HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Benchmarks extend losses in morning deals
May-09-2024

Indian equity benchmarks extended losses in morning deals, dragged by losses in Capital Goods, Energy and Industrials stocks. Selling pressure from foreign investors, coupled with uncertainty around the country's ongoing elections have kept investors jittery.  According to the provisional data available on the NSE, Foreign institutional investors (FII) offloaded shares worth net Rs 6,669.10 crore on Wednesday. Traders also remained cautious amid a private report that India's consumer price inflation is likely to have eased to 4.80% in April, just shy of March's rate as food inflation remains sticky. As per the report, with parts of the country experiencing a heatwave, food prices continue to pose an additional risk to India's inflation trajectory. On the global front, Asian markets are trading mostly in green after solid Chinese trade data added to signs domestic demand in the world's second-largest economy is picking up, while the yen stabilised after three days of declines as Japan talked up potential currency interventions. 

The BSE Sensex is currently trading at 72947.81, down by 518.58 points or 0.71% after trading in a range of 72886.96 and 73499.49. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.49%, while Small cap index was down by 0.60%.

The few gaining sectoral indices on the BSE were Auto up by 1.27% and Consumer Discretionary up by 0.34%, while Capital Goods down by 1.51%, Energy down by 1.26%, Industrials down by 1.21%, Oil & Gas down by 1.20% and Metal down by 1.09% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.08%, Tata Motors up by 1.08%, Maruti Suzuki up by 0.55%, HCL Technologies up by 0.23% and Hindustan Unilever up by 0.23%. On the flip side, Larsen & Toubro down by 3.85%, Tech Mahindra down by 1.78%, JSW Steel down by 1.63%, TCS down by 1.36% and Wipro down by 1.22% were the top losers.

Meanwhile, Reserve Bank of India (RBI) has said that its Governor Shaktikanta Das has discussed with banks and other stakeholders ways to scale up the UPI ecosystem, expand products and foster innovative payment solutions. UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.

It stated he held a meeting with major stakeholders in the UPI ecosystem - banks, NPCI, third-party application providers and technology service providers - to discuss potential strategies for further expanding the reach of UPI. It said ‘There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI. The stakeholders shared their valuable inputs and suggestions.’

The discussions broadly covered strategies for scaling up UPI infrastructure and expanding product portfolio, and challenges being encountered by the ecosystem and innovative solutions for addressing the same. The deliberations focused on innovative ideas to integrate potential users into the digital payments ecosystem. Further, it said the various suggestions received will be examined and suitable action will be initiated in due course by the Reserve Bank. The meeting was also attended by RBI Deputy Governor T Rabi Sankar and other senior officials of the central bank.

The CNX Nifty is currently trading at 22158.85, down by 143.65 points or 0.64% after trading in a range of 22130.15 and 22307.75. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 5.16%, Bajaj Auto up by 2.24%, Mahindra & Mahindra up by 1.97%, Tata Motors up by 0.92% and Eicher Motors up by 0.67%. On the flip side, Larsen & Toubro down by 4.16%, Divi's Lab down by 2.63%, Tech Mahindra down by 1.90%, BPCL down by 1.70% and JSW Steel down by 1.69% were the top losers.

Asian markets are trading mostly in green; Shanghai Composite strengthened 28.48 points or 0.9% to 3,156.96, Nikkei 225 surged 35.88 points or 0.09% to 38,238.25, Hang Seng advanced 224.71 points or 1.21% to 18,538.57 and Straits Times rose 1.54 points or 0.05% to 3,266.07.

On the flip side, Taiwan Weighted lost 36.03 points or 0.17% to 20,664.48 and KOSPI dropped 31.31 points or 1.14% to 2,713.74.
  RELATED NEWS >>
Most Viewed >>
May 13 , 2024
Pvt sector capex likely to expand amid expecta
May 13 , 2024
Record additions of new SIPs give local funds
May 14 , 2024
MFs lap up commodity and metal stocks; some bu
May 15 , 2024
Demat account additions flat at 31 lakh in Apr
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.