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Unstoppable bull run? Sensex may hit 1 lakh milestone…

4 July 2024
by admin

When will Sensex hit the 1 lakh mark? BSE Sensex, India’s headline equity index, has the potential to reach the 1 lakh mark by December 2025, considering its historical compounded annual growth rate (CAGR) of 15.9% over the past 45 years, states an ET report.
With the April 1979 base value of 100, the Sensex has experienced a remarkable 800-fold increase! If the Sensex maintains its current growth rate of 15.9% per annum, it could hit the 1-lakh milestone by the end of next year, an ET report states.This projection does not account for the dividends declared by Sensex constituents, which investors may choose to reinvest in the market.
In the short term, the Sensex’s trajectory will likely be influenced by factors such as the Budget, the Fed’s rate cut trajectory, and the US Presidential elections. However, taking a long-term view, the growth trajectory appears to be intact, despite short-term fluctuations.

Sensex at 1 lakh?

Launched on January 1, 1986, with a base value of 100 as of April 3, 1979, the Sensex has only experienced 6 instances of negative returns since 1996. Over the last 5 years, the index has doubled in value from around the 40,000 mark.
Raamdeo Agrawal, a veteran of Dalal Street and co-founder of Motilal Oswal Financial Services, began his journey in the world of stocks in 1979, the same year the Sensex was constituted.
Also Read | Sensex at 1 lakh milestone this term? BSE Sensex jumped 93% during Nirmala Sitharaman’s first stint as FM!
His earlier calculations suggest that if the Sensex continues to double every 5 years, it could reach 1.5 lakh by 2029. In an ET column from April, he wrote, “India’s corporate sector profit has compounded at almost 17% over the last three decades. It is reasonable to expect 15% corporate profit growth going forward. If current P/E levels of 25x are maintained, this too, translates to the Sensex compounding of 15% i.e. double every five years. In other words, the Sensex level of 150,000 around the year 2029.”
Mark Mobius, a renowned emerging markets investor and India bull, concurs that if India grows at 7% and companies grow at 14-15%, the index will also rise at that pace over the next 10 years. In an earlier interview with ET Markets, he stated, “We are still on that upward trajectory. There will always be corrections, but we are still in that direction (towards 1 lakh). We will hit that. Maybe even before five years. India may be an exception in terms of moving faster.”

Science & Environment

Stocks In Spotlight 04 July 2024: Five Stocks To…

4 July 2024
by admin

New Delhi: Markets rose to all-time highs on Wednesday, led by HDFC Bank, which jumped to a new high amid hopes of a rise in its weightage in a major global index.

Sensex Finished higher at 79,986.80 points while Nifty settled the day at a record high of 24,286.50.

“Technically, the Nifty index has broken the 24,200 barrier and formed a doji candlestick pattern. Furthermore, the index is forming a higher-top, higher bottom pattern, indicating an uptrend. As long as index holds support of 23,990, it may attempt to test the levels of 24,500-24,600. Nifty Bank also reached a record high of 53,256.70 in the morning trade, driven by HDFC Bank, and then witnessed some profit booking on higher levels. Finally, Nifty Bank settled the day on record high at 53,089 levels. From a technical standpoint, the index is consolidating in the band of 52,000-53,200. If the index sustains above 53,200, then rally could extend towards 54,000-54,200 levels,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Meanwhile, ahead of the market opening today, as per Zeebiz are Bajaj Finance, Vedanta, Vodafone Idea, Tata Power, Marico likely be in focus today.

1. Tata Power

Tata Power shares are scheduled to trade ex-dividend on Thursday. The Board of Directors of the Company had at its meeting held on May 8, 2024, recommended a dividend of 200 percent at Rs 2 per Equity Share of Re 1 each for the financial year ended March 31, 2024.

2. Vodafone Idea

Shares of Vodafone Idea is likely to be in focus as the telecom operator has hiked its mobile tariff which is effective from today.

3. Vedanta

Vedanta group has announced its production release for 1st quarter ended June 30, 2024. It said, “The cast metal aluminum production at our smelters at 596 kt, up 3% YoY on account of better operational performance. Alumina production at Lanjigarh refinery at 539 kt, up 36% YoY driven by new capacity, and up 11% QoQ”.

