110.4 crore for Q4FY24. The company’s revenue from operations rose by 14.53% to ₹2,191.6 crore. The board has recommended a final dividend of ₹4.40 per equity share for FY24, payable subject to shareholders’ approval at the AGM.

Sensex Today Live : Pidilite Industries shares down more than 4% as company posts 6% increase in Q4 net profit

Sensex Today Live : The company reported a 6.4% YoY increase in net profit at ₹304.3 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 7.9% to ₹2,901.9 crore. EBITDA jumped 25.6% to ₹576.9 crore in the fourth quarter of this fiscal. The board of directors have recommended a dividend of ₹16 per equity share of ₹1 each for the financial year ended March 31, 2024.

Sensex Today Live : Voltas shares down more than 6% as company posts 22% drop in Q4 net profit

Sensex Today Live : The company reported a 22.8% YoY drop in net profit at ₹110.6 crore for Q4FY24. The company’s revenue from operations jumped 42.1% to ₹4,202.9 crore. EBITDA fell 12.6% to ₹190.6 crore in the fourth quarter of this fiscal.

Sensex Today Live : JSW Energy shares gain nearly 5% after company discloses plans to raise ₹10,000 crore, posts 29% increase in Q4 net profit

Sensex Today Live : The company reported a 29% increase in its consolidated net profit to ₹351 crore in the March quarter, primarily due to higher revenues. The company’s total revenue for the quarter increased by 3% year-on-year to ₹2,879 crore. The board recommended a dividend of ₹2 per equity share of ₹10 (20%) and approved the raising of funds not exceeding ₹10,000 crore in one or more tranches.

Sensex Today Live : PB Fintech shares down more than 5% as company turns a profit in Q4FY24, from loss in Q4FY23

The parent company of Policybazaar reported a net profit of ₹60.19 crore for Q4FY24, a significant improvement from a loss of ₹9.34 crore in the same period last year. The company’s consolidated revenue for the quarter was ₹1,089.57 crore, a 25.36% increase from the previous year. The total insurance premium for the quarter was ₹5,127 crore, contributing to an Annual Recurring Revenue (ARR) of ₹20,000 crore in insurance premiums. This growth was mainly due to the expansion in the new health and life insurance segments. The company’s cash position improved by ₹259 crore year-on-year, reaching ₹5,263 crore, thanks to a 39% year-on-year growth in core online revenue, which amounted to ₹2,375 crore. Adjusted EBITDA rose to ₹324 crore from ₹107 crore, improving the margin from 6% to 14%.

Sensex Today Live : Dr Reddy’s shares down 4% after company posts 36% jump in Q4 net profit

Sensex Today Live : The pharmaceutical company reported a net profit of ₹1,307 crore for Q4FY24, a 36% year-on-year increase, primarily driven by strong performance in the US market. The company’s revenue increased to ₹7,083 crore during the quarter, a 12% year-on-year growth. For the full year FY24, DRL reported a net profit of ₹5,568.4 crore, a 36% increase, and total revenues of ₹27,920 crore, up 14% on year. The company expects FY25 to allow a double-digit growth with a 25% Ebitda. The company’s global generics segment saw a 13% revenue increase to ₹6,120 crore, mainly due to higher base business volumes and new product launches.

Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist of Geojit Financial Services, says speculation regarding 2024 Lok Sabha election results introducing uncertainty in the market

Sensex Today Live :The pressure on the market now is due to the uncertainty regarding the election outcome. There is lots of speculation in the media regarding this and this has added to the uncertainty in the market. The India VIX spiking 72% from the April lows indicates that high volatility will persist for some more time. It is important to understand that VIX is based on Nifty index options prices. The spike in VIX is due to rising volume of options trades. Many investors are buying put options to protect their portfolio in case of an unexpected election outcome.

For long-term investors the ongoing volatility and uncertainty present buying opportunities. Despite the uncertainty, the base case scenario is the return of the NDA to power. Once clarity emerges on this, the market will bounce back sharply led by high quality large-caps which are weak now due to big selling by FIIs. The FII selling in May till now has touched ₹9,194 crores dwarfing DII buying of ₹5,129 crores. This divergence is unlikely to last long.

