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Markets trade flat in late afternoon session
Sep-13-2024

In a volatile trading session, Indian equity markets traded flat in late afternoon session. Traders took note of private report that Reserve Bank of India (RBI) governor Shaktikanta Das has said India has the potential to grow at 7.5 percent or more, which is a little above the central bank's full-year forecast for 2024 of 7.2 percent. Das said India's merchandise export improvement was below expectation as external demand was not as robust as before, though services exports had picked up. On the global front, Asian markets were trading mixed ahead of a widely expected interest-rate cut by the U.S. Federal Reserve next week. European markets were trading mostly in green as bond yields eased amid bets of an interest-rate cut at next week's Federal Reserve meeting. The U.S. central bank is almost certain to start its rate-cutting cycle next week, but analysts are looking for clues on the size of cuts over the next few months.

The BSE Sensex is currently trading at 82950.80, down by 11.91 points or 0.01% after trading in a range of 82653.22 and 83092.93. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.60%, while Small cap index was up by 0.97%.

The top gaining sectoral indices on the BSE were Realty up by 1.50%, Consumer Durables up by 1.02%, IT up by 0.74%, Basic Materials up by 0.73% and Metal was up by 0.72%, while Energy down by 0.57%, Oil & Gas down by 0.56%, FMCG down by 0.44%, Utilities down by 0.22% and Telecom was down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.47%, Bajaj Finance up by 2.43%, Indusind Bank up by 1.45%, Axis Bank up by 1.04% and Tata Steel up by 0.99%. On the flip side, Adani Ports down by 1.33%, ITC down by 1.10%, NTPC down by 1.03%, Bharti Airtel down by 0.82% and Asian Paints down by 0.81% were the top losers.

Meanwhile, with an aim to simplify rules and regulations for foreign investments, the Department of Economic Affairs (DEA), Ministry of Finance, has notified the Foreign Exchange (Compounding Proceedings) Rules, 2024 under powers given under section 46 read with section 15 of the Foreign Exchange Management Act (FEMA), 1999. 

The amended Rules will supersede the existing Foreign Exchange (Compounding Proceedings) Rules, which were issued in 2000. As part of a broader initiative to streamline and rationalize existing rules and regulations to further facilitate ease of doing business, the compounding proceeding rules were comprehensively reviewed in consultation with the Reserve Bank of India.

The emphasis has been on enabling provisions to expedite and streamline the processing of compounding applications, introduction of digital payment options for application fees and compounding amounts, and a focus on simplification and rationalization of the provisions to eliminate ambiguity and clarify the process. These amendments indicate commitment of the Government towards promoting ‘ease of investment’ for investors and ‘ease of doing business’ for businesses.

The CNX Nifty is currently trading at 25370.10, down by 18.80 points or 0.07% after trading in a range of 25292.45 and 25430.50. There were 23 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Wipro up by 3.78%, Bajaj Finance up by 2.52%, Bajaj Finserv up by 2.44%, Indusind Bank up by 1.44% and Axis Bank up by 1.10%. On the flip side, SBI Life down by 1.35%, Adani Ports down by 1.33%, ITC down by 1.30%, HDFC Life Insurance down by 1.27% and NTPC down by 0.96% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 128.7 points or 0.74% to 17,369.09, Taiwan Weighted added 106.4 points or 0.49% to 21,759.65, Straits Times rose 5.48 points or 0.15% to 3,562.01 and KOSPI was up by 3.32 points or 0.13% to 2,575.41. On the flip side, Jakarta Composite plunged 2.58 points or 0.03% to 7,795.57, Shanghai Composite weakened 13.03 points or 0.48% to 2,704.09 and Nikkei 225 was down by 251.51 points or 0.69% to 36,581.76.

European markets were trading mostly in green; France’s CAC rose 16.32 points or 0.22% to 7,451.39 and Germany’s DAX was up by 69.18 points or 0.37% to 18,587.57. On the flip side, UK’s FTSE 100 was down by 7.78 points or 0.09% to 8,233.19.
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