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Markets trade at day’s low levels in late afternoon session
Apr-15-2024

Indian equity markets traded at day’s low levels in late afternoon session amid selling in front line counters. The broader indices, the BSE Mid cap index and Small cap index traded with cut of over one percent. Sentiments continued to hit as Inflation based on wholesale price index (WPI) increased in the month of March 2024 to 0.53% from 0.20% in February 2024, primarily due to increase in prices of food articles, electricity, crude petroleum & natural gas, machinery & equipment and other manufacturing etc. Traders overlooked report that India’s forex reserves jumped by $2.98 billion to a fresh peak of $648.562 billion for the week ended April 5. 

On the global front, Asian markets were trading mostly in red as Iran's drone attack against Israel sparked worried about inflation and the outlook for interest rates. However, European markets were trading mostly in green amid hopes that the Middle East conflict could be contained. Iran told the United Nations the barrage of drone strikes fired on Saturday towards Israel was a ‘legitimate’ defensive response to the attack in Damascus on April 1, which killed seven members of Tehran's Revolutionary Guard, including two generals.

The BSE Sensex is currently trading at 73576.91, down by 667.99 points or 0.90% after trading in a range of 73315.16 and 73905.80. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.29%, while Small cap index was down by 1.17%.

The only gaining sectoral indices on the BSE were Oil & Gas up by 0.95% and Energy was up by 0.74%, while IT down by 1.78%, Capital Goods down by 1.38%, TECK down by 1.33%, Industrials down by 1.25% and Bankex was down by 1.22% were the top losing indices on BSE.

The top gainers on the Sensex were Nestle up by 1.10%, Maruti Suzuki up by 0.91%, Reliance Industries up by 0.59%, Bharti Airtel up by 0.58% and NTPC up by 0.46%. On the flip side, Tech Mahindra down by 2.19%, Larsen & Toubro down by 2.06%, Bajaj Finserv down by 2.03%, ICICI Bank down by 1.95% and Wipro down by 1.94% were the top losers.

Meanwhile, inflation based on wholesale price index (WPI) increased in the month of March 2024 to 0.53% from 0.20% in February 2024, primarily due to increase in prices of food articles, electricity, crude petroleum & natural gas, machinery & equipment and other manufacturing etc.

The Component wise, primary articles index, having weight of 22.62%, increased 0.94% to 183.1 (provisional) in March 2024 from 181.4 (provisional) for the month of February 2024, on the back of surge in prices of crude petroleum & natural gas, food articles, minerals and non-food articles.

Fuel & Power index, having weight of 13.15%, increased 0.06% to 155.2 (provisional) in March 2024 from 155.1 (provisional) for the month of February 2024, due to rise in prices of electricity and mineral oils. However, prices of coal declined in March 2024 as compared to February 2024.

Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, increased 0.21% to 140.1 (provisional) in March 2024 from 139.8 (provisional) for the month of February 2024. Meanwhile, for the month of January 2024 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011- 12=100) stood at 151.2 and 0.33% respectively.

The CNX Nifty is currently trading at 22311.90, down by 207.50 points or 0.92% after trading in a range of 22263.55 and 22427.45. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were ONGC up by 6.17%, Hindalco up by 2.72%, Nestle up by 1.10%, Maruti Suzuki up by 1.04% and Reliance Industries up by 0.55%. On the flip side, Shriram Finance down by 2.34%, Larsen & Toubro down by 2.11%, Adani Enterprises down by 2.08%, Divi's Lab down by 2.07% and Bajaj Finserv down by 2.07% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 290.75 points or 0.74% to 39,232.80, Taiwan Weighted lost 286.8 points or 1.4% to 20,449.77, Hang Seng declined 121.23 points or 0.73% to 16,600.46, Straits Times fell 33.03 points or 1.03% to 3,183.88 and KOSPI was down by 11.39 points or 0.43% to 2,670.43. On the flip side, Shanghai Composite was up by 37.91 points or 1.24% to 3,057.38.

European markets were trading mostly in green; France’s CAC rose 52.37 points or 0.65% to 8,063.20 and Germany’s DAX was up by 159.47 points or 0.88% to 18,089.79. On the flip side, UK’s FTSE 100 decreased 31.71 points or 0.4% to 7,963.87.
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