4. Bajaj Finance

Bajaj Finance has in a business update said that it has seen a deposit hike of 26 percent YoY. “Deposits book stood at approximately ₹ 62,750 crore as of 30 June 2024 as compared to ₹ 49,944 crore as of 30 June 2023, a YoY growth of 26%,” the company informed regulators.

5. Marico

Marico has announced that it has collaborated with Kaya to scale up play in advanced science-backed personal care.

Science & Environment

Stock market today: BSE Sensex crosses 80,000 for the…

3 July 2024
by admin

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, scaled new lifetime highs in trade today with the 30-share index crossing the 80,000 mark for the first time. Nifty50, too hit a new high of 24,292. At 9:22 AM, BSE Sensex was trading at 79,935.12, up 494 points or 0.62%. Nifty50 was at 24,257.60, up 134 points or 0.75%.
On Tuesday, the benchmark Nifty experienced profit booking after reaching new heights above the 24,200 level. Motilal Oswal Financial Services has said, “We expect this ongoing momentum to continue with Nifty consolidating at a higher zone. While the FED Chairman Powell’s speech and the release of the meeting minutes will induce some volatility.”
According to Nagaraj Shetti of HDFC Securities, the Nifty remains strong as per the long-term chart, and one may expect the upside momentum to resume shortly after the consolidation movement. The immediate support is at 23,980, while the next upside resistance to watch is around 24,400.
Global markets showed mixed trends, with S&P 500 futures and Nasdaq 100 futures remaining little changed. The Hang Seng futures rose 0.5%, Japan’s Topix rose 0.2%, Australia’s S&P/ASX 200 rose 0.3%, and Euro Stoxx 50 futures rose 0.3%. In the forex market, the euro, Japanese yen, offshore yuan, and Australian dollar were all little changed against the US dollar.
Oil prices edged higher in early Asian trade on Wednesday, with Brent crude oil futures climbing 16 cents to $85.60 a barrel and U.S. West Texas Intermediate crude futures rising 14 cents to $82.95 per barrel. This increase was driven by industry data showing a larger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil-consuming nation.
India Cements and Indus Tower are the two stocks in the F&O ban today. Foreign portfolio investors turned net sellers at Rs 2,000 crore on Tuesday, while DIIs bought shares worth Rs 648 crore. The rupee depreciated 4 paise to settle at 83.48 against the US dollar on Tuesday, weighed down by a strong greenback in the overseas market and elevated global crude oil prices.
The net long of FIIs reduced from Rs 3.5 lakh crore on Monday to Rs 3.46 lakh crore on Tuesday.

Science & Environment

Stock market today: BSE Sensex surges 380 points to…

2 July 2024
by admin

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, soared to new lifetime highs in opening trade on Tuesday. While Sensex moved above 79,800 near the 80,000 mark, Nifty50 also crossed 24,200. At 9:22 AM, BSE Sensex was trading at 79,643.46, up 167 points or 0.21%. Nifty50 was at 24,190.55, up 49 points or 0.20%.
Domestic markets commenced the week positively, extending gains from the previous week despite a flat opening.
“We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair’s speech for further indication on interest rates,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technical analysis suggests that the underlying trend of Nifty remains bullish, with the market aiming for the next upside target of 24,400 levels in the near term. Immediate support is placed at 23,980 levels, said Nagaraj Shetti of HDFC Securities.
In global markets, S&P 500 futures were steady, while Hang Seng futures remained unchanged. The dollar gained support from rising U.S. yields, putting pressure on low-yielding currencies like the Chinese yuan and Japanese yen.
Oil prices held near two-month highs, supported by expectations of increased fuel demand during the summer travel season and potential U.S. interest rate cuts that could stimulate economic growth.
Foreign portfolio investors turned net sellers, offloading shares worth Rs 426 crore on Monday, while domestic institutional investors bought shares worth Rs 3,917 crore. The rupee depreciated by 10 paise to settle at 83.44 against the US dollar, influenced by rising crude oil prices in international markets.

