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EQUITY
Post Session: Quick Review
May-02-2024

In volatile trading session, Indian equity markets maintained their gains above neutral lines till the end of the session, with Nifty and Sensex settling above the psychological 22,600 and 74,600 levels, respectively. Traders found support from optimistic Goods and Services Tax (GST) collections data and India's manufacturing sector data. Investors continued to monitor Q4FY24 earnings. The broader indices, the BSE Mid cap index and Small cap index ended in green.

After making negative start, soon markets entered into green terrain as sentiments got boost after India's Goods and Services Tax (GST) collections in gross terms hit a record high in April 2024 at Rs 2.1 lakh crore. The government had collected Rs 1.87 lakh crore as GST in the same period last year. Meanwhile, the output of eight core industries posted a growth of 5.2 percent in March 2024 as the production of cement, coal, electricity, natural gas, steel and crude oil recorded positive growth in the same month. The output of core sectors had grown by 7.1 per cent in February 2024 and 4.1 per cent in January 2024, while it stood 4.2 per cent in March 2023. Indices remained in green terrain in afternoon session as some comfort came after India's manufacturing sector growth eased slightly in the month of April but signaled the second-best improvement in the health of the sector for three-and-a-half years, supported by buoyant demand. The street overlooked reports that the Reserve Bank of India will likely delay cutting interest rates until the final quarter of the year, as inflation risks rise and the US Federal Reserve keeps rates on hold for longer. In late afternoon session, markets trimmed some gains but managed to end in green.

On the global front, European markets were trading mostly in red after the U.S. Federal Reserve said it doesn't plan to cut interest rates until it has 'greater confidence' that price increases are slowing. Asian markets ended mostly in red after mixed signals from Federal Reserve Chief Jerome Powell on the outlook for inflation and interest rates. Back home, CareEdge Ratings has said that the pace of National Highways construction in India is estimated to slow down by 7-10 per cent to around 31 km/day in the current fiscal (FY25) due to heightened execution challenges.

The BSE Sensex ended at 74,611.11, up by 128.33 points or 0.17% after trading in a range of 74,360.69 and 74,812.43. There were 18 stocks advancing against 12 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.91%, while Small cap index was up by 0.29%. (Provisional)

The gaining sectoral indices on the BSE were Utilities up by 1.49%, PSU up by 1.49%, Power up by 1.47%, Oil & Gas up by 1.38%, Auto up by 1.17% while, Bankex down by 0.45%, Telecom down by 0.23%, TECK down by 0.22%, Consumer Durables down by 0.13%, Realty down by 0.07% were the losing indices on BSE. (Provisional)

The top gainers on the Sensex were Power Grid up by 3.76%, Asian Paints up by 3.16%, Tata Motors up by 2.08%, Tata Steel up by 1.67% and NTPC up by 1.46%. On the flip side, Kotak Mahindra Bank down by 2.78%, Bharti Airtel down by 1.38%, Axis Bank down by 1.26%, Wipro down by 1.15% and ICICI Bank down by 1.05% were the top losers. (Provisional)

Meanwhile, with the help of strong economic momentum and efficient tax realization, Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) collection breached the Rs 2 lakh crore milestone. GST collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023.

She also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their ‘sincere and collaborative efforts’ in achieving this landmark.

Sitharaman also said ‘there are no dues pending on account of IGST (Integrated GST) settlement to the states.’ GST, which subsumed over a dozen local taxes, was rolled out on July 1, 2017. Currently, there are 1.45 crore registered taxpayers on the GST system.

The CNX Nifty ended at 22,648.20, up by 43.35 points or 0.19% after trading in a range of 22,567.85 and 22,710.50. There were 28 stocks advancing against 22 stocks declining on the index. (Provisional)

The top gainers on Nifty were BPCL up by 4.49%, Power Grid up by 3.89%, Asian Paints up by 3.46%, Bajaj Auto up by 2.32% and Tata Motors up by 1.97%. On the flip side, Kotak Mahindra Bank down by 2.97%, Tata Consumer down by 1.55%, Axis Bank down by 1.38%, Bharti Airtel down by 1.38% and HDFC Life Insurance down by 1.25% were the top losers. (Provisional)

European markets were trading mostly in red; France’s CAC fell 71.34 points or 0.9% to 7,913.59 and Germany’s DAX was down by 12.85 points or 0.07% to 17,919.32. On the flip side, UK’s FTSE 100 was up by 22.23 points or 0.27% to 8,143.47.

Asian markets exhibited mixed trend on Thursday after the US Federal Reserve held interest rates unchanged and cited lack of progress on inflation to cut interest rates from a two-decade high. Moreover, mixed signals from Fed Chief Jerome Powell on the outlook for inflation and interest rates also kept sentiments mixed. The Japanese Nikkei lost marginally, while the yen slipped to the lower 155 range against the American currency after rising as high as 153 overnight on suspected intervention by Japanese authorities. The Kospi average ended down after official data showed South Korea's factory activity contracted again in April, but manufacturers' optimism climbed to the highest level in nearly two years. Chinese markets remained closed for the Labour Day holidays. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

--

--

--

Hang Seng

18,207.13

444.10

2.44

Jakarta Composite

7,117.42

-116.78

-1.64

KLSE Composite

1,580.30

4.33

0.27

Nikkei 225

38,236.07

-37.98

-0.10

Straits Times

3,296.89

4.20

0.13

KOSPI Composite

2,683.65

-8.41

-0.31

Taiwan Weighted

20,222.44

-174.16

-0.86
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