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Bourses come off from day’s high levels in late afternoon session
Apr-18-2024

Indian equity markets come off from day’s high levels in late afternoon session amid profit booking.  Currently, markets traded in red territory. The broader indices, the BSE Mid cap index and Small cap index trimmed some of their gains. Traders kept closed eye on Q4FY24 earnings. Investors overlooked report that the PHD Chamber of Commerce and Industry (PHDCCI) has said that India's Gross domestic product (GDP) is estimated to grow at 8-8.3 per cent in the current fiscal (FY25). It also said the country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a $34.7 trillion economy by 2047, with a per capita income of $21,000. On the global front, all Asian markets were trading higher as investors assessed U.S. interest rate outlook, with banking shares leading the gains. European markets were trading higher as investors kept a close eye on developments in the Middle East and awaited comments later today from Bank of England policymaker Megan Greene for further clues on when the central might lower interest rates. 

The BSE Sensex is currently trading at 72787.12, down by 156.56 points or 0.21% after trading in a range of 72679.88 and 73473.05. There were 9 stocks advancing against 21 stocks declining on the index. 

The broader indices were trading in green; the BSE Mid cap index gained 0.57%, while Small cap index was up by 0.83%.

The top gaining sectoral indices on the BSE were Telecom up by 2.67%, TECK up by 1.33%, Utilities up by 0.91%, Basic Materials up by 0.85% and Metal was up by 0.80%, while Healthcare down by 0.58%, Bankex down by 0.45%, Consumer Durables down by 0.41%, FMCG down by 0.34% and Energy was down by 0.29% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 5.04%, Power Grid up by 2.50%, Tata Steel up by 0.97%, Infosys up by 0.79% and JSW Steel up by 0.74%. On the flip side, Nestle down by 3.48%, Axis Bank down by 2.52%, Titan Company down by 2.22%, Sun Pharma down by 1.04% and NTPC down by 0.92% were the top losers.

Meanwhile, with an aim to attract offshore investors in satellite manufacturing and satellite launch vehicles segments, the government has amended the foreign direct investment (FDI) policy in the space sector. The notification comes days ahead of the scheduled visit of Tesla CEO Elon Musk who is expected to meet with various Indian space companies during his visit from April 21 to 22, 2024. 

The new rules, known as the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024, provide a liberalized entry route for FDI in satellites, launch vehicles, spaceports, and manufacturing space-related components and systems. As per the notification, up to 74 per cent FDI for satellite manufacturing & operation, satellite data products and ground segment & user segment are allowed under automatic route. Beyond 74 per cent these activities are under government route.

Further, FDI up to 49 per cent is allowed for Launch Vehicles and associated systems or subsystems, Creation of Spaceports for launching and receiving Spacecraft are under automatic route but beyond 49 per cent government permission would be required. Besides, 100 per cent FDI allowed for manufacturing of components and systems/ sub-systems for satellites, ground segment and user segment without government permission.

The CNX Nifty is currently trading at 22104.90, down by 43.00 points or 0.19% after trading in a range of 22080.95 and 22326.50. There were 19 stocks advancing against 31 stocks declining on the index. 

The top gainers on Nifty were Bharti Airtel up by 5.04%, Power Grid up by 2.53%, Hindalco up by 1.97%, Bajaj Auto up by 1.74% and HDFC Life Insurance up by 1.27%. On the flip side, Nestle down by 3.46%, Axis Bank down by 2.46%, Titan Company down by 2.22%, Apollo Hospital down by 2.08% and ONGC down by 1.87% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 134.03 points or 0.82% to 16,385.87, Nikkei 225 surged 117.9 points or 0.31% to 38,079.70, Taiwan Weighted added 87.87 points or 0.43% to 20,301.20, KOSPI increased 50.52 points or 1.92% to 2,634.70, Jakarta Composite gained 40.51 points or 0.57% to 7,171.35, Straits Times rose 35.77 points or 1.13% to 3,190.46 and Shanghai Composite was up by 2.84 points or 0.09% to 3,074.22.

European markets were trading higher; UK’s FTSE 100 increased 35.87 points or 0.46% to 7,883.86, France’s CAC rose 45.86 points or 0.57% to 8,027.37 and Germany’s DAX was up by 26.87 points or 0.15% to 17,796.89.
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