Sensex Today Live : L&T informed the exchanges today that its hydrocarbon vertical (L&T Energy Hydrocarbon – LTEH) has secured an order from the Oil & Natural Gas Corporation (ONGC) for the MHN TCPP PGC BGC Project, off India’s West Coast.

In an exchange filign, the company said, “The scope of work includes engineering, procurement, construction, installation, and commissioning of new Process Gas Compressor (PGC) modules at ONGC’s Mumbai High & Tapti offshore locations along with the upgrade of existing facilities to enhance production.”

It has classified the project as a ‘Significant’ order, which according to its nomenclature means the order is worth between ₹1,000 crore to ₹2,500 crore.

Sensex Today Live : On Thursday, SpiceJet announced that it has resolved its dispute worth ₹413 crore with Echelon Ireland Madison One. The company anticipates this will lead to savings of approximately ₹398 crore. As part of the settlement, it will acquire two airframes.

Ajay Singh, Chairman and Managing Director of SpiceJet, expressed his satisfaction with the resolution of the dispute, while emphasizing that the settlement not only highlights their commitment to financial prudence but also strengthens their fleet through the acquisition of two airframes. Earlier, on March 5, the airline had announced the settlement of a dispute involving around ₹93 crore with aircraft leasing firm Cross Ocean Partners. As part of this agreement, the airline will gain from the transfer of an airframe and engine at no extra cost. Before this, SpiceJet had settled a dispute worth around ₹250 crore with Celestial Aviation, a subsidiary of AerCap.

Sensex Today Live : Mukka Proteins’ shares didn’t perform as expected on Dalal Street during their Thursday debut. The shares were listed on BSE at ₹44 each, while on NSE, they opened at ₹40 per share, significantly lower than the anticipated listing range of ₹60 to ₹66 per share. The situation worsened for the share allottees as Mukka Proteins’ shares experienced a sharp sell-off after listing. The shares hit an intraday low of ₹38.24 each within minutes of listing, and on NSE, they reached an intraday low of ₹38.25 each.

Contrary to market expectations, the listing price of Mukka Proteins’ shares on the Indian stock exchanges was lower. The market had predicted that the allottees’ investment would double on the listing day. However, it came as a surprise when it listed with only around a 40 percent premium. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had erased the gains from the reord high open on Thursday, and were trading down.

At 11 am, Sensex was down 37.80 points, or 0.05%, at 74,048.19, and Nifty was down 17.55%, or 0.08%, at 22,456.50.

Sensex Today Live : Regulatory bodies are perpetually wary of market fluctuations, potential fraudulent activities, asset price inflation, and market collapses. This concern intensifies especially on the brink of general elections, as unfavorable market conditions can lead to significant embarrassment.

In the past few months, regulators in India have adopted a proactive approach: they have enforced strict limitations on unsecured loans by fintech companies and have taken disciplinary action against Paytm Bank and JM Financial.

The Securities and Exchange Board of India (Sebi), the market regulator, shares this concern. In a letter dated 27 February, Sebi issued a warning to asset management companies (AMCs) regarding the persistent inflow into small- and mid-cap mutual fund schemes, despite the evident overvaluation in these market segments. (Read the full story here.)

Sensex Today Live : Ratings agency Crisil said on Wednesday that the Indian economy is projected to expand by 6.8% in the upcoming fiscal year, a figure slightly lower than the central bank’s prediction of 7%. This is due to the potential dampening effect of increased interest rates and a reduced fiscal impulse on demand in India.

The agency also projected that by the fiscal year 2030-31, India’s economy will approach the $7 trillion mark, with an average yearly growth rate of 6.7%. This growth trajectory is expected to elevate India to the status of an upper-middle-income country within the next seven years. (Read the full story here.)

Sensex Today Live : Prudential Management and Services Pvt Ltd, a promoter group entity of Mahindra & Mahindra, has begun a secondary sale of the company’s shares, citing the family’s need for liquidity. This was disclosed in a stock exchange filing by the automobile manufacturer on Wednesday. The filing was made in response to a news report about the promoters selling their shares. It stated that following the transfer of PMSL’s shares from the late Keshub Mahindra, the former chairman of M&M who passed away on 12th April 2023, to his family members, the family plans to sell a small portion of M&M shares held by PMSL to meet specific financial needs.

