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- Sensex set to open lower, tracking global markets, Gift Nifty futures
Sensex set to open lower, tracking global markets, Gift Nifty futures
- India’s Sensex eyes a subdued opening, as Asian stocks trade mixed while Gift Nifty futures drop.
- Sensex hit fresh record highs above 74,000 last week but finished flat on Thursday.
- Markets stay cautious ahead of the US and Indian CPI inflation data on Tuesday.
The Sensex 30, one of India’s key benchmark indices, is set to open on the wrong side on Monday, having closed Thursday modestly flat after the correction from fresh record highs of 74,245.17.
The Indian index could take the negative lead from the mixed Asian stock markets and small losses in the Gift Nifty futures. Traders are in a risk-averse position, refraining from placing any fresh bets on risky assets ahead of Tuesday’s Consumer Price Index (CPI) inflation data from India and the US.
The Bombay Stock Exchange (BSE) Sensex 30 ended almost unchanged on Thursday at 74,115. The index was closed on Friday on account of Mahashivratri.
Stock market news
- The top gainers on Sensex on Thursday were JSW Steel, Tata Steel, Bajaj Finance, Bajaj FinServ and Tata Motors. Meanwhile, the top losers were Mahindra & Mahindra, ICICI Bank, Axis Bank, Power Grid and Reliance Industries.
- Among the Tata Group stocks, Tata Chemicals, Tata Consumer Products, Tata Investment Corporation and Tata Steel clinched their respective record highs in intra-day trade.
- Tata Motors is set to increase commercial vehicle prices by up to 2% from April.
- Tata Power announced that it became an Indian Integrated Power entity with validated science-based targets.
- Larsen and Toubro Ltd’s (L&T) hydrocarbon vertical secured an offshore order from ONGC for a project.
- SingTel sold 0.8% stake in Bharti Airtel for $711 mn to GQG Partners.
- Bajaj Auto hit a new high and rallied 12% in one week after robust February sales.
- The US stock markets ended in the red on Friday, as investors resorted to profit-taking amid high valuations and gearing up for the critical US inflation report.
- On Friday, the headline NFP rose by 275K in February, compared to market forecasts of 200K while the January figure of 353K was revised down to 229K, a difference of 124K.
- Markets are currently pricing in about a 75% chance that the Fed could begin easing rates in June, higher than a 63% probability seen last Thursday, according to the CME FedWatch Tool.
- The main event risks for markets this week will be the inflation data releases from India and the US.
Sensex FAQs
What is the Sensex?
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.
What factors drive the Sensex?
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
What are the key milestones for the Sensex?
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.
What major corporations are in the Sensex?
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.
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