HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Sensex, Nifty remain near neutral lines
Sep-16-2024

Indian equity benchmarks were trading near their neutral lines in early afternoon deals, as traders remained cautious ahead of central bank meetings in the U.S., Japan and the U.K. later in the week. Recent US inflation data has partly offset optimism the US Fed will lower rates more aggressively, but the central bank is still expected to continue cutting rates over the next several months. Markets participants got cautious, as the think tank Global Trade Research Initiative (GTRI) said that India needs to increase container production, promote the use of domestic containers, strengthen domestic shipping firms and enhance port infrastructure as higher freight costs, container shortage and dependence on major shipping hubs and foreign carriers pose serious challenges to the country’s exports.

On the global front, Asian markets were trading mostly in red with some of the major markets in the region closed. Meanwhile, Japan's industrial production expanded more-than-expected in July after falling in the previous month. The final data from the Ministry of Economy, Trade, and Industry showed that Industrial production advanced 3.1 percent on a monthly basis, reversing a 4.2 percent decrease in June. In the flash report, the rate of growth was 2.8 percent.

The BSE Sensex is currently trading at 82,877.71, down by 13.23 points or 0.02% after trading in a range of 82,832.82 and 83,184.34. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell by 0.03%, while Small cap index was up by 0.16%.

The top gaining sectoral indices on the BSE were Power up by 2.01%, Utilities up by 1.96%, Metal up by 1.1%, Realty up by 0.61% and Capital Goods up by 0.53%, while FMCG down by 0.74%, Information Technology down by 0.24%, Financial Services down by 0.09%, Services down by 0.05% and Energy down by 0.03% were the losing indices on BSE.

The top gainers on the Sensex were M&M up by 1.48%, NTPC up by 1.21%, JSW Steel up by 1.06%, Bharti Airtel up by 0.96% and Power Grid up by 0.93%. On the flip side, Bajaj Finance down by 2.91%, Hindustan Unilever down by 2.68%, Bajaj Finserv down by 2.17%, Ultratech Cement down by 0.63% and Asian Paints down by 0.55% were the top losers.

Meanwhile, In line with the Government of India’s vision to transform India into a global leader in innovation and entrepreneurship, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, is set to launch a digital platform ‘BHASKAR’, aimed at strengthening India’s startup ecosystem. 

The Bharat Startup Knowledge Access Registry (BHASKAR) initiative, under the Startup India program, is a platform designed to centralize, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies.

India, home to over 1,46,000 DPIIT-recognized startups, has rapidly become one of the world’s most dynamic startup hubs. BHASKAR seeks to leverage this potential by providing an all-encompassing, one-stop digital platform that addresses the challenges faced by entrepreneurs and investors alike. By serving as a centralized registry, BHASKAR will enable seamless access to a wide array of resources, tools, and knowledge that will help fuel the entrepreneurial journey from ideation to execution.

BHASKAR is designed to foster a conducive environment for networking, collaboration, and growth within the startup ecosystem. By providing personalized BHASKAR IDs for each stakeholder, the platform will facilitate easier interaction, enhance searchability, and allow for efficient discovery of relevant opportunities and partnerships.

The CNX Nifty is currently trading at 25,360.40, up by 3.90 points or 0.02% after trading in a range of 25,336.20 and 25,445.70. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 1.47%, Hindlaco Industries up by 1.34%, NTPC up by 1.27%, JSW Steel up by 1.24% and Eicher Motors up by 1.15%. On the flip side, Bajaj Finance down by 2.94%, Hindustan Unilever down by 2.47%, Bajaj Finserv down by 2.14%, SBI Life Insurance down by 1.45% and Britannia Industries down by 1.15% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 5.89 points or 0.03% to 17,363.20 and  Straits Times fell 6.24 points or 0.18% to 3,556.41, while Taiwan Weighted added 90.43 points or 0.41% to 21,850.08.
  RELATED NEWS >>
Most Viewed >>
September 06 , 2024
Expect new MPC members to be in place in time:
September 12 , 2024
Sensex plunges 398 points, Nifty breaches 25K
September 13 , 2024
Sensex ends 1,440 pts higher! Investor wealth
September 13 , 2024
Sebi considers new rules to curb risks as tiny
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.