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Markets remain in red in late morning deals
Apr-26-2024

Domestic equity markets remained in red and were trading slightly lower in late morning deals on account of profit booking. Selling in Bajaj Finance, Bajaj Finserv, Indusind Bank and Nestle companies’ stocks dragged the markets to trade below the neutral lines. Traders were cautious after U.S. Treasury yields rose on Thursday after the first-quarter GDP report showed slowing growth and rising consumer prices. The benchmark 10-year Treasury yield climbed 4.8 basis points to 4.702%, while the rate on the 2-year Treasury gained 6.1 basis points to 4.998%. At their session highs, the yields on both notes hit their highest levels since November. Foreign fund outflows also weighed on the sentiments. Foreign institutional investors (FIIs) net sold Rs 2,823.33 crore shares on April 25, provisional data from the NSE showed.

On the global front, Asian markets were trading mostly in green despite the weak cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen pilling up position in IT, Consumer Durables, Oil & Gas, Energy and TECK, while selling was witnessed in Telecom and Bankex. In the stock specific development, Bajaj Finance plummeted after the company’s March quarter result showed pressure on margins. 

The BSE Sensex is currently trading at 74192.26, down by 147.18 points or 0.20% after trading in a range of 74102.55 and 74515.91. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.69%, while Small cap index up by 0.62%.

The top gaining sectoral indices on the BSE were IT up by 1.24%, Consumer Durables up by 1.09%, Oil & Gas up by 0.89%, Energy up by 0.84% and TECK up by 0.71%, while Telecom down by 0.54%, Bankex down by 0.22% were few losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 9.22%, Wipro up by 2.61%, HCL up by 1.58%, Power Grid up by 1.08% and Hindustan Unilever up by 0.51%. On the flip side, Bajaj Finance down by 7.38%, Bajaj Finserv down by 3.21%, Indusind Bank down by 1.87%, Nestle down by 1.65% and Sun Pharma down by 1.02% were the top losers.

Meanwhile, additional Secretary in the Department of Commerce Anant Swarup has said that the commerce ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target by 2030. He said that the Asian Development Bank (ADB) has been requested to conduct a study in this regard.

Swarup said ‘if the country is targeting $1 trillion of exports by 2030, there is a likelihood of about $1.5 trillion of imports, so do we have enough capacity to cater to $2.5 trillion of EXIM (export and import) trade. So that is the target on which the department is working’.  He also said ‘the ADB is doing a study for us because what is more important is from where the $1 trillion of exports is going to come from; which are those sectors and clusters from where this $1 trillion of exports is going to come from. That is very critical for us. Because unless we know about the clusters, and ports or airports from where this $1 trillion of exports and $1.5 trillion of imports is going to happen, we would not be able to do a baseline study to identify the gaps which exist and then enhance our infrastructure capabilities’.

He further said that the government is also focusing on ways to push India’s integration into the global supply chains (GVCs) as at present about 70 per cent of the global trade is happening through these chains. For this, there is a need to increase manufacturing. He added that generally exports and imports move in tandem. India’s merchandise exports dipped by 3.11 per cent to $437 billion in 2023-24. Imports too dipped to $677.24 billion in the last fiscal. 

The CNX Nifty is currently trading at 22534.55, down by 35.80 points or 0.16% after trading in a range of 22507.50 and 22620.40. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 9.16%, LTIMindtree up by 3.52%, Divi's Lab up by 3.31%, Wipro up by 2.62% and Bajaj Auto up by 2.02%. On the flip side, Bajaj Finance down by 7.44%, Bajaj Finserv down by 3.25%, Shriram Finance down by 3.05%, Indusind Bank down by 1.87% and Nestle down by 1.61% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 391.11 points or 2.21% to 17,675.65, Nikkei 225 surged 305.87 points or 0.81% to 37,934.35, Taiwan Weighted added 263.09 points or 1.31% to 20,120.51, Shanghai Composite strengthened 29.4 points or 0.95% to 3,082.30 and KOSPI increased 29.24 points or 1.1% to 2,657.86. However, Straits Times fell 5.1 points or 0.16% to 3,282.65 and Jakarta Composite plunged 39.3 points or 0.55% to 7,115.99. 
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