Stock Market Highlights: Sensex drops 241 pts, Nifty at 23,431; broader mkts sink 2%; TCS rallies 6%
Stock Market Highlights: Indian markets declined for the second consecutive session, ending the week on a negative note on Friday. The 30-share Sensex slipped 241.30 points or 0.31 per cent
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11:02 AM
At 11 AM, the BSE Sensex was lower by 133.54 points, or 0.17 per cent, at 77,486.67, and the Nifty50 was at 23,461.80, behind by 64.70 points, or 0.28 per cent.
Stock Market LIVE Updates: 11 AM market update - Sensex, Nifty trade lower
Stock Market LIVE Updates: Indian benchmark equity indices BSE Sensex and Nifty50 were trading lower on Friday, amid a clouded global outlook.
At 11 AM, the BSE Sensex was lower by 133.54 points, or 0.17 per cent, at 77,486.67, and the Nifty50 was at 23,461.80, behind by 64.70 points, or 0.28 per cent.
10:58 AM
As per the National Stock Exchange (NSE), Capital Infra Trust IPO was oversubscribed 2.8 times with a total bid of 24,71,89,650 shares against its issue of 8,83,83,750 shares. READ MORE
Stock Market LIVE Updates: Capital Infra Trust IPO: Check allotment status, GMP, listing expectations
Stock Market LIVE Updates: The basis of allotment of Capital Infra Trust's initial public offering (IPO) will be finalised today, January 10, 2025. Capital Infra Trust IPO opened for subscription on Tuesday, January 7, 2025, with a price band of Rs 99 to Rs 100 per share. The subscription closed on Thursday, January 9, 2025. Capital Infra Trust IPO received an overwhelming response.
As per the National Stock Exchange (NSE), Capital Infra Trust IPO was oversubscribed 2.8 times with a total bid of 24,71,89,650 shares against its issue of 8,83,83,750 shares. READ MORE
10:49 AM
Tata Elxsi reported a 13.3 per cent quarter-on-quarter decline in net profit for the period ending December 31, 2024, with a profit of Rs 199 crore, compared to Rs 229.4 crore in the previous quarter. The company’s revenue for the quarter stood at Rs 939.2 crore, marking a 1.7 per cent decrease from Rs 955.1 crore in the September quarter. READ MORE
Stock Market LIVE Updates: Why investors dumped Tata Elxsi stock after Q3 results; know reasons here
Stock Market LIVE Updates: Investors dumped the shares of Tata Elxsi in loads on Friday after the company reported a subdued third quarter earnings for the financial year 2024-25 (Q3FY25). Tata Elxsi share price plunged 7.89 per cent at Rs 5935.05 per share on the BSE in intraday trade.
Tata Elxsi reported a 13.3 per cent quarter-on-quarter decline in net profit for the period ending December 31, 2024, with a profit of Rs 199 crore, compared to Rs 229.4 crore in the previous quarter. The company’s revenue for the quarter stood at Rs 939.2 crore, marking a 1.7 per cent decrease from Rs 955.1 crore in the September quarter. READ MORE
10:37 AM
The fall in Adani Wilmar share price came after the company’s promoter, Adani Commodities, began its partial stake sale via offer for sale (OFS) on January 10, 2025. READ MORE
Stock Market LIVE Updates: Adani Wilmar shares slide 9% as Promoter begins partial stake sale via OFS
Stock Market LIVE Updates: Adani Wilmar share price today tumbled 9 per cent on Friday, January 10, 2025. Adani Wilmar share hit an intraday low of Rs 294 per share on the BSE and Rs 293.5 per share on the NSE. By comparison, the benchmarks Sensex and Nifty indices were down up to 0.3 per cent at 9:35 AM.
The fall in Adani Wilmar share price came after the company’s promoter, Adani Commodities, began its partial stake sale via offer for sale (OFS) on January 10, 2025. READ MORE
10:34 AM
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch speaks at Sebi Samvad Symposium
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch, says India's weight in the MSCI Emerging Market index has been steadily increasing; we're just under 20 per cent now.
This has huge implications for us a market, because what it means is that that global passive funds, which have a very dominant position in the global markets, when they choose to invest in the emerging markets, we get an automatic share of almost 20 per cent, and that money automatically flows into our ecosystem.
This has huge implications for us a market, because what it means is that that global passive funds, which have a very dominant position in the global markets, when they choose to invest in the emerging markets, we get an automatic share of almost 20 per cent, and that money automatically flows into our ecosystem.
10:31 AM
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch speaks at Sebi Samvad Symposium
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch, says despite headwinds globally, the resilience of Indian markets will continue to deliver returns due to strong domestic demand.
