Sensex Today Live : The anatomy of a post-crisis monetary policy, explained
Sensex Today Live : The inaugural Monetary Policy Committee (MPC) meeting for the fiscal year 2024-25 is set to commence on Wednesday, amidst a backdrop of decelerating inflation and strong economic growth. A reduction in interest rates at this juncture could potentially overstimulate an economy that is already expanding at a rate of 7-8%, leading to inflationary pressures. Conversely, an increase in rates could stifle growth, while having no impact on inflation due to uncontrollable factors. Given these considerations, it is probable that the MPC will opt to maintain the status quo with respect to rates.
Indeed, the anticipation of rate cuts in the market has been deferred further in recent times. The Reserve Bank of India’s (RBI’s) most recent Survey of Professional Forecasters does not foresee any monetary relaxation until the conclusion of the September quarter of 2024-25. (Read the full story here.)
Sensex Today Live : Gensol Engineering shares jump nearly 5% after company posts highest ever revenue of ₹960 Crores in FY24 up 141% YoY
Sensex Today Live : Gensol Engineering , recorded its highest ever revenue from operations, surpassing ₹960 crore (provisional and unaudited) in the financial year ending on March 31, 2024.
This represents a growth rate of 141% compared to the previous financial year. The corresponding figure for the previous year was at ₹398 crore.
Sensex Today Live : 10 am Market Update
Sensex Today Live : Indian benchmark indices, which had opened at fresh all-time highs on Thursday, slipped into the red in early trades.
At 10 am, Sensex was down 61.74 points, or 0.08%, at 73,815.08, and Nifty was down 27.55 points, or 0.12%, at 22,407.10.
Sensex Today Live : KEC International shares jump nearly 15% after it bags orders worth ₹816 crore
Sensex Today Live : The infrastructure EPC major has received new orders of ₹816 crore across its various businesses, including orders for supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.
Sensex Today Live : AU Small Finance Bank’s Gross Loan portfolio grows 28% YoY and 8% QoQ in Q4FY24, while overall deposits grow 26% YoY and 9% QoQ; shares jump nearly 5%
Sensex Today Live : AU Small Finance Bank’s incremental cost of funds for Q4FY24 declined by 4bps to 7.71%, compared to Q3FY24, whereas the incremental disbursement yields increased by 8bps to 13.56%, compared to Q3FY24.
It registered overall deposits growth of 9% QoQ and 26% YoY, with total deposits crossing ₹ 87,000 crore. This was led by strong CASA mobilisation with incremental CASA deposit growing by 10% QoQ.
The bank achieved the highest ever disbursement in the month of March’24. It securitised loans worth ₹ 616 Cr during the quarter and its overall Gross Loan portfolio grew by 8% QoQ and 28% YoY.
Sensex Today Live : HDFC Bank says gross advances grew nearly 55% YoY, while deposits grew around 26% in Q4FY24
Sensex Today Live : HDFC Bank’s gross advances aggregated to approximately ₹ 25,080 billion as of March 31, 2024, up around 55.4%, over ₹ 16,142 billion as of March 31, 2023, and a growth of around 1.6% ( ₹ 387 billion) over ₹ 24,693 billion as of December 31, 2023.
Deposits aggregated to approximately ₹ 23,800 billion as of March 31, 2024, a growth of around 26.4% over ₹ 18,834 billion as of March 31, 2023 and a growth of around 7.5% ( ₹ 1,660 billion) over ₹ 22,140 billion as of December 31, 2023.
CASA deposits aggregated to approximately ₹ 9,090 billion as of March 31, 2024, a growth of around 8.7% over ₹ 8,360 billion as of March 31, 2023 and around 8.8% ( ₹ 734 billion) over ₹ 8,356 billion as of December 31, 2023.
Sensex Today Live : Avenue Supermarts’ shares jump nearly 5% after posting 20% increase in Q4FY24 revenues
Sensex Today Live : The company that runs D-Mart, reported a standalone revenue of ₹12,393.46 crore for the quarter ending in March FY24. This is a 19.9 percent increase from the ₹10,337.12 crore recorded in the same period last year. As of the end of March 2024, the company operates a total of 365 stores.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Across sectors, the Bank and Financial services indices were leading gains, both up 1.02% and 1.04%, respectively.
