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Sensex, Nifty trade in red terrain
Jun-24-2019

Indian equity markets were trading in red terrain in late afternoon session, tracking weak European markets. In line with the larger peers, the broader markets were to lingering under pressure, while ONGC performed worst among major industry leaders on the BSE.  The street got worried, as the Federation of Indian Chamber of Commerce and Industry (FICCI) in its quarterly survey found that sentiment in the manufacturing sector remains subdued as the proportion of respondents reporting higher output growth during Q1 (April-June) of 2019-20 has dropped to 41 percent as against 54 percent  in January-March (Q4) of 2018-19.  The street took a note of Industry body CII’s statement that states should have the power to determine minimum wages as the concept of a national minimum wage will affect job creation.

On the global front, European markets were trading in red, as Germany's business sentiment weakened in June. The ifo business confidence index dropped to 97.4 in June from 97.9 in May. The score was forecast to fall to 97.5. The current conditions index came in at 100.8. May's initial reading was 100.6. Asian markets were trading mixed.

The BSE Sensex is currently trading at 39065.45, down by 129.04 points or 0.33% after trading in a range of 39040.01 and 39300.02. There were 11 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.46%, while Small cap index was down by 0.14%.

The top gaining sectoral indices on the BSE were FMCG up by 0.14%, Capital Goods up by 0.12%, Power up by 0.12%, Telecom up by 0.03% and Healthcare up by 0.03%, while Oil & Gas down by 1.86%, Metal down by 1.47%, Energy down by 1.46%, Realty down by 1.10% and Basic Materials down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 2.33%, Mahindra & Mahindra up by 1.08%, SBI up by 0.90%, TCS up by 0.90% and ITC up by 0.78%. On the flip side, ONGC down by 3.42%, Tata Steel down by 2.79%, Vedanta down by 2.52%, Bajaj Auto down by 2.10% and Reliance Industries down by 1.50% were the top losers.

Meanwhile, with efforts towards growth of the country, Think tank Niti Aayog has said that expert panel for macroeconomics and employment suggested ways to achieve $5 trillion economy target during an interaction with Prime Minister Narendra Modi.

The Niti Aayog further said that improvement of governance in PSU banks, enhancing growth rate of exports & employment generation were some of the key areas identified. During interactive session, Prime Minister interacted with economists and experts on the theme ‘Economic Policy – The Road Ahead’. All participants made a case for ‘single minded pursuit’ to achieve growth.

The participants also shared their views, in five distinct groups, on the economic themes of macro-economy and employment, agriculture and water resources, exports, education, and health.

The CNX Nifty is currently trading at 11672.55, down by 51.55 points or 0.44% after trading in a range of 11670.70 and 11754.00. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were UPL up by 4.26%, Yes Bank up by 1.92%, Coal India up by 1.28%, Indiabulls Housing Finance up by 1.11% and Mahindra & Mahindra up by 1.00%. On the flip side, JSW Steel down by 3.63%, ONGC down by 3.42%, Tata Steel down by 2.98%, Vedanta down by 2.58% and Bajaj Auto down by 2.21% were the top losers.

Asian markets were trading mixed; Shanghai Composite gained 0.76 points or 0.03% to 3,002.74, KOSPI rose 0.71 points or 0.03% to 2,126.33, Hang Seng increased 5.89 points or 0.02% to 28,479.60 and Nikkei 225 was up by 27.35 points or 0.13% to 21,285.99. On the other hand, Straits Times trembled 15.68 points or 0.47% to 3,305.72, Jakarta Composite lost 5.88 points or 0.09% to 6,309.56 and Taiwan Weighted was down by 24.32 points or 0.23% to 10,779.45.

European markets were trading mostly in red; CAC lost 8.84 points or 0.16% to 5,519.49 and DAX was down by 57.37 points or 0.46% to 12,282.55. On the flip side, FTSE was up by 5.93 points or 0.08% to 7,413.43.
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