Sensex Today LIVE Updates: Snapping four consecutive days of losing run, Sensex was trading in the positive today, led by a strong buying support in Reliance Industries, ICICI Bank, and SBI. HDFC duo remains top drag on key indices. HDFC slumped 3.55 per cent to Rs 2182.70. HDFC Bank fell 2.73 per cent to Rs 1357.20. Infosys dipped 1.28 per cent to Rs 1600.65.
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S&P 500 opens flat as bond yields hit new highs
The benchmark S&P 500 index opened flat on Tuesday as U.S. bond yields hit new highs on expectations of aggressive interest rate hikes, while investors awaited more earnings reports to assess the impact of inflation and the Ukraine war on companies.The Dow Jones Industrial Average fell 17.07 points, or 0.05%, at the open to 34,394.62.The S&P 500 opened lower by 1.06 points, or 0.02%, at 4,390.63, while the Nasdaq Composite dropped 19.92 points, or 0.15%, to 13,312.44 at the opening bell.
Pennar gets orders worth its m-cap
Pennar Industries that is active in engineering and construction products, on Tuesday said it has received Rs 498 crore worth of order form a host of companies during the past two months. The company’s market cap is around Rs 550 crore.
More power to coal?
Coal India said amid the spiraling power generation, it raised its supplies to thermal power stations by 14.2% during the first half of April’22 compared to same period last April. Its supplies have hit 1.64 million tonnes (MTs) per day during this period against 1.43 MTs of similar period April’21. The country’s total power generation was 9.5 percent higher, at an average of 4.53 Billion Units (BU), till 15th April’22 over same period last year. The increase was 400 million units per day against the average generation of 4.13 BU for the comparative period. However, the escalating power demand driven up by the post pandemic economic buoyancy and hotter than normal summer seem to dwarf the upsurge in power and coal supplies. Nonetheless, shares of the company spiked another 5 per cent to 198.
If capex is the holy grail, these two sectors might take you to it: ICICI Securitie
Over the past decade, India’s gross fixed capital formation, a key metric of investment in the country, has grown at a pace that has significantly lagged the growth in nominal GDP. Key drags on the investment rate since the financial year 2011-12 were the performance of the household sector and private corporates. However, looking ahead, ICICI Securities NSE -0.35 % identifies two sectors that hold great potential.
Tech View
A fag-end selling sent Nifty50 below its support level of 17,000 on Tuesday. The index formed a Bearish Belt Hold-like candle on the daily chart, as the weakness was seen from the word go. To be sure, Nifty50 had made a ‘Death Cross’ in the previous session, which was a negative development. To add to that the index could not respect a key support of 17,000 level on Tuesday, which intensified the selling pressure. Analysts said more downside is likely for the index.
The weakness remained in the market as the benchmark index extended its loss during the day. On the higher end, 50EMA remained a resistance. On the lower end, a support zone is visible at 16800-16600, where an immediate pause in the correction may be seen. The overall trend looks a bit negative as long as the index remains below 17000.
– Rupak De, Senior Technical Analyst at LKP Securities
Indian rupee traded lower today on weakness in local equity markets and global risk-off sentiments. Stronger US Dollar and surge in the US treasury yields are adding to the downside pressure on Rupee. Dollar index touched a fresh two-year high of 101.02. We expect Indian Rupee to remain subdued as Russia has intensified its attack on Ukraine, leading to deteriorating global risk sentiments.
– Sharekhan
Top factors that triggered today’s selloff
Domestic equity markets took a sharp ‘U-turn’ to wipe off all the early gains on Tuesday, thanks to the fag-end selling which dragged the benchmark indices lower for the straight fifth session. Weakness in the European markets amid the rising tensions between Russia and Ukraine weighed on the market sentiments. Expectations of rate hike from Fed amid the rising inflation also jittered the markets. Intense selling in HDFC Twins and Infosys contributed about 590 point fall in the BSE barometer. However, buying in Reliance Industries gave some relief to the traders.
