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Bourses trade at day’s low levels in late afternoon session
Apr-26-2024

Indian equity markets traded at day’s low levels in late afternoon session amid heavy selling in Bajaj twins. Traders were worried as rating agency Crisil has said prices of vegetables, a key component of food inflation, may be elevated for the next few months due to ‘above-normal’ temperatures till June as predicted by the India Meteorological Department (IMD). The rates are likely to decline after the onset of monsoon in June. On the global front, Asian markets were trading mostly in green despite worries about the economic outlook and inflation in the U.S. and the rest of the world. European markets were trading higher after U.S. tech giants Microsoft and Alphabet posted strong quarterly earnings and an ECB survey showed Euro zone consumers lowered their expectation for inflation over the next 12 months in March. 

The BSE Sensex is currently trading at 73865.38, down by 474.06 points or 0.64% after trading in a range of 73766.57 and 74515.91. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.71%, while Small cap index was up by 0.41%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.38%, Realty up by 0.57%, PSU up by 0.53%, Healthcare up by 0.52% and IT was up by 0.42%, while Bankex down by 0.50%, Telecom down by 0.37%, Capital Goods down by 0.22%, Auto down by 0.11% and Industrials was down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 7.82%, Wipro up by 1.00%, ITC up by 0.67%, Ultratech Cement up by 0.55% and Axis Bank up by 0.35%. On the flip side, Bajaj Finance down by 8.06%, Bajaj Finserv down by 3.60%, Nestle down by 3.09%, Indusind Bank down by 3.00% and Mahindra & Mahindra down by 2.04% were the top losers.

Meanwhile, telecom industry body Cellular Operators Association of India (COAI) has renewed its demand for revenue share between telcos and large traffic generator apps and also expressed a need of additional fund for telecom operators to upgrade infrastructure to meet the increasing demand for bandwidth.

COAI also said that substantial investments are required to be made by telcos for GPU (graphic processing unit)-based high-speed servers to support demand of AI-based applications as well as high definition video streaming by several apps that are also referred as larger traffic generators (LTGs).

It also suggested that LTGs need to share their revenue with telcos for building networks which could help in giving better experience to their users. Telecom industry body further said it is imperative that the Indian government takes critical note of the issue facing the telecom sector at this juncture and help create an apt precedent for the world.

The CNX Nifty is currently trading at 22428.20, down by 142.15 points or 0.63% after trading in a range of 22419.90 and 22620.40. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 7.88%, Divi's Lab up by 4.03%, LTIMindtree up by 3.26%, Bajaj Auto up by 2.67% and Wipro up by 1.18%. On the flip side, Bajaj Finance down by 8.11%, Shriram Finance down by 4.36%, Bajaj Finserv down by 3.78%, Nestle down by 3.08% and Indusind Bank down by 3.01% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 366.61 points or 2.08% to 17,651.15, Nikkei 225 surged 306.28 points or 0.81% to 37,934.76, Taiwan Weighted added 263.09 points or 1.31% to 20,120.51, Shanghai Composite strengthened 35.74 points or 1.16% to 3,088.64 and KOSPI was up by 27.71 points or 1.04% to 2,656.33. On the flip side, Straits Times fell 11.9 points or 0.36% to 3,275.85 and Jakarta Composite was down by 97.89 points or 1.39% to 7,057.40.

European markets were trading higher; UK’s FTSE 100 increased 31.35 points or 0.39% to 8,110.21, France’s CAC rose 28.73 points or 0.36% to 8,045.38 and Germany’s DAX was up by 141.92 points or 0.79% to 18,059.20.
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