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Bourses widen gains in late afternoon session
Apr-19-2024

Indian equity markets widened their gains in late afternoon session, as traders preferred to buy stock at lowest levels. Currently, markets traded at day’s high points. Traders found support as Krishna Srinivasan, Director, Asia and Pacific Department, at the International Monetary Fund (IMF) has said that the Indian economy is doing well and continues to be the world's bright spot and also noted easing inflation and growth rate of 6.8 per cent. He also mentioned that inflation should come down to target and it is there on a durable basis. On the global front, all Asian markets were trading lower after Israel launched strikes against Iran, in what appeared to be limited retaliatory action for last week's drone and missile barrage by Tehran. European markets were trading lower as Middle East tensions flared up and investors scaled back their expectations for the Federal Reserve to cut interest rates this year.

The BSE Sensex is currently trading at 73009.17, up by 520.18 points or 0.72% after trading in a range of 71816.46 and 73162.74. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.39%, while Small cap index was up by 0.11%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.84%, Bankex up by 0.83%, Metal up by 0.74%, Basic Materials up by 0.60% and FMCG was up by 0.57%, while Realty down by 0.83%, IT down by 0.33%, Power down by 0.30%, Utilities down by 0.30% and Healthcare was down by 0.29% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.73%, Mahindra & Mahindra up by 2.24%, Bharti Airtel up by 2.08%, HDFC Bank up by 1.96% and Bajaj Finserv up by 1.94%. On the flip side, HCL Tech down by 1.75%, Tata Motors down by 1.07%, Nestle down by 0.66%, Larsen & Toubro down by 0.57% and TCS down by 0.48% were the top losers.

Meanwhile, praising India for maintaining fiscal discipline in an election year, Krishna Srinivasan, Director, Asia and Pacific Department, at the International Monetary Fund (IMF) has said that the Indian economy is doing well and continues to be the world's bright spot and also noted easing inflation and growth rate of 6.8 per cent. He also mentioned that inflation should come down to target and it is there on a durable basis. 

Besides, he said ‘India has successfully navigated multiple shocks over the last several years. It's emerging to be one of the fastest major economies in the world. In fact, for this year, for 2024-25, we project growth at 6.8 per cent led by private consumption and public investment. Inflation is coming down gradually. It's now below 5 per cent.’

While noting that risks to the economy are broadly balanced, Srinivasan said ‘If you look at the macro fundamentals, they're pretty solid, despite this being an election year, the government has adhered to fiscal discipline. You look at the reserve position, it's strong. If you look at overall macro fundamentals, it's pretty good.’

The CNX Nifty is currently trading at 22132.60, up by 136.75 points or 0.62% after trading in a range of 21777.65 and 22178.50. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 2.73%, Bharti Airtel up by 2.26%, Mahindra & Mahindra up by 2.14%, HDFC Bank up by 1.99% and Grasim Industries up by 1.97%. On the flip side, HCL Tech down by 1.69%, Bajaj Auto down by 1.62%, Hero MotoCorp down by 1.07%, Tata Motors down by 1.03% and LTIMindtree down by 0.96% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 1011.35 points or 2.73% to 37,068.35, Taiwan Weighted lost 774.08 points or 3.96% to 19,527.12, Hang Seng declined 161.73 points or 1% to 16,224.14, Jakarta Composite plunged 85.64 points or 1.21% to 7,081.17, KOSPI dropped 42.84 points or 1.65% to 2,591.86, Straits Times fell 9.54 points or 0.3% to 3,178.12 and Shanghai Composite was down by 8.96 points or 0.29% to 3,065.26.

European markets were trading lower; UK’s FTSE 100 decreased 64.89 points or 0.83% to 7,812.16, France’s CAC fell 69.23 points or 0.87% to 7,954.03 and Germany’s DAX was down by 181.86 points or 1.03% to 17,655.54.
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