Barring Pharma and Health, all other heavyweight indices were in the green, too.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was up, with the BSE SmallCap index climbing 0.91%, followed by the BSE MidCap index, which was up 0.58%.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : HDFC Bank, NTPC, Hindalco, Axis Bank, and Power grid Corp., were the top gainers on the Nifty 50, while IndusInd Bank, SBI, Sun Pharma, Britannia, and Apollo Hospital Enterprises, were the top drags.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Only four stocks were in the red at open on Sensex, namely Sun Pharma, IndusInd Bank, SBI, and Tech Mahindra. The top gainers on the benchmark index were HDFC Bank, NTPC, Axis Bank, Power Grid Corp., and Tata Steel.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened at fresh all-time highs on Thursday, led by strong cues from global peers.
At opening bell, Sensex was up 410.85 points, or 0.56%, at 74,287.67, and Nifty was up 122.95 points, or 0.55%, at 22,557.60.
Sensex Today Live : Bajaj Finance invests ₹2,000 crore in wholly-owned subsidiary Bajaj Housing Finance through rights issue
Sensex Today Live : Bajaj Finance on Wednesday informed the exchanges that it has invested ₹2,000 crore in Bajaj Housing Finance by way of a Rights Issue.
In an exchange filing, the company said, “We would like to inform you that today, i.e., 3 April 2024, Bajaj Finance Limited (“BFL”/”the Company”) has invested in Bajaj Housing Finance Limited (BHFL), its wholly-owned subsidiary, by way of subscribing to Rights Issue for an amount of approximately Rs. 2,000 crore.”
Sensex Today Live : What to expect from Indian stock market in trade on April 4
Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are likely to start on an upward trajectory on Thursday, propelled by the positive momentum in global markets. The Gift Nifty trends also suggest a promising start for the Indian benchmark index, trading around the 22,593 level, nearly 50 points premium from the previous close of Nifty futures.
However, on Wednesday, the domestic equity benchmark indices concluded with a slight downward tilt amidst unfavorable global indicators. The Sensex dropped 27.09 points to close at 73,876.82, while the Nifty 50 ended 18.65 points, or 0.08%, lower at 22,434.65.
The Nifty 50 chart depicted a small positive candle with a gap-down opening and an upper shadow. “This pattern technically signifies a broader range movement in the market near all-time highs. The smaller degree positive pattern like higher tops and bottoms is intact as per the daily chart and the present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Sensex Today Live : Seven key things that changed for market overnight – Gift Nifty, Powell’s speech to US private payrolls
Sensex Today Live : The Indian stock market is anticipated to kick off Thursday on a high note, following an upward trend among global counterparts due to enhanced investor confidence.
Asian markets saw an uptick, and the US stock market indices largely closed in the green after a speech by Jerome Powell, the US Federal Reserve Chairman.
However, on Wednesday, the Indian stock market indices concluded with a slight negative inclination amidst unfavorable global indicators.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated, “Markets are treading carefully in anticipation of the RBI policy meeting and crucial macroeconomic data set to be released in the US and Europe. We foresee the market to stabilize in the coming days until these events transpire.”
Sensex Today Live : Firm US, Asian peers indicate strong start for Indian markets
Sensex Today Live : US futures and Asian markets climbed up as Federal Reserve Chairman Jerome Powell on Wednesday reaffirmed plans to cut interest rates this year, but shied away from giving any timeline for it.
This likely indicated that Indian markets too would start on a positive note, tracking its global peers. This was borne out by the Gift Nifty futures, which was trading at 22,601.50 at 8 am on Thursday, more than 150 points ahead of Nifty 50’s Wednesday close of 22,434.65, and also ahead of Nifty 50’s all time high of 22,529.95.
Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks.
There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.
Some of these gains were due to supply disruptions and geopolitical tensions, but they also reflect optimism about global growth given a recovery in recent factory surveys (PMI), particularly for China.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%, though a holiday in China made for thinner trading conditions.
Tokyo’s Nikkei bounced 1.5% as the yen fell, with the materials, industrials, and energy sectors leading the way.
EUROSTOXX 50 futures and FTSE futures were little changed in early trade. S&P 500 futures rose 0.2% and Nasdaq futures 0.3%.
Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data dependent. Fed fund futures have already lowered the chance of a June move to 62% from 74% a month ago.
Investors have also taken 100 basis points of easing out of 2025, so that rates are now seen ending next year around 4% rather than 3%. Gold extended its sparkling run to reach a fresh record at $2,302 an ounce.
Oil prices have also been on a tear as Ukraine’s attacks on Russian refineries have cut fuel supply and amid concerns that the Israel-Hamas war in Gaza may spread to include Iran, possibly disrupting supplies from the Middle East.
A meeting of top ministers from the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts.
Brent added another 30 cents to $89.65 a barrel on Thursday, while U.S. crude rose 30 cents to $85.73 per barrel.
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