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

Sensex Today Live : Opening Bell

Sensex Today Live : Indian benchmark indices fell at open on Wednesday, as investors treaded with caution amid the ongoing 2024 Lok Sabha elections.

At opening bell, Sensex was down 303.08 points, or 0.41%, at 73,208.77 and Nifty was down 88.90 points, or 0.4%, at 22,213.60.

Sensex Today Live : Jupiter Wagons posts a 156% jump in Q4FY24 net profit; revenue jumps 57%; shares in focus

Sensex Today Live : The company’s total income for Q4 FY24 surged by 57% to ₹1,121.34 crore, up from ₹712.71 crore in Q4 FY23. The total income for FY24 saw a significant increase of 77%, reaching ₹3,662.24 crore from ₹2,073.33 crore in FY23.

The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 FY24 rose by 59% to ₹147.72 crore from ₹93.03 crore in Q4 FY23. For FY24, the EBITDA soared by 93% to ₹491.03 crore from ₹253.93 crore in FY23.

The EBITDA margin improved by 20 basis points to 13.3% in Q4 FY24 from 13.1% in Q4 FY23. For FY24, the EBITDA margin increased by 120 basis points to 13.5% from 12.3% in FY23.

The Profit After Tax (PAT) for Q4 FY24 jumped by a whopping 156% to ₹104.22 crore from ₹40.78 crore in Q4 FY23. For FY24, the PAT skyrocketed by 165% to ₹332.79 crore from ₹125.38 crore in FY23.

The PAT margin expanded by 360 basis points to 9.3% in Q4 FY24 from 5.7% in Q4 FY23. For FY24, the PAT margin widened by 310 basis points to 9.1% from 6.0% in FY23.

Sensex Today Live : Benchmark indices red at pre-open

Sensex Today Live : Indian benchmark indices were red at pre-open on Wednesday, as investors treaded with caution amid the ongoing voting for 2024 Lok Sabha elections.

Sensex was down 286.85 points, or 0.39%, at 73,225 and Nifty was down 71.30 points, or 0.32%, at 22,231.20 during pre-open.

Sensex Today Live : Prashanth Tapse, Senior VP (Research) at Mehta Equities, says concerns linger over Nifty’s ability to break its recent losing streak

Sensex Today Live : In today’s market scenario, the Dow celebrates its fifth consecutive day of gains, marking its longest winning streak of 2024. Meanwhile, optimism surrounds the Gift Nifty’s performance this Wednesday morning, though concerns linger over Nifty’s ability to break its recent losing streak amidst disappointing Q4 corporate earnings and election uncertainty. Despite challenges, factors such as a robust US economy, potential Federal Reserve rate cuts, and depressed WTI oil prices offer hope for market resilience. Nifty’s pivotal support rests at the 22137 mark, with options data indicating a trading range of 21700-23000. Amidst ongoing corporate earnings scrutiny, strategic trades on Nifty and Bank Nifty are advised, while stocks like NESTLE and MARICO appear promising amidst any corrective declines. Jindal Steel & Power emerges as a sell candidate due to weakening momentum.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Sensex Today Live : Stocks to watch today

Sensex Today Live : Dr Reddy’s, PB Fintech, L&T, Jaiprakash Associates, JSW Energy, IRB Infra, are a few stocks likely to be in focus on Wednesday, May 8.

Sensex Today Live : What to expect in Indian stock market trade on May 8

Sensex Today Live : Amid the ongoing general elections, volatility is expected in the Indian stock market indices, Sensex and Nifty50, on Wednesday. However, current trends in Gift Nifty indicate a promising start for the Indian benchmark index, with a level around 22,432, a premium of roughly 39 points over the previous Nifty futures close.

Contrary to positive global cues, both equity benchmark indices closed in the red on Tuesday due to a comprehensive sell-off. The Sensex ended the trading day down by 384 points or 0.52%, settling at 73,511.85, while the Nifty 50 closed 140 points or 0.62% lower at 22,302.50, with losses in 34 stocks. This marks the third straight session of losses for the Nifty 50 index.

The daily chart shows a long negative candle pattern with a minor lower shadow, indicating a continuing downward correction. Overlapping negative candles on the downside in recent sessions suggest a lack of strong selling momentum in the market. (Read the full story here.)

