Post Session: Quick Review

Indian equity benchmarks ended in red on Thursday ahead of India’s Q1 Gross Domestic Product (GDP) data to be out later in the day and amid August F&O expiry. Besides, selling in Adani group stocks dampened sentiments in markets after the non-profit Organized Crime and Corruption Reporting Project (OCCRP) released new details on allegations that the Adani Family partners had invested millions to buy own group shares through opaque investment funds based in the island nation of Mauritius. Sector wise, heavy selling pressure was witnessed in Oil & Gas sector stocks. 

After making positive start, indices failed to hold onto their gains and slipped in red terrain as foreign fund outflows dampened investors sentiments. Traders were cautious as CareEdge Ratings in its latest report said the India’s rural demand is vulnerable and could be further impacted by the ‘dual blows’ of lower income and high food inflation owing to an erratic monsoon. Investors ignored Finance Minister Nirmala Sitharaman’s statement that Indian inflation will remain steady in coming months, despite short-term rises in the prices of certain food items. In afternoon session, markets extended their downside, as sentiments got hit after Reserve Bank of India (RBI) in its latest report said that listed private non-financial companies’ sales growth moderated during Q1FY24. As per the data, sales growth (y-o-y) of listed private non-financial companies moderated to 2.1 per cent in Q1FY24 from 8.0 per cent in the previous quarter and 41.0 per cent a year ago. 

On the global front, European markets were trading mostly in red amid China's manufacturing activity fell for a fifth consecutive month in August, but the PMI rose to 49.7 - beating forecasts and showing improvement from the July reading. Asian markets ended mostly in red after Japanese factory activity and Chinese service industry growth weakened. Back home, emphasizing digital capability upgradation of Regional Rural Banks (RRBs) by November 1, 2023, Union Finance Minister Nirmala Sitharaman has said that banks should map RRBs with MSME clusters and put greater thrust on increasing network of rural branches in cluster areas identified by the Ministry of Micro, Small and Medium Enterprises.

The BSE Sensex ended at 64,831.41, down by 255.84 points or 0.39% after trading in a range of 64,723.63 and 65,277.04. There were 9 stocks advancing against 22 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index declined 0.02%, while Small cap index was up by 0.79%. (Provisional)

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.89%, Realty up by 0.68%, Industrials up by 0.63%, Capital Goods up by 0.44% and Metal was up by 0.31%, while Oil & Gas down by 1.32%, Utilities down by 1.28%, PSU down by 1.04%, Energy down by 0.84% and FMCG was down by 0.71% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Maruti Suzuki up by 2.22%, Titan Company up by 1.09%, Ultratech Cement up by 1.02%, Tata Steel up by 0.78% and Tech Mahindra up by 0.68%. On the flip side, Asian Paints down by 1.33%, Indusind Bank down by 1.20%, Axis Bank down by 1.19%, SBI down by 1.12% and Bajaj Finance down by 1.07% were the top losers. (Provisional)

Meanwhile, Commerce and Industry Minister Piyush Goyal has expressed hope that exporters will come out as winners from the impact of the current global uncertainties. He said there are challenges on the global trade front due to the ongoing geo-political situation, concerns on inflation, and slowing growth in key economies. 

He said ‘We do have challenges but our business people have the ability and agility to come out as winners from this adverse situation’. He also exuded confidence that the country's goods and services exports would reach $2 trillion by 2030. The minister appealed to the industry to focus on quality and innovation with a view to increasing exports. 

Meanwhile, India's exports contracted by 15.88 per cent in July, for the sixth month in a row, to $32.25 billion due to a global slowdown and fall in shipments of key sectors like petroleum, gems and jewellery.

The CNX Nifty ended at 19,253.80, down by 93.65 points or 0.48% after trading in a range of 19,223.65 and 19,388.20. There were 14 stocks advancing against 37 stocks declining on the index. (Provisional)

The top gainers on Nifty were Maruti Suzuki up by 2.12%, Cipla up by 1.74%, HDFC Life Insurance up by 1.21%, JIO Financial up by 0.97% and Titan Co up by 0.72%. On the flip side, Adani Enterprises down by 3.73%, BPCL down by 3.24%, Adani Ports down by 3.24%, Eicher Motors down by 2.03% and Britannia down by 1.82% were the top losers. (Provisional)

European markets were trading mostly in red; UK’s FTSE 100 decreased 5.33 points or 0.07% to 7,468.34 and France’s CAC was down by 10.59 points or 0.14% to 7,353.81. On the flip side, Germany’s DAX was up by 80.98 points or 0.51% to 15,972.91. 

Asian markets settled mostly lower on Thursday with caution ahead to upcoming inflation readings in Europe and the United States for additional clues on the US Fed's future monetary tightening plans. Chinese shares declined after China’s official data showed manufacturing activity in the country shrank for a fifth straight month in August and non-manufacturing growth also slowed. Seoul shares dropped after data showed South Korea’s factory output declined again in July to reach its longest stretch of declines in decades. However, Japanese shares improved by tracking overnight gains on Wall Street.