A late sell-off from around 17,230 levels seems to have tilted the tide decisively in favour of the bears. In this process, the Nifty50 breached its critical supports to settle below the 200-day moving average. However, at an intraday low of 16824 levels, the said index tested the 200-day EMA and bounced back. It thus remains critical for the index to sustain above 16,820, as a breach of this can drag it down furthertowards 16,500 level
– Mazhar Mohammad of Chartviewindia.in
India VIX inched up 2.2% to 19.7750
Dollar index in the last few sessions has been inching higher on back of prospects that the Federal Reserve could adopt to a more aggressive rate hike process than estimated earlier
– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
European stocks decline, yen falls to 20-year low as U.S. hikes loom
European shares were lower on Tuesday, while yields on 10-year U.S. inflation-linked bonds were close to turning positive for the first time in two years, as the prospect of aggressive Fed tightening to rein in inflation kept investors on edge. At 0833 GMT, the pan-European STOXX 600 was down 0.8%, Germany’s DAX was down 0.5% and Britain’s FTSE 100 was 0.2% lower – although analysts warned about over interpreting moves given lower liquidity over the long Easter weekend.
Nifty ends at lowest level since March 15
All sectoral indices end in red. Nifty IT ends 3% lower. FMCG, Media, Pharma and Realty among other top losers
Reliance and ICICI Bank managed to end in green
Closing Bell: Fag-end selloff drags Sensex 704 points lower, Nifty ends below 17,000; HDFC twins plunge up to 6%
Reliance only Sensex stock to trade in green
Sensex slips over 700 points as sell-off deepens; IT and FMCG stocks worst hit
Sensex slips over 250 points; most sectoral indices in red
Oil volatile as Libya outage fuels supply woes, Shanghai prepares to reopen
Oil prices see-sawed on Tuesday as investors fretted over tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries. Brent crude oil futures fell $2 to $111.16 a barrel.
Procter & Gamble names L V Vaidyanathan as CEO for India operations
Global FMCG firm Procter & Gamble on Tuesday announced the appointment of L V Vaidyanathan as the Chief Executive Officer for its operations in India from July 1, 2022.
Asian shares mostly gain as China boosts support for economy
World stocks were mixed Tuesday, with European benchmarks losing ground after most Asian shares advanced. London, Paris, Frankfurt and Hong Kong declined while Tokyo and Sydney rose. U.S. futures were higher and oil prices retreated.
There are some concerns regarding the marginal hit to profitability of the merged entity due to higher SLR and CRR requirements. ( HDFC Ltd doesn’t have statutory requirements like SLR and CRR) But the weakness in HDFC twins after the merger announcements is due to sustained selling by FPIs and shorting by speculators exploiting the FPI positioning in the stocks. From valuation perspective, HDFC twins are attractively valued, short-term technical weakness not withstanding
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Refinery margins, inventory gains to offset losses on petrol, diesel: Fitch
State-owned fuel retailers IOC, BPCL and HPCL may suffer marketing losses in January-March 2022 quarter for holding petrol and diesel prices despite a rise in cost but robust core refining margins and windfall inventory gains should mitigate the potential losses in near term, Fitch Ratings said Tuesday.
Auto stocks that are in demand
Price as on 19 Apr, 2022 01:37 PM, Click on company names for their live prices.
Dollar index passes 101 for first time in two years as yen slide continues
The dollar index rose past 101 for the first time since March 2020 on Tuesday, as the greenback set its latest 20-year high on the yen and tested a two-year peak on the euro, supported by high U.S. Treasury yields and expectations of good economic data.
Dollar index in the last few sessions has been inching higher on back of prospects that the Federal Reserve could adopt to a more aggressive rate hike process than estimated earlier. The Fed has already begun raising rates this year and rising inflation is one of the factors supporting the view for more rate hikes. Fed minutes released earlier suggest that officials at the central bank have also started to discuss about balance sheet trimming, another tool to manage its fight against inflation. Going ahead, hawkish stance by the Federal Reserve is likely to extend gains for the greenback. We expect the dollar index to test levels of 103.20 in the near future and downside could be restricted to levels of 97.20
– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
Nifty IT index slips over 1%; LTI tanks 5%
JSW plans switch to green debt: Bloomberg
India’s JSW Group, which runs emissions-heavy businesses including steel, cement and energy, plans to switch a majority of its bonds to green instruments as the industrial giant seeks access to longer-term borrowings.
Kotak Mahindra Bank revises MCLR on loans
Kotak Mahindra Bank has revised the marginal cost of lending rate (MCLR) across loan tenors. The revised new rates are effective from April 16, 2022, according to the Kotak Mahindra Bank website.
Top gainers and losers in banking pack
Price as on 19 Apr, 2022 12:47 PM, Click on company names for their live prices.
Reliance shares rally 4%
Price as on 19 Apr, 2022 12:12…
Read More: sensex Today: Stock Market Crash Highlights: Fag-end selloff drags Sensex 704 points