February 18, 2024
Stock Markets 8-02-2024 Live Updates
Finance Stock Markets

Stock Market 8-02-2024 Live Updates

Stock Market 8-02-2024 Live Updates

Stock Market 8-02-2024 Live Updates

Sensex Today Highlights (08 Feb 2024, 03:36:03 PM IST):

Indian benchmark indices closed significantly lower after the RBI’s decision to maintain rates at 6.5%. Sensex ended down 723.57 points (1%) at 71,428.43, and Nifty dropped 212.55 points (0.97%) to 21,717.95. Nifty FMCG and Private Bank were the leading losers among sectoral indices, down 2.06% and 2.59%, respectively, while PSU Bank gained 2%. Broader market indices closed in the red, and the volatility index increased by 1.67%.

In Europe, shares opened flat, with the STOXX 600 index maintaining at 485.55 points. China’s shares closed higher following the appointment of a new securities watchdog head and measures to stabilize stock markets. The CSI 300 Index was up 0.6%, and the Shanghai Composite Index climbed 1.3%. Hong Kong’s Hang Seng Index lost 1.3%, with Alibaba Group Holding witnessing a 6.1% decline after missing third-quarter revenue estimates.

China’s cabinet replaced Yi Huiman as chairman of the China Securities Regulatory Commission (CSRC) with Wu Qing, a seasoned regulator known for decisive actions.

Stock Market Update: 3:00PM

At 3 pm, Indian benchmark indices extended their losses after the RBI’s decision to maintain rates at 6.5%. Sensex was down 844.35 points (1.17%) at 71,307.65, and Nifty dropped 244.95 points (1.12%) to 21,685.655. Notably, Nifty FMCG and Private Bank sectors were the biggest losers, down 2.24% and 2.37%, respectively, while PSU Bank gained 2.14%.

In Europe, shares opened flat, with the STOXX 600 index maintaining at 485.55 points. Meanwhile, China’s recent financial turmoil, including leadership changes, stock meltdowns, and public disgruntlement, contrasts with global equities nearing records and reduced financial market volatility this year. The US experiences confidence in an economic soft landing, pushing the S&P 500 to new highs, and a global AI boom supports tech-reliant markets like Taiwan. India, seen as a China alternative with a substantial consumer base, continues to advance amid these global dynamics.

Sensex Today Live Update: 2:24 IST

Uttam Tibrewal, Executive Director of AU Small Finance Bank, shared his perspective on the RBI MPC decision, stating, “RBI’s policy was on expected lines with a focus on bringing inflation towards the targeted range of 4 per cent. The monetary policy stance and steady rates over the last year have aided in maintaining a healthy growth momentum while alleviating inflationary pressures. Looking ahead, we believe that as inflation approaches the RBI’s 4 per cent goal, space for monetary easing would open up in the coming quarters, supporting lower interest rates and credit demand.”

Sensex Today Live Update (08 Feb 2024, 02:24:40 PM IST):

Tausif Shaikh, India Analyst – Pharma and Healthcare at BNP Paribas India, provided an update on JB Chemicals and Pharmaceuticals (JBCP) Q3 results:

JBCP sustained growth in the domestic market with a market-beating revenue growth of 14% YoY in 3QFY24, surpassing estimates. The EBITDA margin of 26.4% exceeded expectations by 60/130 basis points on improved gross margin. The focus on enhancing the business mix by expanding domestic formulations and CDMO businesses led to a positive outlook.

Highlights:

  • Domestic formulations business exceeded expectations with a growth of 14% YoY.
  • JBCP’s 3QFY24 revenue growth of 7% YoY aligned with estimates.
  • International formulations revenue declined 1% YoY, impacted by weak tendering activity in South Africa.
  • EBITDA margin outperformed consensus/estimates due to a better gross margin of 67.6%.

Earnings Growth and Future Outlook:

  • JBCP’s new management’s efforts to enhance revenue share in sustainable segments contribute to its success.
  • The recent entry into the Ophthalmic segment is expected to improve the business mix.
  • The target multiple remains unchanged at 25x, with a target price (TP) of INR2,030, reflecting a positive outlook.
  • Retaining an “Outperform” rating on JBCP, Tausif Shaikh expresses confidence in the company’s growth trajectory. The TP has been adjusted due to a valuation change, now considering a 25x FY26E EV/EBITDA.

Asian stocks cautiously opened higher on Thursday following the S&P 500’s record close near 5,000.

Japanese and Australian stocks saw gains, while Hong Kong futures dipped slightly. The positive sentiment stemmed from bets on a robust economy driving corporate profits.

