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Bourses trade higher in late afternoon session
Apr-23-2024

In a volatile trading session, markets continued to trade in green in late afternoon session ahead of monthly F&O Expiry. The BSE Mid cap index and Small cap index traded with hefty gains. Investors continued to take support as HSBC Flash India Composite PMI Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -surged to 62.2 in April from 61.8 in March, indicating the fastest rate of increase in aggregate business activity since mid-2010. The economic growth across India's private sector continued to strengthen in April, as positive demand trends fuelled new business intakes and output. On the global front, Asian markets were trading mostly in green with hopes for earnings this week from tech titans helping to offset worries about the Federal Reserve's interest rate plans ahead of the release of key US growth and inflation data. European markets were trading higher after a preliminary survey showed private sector activity in Germany unexpectedly returned to growth in April as the services sector outperformed.

The BSE Sensex is currently trading at 73890.11, up by 241.49 points or 0.33% after trading in a range of 73707.34 and 74059.89. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.73%, while Small cap index was up by 1.08%.

The top gaining sectoral indices on the BSE were Telecom up by 4.51%, Realty up by 2.74%, TECK up by 1.48%, Utilities up by 1.09% and Consumer Discretionary was up by 0.97%, while Healthcare down by 0.36%, Oil & Gas down by 0.31% and Energy was down by 0.31% were the few losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.51%, Tata Motors up by 2.00%, HCL Tech up by 1.99%, Nestle up by 1.82% and Maruti Suzuki up by 1.66%. On the flip side, Sun Pharma down by 3.58%, Reliance Industries down by 0.78%, Mahindra & Mahindra down by 0.66%, HDFC Bank down by 0.51% and Larsen & Toubro down by 0.42% were the top losers.

Meanwhile, the economic growth across India's private sector continued to strengthen in April, as positive demand trends fuelled new business intakes and output. The manufacturing industry led the latest upturn, as was the case in March, although softening growth at goods producers compared with accelerations at service providers.

The headline HSBC Flash India Composite PMI Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -surged to 62.2 in April from 61.8 in March, indicating the fastest rate of increase in aggregate business activity since mid-2010. According to the HSBC Flash India PMI data, sustained increases in new orders added pressure on the capacity of manufacturing firms and their services counterparts, which in turn underpinned recruitment. Jobs growth was notably stronger among the former. 

On the price front, input cost inflation receded at both manufacturing companies and their services counterparts, with the latter noting the faster rise. The labour costs were the main factor behind rising expenses at service providers. At the composite level, the rate of increase was below its long-run average. Finally, the latest results showed a pick-up in business confidence during April. The composite Future Output Index rose from March's four-month low and was above the series average (since April 2012).

The CNX Nifty is currently trading at 22400.65, up by 64.25 points or 0.29% after trading in a range of 22355.85 and 22447.55. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 3.64%, Bharti Airtel up by 3.50%, Tata Motors up by 2.02%, HCL Tech up by 1.97% and Nestle up by 1.82%. On the flip side, Sun Pharma down by 3.65%, BPCL down by 0.86%, Reliance Industries down by 0.74%, Mahindra & Mahindra down by 0.67% and Apollo Hospital down by 0.57% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 317.24 points or 1.89% to 16,828.93, Taiwan Weighted added 188.06 points or 0.96% to 19,599.28, Nikkei 225 surged 113.55 points or 0.3% to 37,552.16, Jakarta Composite gained 52.58 points or 0.74% to 7,126.40 and Straits Times was up by 44.26 points or 1.35% to 3,269.43. On the flip side, KOSPI dropped 6.42 points or 0.24% to 2,623.02 and Shanghai Composite was down by 22.62 points or 0.75% to 3,021.98.

European markets were trading higher; UK’s FTSE 100 increased 18.84 points or 0.23% to 8,042.71, France’s CAC rose 25.61 points or 0.32% to 8,065.97 and Germany’s DAX was up by 109.86 points or 0.62% to 17,970.66.
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