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Benchmarks erase gains to trade lower in morning deals
Apr-26-2024

Indian equity benchmarks erased initial gains and were trading lower in morning deals, due to losses in Telecom, Banking and Realty stocks. Traders turned cautious with provisional data from the NSE showed foreign institutional investors (FIIs) net sold Rs 2,823.33 crore shares on April 25, 2024. Traders overlooked report by Engineering Export Promotion Council (EEPC) stated that India's engineering goods including steel and machinery exports rose 10.7% year-on-year in March to $11.28 billion, growing in double digits for the second straight month, despite ongoing supply issues caused by disruption to shipping through the Red Sea. On the sectoral front, power stocks remained in watch with Fitch Ratings expects India's power demand to rise by 7-8 per cent year-on-year in second quarter of 2024 due to robust industrial activity, strong GDP growth and the Indian Meteorological Department's (IMD) forecast of above-normal temperatures during the summer months. On the global front, Asian markets are trading mostly in green despite the broadly negative cues from Wall Street overnight, as traders remained cautious and were reluctant to take up long positions ahead of key data from the U.S. 

The BSE Sensex is currently trading at 74128.20, down by 211.24 points or 0.28% after trading in a range of 74120.86 and 74515.91. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.42%, while Small cap index was up by 0.22%.

The top gaining sectoral indices on the BSE were IT up by 1.08%, Consumer Durables up by 0.95%, TECK up by 0.62%, Auto up by 0.32% and Consumer discretionary up by 0.30%, while Telecom down by 0.66%, Bankex down by 0.25%, Realty down by 0.21%, Capital Goods down by 0.15% and Metal down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 9.10%, Wipro up by 1.93%, HCL Technologies up by 1.14%, Maruti Suzuki up by 0.46% and Hindustan Unilever up by 0.44%. On the flip side, Bajaj Finance down by 6.53%, Bajaj Finserv down by 3.01%, Nestle down by 1.62%, Indusind Bank down by 1.22% and JSW Steel down by 1.06% were the top losers.

Meanwhile, United Nations Conference on Trade and Development (UNCTAD) in its latest report has said that India's services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to $381 billion. Sectors that contribute to India's services export growth include travel, transport, medical and hospitality.

It stated with an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed $7.9 trillion in 2023. It added the leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia.

Further, it said India's services imports, however, dipped marginally by 0.4 per cent to $248 billion last year. India's service exports have historically been concentrated in North America and Europe, but there is also significant potential for growth in emerging markets, such as Asia, Africa, and Latin America.

The CNX Nifty is currently trading at 22527.45, down by 42.90 points or 0.19% after trading in a range of 22507.50 and 22620.40. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 9.14%, LTIMindtree up by 3.15%, Divi's Lab up by 3.07%, Bajaj Auto up by 2.21% and Wipro up by 2.04%. On the flip side, Bajaj Finance down by 6.61%, Bajaj Finserv down by 2.95%, Nestle down by 1.66%, Indusind Bank down by 1.34% and Tata Consumer Product down by 1.32% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 403.92 points or 1.07% to 38,032.40, Taiwan Weighted added 310.47 points or 1.56% to 20,167.89, Hang Seng advanced 342.21 points or 1.94% to 17,626.75, KOSPI increased 29.35 points or 1.12% to 2,657.97 and Shanghai Composite strengthened 24.02 points or 0.78% to 3,076.92.

On the flip side, Straits Times fell 1.14 points or 0.03% to 3,286.61 and Jakarta Composite plunged 39.3 points or 0.55% to 7,115.99. 
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