10:26 AM
In the last nine months, Rs 3.3 lakh crore of equity was raised; so you can safely assume another Rs 1 lakh crore in the balance quarter, so we'll be at about Rs 4.3 lakh crore at the end of the year.
One of the steps that we've taken recently is to try and increase the funds raised by rights issue. We've come up with a system of doing a fasttrack rights issue, which can then be followed by a preferential allotment for the amounts that are not taken up by the existing shareholders, and the total end-to-end time taken is the shortest, under 26 days.
We do hope that industry will use this extremly fast track, which not only gives speed and lower cost of raising money, but also gives rise the right of first refusal to the existing shareholders, and that is what the shareholders will bless.
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch speaks at Sebi Samvad Symposium
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch, says in terms of equity raise, what sometimes goes unnoticed is that preferential issues, and QIPs, add a significant number (to equity raised).
In the last nine months, Rs 3.3 lakh crore of equity was raised; so you can safely assume another Rs 1 lakh crore in the balance quarter, so we'll be at about Rs 4.3 lakh crore at the end of the year.
One of the steps that we've taken recently is to try and increase the funds raised by rights issue. We've come up with a system of doing a fasttrack rights issue, which can then be followed by a preferential allotment for the amounts that are not taken up by the existing shareholders, and the total end-to-end time taken is the shortest, under 26 days.
We do hope that industry will use this extremly fast track, which not only gives speed and lower cost of raising money, but also gives rise the right of first refusal to the existing shareholders, and that is what the shareholders will bless.
10:17 AM
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch speaks at Sebi Samvad Symposium
Stock Market LIVE Updates: Sebi Chairperson, Madhabi Puri Buch, says the purpose of Sebi is capital formation.
10:12 AM
Stock Market LIVE Updates: Nifty IT gains over 2%; TCS rallies 5% on strong order book, robust outlook
Stock Market LIVE Updates: Shares of information technology (IT) companies are trading higher in an otherwise weak market, with Tata Consultancy Services (TCS) shares rallying 5 per cent to Rs 4,225 on the National Stock Exchange (NSE) in Friday’s intra-day trade after the company during the December quarter (Q3FY25) recorded a healthy total contract value (TCV) of $10.2 billion, up 18.6 per cent quarter-on-quarter (QoQ) and 26 per cent (YoY). In Q1 and Q2, it was $8.3 billion and $8.6 billion, respectively.
The company declared an interim dividend of Rs 76 per share, which included a special dividend of Rs 66 per share. READ MORE
10:01 AM
At 10 AM, the BSE Sensex was lower by 444 points, or 0.57 per cent, at 77,175.93, and the Nifty50 was at 23,369, behind by 156.70 points, or 0.67 per cent.
Stock Market LIVE Updates: 10 AM market update - Sensex, Nifty trade lower
Stock Market LIVE Updates: Indian benchmark equity indices BSE Sensex and Nifty50 were trading lower on Friday, amid a clouded global outlook.
At 10 AM, the BSE Sensex was lower by 444 points, or 0.57 per cent, at 77,175.93, and the Nifty50 was at 23,369, behind by 156.70 points, or 0.67 per cent.
9:55 AM
What we're trying to think about where will currencies and bond yields go in the short-term, because that will give us a good idea of what global markets might be facing in the first quarter of this year when Donald Trump takes over.
That would give us a good clue of where foreign investors will be willing to come back or not.
For example, if the China tariffs were not 50 per cent and 30 per cent, I think that would be good for EM sentiment, and if China were to throw in some stimulus as well, then lows would start coming towards emerging markets.
These are the kind of things that you have to watch out for. At the moment, the dollar index is telling me, that's not going to be the case.
But as I said, it could be a more tempered approach by President-elect Trump than the market is anticipating at the moment. Just wait till after 20th January, we will see what his proposals will be.
Stock Market LIVE Updates: Andrew Holland on valuations in the Indian markets
Stock Market LIVE Updates: Andrew Holland says in terms of the whole renewable sector, and power in particular, we know expenditure is going to be there, so we know it's a long-term play, but there's no real catalyst for these shares to move higher.
What we're trying to think about where will currencies and bond yields go in the short-term, because that will give us a good idea of what global markets might be facing in the first quarter of this year when Donald Trump takes over.
That would give us a good clue of where foreign investors will be willing to come back or not.
For example, if the China tariffs were not 50 per cent and 30 per cent, I think that would be good for EM sentiment, and if China were to throw in some stimulus as well, then lows would start coming towards emerging markets.
These are the kind of things that you have to watch out for. At the moment, the dollar index is telling me, that's not going to be the case.
But as I said, it could be a more tempered approach by President-elect Trump than the market is anticipating at the moment. Just wait till after 20th January, we will see what his proposals will be.
9:45 AM
We're getting into oversold territory; we probably are in the bank index at the moment, and you could see bounces.
