HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Bourses trade flat in late afternoon session
Jul-25-2024

The Indian benchmarks recovered from early losses and turned flat in late afternoon session ahead of monthly F&O expiry. Investors were worried as private report stated that Foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. On the global front, All Asian markets were trading lower ahead of the release of key US GDP and inflation data later in the week, which could have a significant impact on the outlook for interest rates. European markets were trading lower after U.S. stock markets suffered their worst losses since 2022 overnight, led by declines in major tech shares. Back home, sugar stocks remained in focus as Sugar industry body ISMA has presented a plan to the government to transform sugar mills into bio-refineries, aiming to boost production of sustainable aviation fuel and other green energy sources.

The BSE Sensex is currently trading at 80096.78, down by 52.10 points or 0.07% after trading in a range of 79477.83 and 80143.10. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.39%, while Small cap index was down by 0.05%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.37%, Energy up by 1.50%, Auto up by 1.09%, Capital Goods up by 0.96% and Industrials was up by 0.64%, while Metal down by 1.48%, Bankex down by 1.16%, Consumer Durables down by 1.05%, Realty down by 0.88% and Basic Materials was down by 0.67% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 5.80%, Larsen & Toubro up by 3.05%, Sun Pharma up by 2.49%, Kotak Mahindra Bank up by 1.49% and HDFC Bank up by 1.11%. On the flip side, Axis Bank down by 5.94%, Nestle down by 2.63%, Titan Company down by 2.13%, ICICI Bank down by 1.98% and Tata Steel down by 1.97% were the top losers.

Meanwhile, credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has showed that India’s cement demand is likely to be supported by the government’s sustained focus on capex towards infrastructure projects in the budget of FY25, albeit at a moderated pace of growth of 5%-7% YoY (FY24: 8%-9%) as expected by the agency.

The rating agency noted that the capex spending at Rs 11.1 trillion in the Union Budget FY25 is same as was in the interim budget FY25. However, it said that the announcements made in this budget towards infrastructure development in Bihar and Andhra Pradesh would aid the cement demand growth in these regions over the near term.  

It said the infrastructure development plans announced in the budget should lead to an increase in cement demand growth in eastern India, which has remained subdued in the recent past, while south-based cement companies, particularly ones with exposure to Andhra Pradesh, could see demand traction over the next few years. According to Ind-Ra, the focus on agriculture and rural development bodes well for the cement demand, given 37%-38% of cement demand is derived from rural housing.

The CNX Nifty is currently trading at 24406.75, down by 6.75 points or 0.03% after trading in a range of 24210.80 and 24426.15. There were 21 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 5.93%, SBI Life up by 3.94%, ONGC up by 3.68%, Larsen & Toubro up by 3.04% and BPCL up by 3.03%. On the flip side, Axis Bank down by 5.91%, Nestle down by 2.56%, Shriram Finance down by 2.36%, Titan Company down by 2.25% and ICICI Bank down by 2.03% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 1285.34 points or 3.39% to 37,869.51, Hang Seng declined 306.08 points or 1.8% to 17,004.97, KOSPI dropped 48.06 points or 1.77% to 2,710.65, Jakarta Composite plunged 36.54 points or 0.51% to 7,226.22, Straits Times fell 26.24 points or 0.76% to 3,434.58 and Shanghai Composite was down by 15.21 points or 0.53% to 2,886.74.

European markets were trading lower; UK’s FTSE 100 decreased 58.57 points or 0.72% to 8,095.12, France’s CAC fell 108.51 points or 1.44% to 7,405.22 and Germany’s DAX was down by 195.09 points or 1.06% to 18,192.37.
  RELATED NEWS >>
Most Viewed >>
August 31 , 2024
Mutual Funds: How investors can minimise the i
August 26 , 2024
Currency derivatives trading volumes dry up on
August 28 , 2024
11 companies buyback Rs 5,388-crore shares in
August 26 , 2024
India's equity lifeboat springs a leak: Highes
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.