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Post Session: Quick Review
Apr-29-2024

Indian markets ended Monday’s session near day’s high levels, with Nifty and Sensex settling above the 22,600 and 74,600 levels, respectively. Markets held their gains till the end of session. Traders turned their focus towards Federal Reserve’s policy meeting. Healthy buying was witnessed in banking sector stocks during the day. The broader indices, the BSE Mid cap index and Small cap index concluded their session in green.

After making positive start, markets extended their gains tracking firm trade in global markets. Sentiments got boost as economic think-tank National Institute of Public Finance and Policy (NIPFP) said it has estimated India's GDP growth at 7.1 per cent for the current fiscal, using high-frequency models. NIPFP said the Centre is on a fiscal consolidation path through buoyancy in taxes and revenue expenditure compression. Besides, S&P Global Ratings in the Asia-Pacific 2Q 2024 Banking Update stated that Indian banks' credit growth, profitability and asset quality would remain robust in current fiscal reflecting strong economic growth, but they may be compelled to slow down their loan growth as deposits are not growing at a similar pace. In afternoon session, markets remained higher as some support also came after a private report estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. It said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. In late afternoon session, indices continued their gaining momentum. Sentiments remained upbeat as India's crude oil imports in March fell by 1.1 per cent from a year earlier to 20.69 million metric tonnes. 

On the global front, European markets were trading mostly in green extending last week's strong run, with euro zone economic data and a U.S. policy decision in focus. Asian markets ended mostly in green even after Malaysia's producer prices increased for the second straight month in March, largely due to a sharp rise in mining costs. The figures from the Department of Statistics showed that producer prices rose 1.6 percent year-on-year in March, faster than the 0.3 percent increase in February. Back home, apex exporters body FIEO said the escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand.

The BSE Sensex ended at 74,635.11, up by 904.95 points or 1.23% after trading in a range of 73,922.34 and 74,721.15. There were 26 stocks advancing against 4 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.77%, while Small cap index was up by 0.10%. (Provisional)

The top gaining sectoral indices on the BSE were Bankex up by 2.63%, PSU up by 1.20%, Utilities up by 1.14%, Oil & Gas up by 0.97% and Power was up by 0.93%, while Realty down by 1.07% and TECK was down by 0.02% were the few losing indices on BSE. (Provisional)

The top gainers on the Sensex were ICICI Bank up by 4.49%, Indusind Bank up by 3.05%, Ultratech Cement up by 2.93%, SBI up by 2.87% and Axis Bank up by 2.47%. On the flip side, HCL Tech down by 5.74%, ITC down by 0.63%, Wipro down by 0.29% and Bajaj Finserv down by 0.01% were the top losers. (Provisional)

Meanwhile, expressing optimism over the India’s growth scenario, economic think-tank National Institute of Public Finance and Policy (NIPFP) said it has estimated India's Gross Domestic Product (GDP) growth at 7.1 per cent for the current fiscal (FY25), using high-frequency models.

NIPFP said the Centre is on a fiscal consolidation path through buoyancy in taxes and revenue expenditure compression. The economic think tank said that in 2023-24, states' capex growth is robust due to significant capex transfers from the Centre.

Recently, the finance ministry in its Monthly Economic Review for March said that resilient growth, price stability and steady external sector outlook continue to support India's promising economic performance amid uncertain global conditions. It said overall, India continues to be the fastest-growing major economy, with positive assessments of the growth outlook for the current financial year for India by international organisations and the RBI.

The CNX Nifty ended at 22,643.40, up by 223.45 points or 1.00% after trading in a range of 22,441.90 and 22,655.80. There were 32 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gainers on Nifty were ICICI Bank up by 4.72%, SBI up by 3.14%, Indusind Bank up by 2.82%, Ultratech Cement up by 2.72% and Axis Bank up by 2.56%. On the flip side, HCL Tech down by 5.87%, Apollo Hospital down by 4.64%, Bajaj Auto down by 2.39%, HDFC Life Insurance down by 2.17% and LTIMindtree down by 0.92% were the top losers. (Provisional)

European markets were trading mostly in green; UK’s FTSE 100 increased 39.35 points or 0.48% to 8,179.18 and France’s CAC was up by 7.24 points or 0.09% to 8,095.48. On the flip side, Germany’s DAX was down by 12.31 points or 0.07% to 18,148.70.

Asian markets finished in green on Monday, kindled by the risk appetite ahead to Federal Reserve policy meeting on Wednesday, release of more earnings report, and key jobs data. Hang Seng extended winning streak to sixth straight session, recording highest level in five months. Investor sentiments buoyed with intensified bets on easing Chinese home purchase restrictions in major cities. Meanwhile, participants eyed upcoming April PMI data from China to gauge on economic health of world's second largest economy. Stock market of Japan was closed for Showa day holiday.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,113.40

24.40

0.78

Hang Seng

17,746.91

95.76

0.54

Jakarta Composite

7,155.78

119.70

1.67

KLSE Composite

1,582.66

7.50

0.48

Nikkei 225

---

---

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Straits Times

3,282.05

1.95

0.06

KOSPI Composite

2,687.44

31.11

1.16

Taiwan Weighted

20,495.52

375.01

1.83
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