Post Session: Quick Review

Indian equity benchmarks ended lower on Wednesday. The start of the day was in deep red, as continued selling in FIIs weighted on market sentiments. Foreign institutional investors (FIIs) sold shares worth a net Rs 1,244.44 crore on June 28. Some cautiousness came in with a private report that after a gap, the prices of select varieties of pulses have started rising for the past few days due to a delay in the onset of the southwest monsoon over major growing regions of Madhya Pradesh, Maharashtra, and Gujarat.

Weak trade continued over the Dalal Street till the end of the trading session, on the back of negative cues from the global markets. Some concerns came, after the Reserve Bank of India (RBI) in its latest data has showed that the growth in Scheduled Commercial Banks (SCBs) deposits moderated to 10 per cent year-on-year in March 2022, compared to an increase of 11.9 per cent a year ago. During 2021-2022, current, savings and term deposits rose by 10.9 per cent, 13.3 per cent and 7.9 per cent, respectively.

However, in afternoon deals, markets managed to cut most of their losses, as the GST Council approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones. Besides, emphasizing the Micro, Small & Medium Enterprise (MSME) sector's important role in making India a $5-trillion economy, Union Minister Bhanu Pratap Singh Verma has said that the government will remove all the barriers in credit flow to this sector.

On the global front, European markets were trading lower with investors looking ahead to a meeting of major central bank heads for clues on policy outlook. Asian markets settled lower on Wednesday, even after the value of retail sales in Japan was up 3.6 percent on year in May, coming in at 12.388 trillion yen. That exceeded expectations for an increase of 3.3 percent following the upwardly revised 3.1 percent increase in April (originally 3.0 percent).

The BSE Sensex ended at 53026.97, down by 150.48 points or 0.28% after trading in a range of 52612.68 and 53244.84. There were 10 stocks advancing against 20 stocks declining on the index. (Provisional)

The broader indices ended in red; the BSE Mid cap index was down by 0.70%, while Small cap index down by 0.18%. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 1.63%, Utilities up by 1.54%, Energy up by 0.87%, Oil & Gas up by 0.57% and Auto up by 0.34%, while Bankex down by 1.20%, IT down by 1.02%, FMCG down by 1.01%, TECK down by 0.83% and Telecom down by 0.54% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were NTPC up by 2.42%, Reliance Industries up by 1.98%, Sun Pharma up by 1.52%, Ultratech Cement up by 0.90% and ITC up by 0.81%. On the flip side, Hindustan Unilever down by 3.46%, Axis Bank down by 2.57%, Bajaj Finserv down by 2.19%, Wipro down by 1.64% and Titan Co down by 1.59% were the top losers. (Provisional)

Meanwhile, maintaining the sector outlook as improving for FY23 as well, Credit rating agency, India Ratings and Research (Ind-Ra) in its latest report on ‘India’s residential real estate sector’ has said that the housing market growth momentum is likely to continue on the back of a strong demand in FY23.

The rating agency further noted that Grade I players are likely to generate strong sales in FY23 due to the ongoing consolidation in the market. According to the report, there has been formalisation of the sector with Grade I and strong local players gaining market share and brands winning the customer preference, as home buyers remain wary of under-construction projects by Grade II developers.

Ind-Ra also said that the formalisation of the sector is driving fringe players to partner with Grade I developers for project execution and sales as they command the market. The agency further added that Grade I players are expected to register double-digit sales growth of around 15% yoy in FY23.

The CNX Nifty ended at 15799.10, down by 51.10 points or 0.32% after trading in a range of 15687.80 and 15861.60. There were 17 stocks advancing against 33 stocks declining on the index. (Provisional)

The top gainers on Nifty were ONGC up by 3.21%, NTPC up by 2.27%, Reliance Industries up by 2.08%, Coal India up by 1.26% and Sun Pharma up by 1.22%. On the flip side, HDFC Life Insurance down by 4.36%, Hindustan Unilever down by 3.63%, Apollo Hospital Ent. down by 3.24%, Axis Bank down by 2.62% and Tata Consumer Products down by 2.29% were the top losers. (Provisional)

European markets were trading lower, UK’s FTSE 100 decreased 35.96 points or 0.49% to 7,287.45, France’s CAC decreased 37.70 points or 0.62% to 6,048.32 and Germany’s DAX was down by 161.50 points or 1.22% to 13,070.32.

Asian markets settled lower on Wednesday due to mounting fears over potential recession in the global markets. Market sentiments weakened further by tracking weakness in Wall Street overnight and after consumer confidence in both the United States and the South Korea fell sharply in June amid worries about high inflation. Moreover, Japanese shares declined despite upbeat retail sales data released earlier in the day. Retail sales in Japan rose 3.6 percent in May compared to a year ago, a third consecutive month of growth.

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