Chinese markets are in focus ahead of the last day of trading before the Chinese New Year holidays, with recent changes in the head of the securities regulator raising interest.

The US experienced a historic rally, fueled by tech surges and a strong 10-year Treasury sale, easing supply concerns. Treasuries remained calm in Asian trading, and oil prices rose.

Sensex Today Live: 1:55pm market update

Sensex Today Live: Suvodeep Rakshit, Senior Economist at Kotak Institutional Equities, shared insights on the RBI Monetary Policy decision, stating, “The decision to pause with no change in stance aligns with our expectations. The MPC’s focus remains on sustaining disinflation to achieve the medium-term inflation target of 4%. While not overly concerned about liquidity, the RBI stands ready to use durable and frictional liquidity management tools. We anticipate continued emphasis on fine-tuning liquidity conditions through VRR/VRRR auctions to align overnight rates gradually with the repo rate.

With robust FY2025 GDP growth at 7% (up from 6.5%), the RBI has room to maintain the repo rate, aiming for the 4% inflation target. The MPC’s tone was balanced, emphasizing reaching the inflation target with comfort on GDP growth. We foresee a shift in MPC stance to neutral by the end of Q1FY25, followed by a shallow rate cut cycle from Q3FY25 onwards.”

Sensex Today Live: 1:40 pm market update

The stock market experienced a downturn today after the RBI’s decision to maintain interest rates unchanged. The Nifty 50 index faced a 1% decline, reaching an intraday low of 21,709, with a loss of around 225 points. Similarly, the BSE Sensex saw a sharp sell-off, hitting an intraday low of 71,405, resulting in a loss of nearly 750 points in a single day. The Bank Nifty index also witnessed a drop of around 600 points, touching an intraday low of 45,227.

Sunil Nyati, Managing Director of Swastika Investmart, attributed the market decline to the RBI’s cautious tone on inflation, coupled with the absence of indications for an imminent interest rate cut. Despite the market’s expectation for a dovish stance after the government maintained the fiscal deficit at 5.1% in the budget, the market response was limited. Nyati suggests a bullish bias in the medium term, anticipating the Bank Nifty to recover.

Sensex Today Live: 1 pm market update

Updating at 1 pm, the Sensex dipped by 468.85 points, or 0.65%, settling at 71,683.15, while the Nifty recorded a decline of 122.70 points, or 0.56%, reaching 21,807.80. Notably, sectors like Nifty FMCG and Private Bank faced notable losses, each falling over 1%, whereas PSU Bank witnessed a gain of 2.76%.

Sensex Today Live: Market Update at 12 pm

Amnish Aggarwal, Head of Research at Prabhudas Lilladher, advises ‘HOLD’ on Britannia Industries with a rating of HOLD, CMP at ₹5,078, and a target price of ₹5,157. Q3FY24 results indicate volume growth of ~5.5%, propelled by price cuts and new launches. Despite near-term sales pressure from rising competition, BRIT maintains strong long-term growth drivers, anticipating a 7.8%/10.2% sales and PAT CAGR over FY23-26. The target price is set at Rs5157 (Rs5130 earlier), with a recommendation to retain Hold.

Quick Pointers:

  • Volumes up ~5.5% due to high grammage and 3% price cuts
  • New launches gaining traction; market share expanding in the Hindi-belt
  • FY24/25/26 EPS estimates cut due to sales pressure and margin decline
  • Expecting tepid profit growth in 4Q24
  • Long-term growth drivers intact with rising distribution, improving innovation, higher growth in focus states, and cost efficiency gains

3Q Result Highlights:

  • Consolidated Revenues grew by 1.4% YoY to Rs42.6bn
  • Gross margins expanded by 21bps YoY to 43.9%
  • EBITDA grew by 0.4% YoY to Rs8.2bn; Margins contracted by -19bps YoY to 19.3%
  • Adjusted PAT grew by 0.8% YoY to Rs5.6bn
  • Imputed Subsidiary Sales declined by -23.6% YoY to Rs1.4bn; PAT declined by -940% YoY to 170.5mn.

Concall Takeaways:

  • BRIT reduced prices by ~2/3% amid increased competitive intensity
  • Focus states grew 2.4x compared to other states, gaining market share in the Hindi belt
  • Significant dip in Palm Oil & Corrugated boxes led to GM expansion
  • Rural market expansion continues, though rural remains a concern
  • New product launches and adjacencies contribute to growth
  • Plans for capacity expansion in Bihar/UP with additional lines for popular products like Jim Jam.

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