But if your expectations are that forecasts are going to have to be lowered as this quarter unfolds, then 3-5 per cent is probably what we're going to be expecting in earnings revision, so that would be in line with the market fall as well.
At those levels, I'd be a little more optimistic. But there's no real catalyst, unless the government starts spending money, which doesn't seem to be the case, then there's no multiplier effect for the economy going into 2025-26.
You see more negative reports about a K-like kind of recovery; consumption or big slowdown in capex, all of these factors are playing into the negative views, where valuations don't support you.
Stock Market LIVE Updates: Andrew Holland on valuations in the Indian markets
Stock Market LIVE Updates: Andrew Holland says, if markets were to fall another 3-5 per cent, I think valuations will start to become a little bit more compelling.
We're getting into oversold territory; we probably are in the bank index at the moment, and you could see bounces.
But if your expectations are that forecasts are going to have to be lowered as this quarter unfolds, then 3-5 per cent is probably what we're going to be expecting in earnings revision, so that would be in line with the market fall as well.
At those levels, I'd be a little more optimistic. But there's no real catalyst, unless the government starts spending money, which doesn't seem to be the case, then there's no multiplier effect for the economy going into 2025-26.
You see more negative reports about a K-like kind of recovery; consumption or big slowdown in capex, all of these factors are playing into the negative views, where valuations don't support you.
9:36 AM
So TCS results were below expectations for most analysts, but the commentary was strong, or positive, ubt that doesn't mean the IT sector is out of the woods. But they have tailwinds in terms of the currency.
As regards the economy, the RBI is too high in its forecast; GDP is trending more towards 6 per cent. The markets is trying to adjust to lower earnings, not just for this year, but expectations going into 2025-26.
We are thinking that EPS growth will be between 5-10 per cent; 10 per cent more optimistically, so therefore the index could rise along those lines in 2025-26.
All of this is irrespective of what we're thinking regarding Trump. But when Trump comes in, all of this could change, and I think that's what the market will have to grapple with. Not just our market, but global markets as well.
So, sitting on the sidelines, having cash, could be a good strategy, just for the very short-term.
Stock Market LIVE Updates: Andrew Holland, CEO of Avendus Capital Public Markets, on Indian markets
Stock Market LIVE Updates: Andrew Holland says, when markets fall, the safe havens are usually FMCG, IT, and Pharma.
So TCS results were below expectations for most analysts, but the commentary was strong, or positive, ubt that doesn't mean the IT sector is out of the woods. But they have tailwinds in terms of the currency.
As regards the economy, the RBI is too high in its forecast; GDP is trending more towards 6 per cent. The markets is trying to adjust to lower earnings, not just for this year, but expectations going into 2025-26.
We are thinking that EPS growth will be between 5-10 per cent; 10 per cent more optimistically, so therefore the index could rise along those lines in 2025-26.
All of this is irrespective of what we're thinking regarding Trump. But when Trump comes in, all of this could change, and I think that's what the market will have to grapple with. Not just our market, but global markets as well.
So, sitting on the sidelines, having cash, could be a good strategy, just for the very short-term.
9:28 AM
Therefore, there is no real need to jump into emerging markets, until you can see clearly what these policies are going to be.
Is it going to be more shock-and-awe in terms of what Trump does, or is it going to be more tempered in terms of policies and tariffs rumoured to be imlpemented.
So, a lot of people are just sitting on the sidelines, saying, if there is any market rally or risks which is being played through the currency markets, the earnings season is not going to be so good, and the budget might not come to the rescue, so valuations remain quite high.
So that's just an risk off the table kind of trade that foreign investors are making at the moment.
Stock Market LIVE Update: Andrew Holland, CEO-Avendus Capital Public Markets Alternate Strategies on CNBC TV18
Stock Market LIVE Updates: Andrew Holland says FIIs are going to wait to see what President-elect Donald Trump does. In that respect, you see the dollar rising, and bond yields rising in the US.
Therefore, there is no real need to jump into emerging markets, until you can see clearly what these policies are going to be.
Is it going to be more shock-and-awe in terms of what Trump does, or is it going to be more tempered in terms of policies and tariffs rumoured to be imlpemented.
So, a lot of people are just sitting on the sidelines, saying, if there is any market rally or risks which is being played through the currency markets, the earnings season is not going to be so good, and the budget might not come to the rescue, so valuations remain quite high.
So that's just an risk off the table kind of trade that foreign investors are making at the moment.
9:28 AM
Stock Market LIVE Updates: Nifty IT soars 2% among sectors
While most sectors were trading in red, Nifty IT outperformed, rising 1.90 per cent. Meanwhile, Nifty Media, PSU Bank, Metal sectors among others were trading in negative.
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First Published: Jan 10 2025 | 7:58 AM IST
