Sensex Today Live Updates: Indian markets in the week beginning July 22 are expected to remain jittery for the first few days as investors digest a slew of news, with outgoing US President Joe Biden , withdrawing from the nomination of the Democratic Party in the USA, what the current Vice President of the United States, Kamala Harris, stands in favor of her nomination on the Democratic Party ticket for the United States presidential elections.
The new electoral landscape in the United States is likely to have an effect on markets around the world, India added.
Apart from that, closer to home, as markets await the presentation of the 2024 Budget by Finance Minister Nirmala Sitharaman on Tuesday, July 23, market bettors will be on the lookout for bargains and discounts, and the opportunity presented through the effect of volatility that will have so many points on the markets in the coming days.
Meanwhile, the Gift Nifty index is trading at 24,416, down from 24,530 at the close of the Nifty 50 in Friday’s trading session, signaling a graceful start to Monday’s trading session amid expectations of higher volatility.
Chinese government bonds rose after the central bank cut its official interest rate. They fell after Joe Biden ended his re-election quest and endorsed Vice President Kamala Harris.
China’s 10-year sovereign bond yield fell by about two key issues after the People’s Bank of China cut its short-term interest rate for the first time in nearly a year, boosting its growth. The country’s 10-year bond futures hit a high-time high.
The Chinese fell in early trading, adding to regional declines from Japan to Australia amid continued weakness in the technology sector. Stock futures rose.
A Bloomberg measure of the strength of the US currency fell 0. 1% on Monday, with Treasuries unchanged. The Mexican peso rose, gold gained, and Bitcoin hit its highest point in over a month.
Investors have been pricing in a higher likelihood of Donald Trump winning the November election for weeks after Biden’s weak showing in the debate, but bets on a Trump victory accelerated last week after an assassination attempt on the Republican nominee a week ago. What investors are concerned about is whether they stick to those exchanges now that Biden has dropped his re-election bid.
“Facing explosive surprises for the second week in a row, the Asian market will be under intense scrutiny,” said Hebe Chen, an analyst at IG Markets. “The accelerating wave of threat aversion may hit Asian equities harder than last week as investors digest the unfamiliar political backdrop. The forex market will also feel greater pressure.
The S&P 500 fell 0. 7% on Friday, capping its worst week since April. Tech stocks fell ahead of this week’s earnings reports, while CrowdStrike Holdings Inc. , the company that suffered a major computer outage that grounded flights and disrupted business around the world, fell as much as 15% before declining their losses.
Tesla Inc. and Alphabet Inc. will be the first of the “Magnificent Seven” to report their effects on Tuesday. Analysts will most likely put pressure on Elon Musk’s electric vehicle giant over the progress of its robotaxis projects. And investors will dig deeper into the main revenue points of Google’s parents are growing thanks to synthetic intelligence.
Instead, President Xi Jinping unveiled ambitious plans over the weekend to bolster the finances of China’s debt-ridden local governments, as the ruling Communist Party announced its long-term plan for the world’s second-largest economy. central to local banks, for example allowing regional governments to get a higher percentage of admission taxes.
“Like most documents of this type, it does not imply how China’s leadership intends to achieve those goals, many of which would require policies that are contradictory in nature,” said Bob Savage, head of market strategy and insights at BNY Mellon. The contradictions between China’s expansion and stability are weighing on APAC markets and flows, leaving the Chinese yuan and commodities at the center of our concerns.
Chinese banks cut their key benchmark interest rate for the first time since August 2023, strengthening their bet on economic expansion following the People’s Bank of China’s rate cut.
Elsewhere this week, investors will discuss insights into economic activity in Europe, U. S. expansion in the second quarter and a host of corporate earnings. The Bank of Canada will make a ruling on rates, while the Federal Reserve’s preferred inflation measure is also awaited.
Sensex Today Live: Garden Reach Shipbuilders
The MoU with Merlinhawk comes into collaboration for composite door and hatch progression for use on warships, EDFCS counter-drone solution with CRN 91, EOIRST for surveillance, composite masts for India Navy ships, and hydrogen fuel cell-based power generation for maritime applications. .