Sensex Today Live : Suzlon Group today informed the exchanges that it has secured a new order for the development of a 72.45 MW wind power project for Juniper Green Energy Private Limited.

Suzlon will install 23 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site at the Dwarka district in Gujarat.

This order is for the company’s larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series.

As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

Sensex Today Live : Having opened at record highs, Indian benchmark indices were trading flat on Thursday.

At 10 am, Sensex was down 2.41 points at 74,083.58, and Nifty was at 22,474.25.

Sensex Today Live : The government is planning to divest up to 7% of its stake in the coal mining company, NLC India, through an offer for sale (OFS) this week. This move could potentially raise up to ₹2,200 crore ($266 million) based on current prices, as reported by Reuters on Wednesday, citing sources. In another news, the company in an exchange filing said, Gujarat’s state-owned electricity utility, GUVNL, has signed a 25-year agreement to buy electricity from the company’s subsidiary NLC India Green Energy Ltd’s (NIGEL) 600-MW solar plant at ₹2.705 a kWhr.

Sensex Today Live : Macrotech Developers today infored the exchanges that it has approved the issue price for the planned fundraise of ₹3,316 crore through the qualified institutional placement more.

In an exchange filing, it said, “We wish to inform you that the Committee (Committee for Fund Raise of the board of directors) at its meeting held today i.e., March 7, 2024 has, inter alia, passed the following resolutions:

a. Approving the closure of the issue period for the Issue today i.e., March 7, 2024;

b. Determining and approving the issue price of ₹ 1,098 per Equity Share (including a premium of ₹1,088 per Equity Share), which is at a discount of 2.79% (i.e., ₹ 31.48 per Equity Share) to the floor price of ₹ 1,129.48 per Equity Share] determined as per the formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the Issue”

Sensex Today Live : Barring a few outliers like the Auto index (down 0.64%), IT index (down 0.12%), Private Bank index (down 0.06%), and Oil & Gas index (down 0.07%), most of the sectoral indices were in the green. 

Sensex Today Live : The broader market was showing strength, with the BSE MidCap up 0.24%, while the BSE SmallCap was up 0.73%.

Sensex Today Live : JSW Steel, UPL, Bajaj Finserv, Bajaj Finance, and Tata Steel, were leading the Nifty higher, while M&M, BPCL, Infosys, ICICI Bank, and Cipla, were the top drags on the benchmark index. 

Sensex Today Live : Sensex was being pushed ahead by JSW Steel, Bajaj Finserv, Power Grid Corp., Bajaj Finance, and Tata Steel, while Mahindra & Mahindra, UltraTech Cement, Infosys, and Titan, were the biggest drags on the benchmark index. 

Sensex Today Live : Indian benchmark indices opened at record highs on Thursday, led by positive cues from global markets.

At opening bell, Sensex was up 54.71 points, or 0.07%, at 74,140.70, and Nifty was up 30.95 points, or 0.14%, at 22,505.

Sensex Today Live : Indian benchmark indices climbed to fresh all-time highs during pre-open trading on Thursday, despite the Nifty 50 opening lower than Thursday’s close.

Sensex was up 156.75 points, or 0.21%, at 74,242.74, while the Nifty 50 was up 31.25 points, or 0.14%, at 22,505.30 during pre-open.

Sensex Today Live : Bank Nifty outperformed the broader markets and gained momentum from the first hour of trade after crossing 47,800 levels.

The hourly support average has moved higher to 47,600 levels while on the higher side 48,600 will be a resistance from current levels.

RSI is trading above the average line near the higher end of the range which indicates the positive momentum to continue for the next few days.

Bank Nifty highest call OI is at 48,000 levels while on the downside put OI is at 47,500 levels for the weekly expiry.

Sensex Today Live : Nifty-50 has witnessed a sharp reversal from the lower support range of 22,200 levels making a higher support zone for the up move.

The highest put OI of 22,200 was protected and we witnessed a swift recovery led by private banks with positive momentum.

The intra hour retracement was healthy testing the lower range and bounced with current momentum to test 22,700 levels over the next few days.

