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Bourses trim some gains in late afternoon session
Sep-19-2024

Indian equity markets trimmed some of their gains but continued to trade in green in late afternoon session following positive cues from European markets. Traders took note of private report that the South Asian nation’s Economic Affairs Secretary Ajay Seth said The U.S. Federal Reserve’s decision to cut interest rates will not significantly impact inflows into India.  Sentiments remained positive as the Commerce and Industry Minister Piyush Goyal has said that the country's merchandise and services exports will cross $825 billion despite global challenges.

On the global front, all Asian markets were trading higher after the U.S. Federal Reserve announced a larger-than-usual 50-bps reduction in borrowing costs and signaled further easing in the months ahead, reflecting its new focus on bolstering the job market. European markets were trading higher after the U.S. Federal Reserve slashed its key rate by 50 basis points and signaled further easing, raising hopes of a soft landing for the world's largest economy.

The BSE Sensex is currently trading at 83168.20, up by 219.97 points or 0.27% after trading in a range of 83071.66 and 83773.61. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.27%, while Small cap index was down by 1.66%.

The few gaining sectoral indices on the BSE were FMCG up by 0.49%, Bankex up by 0.39% and Consumer Durables was up by 0.13%, while Telecom down by 4.04%, Industrials down by 2.08%, Oil & Gas down by 2.08%, Capital Goods down by 1.99% and PSU was down by 1.79% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 2.42%, NTPC up by 2.30%, Kotak Mahindra Bank up by 1.59%, Hindustan Unilever up by 1.57% and Maruti Suzuki up by 1.43%. On the flip side, Adani Ports down by 1.50%, TCS down by 1.37%, Larsen & Toubro down by 1.20%, HCL Tech down by 1.13% and JSW Steel down by 0.99% were the top losers.

Meanwhile, with an aim to improve the socio-economic condition of tribal communities, the Union Cabinet has approved Pradhan Mantri Janjatiya Unnat Gram Abhiyan with total outlay of Rs 79,156 crore (Central Share: Rs 56,333 crore and State Share: Rs 22,823 crore) by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts.

This will cover around 63,000 villages benefitting more than 5 crore tribal people as announced in the Budget Speech 2024-25. It will cover 549 districts and 2,740 blocks spread across all tribal majority villages across 30 States / UTs.

India has ST population of 10.45 crore as per 2011 census and there are more than 705 tribal communities, spread across the country, living in remote and hard-to-reach areas. The Pradhan Mantri Janjatiya Unnat Gram Abhiyan envisions saturation of critical gaps in social infrastructure, health, education, livelihood, through different schemes of Government of India by convergence and outreach and ensures holistic and sustainable development of tribal areas and communities based on learnings and success of PMJANMAN (Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan).

The CNX Nifty is currently trading at 25413.95, up by 36.40 points or 0.14% after trading in a range of 25376.05 and 25611.95. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Nestle up by 2.29%, NTPC up by 2.11%, Hindustan Unilever up by 1.64%, Kotak Mahindra Bank up by 1.54% and Maruti Suzuki up by 1.43%. On the flip side, BPCL down by 3.32%, ONGC down by 1.88%, Shriram Finance down by 1.88%, Coal India down by 1.67% and Adani Ports down by 1.54% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 775.16 points or 2.09% to 37,155.33, Taiwan Weighted added 363.85 points or 1.65% to 22,042.69, Hang Seng advanced 353.14 points or 1.96% to 18,013.16, Jakarta Composite gained 75.18 points or 0.95% to 7,904.32, Straits Times rose 34.7 points or 0.97% to 3,627.12, Shanghai Composite strengthened 18.74 points or 0.68% to 2,736.02 and KOSPI was up by 5.39 points or 0.21% to 2,580.80.

European markets were trading higher; UK’s FTSE 100 increased 78.99 points or 0.96% to 8,332.67, France’s CAC rose 124.03 points or 1.67% to 7,568.93 and Germany’s DAX was up by 202.05 points or 1.08% to 18,913.54.
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