Science & Environment

Stocks In Spotlight 27 June 2024: Five Stocks To…

27 June 2024
by admin

New Delhi: Markets settled at their fresh all-time high levels on Wednesday. Sensex rallied 620.73 points or 0.80 percent to end at new closing peak of 78,674.25 while Nifty surged 147.50 points or 0.62 percent to close at 23,868.80.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, “The domestic benchmark index, Nifty, opened on a flat note and after initial dip index has witnessed strong buying interest. Consequently, the index achieved a new record high of 23,889.90, ultimately concluding the day positively at 23,868.80. Technically, the index broke out of the short-term consolidation zone of 23,330-23,670 in yesterday’s session, and today it found support near the breakout point of 22,670. Based on this breakout, the rally may extend towards the 24,000 level. Therefore, it is advisable to adopt a buy-on-dips strategy for Nifty. On the downside, 23,670 will serve as immediate support for the index”.

Meanwhile, ahead of the market opening today, as per Zeebiz Bharti Airtel, Titan, LTIMindtree, LTTS, Bharti Hexacom, are a couple of stocks that will likely be in focus today.

1. LTIMindtree

LTIMindtree has informed the regulator that AM Naik, Non-Executive Chairman of the Company will relinquish his office. Further, the Board of Directors at its meeting has approved appointment of SN Subrahmanyan, Non-Executive Vice-Chairman, as the Non-Executive Chairman of the Company with effect from June 27, 2024.

2. Titan

Titan stock will trade ex-dividend today. The Board of Directors at its meeting held on 3rd May 2024 recommended a Dividend of 1100 percent at Rs 11.00 per Equity Share of Rs 1 each for the Financial Year ended 31st March, 2024.

3. Bharti Airtel

Airtel has said that it has acquired 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 crore Spectrum secured for 20 Years. Airtel added that it has successfully renewed spectrum that was expiring in 2024 along with additional spectrum purchase to bolster its mid band holding across the key circles.

4. Telecom Stocks: Bharti Hexacom

Bharti Hexacom Ltd, a subsidiary of Bharti Airtel, has acquired 15 MHz with an outlay of Rs 1,001 crore.

5. Supreme Petrochem

Supreme Petrochem shares are slated to trade ex-dividend on Thursday. The company has recommended final dividend rate of Rs 7.

Science & Environment

Stock market today: BSE Sensex moves above 78,100; Nifty50…

26 June 2024
by admin

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved above 78,100, Nifty50 was also near 23,750. At 9:18 AM, BSE Sensex was trading at 78,184.59, up 131 points or 0.17%. Nifty50 was at 23,736.70, up 15 points or 0.065%.
On Tuesday, equity markets continued their upward trajectory, reaching new highs as investors showed interest in banking and financial stocks.Both BSE Sensex and Nifty50 saw record closing highs.
“We expect the market to maintain its positive momentum as we draw nearer to the event. Globally, investors would track US Consumer confidence data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive, with the market showing early signs of an upside breakout in the near term. The next upside levels to watch are around 24,000, with immediate support placed at 23,550.
In the US, stocks were mixed, with the Nasdaq rallying 1.3% on the strength of tech megacaps, while the Dow slipped as retailers weighed and investors awaited crucial inflation data due out this week. The Dow was down 0.76%, the S&P up 0.39%, and the Nasdaq rose 1.26%.
Asian shares fell as US Federal Reserve officials said they wanted more evidence of cooling inflation before lowering interest rates.
Stocks in the F&O ban today include SAIL, PNB, GNFC, and Indus Tower. Foreign portfolio investors turned net buyers at Rs 1,175 crore on Tuesday, while DIIs sold shares worth Rs 149 crore. The net long of FIIs increased from Rs 1.01 lakh crore on Monday to Rs 1.4 lakh crore on Tuesday.

Science & Environment

Stocks In Spotlight 21 June 2024: Five Stocks To…

21 June 2024
by admin

New Delhi: Markets rallied for the sixth straight session on Thursday, with benchmark equity indices Sensex and Nifty zooming to all time fresh peaks. Sensex surged 141.34 points or 0.18 percent to finish at a new record closing of 77,478.93 while Nifty scaled 51 points or 0.22 percent to close at 23,567.