Highest call OI has moved to 22,600 strike while on the downside the highest put OI is at 22,300 for the weekly expiry.

Sensex Today Live : Foreign investors seeking to enhance their returns in India’s thriving stock market are increasingly investing in small- and mid-cap firms that are outperforming their larger counterparts.

The count of companies with overseas shareholding exceeding 10% escalated to 275 on the BSE 500 Index at the end of December, up from 257 the previous year, as per a Bloomberg analysis of foreign institutional ownership data. This surge was primarily driven by smaller firms.

The quest to identify the upcoming victors in the world’s most rapidly expanding major economy is leading international funds to delve deeper into the market-cap hierarchy. This has contributed to the enthusiasm that has powered a continuous rally in this sector. A measure of small- and mid-cap stocks has yielded a 60% return over the past year, in contrast to a 23% rise in India’s primary S&P BSE Sensex Index. (Read the full story here.)

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are anticipated to commence trading on a positive note on Thursday, influenced by optimistic signals from international markets.

On Wednesday, the local equity indices staged a strong comeback in the final trading hour, each closing over half a percent higher. This marked a milestone as the Sensex crossed the 74,000 threshold for the first time.

The Sensex climbed 408.86 points to conclude at 74,085.99, while the Nifty 50 ended 117.75 points, or 0.53%, higher at 22,474.05.

The Nifty 50 chart displayed a long bull candle with an extended lower shadow. “This pattern technically signifies a bullish rising three method pattern, which is a trend continuation pattern. We can anticipate further upward movement in the upcoming sessions, with the next upside levels to monitor around 22,800 and immediate support at 22,300 – 22,250 levels,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

Sensex Today Live : The domestic stock indices, Sensex and Nifty 50, are projected to continue their upward trajectory on Thursday, buoyed by encouraging signals from global markets.

Asian markets experienced a surge, and the US stock market ended on a positive note after remarks from Jerome Powell, the US Federal Reserve Chairman, bolstered the anticipation of a reduction in the central bank’s key interest rate this year.

On the previous day, the Indian stock market indices each saw an increase of over half a percent, with the benchmark Sensex exceeding the esteemed 74,000 level for the first time.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said, “Domestic equities made a comeback after a minor pause and continued to make new highs. Sectorial rotation was seen in the market with private banks gaining momentum and supporting the index. We expect largecaps to drive the market in the near term while midcap and smallcap could remain under pressure”. (Read the full story here.)

Sensex Today Live : With global cues firming up on the back of Federal Reserve Chairman Jerome Powell’s commentary on rate cuts this year, the Gift Nifty was trading ahead of Nifty 50’s Wednesday close.

At 7:50 am on Thursday, the Gift Nifty was at 22,650, nearly 200 points ahead of Nifty 50’s Wednesday close of 22,474,05. This comes in the backdrop of both the benchmark indices in India hitting new all-time highs in Wednesday’s trading session.

Wall Street followed world shares to a higher close on Wednesday and the benchmark U.S. Treasury yield dipped to a one-month low after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.

All three major U.S. stock indexes closed well below session highs, marking a partial rebound from Tuesday’s steep sell-off. The tech-heavy Nasdaq enjoyed the most robust gain.

Powell told the House of Representatives Financial Services Committee that “if the economy evolves broadly as expected,” the central bank can be expected to cut its policy rate this year. He added that continued progress against inflation “was not assured.”

European stocks hit a record high as investors weighed Powell’s commentary the day before the European Central Bank is expected to issue its policy decision.

The Dow Jones Industrial Average rose 75.86 points, or 0.2%, to 38,661.05, the S&P 500 gained 26.11 points, or 0.51%, to 5,104.76 and the Nasdaq Composite added 91.96 points, or 0.58%, to 16,031.54.

The pan-European STOXX 600 index rose 0.39% and MSCI’s gauge of stocks across the globe gained 0.59%.

Emerging market stocks rose 0.67%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.78% higher, while Japan’s Nikkei lost 0.02%.

Bitcoin, which touched and then backed away from an all-time high on Tuesday, resumed its climb.

The cryptocurrency was last up 5.6% at $66,884.