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Markets continue to trade weak in late afternoon session
Apr-16-2024

Indian equity markets continued to reel under pressure in late afternoon session amid rising geopolitical tensions in the Middle East. Heavy selling pressure seen in IT and TECK sectors’ stocks. Sentiments were down beat as 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. Sector wise, Oil & Gas stocks remained in focus as the Indian government has increased the windfall tax on petroleum crude from Rs 6,800 to Rs 9,600 per metric ton, effective April 16. On the global front, all Asian markets were trading lower as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year. European markets were trading lower as investors ponder over a wider Middle East conflict and the outlook for U.S. interest rates.

The BSE Sensex is currently trading at 72865.30, down by 534.48 points or 0.73% after trading in a range of 72685.03 and 73135.43. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.19%, while Small cap index was up by 0.72%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 0.61%, Consumer Durables up by 0.40%, Energy up by 0.39%, Healthcare up by 0.36% and Industrials was up by 0.32%, while IT down by 2.12%, TECK down by 1.98%, Realty down by 0.69%, Bankex down by 0.58% and Metal was down by 0.43% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 0.93%, Hindustan Unilever up by 0.86%, HDFC Bank up by 0.54%, Maruti Suzuki up by 0.51% and Kotak Mahindra Bank up by 0.19%. On the flip side, Infosys down by 3.34%, Indusind Bank down by 2.94%, Wipro down by 2.73%, Bajaj Finserv down by 2.07% and HCL Tech down by 1.87% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data on ‘Overseas Direct Investment’ has showed that India’s outward foreign direct investment (OFDI) commitments rose 48.68% to $3919.84 million in March 2024 as against $2636.42 million in March 2023. Sequentially, OFDI commitments were also up from $3,671.94 million in February 2024.

According to the report, the equity commitments surged 168.43% to $2035.30 million in March 2024 from $758.22 million a year ago. It was also higher than $616.46 million recorded in February 2024. Loan commitments increased 101.81% to $1045.36 million in March 2024 from $517.98 million in March 2023. It was also higher than $ 254.2481 million in February 2024.

The report further noted that guarantees for overseas units however declined 38.31% to $839.1683 million in March 2024 as compared to $1360.22 million in March 2023. They were also lower compared to $2,801.24 million in February 2024.

The CNX Nifty is currently trading at 22133.35, down by 139.15 points or 0.62% after trading in a range of 22079.45 and 22213.75. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 3.06%, Divi's Lab up by 1.31%, Titan Company up by 1.02%, ONGC up by 0.93% and Hindustan Unilever up by 0.87%. On the flip side, Infosys down by 3.38%, Indusind Bank down by 3.19%, LTIMindtree down by 2.90%, Wipro down by 2.62% and Bajaj Finserv down by 2.10% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 761.6 points or 1.98% to 38,471.20, Taiwan Weighted lost 547.81 points or 2.75% to 19,901.96, Hang Seng declined 351.49 points or 2.16% to 16,248.97, Jakarta Composite plunged 111.26 points or 1.53% to 7,175.62, KOSPI dropped 60.80 points or 2.33% to 2,609.63, Shanghai Composite weakened 50.31 points or 1.67% to 3,007.07 and Straits Times was down by 35.64 points or 1.12% to 3,147.97.

European markets were trading lower; UK’s FTSE 100 decreased 120.57 points or 1.51% to 7,844.96, France’s CAC fell 113.25 points or 1.41% to 7,931.86 and Germany’s DAX was down by 258.8 points or 1.44% to 17,767.78.
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