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Bourses trade higher in late afternoon session
Apr-22-2024

Indian equity markets continued to trade higher in late afternoon session on account of buying in front line counters. The broader indices, the BSE Mid cap index and Small cap index traded with healthy gains. There were no losing sectoral indices on the BSE. Traders turned their attention towards Q4FY24 earnings. Investors continued to take support as Central Board of Direct Taxes (CBDT) has said that India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 trillion in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin.  On the global front, Asian markets were trading mixed as fears of a wider conflict in the Middle East ebbed. European markets were trading mostly in green with investors bracing for earnings reports from several big banks later in the week, while Portuguese oil firm Galp soared to a 16-year high following a positive update to its gas exploration in Namibia.

The BSE Sensex is currently trading at 73472.75, up by 384.42 points or 0.53% after trading in a range of 73227.32 and 73728.18. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.82%, while Small cap index was up by 1.29%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.58%, Industrials up by 1.80%, Capital Goods up by 1.53%, Realty up by 1.29% and PSU was up by 1.02%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Axis Bank up by 2.53%, Larsen & Toubro up by 2.29%, Ultratech Cement up by 2.02%, Bajaj Finance up by 1.99% and ICICI Bank up by 1.62%. On the flip side, NTPC down by 2.24%, HDFC Bank down by 1.46%, JSW Steel down by 0.79%, Indusind Bank down by 0.67% and ITC down by 0.18% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report has showed that 15.48 lakh net members have been added in the month of February 2024. The data further indicated that around 7.78 lakh new members have been enrolled during February 2024. 

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36% of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.

The payroll data also highlighted that approximately 11.78 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

Based on gender-wise analysis, out of 7.78 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.08 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.

The CNX Nifty is currently trading at 22281.80, up by 134.80 points or 0.61% after trading in a range of 22198.15 and 22337.10. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.89%, Tata Consumer up by 2.74%, BPCL up by 2.68%, Hero MotoCorp up by 2.64% and Axis Bank up by 2.29%. On the flip side, NTPC down by 2.15%, HDFC Bank down by 1.42%, JSW Steel down by 0.89%, Indusind Bank down by 0.59% and ONGC down by 0.36% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 370.26 points or 0.99% to 37,438.61, Hang Seng advanced 287.55 points or 1.74% to 16,511.69, Straits Times rose 47.14 points or 1.46% to 3,223.65 and KOSPI was up by 37.58 points or 1.43% to 2,629.44. On the flip side, Jakarta Composite plunged 13.49 points or 0.19% to 7,073.83, Shanghai Composite weakened 20.66 points or 0.68% to 3,044.60 and Taiwan Weighted was down by 115.9 points or 0.6% to 19,411.22.

European markets were trading mostly in green; UK’s FTSE 100 increased 90.21 points or 1.14% to 7,986.06 and Germany’s DAX was up by 46.73 points or 0.26% to 17,784.09. On the flip side, France’s CAC was down by 9.39 points or 0.12% to 8,013.02.
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