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Domestic equity indices hit new record highs
Sep-18-2024

Domestic equity indices hit new record highs and were trading near day's highs in late morning deals led by HDFC, ICICI, RIL and Bajaj Finance. Foreign fund inflows aided sentiments. The foreign institutional investors (FIIs) bought equities worth Rs 482.69 crore on September 17. Some support came in as Crisil Ratings said that the recent developments in Bangladesh did not have a significant impact on India's trade and it does not foresee any near-term impact on the credit quality of India Inc. Traders took a note of report that India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations. On the BSE front, traders were seen pilling positions in Bankex, Auto, Capital Goods, PSU and Utilities, while selling was witnessed in IT, TECK, Healthcare, Consumer Durables and Metal.

On the global front, Asian markets were trading mostly in red ahead of a Federal Reserve meeting later in the day, where the U.S. central bank is expected to initiate a rate cut cycle. Back home, Oil exploration companies were in focus as Centre scrapped windfall tax on crude oil from Rs 1,850 per tonne amid ease in oil prices. This is the second time the government has cut windfall tax on crude oil to nil. Previously, on April 4, 2023, the centre had reduced it to zero.

The BSE Sensex is currently trading at 83223.49, up by 143.83 points or 0.17% after trading in a range of 82949.42 and 83310.32. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.38%, while Small cap index down by 0.17%.

The top gaining sectoral indices on the BSE were Bankex up by 0.95%, Auto up by 0.41%, Capital Goods up by 0.24%, PSU up by 0.21% and Utilities up by 0.18%, while IT down by 2.75%, TECK down by 2.14%, Healthcare down by 0.67%, Consumer Durables down by 0.46% and Metal down by 0.43% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.53%, HDFC Bank up by 1.57%, SBI up by 1.36%, Mahindra & Mahindra up by 1.36% and Larsen & Toubro up by 1.28%. On the flip side, Tech Mahindra down by 3.60%, TCS down by 2.97%, Infosys down by 2.80%, HCL  down by 2.55% and Tata Steel down by 0.79% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise export dipped 9.32 per cent to $34.71 billion in August 2024 from $38.28 billion in the year-ago month, due to global economic uncertainties. However, imports increased by 3.3 per cent to $64.36 billion in August as compared to $62.3 billion a year ago, due to a significant jump in the inbound shipments of gold and silver.  The trade deficit, or the gap between imports and exports, widened to $29.65 billion in August from $24.2 billion in the same month last year.

According to the data, merchandise exports during April-August 2024 were $178.68 billion as compared to $176.67 billion during April-August 2023. Merchandise imports during April-August 2024 were $295.32 billion compared to $275.83 billion during April-August 2023. Merchandise trade deficit during April-August 2024 was $116.64 billion compared to $99.16 billion during April-August 2023.

It further stated that non-petroleum and non-gems & jewellery exports in August 2024 were $26.76 billion compared to $26.14 billion in August 2023. Non-petroleum and non-gems & jewellery exports in April-August 2024 were $135.75 billion, compared to $128.95 billion in April-August 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in August 2024 were $40.65 billion compared to $38.88 billion in August 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-August 2024 were $186.25 billion, compared to $177.13 billion in April-August 2023. 

The CNX Nifty is currently trading at 25457.10, up by 38.55 points or 0.15% after trading in a range of 25380.80 and 25478.60. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 3.07%, Bajaj Finance up by 2.49%, HDFC Bank up by 1.63%, Hero MotoCorp up by 1.59% and SBI up by 1.40%. On the flip side, Tech Mahindra down by 3.59%, TCS down by 3.11%, Wipro down by 2.80%, Infosys down by 2.72% and HCL down by 2.51% were the top losers.

Asian markets were trading mostly in red; Shanghai Composite weakened 6.42 points or 0.24% to 2,697.67, Straits Times fell 5.81 points or 0.16% to 3,587.61 and Taiwan Weighted lost 240.39 points or 1.11% to 21,609.69. However, Nikkei 225 surged 131.73 points or 0.36% to 36,334.95 and Jakarta Composite gained 4.21 points or 0.05% to 7,835.99.
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