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Markets trim some gains in late afternoon session
Apr-24-2024

Indian equity markets trimmed their gains in late afternoon session but continued to trade in green ahead of monthly F&O expiry. Besides, investors continuously monitoring Q4FY24 earnings. Gains were limited as the country's agriculture exports declined by 8.8 per cent to $43.7 billion during April-February period of 2023-24 fiscal due to factors like the Red Sea crisis, Russia-Ukraine war, and domestic restrictions imposed on critical items like rice, wheat, sugar and onion. According to the data of the commerce ministry, the exports stood at $47.9 billion in April-February 2022-23. On the global front, all Asian markets were trading higher as focus remained on earnings reports from the U.S. megacaps due this week. European markets were trading higher after survey data from the ifo Institute showed business sentiment in Germany improved in April. The business confidence index climbed to 89.4 in April while economists had forecast the score to rise moderately to 88.9 from March's initially estimated value of 87.8.

The BSE Sensex is currently trading at 73992.36, up by 253.91 points or 0.34% after trading in a range of 73861.91 and 74121.61. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.03%, while Small cap index was up by 0.96%.

The top gaining sectoral indices on the BSE were Metal up by 2.89%, Basic Materials up by 1.71%, Industrials up by 1.42%, PSU up by 1.38% and Capital Goods was up by 1.28%, while Telecom down by 0.93%, TECK down by 0.64% and IT was down by 0.48% were the few losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 3.68%, Tata Steel up by 2.95%, Power Grid up by 2.16%, Kotak Mahindra Bank up by 1.53% and NTPC up by 1.51%. On the flip side, Tech Mahindra down by 1.13%, Titan Company down by 0.94%, TCS down by 0.78%, Infosys down by 0.62% and Wipro down by 0.29% were the top losers.

Meanwhile, reinforcing its commitment to environmental conservation on the global stage, India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress, being held in Rotterdam, Netherlands, from April 22 -25, 2024.

Central Public Sector Enterprises under the Ministry of Power, Ministry of New & Renewable Energy, Ministry of Coal and Ministry of Petroleum & Natural Gas are participating in the India Pavilion, giving a collective testimony to India’s leadership in global energy transition.

The 26th World Energy Congress is expected to be a critical turning point for leadership on clean and inclusive energy transitions worldwide. Themed ‘Redesigning Energy for People and Planet’, the four-day gathering marks the World Energy Council’s centenary in world energy. 

According to the Council, the Congress seeks to explore the role of connected energy societies in driving forward global energy transitions in a world context which is less predictable, more turbulent and faster-shifting.

The CNX Nifty is currently trading at 22439.10, up by 71.10 points or 0.32% after trading in a range of 22399.85 and 22476.45. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Cipla up by 3.98%, JSW Steel up by 3.60%, Tata Steel up by 2.89%, Hindalco up by 2.73% and Power Grid up by 1.96%. On the flip side, Tata Consumer down by 4.59%, Tech Mahindra down by 1.27%, Titan Company down by 1.17%, Grasim Industries down by 0.91% and HDFC Life Insurance down by 0.91% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 907.92 points or 2.36% to 38,460.08, Taiwan Weighted added 532.46 points or 2.64% to 20,131.74, Hang Seng advanced 372.34 points or 2.16% to 17,201.27, Jakarta Composite gained 53.12 points or 0.74% to 7,163.93, KOSPI increased 52.73 points or 1.97% to 2,675.75, Shanghai Composite strengthened 22.84 points or 0.75% to 3,044.82 and Straits Times was up by 19.93 points or 0.61% to 3,292.65.

European markets were trading higher; UK’s FTSE 100 increased 37.7 points or 0.47% to 8,082.51, France’s CAC rose 15.05 points or 0.19% to 8,120.83 and Germany’s DAX was up by 69.59 points or 0.38% to 18,207.24.
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