Sensex Today Live : Six key things that changed for market overnight -Gift Nifty, Disney shares to Wall Street ends mixed

Sensex Today Live : Despite positive global cues, India’s benchmark indices, Sensex and Nifty 50, are projected to open higher on Wednesday but closed lower on Tuesday due to a broad sell-off. This downturn is largely attributed to heavy selling by foreign portfolio investors (FPIs) in anticipation of the Lok Sabha election results on June 4.

The market’s uncertainty is fueled by mixed economic signals and divided investor sentiment on the sustainability of this month’s market surge. This has left Asian stocks directionless following a sluggish US session. However, major Asian and European markets experienced gains on Tuesday, buoyed by a slowdown in the US labor market and renewed hopes of US Fed rate cuts.

The Nifty 50 ended down by 140 points or 0.62% at 22,302.50, and the Sensex closed 384 points or 0.52% lower at 73,511.85. Despite these declines and factors such as premium valuations and low election turnout leading to profit booking, the domestic market continued to consolidate, according to Vinod Nair, Head of Research at Geojit Financial Services. The FMCG sector remained the top sectoral gainer for the day, driven by expectations of improved volume growth from rural areas due to favorable monsoon forecasts. (Read the full story here.)

Sensex Today Live : Indian markets likely to open on muted note as global peers look for direction

Sensex Today Live : Indian markets were likely to open on a muted note on Wednesday, led by direction-less trading among Asian and US peers. Sentiment was further clouded in the markets by the ongoing voting for the 2024 Lok Sabha elections.

At 8:13 am, Gift Nifty futures were trading at 22,396, around 90 points higher than Nifty 50’s Tuesday close of 22,302.

Asian stocks lacked direction on Wednesday, while the dollar remained firm despite lower U.S. Treasury yields as markets assessed mixed signals from U.S. policymakers and economic data on the path for Federal Reserve interest rates.

The yen remained on the back foot even with the threat of currency intervention from Japanese authorities to support it.

Crude oil hovered near two-month lows amid signs of easing supply pressure and continued hopes for a Middle East ceasefire.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.19%, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong’s Hang Seng rose 0.52%.

Japan’s Nikkei slumped about 1% as traders took profits following the previous session’s 1.6% surge. The tech-heavy index also succumbed to pressure from a sell-off in U.S. chip stocks on Tuesday. U.S. stock futures were flat.

The yen slipped 0.16% to 154.94 per dollar, even as Japan’s Finance Minister Shunichi Suzuki expressed deep concern over the negative impact of a weak currency and reiterated a readiness to respond to excessive volatility.

The U.S. dollar index – which measures the currency against the yen, euro, sterling and three other major peers – rose 0.09% to 105.51, adding to Tuesday’s 0.3% advance.

The euro edged down 0.12% to $1.07325 and sterling lost 0.14% to $1.24915.

On Tuesday, Minneapolis Fed President Neel Kashkari suggested the U.S. central bank may need to forgo interest rate cuts this year due to stubborn inflation.

Last week, Fed Chair Jerome Powell said the wait to loosen policy is taking longer than anticipated, but signalled his inclination is still to cut.

And while prices have been sticky, the labour market showed some signs of weakening in the monthly payrolls data from Friday. Consumer price data in a week from now will be closely watched.

Debate continues within markets and amongst policymakers about the appropriate level for interest rates, Kyle Rodda, senior financial markets analyst at Capital.com, wrote in a report.

A lack of major U.S. economic data in the days ahead (means) there was little to position for or react to, he added. For now, the markets see marginally higher chances for two cuts in the U.S. this year, with the first fully baked in for November.

U.S. long-term Treasury yields stood at 4.4651% in Asian trading, after dipping to a nearly one-month low of 4.42% on Tuesday. Gold slipped 0.16% to around $2,310 per ounce.

Crude oil extended Tuesday’s declines after market sources said that data due later from the American Petroleum Institute will show a jump in U.S. crude and fuel stocks for last week, a sign of lower demand.

Meanwhile, the U.S. believes negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas, lessening the risks of supply disruptions.

Brent crude oil futures fell 32 cents, or 0.38%, to $82.84 a barrel. U.S. West Texas Intermediate crude futures fell 28 cents, or 0.36%, to $78.10 a barrel.