HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Sustain buying helps Indian markets to end at day’s high points
Apr-22-2024

A sustain buying helped Indian equity benchmarks to end near their intraday high points on Monday, aided by positive cues from other Asian markets, as Middle East tensions eased and investors looked ahead to a slew of U.S. data due this week for additional clues on when the Federal Reserve will cut interest rates. After a strong start, markets remained in good mood for the whole day, amid foreign fund inflows. The provisional data from the NSE showed that foreign institutional investors (FIIs) net bought shares worth Rs 129.39 crore on April 19. During the day, sentiments got a boost as the tax department said that India's net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 lakh crore in the fiscal year ended March 2024 and exceeded the revised estimates by Rs 13,000 crore. Adding more relief among traders, Union Finance Minister Nirmala Sitharaman said that the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. 

In the last hours of the trade, indices added more gains, tracking positive European markets. Sentiments remained positive, as the retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report showed that 15.48 lakh net members have been added in the month of February 2024. The data further indicated that around 7.78 lakh new members have been enrolled during February 2024. Meanwhile, RBI Governor Shaktikanta Das stressed that the success in controlling inflation has to be preserved and taken forward to achieve a 4 per cent inflation target on a durable basis. 

On the global front, European markets were trading higher. Asian market finished mostly higher on Monday, after Indonesia's foreign trade surplus increased in March from a year ago as imports fell much faster than exports. The figures from Statistics Indonesia showed that the trade surplus rose to $4.47 billion in March from $2.83 billion in the same month last year. In February, the surplus was $0.83 billion. Exports fell 4.19 percent year-over-year in March, and imports plunged by 12.76 percent.

Back home, insurance industry stocks remained in focus with a report stating that the new business premium (NBP) of the life insurance industry grew 15.6 per cent in March to Rs 60,214 crore. The premium earned by an insurer from new contracts in a given period is referred to as the new business premium. The street overlooked the Reserve Bank of India’s data showing that India’s forex reserves contracted by $5.4 billion to $643.16 billion as of April 12. Previously, forex reserves surged by $2.9 billion to an all-time record high of $648.56 billion, for the week ended on April 5, 2024.

Finally, the BSE Sensex rose 560.29 points or 0.77% to 73,648.62 and the CNX Nifty was up by 189.40 points or 0.86% points to 22,336.40.

The BSE Sensex touched high and low of 73767.80 and 73227.32 respectively. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index surged 0.93%, while Small cap index was up by 1.26%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.53%, Industrials up by 1.93%, Capital Goods up by 1.65%, PSU up by 1.28% and Telecom up by 1.17%, while Utilities down by 0.07% was the only losing index on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.67%, Axis Bank up by 2.38%, Bajaj Finance up by 2.36%, Ultratech Cement up by 2.09% and Wipro up by 2.01%. On the flip side, NTPC down by 2.24%, HDFC Bank down by 1.24%, JSW Steel down by 1.17%, Indusind Bank down by 0.46% and Tata Steel down by 0.15% were the top losers.

Meanwhile, expressing optimism over India’s growth, Sanjiv Puri, president-designate of leading industry body CII, has said that the country is growing when the world is going through a phase of stress. He said that the present juncture is an interesting moment. He also said ‘CII has a rich legacy built over decades. We will certainly be looking forward to contributing to the growth of the economy and industry’.

He said ‘This is also an interesting moment because this is India’s moment. There has been numerous policy interventions made internally, and the global factors which give us the tailwinds. The country is growing at a time when the world is at stress.’ Puri said that there are lots of opportunities in India which has a huge talent pool. He added ‘The world is looking at us so far as supply chain and digital transformation are concerned. India also has the advantage of the demographic dividend’.

He said big opportunities lay both in services and manufacturing. He said ‘The country needs to harness these opportunities. Reforms agenda to accelerate and enterprises need to play competitiveness’. He stressed the need for an inclusive and sustainable growth which is important to create livelihoods. He said ‘Industry can survive when society thrives. Decarbonisation will address the issue the climate change but will take time. Enterprises and government need to work together’.

The CNX Nifty traded in a range of 22375.65 and 22198.15. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.01%, Tata Consumer Products up by 2.89%, Eicher Motors up by 2.83%, Larsen & Toubro up by 2.68% and Shriram Finance up by 2.46%. On the flip side, NTPC down by 2.18%, HDFC Bank down by 1.25%, JSW Steel down by 1.16%, Indusind Bank down by 0.31% and Tata Steel down by 0.15% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 112.79 points or 1.43% to 8,008.64, France’s CAC rose 10.88 points or 0.14% to 8,033.29 and Germany’s DAX gained 79.74 points or 0.45% to 17,817.10.

Asian market finished mostly higher on Monday, as the kindled by the weakness in crude oil rates, and gold followed by reports of easing tensions in Middle East. Investor sentiments got boosted after People Bank of China left LPR unchanged, solid GDP data and on plans over faster debt restructuring to stem the ailing economy. Nikkei rebounded sharply on softer local currency yen ahead to BoJs policy review. Investors also braced the news that China is to facilitate Hong Kong listings by leading Chinese firms and expand the stock connect cross boarder investment scheme.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,044.60

-20.66

-0.68

Hang Seng

16,511.69

287.55

1.74

Jakarta Composite

7,073.82

-13.50

-0.19

KLSE Composite

1,559.59

12.02

0.78

Nikkei 225

37,438.61

370.26

0.99

Straits Times

3,225.17

48.66

1.51

KOSPI Composite

2,629.44

37.58

1.43

Taiwan Weighted

19,411.22

-115.90

-0.60
  RELATED NEWS >>
Most Viewed >>
April 29 , 2024
FPIs selling in equities continue unabated in
April 30 , 2024
Choose Aadhaar-based KYC: Once done, you may i
April 29 , 2024
Monetary policy expectations impact stocks mor
April 29 , 2024
Fund houses' ticker-tape parade of fiscal succ
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.