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Domestic indices alter between gains & losses in volatile trade
Apr-25-2024

Domestic equity markets altered between gains & losses in volatile trade and were trading slightly in green in late morning deals. Buying in Axis Bank, Sun Pharma, SBI and ICICI Bank helped the markets to trade above neutral lines. Traders took a note of report that RBI Monetary Policy Committee (MPC) member Ashima Goyal said the problem of high food inflation will be 'less severe' in India going ahead, as modern supply chains with diversified sources can help quickly address sudden spikes in prices of specific food items. However, gains were limited as foreign fund outflows dented the sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 2,511.74 crore on April 24, provisional data from the NSE showed. 

On the global front, Asian markets were trading mostly in red as traders remained cautious ahead of the report on first quarter US GDP data that could have an impact on the outlook for interest rates. Back home, traders were seen pilling up position in PSU, Industrials, Capital Goods, Energy and Utilities, while selling was witnessed in Realty, Consumer Durables, Consumer Disc, Telecom and Basic Materials. 

The BSE Sensex is currently trading at 73903.89, up by 50.95 points or 0.07% after trading in a range of 73556.15 and 74126.79. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.01%, while Small cap index up by 0.36%.

The top gaining sectoral indices on the BSE were PSU up by 0.91%, Industrials up by 0.68%, Capital Goods up by 0.60%, Energy up by 0.36% and Utilities up by 0.32%, while Realty down by 1.08%, Consumer Durables down by 0.69%, Consumer Disc down by 0.30%, Telecom down by 0.21% and Basic Materials down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 4.85%, Sun Pharma up by 1.56%, SBI up by 1.51%, HCL up by 1.21% and ICICI Bank up by 1.01%. On the flip side, Kotak Mahindra Bank down by 9.94%, Hindustan Unilever down by 1.71%, Bajaj Finance down by 1.36%, Maruti Suzuki down by 1.31% and Titan down by 0.87% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that the country's drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to $27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. In March 2024, pharma exports grew by 12.73 per cent to $2.8 billion.

According to the data, the top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, South Africa and Brazil. The US accounts for over 31 per cent of India's total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.

India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories. The government has rolled out two production-linked incentive (PLI) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. 

The CNX Nifty is currently trading at 22409.05, up by 6.65 points or 0.03% after trading in a range of 22305.25 and 22475.55. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 4.82%, Sun Pharma up by 1.55%, SBI up by 1.54%, Grasim Industries up by 1.12% and HCL up by 1.11%. On the flip side, Kotak Mahindra Bank down by 10.06%, LTIMindtree down by 2.68%, Tata Consumer down by 2.04%, Hindustan Unilever down by 1.71% and Maruti Suzuki down by 1.36% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 839.05 points or 2.18% to 37,621.03, Taiwan Weighted lost 274.32 points or 1.36% to 19,857.42, Straits Times fell 14.35 points or 0.44% to 3,278.78, KOSPI dropped 40.07 points or 1.5% to 2,635.68 and Jakarta Composite plunged 17.3 points or 0.24% to 7,157.23. However, Hang Seng advanced 58.32 points or 0.34% to 17,259.59 and Shanghai Composite strengthened 7.06 points or 0.23% to 3,051.88. 
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