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Bourses turn negative in late afternoon session
Sep-18-2024

Indian equity markets erased their initial gains and turned negative in late afternoon session ahead of the US Federal Reserve's FOMC decision. Traders were cautious as 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. On the global front, Asian markets were trading mixed as investors waited for the U.S. Federal Reserve's first cut to interest rates in more than four years. European markets were trading lower amid Fed is widely expected to announce its first interest rate cut in over four years. Market expectations currently point to a smaller cut following better-than-expected retail sales data released overnight.

The BSE Sensex is currently trading at 82910.38, down by 169.28 points or 0.20% after trading in a range of 82700.63 and 83326.38. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.90%, while Small cap index was down by 0.62%.

The only gaining sectoral indices on the BSE were Bankex up by 1.09% and Utilities was up by 0.02%, while IT down by 3.35%, TECK down by 2.71%, Healthcare down by 1.56%, Oil & Gas down by 1.14% and Consumer Durables was down by 1.03% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 3.89%, Bajaj Finserv up by 2.20%, ICICI Bank up by 1.86%, HDFC Bank up by 1.51% and SBI up by 1.12%. On the flip side, TCS down by 3.96%, HCL Tech. down by 3.58%, Infosys down by 3.45%, Tech Mahindra down by 3.06% and Tata Steel down by 1.83% were the top losers.

Meanwhile, Farmers' body Federation of All India Farmer Associations (FAIFA) has said that the government's initiatives for digital revolution in agriculture will go a long way in arresting the exodus of youth from agriculture. FAIFA said the recently announced seven schemes totaling Rs 14,000 crore will play a key role in stopping the movement of the youth from rural to urban and from farming to other professions.

According to FAIFA President Javare Gowda, these new schemes are not just about technological integration. This will help in relieving agrarian distress caused by climate variations and market uncertainties that have made agriculture unlucrative for the country’s youth. FAIFA said these schemes are likely to create new jobs, and the demand and creation of different skill sets will open more opportunities for the youth of rural India in the times to come.

Besides, Farmers' body noted that the Digital Agriculture Mission (DAM), a key element of which is the development of an 'agri stack' encompassing a farmers registry, village land maps registry, and crop sown registry, will act as a comprehensive database, maintaining detailed records on farmers, land use, and crop patterns.

The CNX Nifty is currently trading at 25343.15, down by 75.40 points or 0.30% after trading in a range of 25285.55 and 25482.20. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.67%, Bajaj Finance up by 3.77%, Bajaj Finserv up by 2.23%, ICICI Bank up by 1.88% and HDFC Bank up by 1.45%. On the flip side, TCS down by 4.04%, HCL Tech down by 3.66%, Infosys down by 3.51%, Tech Mahindra down by 3.17% and Wipro down by 3.01% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 176.95 points or 0.49% to 36,380.17, Shanghai Composite strengthened 13.19 points or 0.49% to 2,717.28 and Jakarta Composite was up by 0.23 points or 0% to 7,832.01. On the flip side, Straits Times fell 4.97 points or 0.14% to 3,588.45 and Taiwan Weighted was down by 171.24 points or 0.79% to 21,678.84.

European markets were trading lower; UK’s FTSE 100 decreased 32.6 points or 0.39% to 8,277.26, France’s CAC fell 14.33 points or 0.19% to 7,473.09 and Germany’s DAX was down by 2 points or 0.01% to 18,724.08.
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