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Domestic indices remain in red in late morning deals
Apr-16-2024

Domestic equity indices remained in red in late morning deals on account of selling by funds and retail investors. Weak cues from the global markets weighed on the domestic sentiments. Sentiments were weak as geopolitical tensions persisted and robust U.S. consumer spending data for March added to concerns about the outlook for interest rates. Further, rising crude oil prices and U.S. Treasury yields also weighed on the domestic sentiments. Further, foreign fund outflows also dented sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 3,268 crore on April 15, provisional data from the NSE showed. On the BSE sectoral front, traders were seen pilling up position in Oil & Gas, Energy, Consumer Durables, PSU and Metal, while selling was witnessed in IT, TECK, Bankex and Realty. 

On the global front, Asian markets were trading in red following weak cues from the US markets over night. Market participants overlooked report that China’s economy grew 5.3% in the first quarter compared with a year ago, faster than the 4.6% growth expected by street.  Back home, in the stock specific development, Happy Forgings jumped after the company secured an order worth Rs 500 crore. 

The BSE Sensex is currently trading at 73063.19, down by 336.59 points or 0.46% after trading in a range of 72814.15 and 73135.43. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index up by 1.00%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.83%, Energy up by 1.21%, Consumer Durables up by 0.73%, PSU up by 0.61% and Metal up by 0.57%, while IT down by 1.13%, TECK down by 1.07%, Bankex down by 0.49% and Realty down by 0.41% were the top losing indices on BSE.

The top gainers on the Sensex were Titan up by 1.04%, Nestle up by 0.76%, Tata Steel up by 0.59%, Hindustan Unilever up by 0.57% and HDFC Bank up by 0.49%. On the flip side, Infosys down by 2.27%, Indusind Bank down by 1.90%, Bajaj Finserv down by 1.71%, Bajaj Finance down by 1.66% and Larsen & Toubro down by 1.05% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports declined marginally in March 2024 to $41.68 billion, while for the entire 2023-24 it dipped 3.11 per cent to $437.06 billion, as geopolitical issues continued to hamper global shipments. Imports, too, declined 5.98 per cent to $57.28 billion in March, taking the trade deficit to $15.6 billion during the month. 

According to the data, merchandise exports for the period FY 2023-24 (April-March) were $437.06 billion as against $451.07 billion during FY 2022-23. Merchandise imports for the period FY 2023-24 were $677.24 billion as against $715.97 billion during FY 2022-23. The merchandise trade deficit for FY 2023-24 was estimated at $240.17 billion as against $264.90 billion during FY 2022-23. 

Non-petroleum and non-gems & jewellery exports in March 2024 were $33.67 billion, compared to $30.87 billion in March 2023. Non-petroleum and non-gems & jewellery exports during FY 2023-24 was $320.21 billion, as compared to $315.64 billion in FY 2022-23. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2024 were $35.21 billion, compared to $36.51 billion in March 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $422.80 billion in FY 2023-24 as compared to $435.54 billion in FY 2022-23. 

The CNX Nifty is currently trading at 22189.30, down by 83.20 points or 0.37% after trading in a range of 22103.85 and 22213.75. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were ONGC up by 4.13%, Eicher Motors up by 3.54%, BPCL up by 1.33%, Hindalco up by 0.98% and Titan up by 0.85%. On the flip side, LTIMindtree down by 2.84%, Infosys down by 2.27%, Indusind Bank down by 1.94%, Bajaj Finserv down by 1.74% and Bajaj Finance down by 1.67% were the top losers.

All Asian markets were trading lower; Hang Seng declined 259.67 points or 1.56% to 16,340.79, Nikkei 225 slipped 727.36 points or 1.85% to 38,505.44, Taiwan Weighted lost 492.72 points or 2.47% to 19,957.05, Straits Times fell 42.04 points or 1.32% to 3,141.57, KOSPI dropped 57.05 points or 2.14% to 2,613.38, Shanghai Composite weakened 20.84 points or 0.68% to 3,036.54 and Jakarta Composite plunged 142.33 points or 1.99% to 7,144.55. 
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