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Markets add gains in late afternoon session
Apr-30-2024

Indian equity markets extended their gains in late afternoon session led by gains in Banking and IT sectors’ stocks. Currently, Nifty hit new high level. Traders ignored the report that ICRA said India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports. Traders took note of report that Finance Minister Nirmala Sitharaman has underscored the need for a stable government to achieve the goal of becoming Viksit Bharat by 2047. She said ‘we have to make efforts, so the Gross domestic product (GDP) grows, and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground’. On the global front, Asian markets were trading mostly in green with Chinese markets underperforming after the release of mixed PMI data. European markets were trading mostly in red ahead of a busy day of earnings and major data releases in the region.

The BSE Sensex is currently trading at 75066.48, up by 395.20 points or 0.53% after trading in a range of 74710.36 and 75109.43. 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 1.01%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Auto up by 2.19%, Realty up by 2.17%, Consumer discretionary up by 1.48%, Power up by 1.47% and Utilities was up by 1.27%, while, IT down by 0.35%, TECK down by 0.34% and Metal was down by 0.23% were the few losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 4.83%, Power Grid up by 3.12%, Indusind Bank up by 3.02%, Axis Bank up by 1.80% and Bajaj Finserv up by 1.71%. On the flip side, Tech Mahindra down by 1.73%, Tata Steel down by 0.99%, HCL Tech down by 0.96%, Sun Pharma down by 0.67% and JSW Steel down by 0.58% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) has launched two new surveys, ‘the Consumer Confidence Survey’ and ‘the Inflation Expectations Survey of Households’, aimed at providing crucial insights for the upcoming bi-monthly monetary policy. The RBI has been regularly conducting Inflation Expectations Survey of Households (IESH) and Consumer Confidence Survey (CCS). The May 2024 round of both the surveys has been launched. Scheduled for June 5-7, 2024, the next policy review will benefit from these surveys.

The Consumer Confidence Survey seeks qualitative responses from households, regarding their sentiments on general economic situation, employment scenario, price level, households’ income and spending. The survey is conducted regularly in 19 cities, viz., Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram.

On the other hand, the Inflation Expectations Survey of Households seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the three months ahead as well as in the one year ahead period and quantitative responses on current, three months ahead and one year ahead inflation rates. The survey aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities, viz., Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram.

The CNX Nifty is currently trading at 22773.85, up by 130.45 points or 0.58% after trading in a range of 22661.80 and 22783.35. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 4.93%, Power Grid up by 3.35%, Indusind Bank up by 3.28%, Shriram Finance up by 2.68% and Hero MotoCorp up by 2.30%. On the flip side, Tech Mahindra down by 1.61%, Dr. Reddy's Lab down by 1.15%, HCL Tech down by 0.99%, Tata Steel down by 0.93% and JSW Steel down by 0.59% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 470.9 points or 1.23% to 38,405.66, Jakarta Composite gained 100.4 points or 1.4% to 7,256.18, Hang Seng advanced 16.12 points or 0.09% to 17,763.03, Straits Times rose 10.99 points or 0.33% to 3,293.04 and KOSPI was up by 4.62 points or 0.17% to 2,692.06. On the flip side, Shanghai Composite weakened 8.22 points or 0.26% to 3,104.82 and Taiwan Weighted was down by 98.92 points or 0.48% to 20,396.60.

European markets were trading mostly in red; France’s CAC fell 23.68 points or 0.29% to 8,041.47 and Germany’s DAX was down by 81.89 points or 0.45% to 18,036.43. On the flip side, UK’s FTSE 100 was up by 23.3 points or 0.29% to 8,170.33.
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