Ajit Mishra – SVP, Research, Religare Broking Ltd said, “On the benchmark front, the Nifty index closed at 23,581, up 0.30%. Sectorally, realty, metal, and private banking finished in the green, while Pharma, PSU Bank, and Auto sectors lagged. Broader indices also edged higher, both gaining over half a percent.”

“Looking ahead, a decisive close above 23,600 in Nifty could trigger fresh upward momentum, potentially pushing the index to 24,000 levels. On the downside, 23,400 is expected to act as strong support. Besides banking and IT, themes like sugar, fertilizers and chemical are showing good traction on the expected lines. Traders should align their positions accordingly,” he added.

Meanwhile, ahead of the market opening today, as per Zeebiz, HDFC Life, Tata Motors, JM Financial, HPCL, BPCL are a couple of stocks that will likely be in focus today.

HDFC Life

HDFC Life Insurance shares are set to trade ex-dividend today. In the company’s Board meeting held on April 18, 2024, it had recommended a final dividend of Rs 2 per equity share of face value of Rs 10 each for FY 2023-24, subject to approval of the shareholders. The record date for payment of final dividend is Friday, 21 June 2024.

Tata Motors

Tata Motors has announced the launch of Tata Motors Fleet Verse – a comprehensive and innovative digital marketplace for Tata Motors Commercial Vehicles. The platform offers features like new vehicle discovery, configuration, acquisition, financing, and is future-proofed to include a range of additional services and features, making Fleet Verse a one-stop digital destination for all commercial vehicle needs.

JM Financial

Securities Exchange SEBI has directed the Company to not take any new mandate as lead manager in public issue of debt securities up to March 31, 2025 or such further date as may be specified by SEBI.

HPCL

HPCL’s shares are scheduled to trade ex-bonus today. The company has recommended Bonus Issue Proportion @ 1 share for every 2 Shares held.

BPCL

BPCL’s shares are scheduled to trade ex-bonus tomorrow (June 22). The Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity shares of Rs 10.

It has recommended a final dividend of Rs 21 per equity share of face value of Rs 10 each (pre-bonus), which translates into final dividend of Rs 10.5 per equity share of face value of Rs 10 per equity share) (post-bonus).

Science & Environment

Stock market today: Are BSE Sensex, Nifty50 closed for…

17 June 2024
by admin

Stock market today: The stock markets in India, including the equity, derivative, and SLB segments of the Bombay Stock Exchange (BSE), will remain closed on June 17, 2024, due to the observance of Eid-al-Adha (Bakri Eid). This closure is in accordance with the market holiday calendar provided by the BSE. Similarly, the Multi-Commodity Exchange (MCX) will be closed for the morning session but will resume operations for the evening session.
In addition to Bakri Eid, the markets will also be closed on several other occasions throughout the year 2024, including Muharram (July 17), Independence Day (August 15), Mahatma Gandhi (October 2), Diwali (November 1), Gurunanak Jayanti (November 15), and Christmas (December 25).It is important to note that the exchanges reserve the right to modify any of these holidays, and in such cases, a separate circular will be issued in advance to inform market participants.
On Friday, the Indian benchmark equity indices, the 30-share BSE Sensex and the broader NSE Nifty, achieved record closing highs for the second consecutive session. The Sensex rose by 181 points or 0.24% to close at 76,993, while the Nifty gained 67 points or 0.29% to end the session at 23,465. According to an ET report, the rally was primarily driven by state-run companies and energy stocks, as investors remained optimistic about the new government’s continued focus on capital expenditure spending.
The Nifty’s market breadth favored the bulls, with 28 stocks trading in the green and 22 in the red. The top gainers for the day were Eicher Motors, Adani Ports, M&M, Shriram Finance, and Titan, while Tech Mahindra, TCS, Wipro, HCL Tech, and L&T were among the top losers.
Simultaneously, the small and mid-cap indexes, which are more focused on the domestic market, continued to outperform the benchmarks. These indexes jumped 1% and 0.75%, respectively, on Friday, marking record highs for the fourth straight session. Since the election results on June 4, the small and mid-cap indexes have added 15% and 12.36%, respectively, compared to the Nifty’s 7.22% increase over the same period.
State-run firms and lenders also performed well during the week, with gains of 4.94% and 2.5%, respectively. This strong performance can be attributed to investors’ expectations of policy continuity, as key ministers were retained in the new government’s cabinet.

