Domestic indices trade lower with cut of around quarter percent

Domestic equity markets were trading in red with cut of around quarter a percent in late morning deals despite positive cues from the global markets. Selling in Maruti Suzuki, Tata Motors, Power Grid and SBI companies’ stocks dragged the markets lower. Traders were concerned amid foreign fund outflows. Foreign institutional investors (FIIs) offloaded shares worth Rs 2,832.83 crore on May 15. Market participants overlooked report that India's monsoon is forecast to hit the Kerala coast in the southwest on May 31, offering relief to farmers after below average rainfall last year. The monsoon, the lifeblood of the country's $3.5 trillion economy, delivers nearly 70% of the rain that India needs to water farms and recharge reservoirs and aquifers. However, broader indices were trading higher with BSE Mid cap index and Small cap index gaining in the range of 0.45-0.65%. 

On the global front, Asian markets were trading in green following positive cues from the US markets overnight. Back home, on the BSE sectoral front, traders were pilling up position in Realty, Telecom, TECK, Industrials and IT, while selling was witnessed in Auto, Utilities, Bankex, Power and Metal. 

The BSE Sensex is currently trading at 72828.36, down by 158.67 points or 0.22% after trading in a range of 72721.16 and 73396.75. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index up by 0.63%.

The top gaining sectoral indices on the BSE were Realty up by 1.29%, Telecom up by 0.90%, TECK up by 0.88%, Industrials up by 0.84% and IT up by 0.75%, while Auto down by 0.81%, Utilities down by 0.55%, Bankex down by 0.45%, Power down by 0.45% and Metal down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.80%, Tech Mahindra up by 1.27%, Infosys up by 1.05%, HCL up by 0.72% and Kotak Mahindra Bank up by 0.51%. On the flip side, Maruti Suzuki down by 2.54%, Tata Motors down by 1.62%, Power Grid down by 1.30%, SBI down by 1.26% and Nestle down by 1.16% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports rose marginally by 1.06 per cent to $34.99 billion in April 2024, as against $34.62 billion during the same period last year. Healthy growth in sectors such as electronics, chemicals, petroleum products and pharmaceuticals has helped in registering positive growth in exports despite global economic uncertainties. In March 2024, the exports had dipped to $41.68 billion from $41.96 billion a year ago.

According to the data, imports also increased by 10.25 per cent to $54.09 billion in April 2024 from $49.06 billion in April 2023 due to a significant jump in gold imports. The imports of precious metals more than doubled to $3.11 billion in April this year. Crude oil imports rose by 20.22 per cent to $16.5 billion. Trade deficit, or the gap between imports and exports, widened to a four-month high of $19.1 billion in April 2024 as against $14.44 billion in April last year.

It further stated that non-petroleum and non-gems & jewellery exports in April 2024 were $26.11 billion, compared to $25.77 billion in April 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2024 were $32.72 billion, compared to $32.13 billion in April 2023.

The CNX Nifty is currently trading at 22139.70, down by 60.85 points or 0.27% after trading in a range of 22105.95 and 22330.00. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 1.99%, Tech Mahindra up by 1.45%, Infosys up by 1.11%, LTIMindtree up by 0.98% and Apollo Hospital up by 0.88%. On the flip side, Maruti Suzuki down by 2.61%, Shriram Finance down by 1.94%, Eicher Motors down by 1.93%, Bajaj Auto down by 1.90% and Tata Motors down by 1.73% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 530.36 points or 1.38% to 38,938.54, Hang Seng advanced 364.37 points or 1.91% to 19,438.08, Taiwan Weighted added 157.05 points or 0.74% to 21,304.26, Jakarta Composite gained 65.28 points or 0.90% to 7,245.11, Straits Times rose 28.50 points or 0.87% to 3,318.60, KOSPI increased 20.12 points or 0.74% to 2,750.42 and Shanghai Composite was up by 16.70 points or 0.52% to 3,136.15.