Bourses continue lackluster trade in late afternoon session

Indian equity markets continued their lackluster trade in late afternoon session ahead of monthly F&O expiry. Traders ignored report that S&P Global Ratings has raised India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8 per cent, but flagged restrictive interest rates as a dampener for economic growth. In November 2023, it had projected India's growth to be 6.4 per cent in FY25 on robust domestic momentum. It said the Indian economy is estimated to have clocked a growth of 7.6 per cent in the current fiscal (FY24). However, the broader indices, the BSE Mid cap index and Small cap index traded in green. On the global front, Asian markets were trading mixed as traders weighed the outlook for US interest rates ahead of the release of a key inflation reading. European markets were trading mostly in red pulled down by miners and as investors gauged mixed messages from U.S. Federal Reserve policymakers that clouded the outlook for easing monetary policy conditions.

The BSE Sensex is currently trading at 72564.01, down by 267.93 points or 0.37% after trading in a range of 72363.03 and 72705.29. There were 9 stocks advancing against 20 stocks declining on the index, while 1 stock remained unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.78%, while Small cap index was up by 0.29%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.29%, Oil & Gas up by 1.18%, Industrials up by 1.11%, Realty up by 1.04% and PSU was up by 0.85%, while TECK down by 0.62%, Bankex down by 0.46%, IT down by 0.38% and FMCG was down by 0.19% were the few losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.48%, NTPC up by 1.49%, Larsen & Toubro up by 1.38%, Bajaj Finserv up by 0.93% and Tata Motors up by 0.91%. On the flip side, Power Grid down by 1.89%, Bharti Airtel down by 1.36%, Wipro down by 1.28%, Kotak Mahindra Bank down by 1.08% and Infosys down by 0.99% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report has showed that 16.02 lakh net members have been added in the month of January 2024. The data indicated that around 8.08 lakh new members have enrolled during January 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41% of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.

The payroll data also highlighted that approximately 12.17 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection. Gender-wise analysis of payroll data unveiled that out of 8.08 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.03 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.

Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz. Financing establishment, Establishment engaged in manufacture & marketing servicing & usage of computers, Hospitals etc. Of the total net membership, around 40.71% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).

The CNX Nifty is currently trading at 22039.25, down by 57.50 points or 0.26% after trading in a range of 21947.55 and 22073.20. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 2.60%, Adani Ports up by 2.19%, Britannia up by 2.05%, Hindalco up by 2.00% and NTPC up by 1.59%. On the flip side, Power Grid down by 1.92%, Eicher Motors down by 1.83%, Bharti Airtel down by 1.37%, Wipro down by 1.30% and Divi's Lab down by 1.29% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 144.68 points or 0.87% to 16,618.32, Straits Times rose 38.05 points or 1.19% to 3,236.15, KOSPI increased 19.52 points or 0.71% to 2,757.09 and Shanghai Composite was up by 5.17 points or 0.17% to 3,031.48. On the flip side, Nikkei 225 slipped 16.09 points or 0.04% to 40,398.03, Jakarta Composite plunged 26.53 points or 0.36% to 7,351.23 and Taiwan Weighted was down by 65.76 points or 0.33% to 20,126.49.

European markets were trading mostly in red; UK’s FTSE 100 decreased 12.43 points or 0.16% to 7,905.14 and France’s CAC was down by 6.41 points or 0.08% to 8,145.19. On the flip side, Germany’s DAX was up by 8.01 points or 0.04% to 18,269.32.