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Stock Market Today: Nifty and Sensex rebound on Tuesday


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  • India’s Nifty and Sensex hold the rebound after a subdued start on Tuesday.
  • Nifty and Sensex suffered on Monday to close in the red amid risk-averse global markets.
  • Tuesday’s US Durable Goods data eyed ahead of US PCE inflation, India’s Q3 GDP and monthly derivatives expiry later this week.

The Sensex 30 and Nifty 50, India’s key benchmark indices, keep the recovery mode intact after a negative start to Tuesday, reversing Monday’s nearly 0.50% decline.

Asian markets recovered after opening lower, having tracked the negative close on Wall Street overnight.

Indian traders, however, remain jittery ahead of India’s third-quarter Gross Domestic Product (GDP) data and the expiry of monthly derivatives contracts due later this week. Also, of note remains the top-tier US economic news, including the Durable Goods Orders data due later on Tuesday.

At the time of writing, the National Stock Exchange (NSE) Nifty 50 and the Bombay Stock Exchange (BSE) Sensex 30 gain roughly 0.25% on the day to trade at 22,172.25 and 73,028.96 respectively.

Stock market news

  • The rebound in the auto and IT sector stocks are aiding the recovery in Nifty and Sensex.
  • The top performers on Nifty, so far, are TCS, Tata Motors, Eicher Motors, Bharti Airtel and JSW Steel. Meanwhile, the main losers include Divislab, SBI Bank, BPCL, Bajaj Finance and Heromoto Corp.
  • Key corporate news: The National Company Law Tribunal (NCLT) approved the Hinduja Group firm’s resolution plan for Reliance Capital.
  • Paytm’s founder and chief executive officer Vijay Shekhar Sharma quit payments bank board in a major shakeup. Paytm share price dips after rallying 5%.
  • Union Bank of India raised 30 billion rupees, under QIP, at an issue price of 135.65 rupees.
  • Wipro Company announced a joint 5G private wireless solution with Nokia to help enterprises scale their digital transformation.
  • On Monday, Nifty and Sensex bore the brunt of the sharp declines in the metal and pharma sector stocks.
  • The US stock markets closed in the red on Monday. US stock futures are trading 0.06% lower on the day, at the press time.
  • Last week, Nifty and Sensex traders took account of the mixed Indian and US preliminary business PMI data and a hawkish Minutes of the Reserve Bank of India (RBI) February meeting.
  • Data published by HSBC Bank showed on Thursday that India’s Manufacturing Purchasing Managers’ (PMI) Index dropped from 56.9 in January to 56.7 in February. Meanwhile, the Services PMI rose to 62.0 in the same period vs. 61.8 previous. The Composite PMI stood at 61.5, as against the previous reading of 61.2.
  • In the RBI Minutes, Governor Shaktikanta Das stated that ‘’at this juncture, monetary policy must remain vigilant and not assume that our job on the inflation front is over. We must remain committed to successfully navigating the ‘last mile’ of disinflation which can be sticky.”
  • S&P Global Manufacturing PMI improved to 51.5 from 50.7 in February, while S&P Global Services PMI edged lower to 51.3 from 52.5.
  • Attention now turns toward the US Durable Goods Orders, PCE inflation data and India’s Gross Domestic Product (GDP) data.
  • Markets are currently pricing in just about a 20% chance that the US Federal Reserve (Fed) could begin easing rates in May, much lower than an over 90% chance a month ago, according to the CME FedWatch Tool. For the June meeting, the probability for a rate cut now stands at about 60%, down from 70% seen a few days ago.

Sensex FAQs

The Sensex is a name for one of India’s most closely monitored stock indexes. The term was coined in the 1980s by analyst Deepak Mohoni by mashing the words sensitive and index together. The index plots a weighted average of the share price of 30 of the most established stocks on the Bombay Stock Exchange. Each corporation’s weighting is based on its “free-float capitalization”, or the value of all its shares readily available for trading.

Given it is a composite, the value of the Sensex is first and foremost dependent on the performance of its constituent companies as revealed in their quarterly and annual results. Government policies are another factor. In 2016 the government decided to phase out high value currency notes, for example, and certain companies saw their share price fall as a result. When the government decided to cut corporation tax in 2019, meanwhile, the Sensex gained a boost. Other factors include the level of interest rates set by the Reserve Bank of India, since that dictates the cost of borrowing, climate change, pandemics and natural disasters

The Sensex started life on April 1 1979 at a base level of 100. It reached its highest recorded level so far, at 73,328, on Monday, January 15, 2024 (this is being written in Feb 2024). The Index closed above the 10,000 mark for the first time on February 7, 2006. On March 13, 2014 the Sensex closed higher than Hong Kong’s Hang Seng index to become the major Asian stock index with the highest value. The index’s biggest gain in a single day occurred on April 7, 2020, when it rose 2,476 points; its deepest single-day loss occurred on January 21, 2008, when it plunged 1,408 points due the US subprime crisis.

Major companies within the Sensex include Reliance Industries Ltd, HDFC Bank, Axis Bank, ITC Ltd, Bharti Airtel Ltd, Tata Steel, HCL Technologies, Infosys, State Bank of India, Sun Pharma, Tata Consultancy Services and Tech Mahindra.