Science & Environment

Stock market today: BSE Sensex up over 150 points…

12 June 2024
by admin

Analysts are of the view that the stock market seems to be in consolidation mode. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved up above 76,600, Nifty50 was near 23,300. At 9:18 AM, BSE Sensex was trading at 76,609.51, up 153 points or 0.20%. Nifty50 was at 23,318.65, up 54 points or 0.23%.
The domestic markets closed flat on Tuesday, lacking fresh triggers following a strong recovery post the election results.Market analysts are of the view that the stock market seems to be in consolidation mode due to the absence of any new catalysts.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal, says, “Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome which will be released tomorrow. The US Fed commentary could provide direction to the market. So far investors are baking in one rate cut towards the end of the year and any deviation from that could drive the market on either side.”
Nagaraj Shetti of HDFC Securities says that the index is currently placed at the hurdle of 23400-23500 levels, which are weighing high for the market to sustain the new all-time highs, suggesting a possibility of a dip in the market. Immediate support is at 23050 levels, he said.
Oil prices ticked higher on Wednesday due to upbeat global demand views from the U.S. Energy Information Administration and OPEC. Brent crude futures rose 11 cents to $82.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents to settle at $78.10.
Foreign portfolio investors turned marginal net sellers at Rs 111 crore on Tuesday, while domestic institutional investors bought shares worth Rs 3,193 crore. The net short of FIIs reduced from Rs 1.43 lakh crore on Monday to Rs 1.25 lakh crore on Tuesday.

Science & Environment

Stock market today: BSE Sensex rises over 700 points…

6 June 2024
by admin

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Thursday as the market reacted positively to the NDA forming the government in the coming days. While BSE Sensex moved above 75,000, Nifty50 was over 22,800. At 10:30 AM, BSE Sensex was trading at 75,106.91, up 725 points or 0.97%. Nifty50 was at 22,841.85, up 221 points or 0.98%.
The list of top gainers on the Sensex 30 at 10:30 AM included SBI, NTPC, L&T, Power Grid, HCL Tech, Tata Steel and Bajaj Finance.The top losers on Sensex 30 were HUL, Nestle India, Sun Pharma, Asian Paints and M&M.
The Indian stock market experienced a strong rebound on Wednesday as sentiments improved following the confirmation that the NDA will form the government for a third consecutive term.
“In the very near term, we expect the market to remain obsessed with government formation exercises, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With election overhang done, we expect the focus to revert to fundamentals,” said Yashovardhan Khemka, Senior Manager, Research & Analytics at Abans Holdings.
The market is expected to remain range-bound in the short term, with the Nifty likely to trade between 21,300 and 23,000, according to an ET report. The India VIX, a measure of market fear, dropped significantly by 29.4% to settle at 26.75 levels.
Asian markets showed positive signs, with the Hang Seng futures rising 0.5%, Japan’s Topix increasing 0.5%, Australia’s S&P/ASX 200 gaining 0.6%, and Euro Stoxx 50 futures climbing 1.5%. In the US, the S&P 500 and Nasdaq indexes reached record closing highs, primarily driven by technology stocks.
Oil prices rose in early Asian trading on Thursday, supported by expectations of a potential Federal Reserve interest rate cut in September and a rebound from a selloff related to growing US inventories and an OPEC+ plan to increase supply.
Foreign portfolio investors (FPIs) were net sellers, offloading shares worth Rs 5,656 crore on Wednesday, while domestic institutional investors (DIIs) also sold shares worth Rs 4,555 crore. The rupee recovered 7 paise to close at 83.44 against the US dollar, supported by strong buying in domestic equities and lower crude oil prices in international markets.