Meanwhile, the MoU with the Kerala State Electronic Development Corporation seeks to build a collaborative agreement towards the advancement of core futuristic technologies in fields to achieve self-sufficiency in certain surveillance spaces under the sea.
The company added that the financial effect of the aforementioned memorandums of understanding has not yet been determined.
Sensex Today Live: Varun Beverages today announced that its wholly owned subsidiary, Varun Beverages RDC SAS, has advertising production of carbonated beverages and packaged drinking water at its production facility in Kinshasa, Democratic Republic of the Congo.
Sensex Today Live: Indian benchmark indices had recovered from their opening lows on Monday and were trading in the green, ahead of the Budget 2024 presentation on Tuesday (July 23).
At 11 am, Sensex was up 57. 05 points, or 0. 07%, at 80,661. 70 and Nifty was up 22. 45 points, or 0. 09%, at 24,553. 35.
Sensex Today Live: JSW Energy announced that its subsidiary JSW Neo Energy won two award cards from Solar Energy Corporation of India (SECI) and Karnataka Renewable Energy Development.
SECI’s order comes at the status quo of 500 MW IST-connected solar allocation as well as 250 MW/500 MWh power garage systems from Solar Energy Corporation of India. It is also a matter of generating 600 MW / 1200 MWh force garage system.
Apart from that, the order from Karnataka Renewable Energy Development is for the status quo of three hundred MW solar power allocation at Pavagada Solar Park, Karnataka.
Sensex Today Live: The company’s consolidated profit in the first quarter rose by 10. 2% year-on-year to Rs 260. 2 crore from Rs 236 crore. Revenue rose by 5. 7% to Rs 1,550. 2 crore from Rs 1,466. 4 crore.
Sensex Today Live: Hong Kong’s Hang Seng added 0. 8% to 17,548. 33 and the Shanghai Composite Index fell 0. 7% to 2,961. 41 after China’s central bank sharply and unexpectedly cut its one-year prime rate, or LPR, which is the benchmark for peak commercial loans. to 3. 35% from 3. 45%.
The People’s Bank of China cut the five-year rate, a benchmark for mortgages, from 3. 95% to 3. 85%, in a bid to spur slowing expansion and escape a prolonged property crisis.
This came after the recent announcement that the economy grew at a slower-than-expected 4. 7% annual rate in the second quarter.
Sensex Today Live: The company’s consolidated profit rose 41% year-on-year to ₹332. 3 crore from ₹235. 7 crore. Revenue rose 42. 6 per cent to ₹505 crore from ₹354. 2 crore.
Sensex Today Live: The company’s consolidated profit rose 81. 7% year-on-year from Rs 321. 6 crore to Rs 584. 5 crore. Revenue rose 54. 4% to Rs 1,405. 2 crore from Rs 910 crore.
Sensex Today Live: The company’s profit in the first quarter rose 21. 1% year-on-year to Rs 26. 8 crore from Rs 22. 1 crore. Revenue rose 11. 9 percent to Rs. 165. 4 crore from Rs. 147. 8 crore.
Sensex Today Live: The company’s standalone profit grew by 14. 8% year-on-year to Rs 397. 7 crore, to Rs 346. 3 crore in the same quarter last year. Revenue rose by 28. 7% to Rs 926. 8 crore from Rs 720. 3 crore.
Sensex Today Live: The bank’s standalone profit in the first quarter rose 46. 7% year-on-year to Rs 502 crore in the first quarter of FY25, up from Rs 343 crore in the same quarter last year. The net interest income source increased 12. 2% to Rs. 2244 crore from Rs. 2 billion. The gross NPL ratio remained solid at 1. 7% (quarterly). The net NPL ratio increased from 0. 6% to 0. 5% (QoQ).
Sensex Today Live: The company’s consolidated profit in the first quarter of FY25 rose by 66. 9% year-on-year to Rs 184. 8 crore, to Rs 110. 7 crore in the same quarter last year. Revenue rose 1. 6 percent to ₹2,807. 6 crore from ₹2,762. 6 crore.
