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Buying in IT, TECK stocks proves to be support for Indian markets in early noon
Aug-14-2024

In a volatile session, a strong buying at IT and TECK counters proved to be support for Indian equity benchmarks in early afternoon session, with both Sensex and Nifty holding marginal gains. Fall in WPI inflation also aided domestic sentiments. In a positive development for the Indian economy, inflation based on wholesale price index (WPI) slowed down in the month of July 2024 to 2.04% from 3.36% in June 2024, on account of fall in prices of basic metals, machinery and equipment. However, gains were limited as traders got cautious amid a private report stating that India’s slowing consumer demand and concerns over the global economy could push the central bank to consider interest rate cuts despite worries over inflation.

On the global front, Asian markets were trading mostly in green, even after Singapore's economic growth eased slightly, as initially estimated in the second quarter, and narrowed the GDP forecast for the year 2024. The latest data from the Ministry of Trade and Industry showed that gross domestic product grew 2.9 percent annually, following the 3.0 percent expansion in the preceding period. That was in line with the flash data published earlier.

The BSE Sensex is currently trading at 79101.34, up by 145.31 points or 0.18% after trading in a range of 78895.72 and 79157.05. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.38%, while Small cap index was down by 0.65%.

The only gaining sectoral indices on the BSE were IT up by 1.19% and TECK up by 1.15%, while Metal down by 1.43%, Basic Materials down by 1.04%, Power down by 0.88%, Industrials down by 0.68% and Capital Goods down by 0.68% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 2.24%, HCL Tech. up by 1.69%, Infosys up by 1.12%, Tech Mahindra up by 1.03% and ITC up by 0.95%. On the flip side, Tata Steel down by 2.48%, Ultratech Cement down by 2.03%, Adani Ports & SEZ down by 1.95%, JSW Steel down by 1.46% and Power Grid down by 0.99% were the top losers.

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) in its latest report on auto sales in the month of July, has said that passenger vehicle (PV) wholesales in India declined 2.5 per cent year-on-year to 3,41,510 units in July 2024, impacted by high base effect as well as companies reducing vehicle dispatches to dealers amid moderation in demand. It said the overall PV dispatches from companies to dealers stood at 3,50,355 units in July 2023,

As per the data, Utility vehicles continued to drive sales of PVs, clocking 1,88,217 units in July 2024, as against 1,80,831 units in July 2023, a growth of 4.1 per cent. However, passenger cars recorded a drop of 12 per cent at 96,652 units in July 2024, as against 1,09,859 units in the same month last year.  

It further stated that two-wheeler wholesales grew by 12.5 per cent to 14,41,694 units in July 2024, as compared to 12,82,054 units in July 2023. Three-wheeler wholesales also rose 5.1 per cent to 59,073 units in July 2024, from 56,204 units in July last year.  Motorcycles wholesales were up 4.1 per cent at 8,50,489 units in July 2024, as against 8,17,206 units in the year-ago month. Scooters sales were up 29.2 per cent at 5,53,642 units July 2024, as against 4,28,640 units in the year-ago period. 

The CNX Nifty is currently trading at 24156.05, up by 17.05 points or 0.07% after trading in a range of 24099.70 and 24196.50. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Apollo Hospital up by 2.28%, TCS up by 2.26%, HCL Tech. up by 1.77%, Infosys up by 1.17% and BPCL up by 1.03%. On the flip side, Divi's Lab down by 4.21%, Hero MotoCorp down by 3.27%, Coal India down by 2.73%, Tata Steel down by 2.44% and Ultratech Cement down by 2.11% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 61.56 points or 0.83% to 7,418.20, Straits Times rose 16.62 points or 0.51% to 3,275.19, KOSPI increased 23.00 points or 0.87% to 2,644.50, Nikkei 225 surged 209.92 points or 0.58% to 36,442.43 and Taiwan Weighted added 230.68 points or 1.05% to 22,027.25, while Hang Seng declined 99.49 points or 0.58% to 17,074.57 and Shanghai Composite weakened 15.69 points or 0.55% to 2,852.26.
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