Sensex Today Live: The company’s FY25 first quarter consolidated profit plunged 64. 3% year-on-year from Rs 2,428 crore to Rs 867 crore. Revenue rose 1. 7 percent to Rs. 42,943 crore from Rs. 42,213 crore. EBITDA declined by 21. 8% to Rs. 5,510 crore from Rs. 7,046 crore. The spread declined by 390 basis points, from 16. 7% to 12. 8%.
Sensex Today Live: The bank’s standalone first-quarter profit rose 81% year-on-year to Rs 6249. 8 crore from Rs 3452. 3 crore. Revenue rose by 9. 8% to Rs 6,842. 4 crore from Rs 6,233. 7 crore. Provisions greater than ₹364. 3 crore to ₹578. 5 crore. The gross NPL ratio remained solid at 1. 39% (QoQ). The NPL ratio increased to 0. 35% from 0. 34% (QoQ).
Sensex Today Live: The company’s IT profits declined 0. 8% to Rs 21,896. 3 crore in the first quarter of FY25 from Rs 22,079. 6 crore. IT services EBIT fell 0. 4% to Rs 3,605. 7 crore from Rs 3,619. 5 crore. Margin increased by 10 foundation issues to 16. 5% from 16. 4%. Profit in dollars decreased by 1. 2% to $2,625. 9 million, from $2,657. 4 million. The company expects IT business profits to be between $2. 6 billion and $2. 652 billion in the second quarter compared to the first quarter.
Sensex Today Live: The company’s consolidated profit in the first quarter is Rs 17,448 crore, down from Rs 18,182 crore. Revenue rose 11. 5 per cent to ₹2,57,823 crore from ₹2,31,132 crore. EBITDA increased 2% to Rs 42,748 crore from Rs 41,906 crore. EBITDA margin 16. 6%, down from 18. 1%. Jio Platforms’ profit rose 11. 7% to Rs 5,698 crore from Rs 5,101 crore. Jio Platforms’ cash grew 12. 8% to ₹34,548 crore from ₹30,640 crore. Reliance Retail Ventures’ profit rose 4. 6 per cent to ₹2,549 crore from ₹2,436 crore. Reliance Retail Ventures’ cash inflow rose 8. 1 per cent to ₹75,615 crore from ₹69,948 crore. Revenue from petroleum to chemicals rose 18. 1 per cent to ₹1,57,133 crore from ₹1,33,031 crore. Cash receipts from oil and fuel rose 33. 4 per cent to ₹6,179 crore from ₹4,632 crore.
Sensex Today Live: Indian benchmark indices were muted on Monday, ahead of the presentation of Budget 2024 on Tuesday (July 23). Other factors, such as current President Joe Biden’s resolve to withdraw from the 2024 US elections, may also influence market sentiment.
At the opening bell, Sensex was down 439. 17 points, or 0. 54%, at 80,165. 48 and Nifty was down 133. 60 points, or 0. 54%, at 24,397. 30Array.
Sensex Today Live: Indian benchmarks edged lower in the pre-open on Monday, ahead of the 2024 Budget presentation on Tuesday (July 23). Other factors, such as current President Joe Biden’s resolve to withdraw from the 2024 U. S. election, weighed on the market.
Sensex was down 197. 35 points, or 0. 24 percent, at 80,407. 30 and Nifty was down 76. 20 points, or 0. 31 percent, at 24,454. 70 in the pre-open.
Sensex Today Live: “As the budget approaches, the market will tread cautiously. The pressure on the market as a whole will most likely continue as there are more opportunities to take profits.
It is important to understand that the market expects a positive, growth-oriented and fiscally prudent budget, with a source of tax relief for the middle class. The market also expects a prestige quo in the taxation of long-term capital gains. If there is sadness in those areas, the market will likely react negatively. On the other hand, if the budget meets expectations, competitive retail purchases can drive the market to new heights.
President Biden will withdraw from the presidential race to influence the market at this time. The market will wait for Trump’s chances of victory to become clear. “
–Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live: Indian markets in the week beginning July 22 will most likely remain jittery for the first few days as investors digest a slew of news, from outgoing US President Joe Biden , which lifts the flight of the Democratic Party’s nomination to the United States, paving the way for the current US Vice President, Kamala Harris, to run for the nomination on the Democratic Party’s price ticket for the elections United States presidential elections.
The new electoral landscape in the United States will likely have an effect on markets around the world, India added.
That apart, closer to home, as markets await the presentation of Budget 2024 through Finance Minister Nirmala Sitharaman on Tuesday, July 23, market punters will be looking for bargains and discounts and the opportunity ahead. through the effect of volatility. that so many points will be in the markets in the coming days.
Meanwhile, the Gift Nifty Index is trading at 24,416, down from 24,530 at the close of the Nifty 50 in Friday’s trading consultation, indicating a graceful start to Monday’s consultation amid expectations of higher volatility.
Asian stocks retreated on Monday, poorly supported by a wonderful rate cut via China’s central bank, while Wall Street futures strengthened following President Joe Biden’s resolution to withdraw from the race for election.
The People’s Bank of China cut short-term rates by 10 basis points, pushing down long-term loan prices and bond yields. The move follows the release of a policy paper from Beijing on Sunday outlining its ambitions for the economy.
Investors were disappointed by the decision, in part because it only highlighted the weakness of the economy, and major Chinese stocks fell 0. 8%.
“Basically, all the basic points point to China needing a lower rate environment, especially the genuine rate is very high. . . in this kind of disinflationary environment,” said Gary Ng, senior Asia-Pacific economist at Natixis in Hong Kong. .
“I think the general trend is that it is pretty much in line with the fact that the economy is not that good, and it is a bit urgent for the government to stimulate it now. “
MSCI’s broadest index of Asia-Pacific shares excluding Japan lost another 1. 0%, after losing 3% last week.
Japan’s Nikkei fell 1. 1% and South Korea’s benchmark index fell 1. 5%. Taiwan had a difficult consultation with a loss of 2. 4%.
Investors are much more prepared for the announcement of President Biden’s withdrawal from the race and Vice President Kamala Harris’ endorsement of the Democratic nomination.
Online betting site PredictIT showed that the value of a Donald Trump victory fell from four cents to 60 cents, while Harris rose from 12 cents to 39 cents. California Gov. Gavin Newsom, another Democratic challenger imaginable, lost four cents.
Markets took the news in stride, with S stock futures
EUROSTOXX 50 and FTSE futures rose 0. 2%.
“As the effects of Trump polls have improved, markets have favored positions anticipating more industrial barriers and, in all likelihood, higher inflation,” ANZ analysts said.
“Some polls show Harris leading Biden opposite Trump, and Democrats hope upcoming polls will show a Harris-induced surge. “
AN EYE ON INCOME
A busy week of earnings will see Tesla and Google parent Alphabet kick off the season for the “Magnificent Seven” group of mega-cap stocks.
Other reports come with General Electric, General Motors, Ford, and Lockheed Martin.
The generation sector is expected to increase its profits year-over-year by up to 17%, while the profits of the communications sector are expected to increase by around 22%.
Such gains would exceed the 11% estimated for the S as a whole.
A busy week of economic news will culminate with Friday’s release of the Federal Reserve’s preferred measure of inflation. The private sector core admissions expenditure index is expected to reach 0. 1 per cent in June, bringing the annual rate back to 2. 5 per cent.
Markets are betting heavily that favorable bottom line results will warrant a rate cut in September, which futures put at a 97% probability.
Also awaited are complex gross domestic product figures, which are expected to show expansion reaching 1. 9% annualized in the second quarter, from 1. 4% in the first.
The Atlanta Fed’s GDPNow indicator, which is widely followed, shows growth of 2. 7%, which suggests some upside risk.
The Bank of Canada will meet on Wednesday and will almost certainly cut rates by a quarter point to 4. 5%.
In currency markets, the dollar gave up only a small portion of its safe-haven gains from last week, while the euro rose 0. 1% to $1. 0890. The dollar held steady against the Japanese yen at 157. 51.
In commodity markets, gold held steady at $2,407 an ounce, far from last week’s record high of $2,483. 60.
Oil costs rose, with little sign of progress on a ceasefire deal in Gaza as Israeli forces battled Palestinian fighters in the southern city of Rafah on Sunday.
Brent crude gained 22 cents to $82. 85 a barrel, while U. S. crude rose 36 cents to $80. 49 a barrel.
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