Bourses remain in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session on account of buying in IT,  Realty and Consumer Durables industries related stocks . The broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent. Traders took note of report that the 53rd meeting of the GST Council will be held on June 22, 2024 at New Delhi. The agenda for the meeting is yet to be circulated amongst the Council members. This would be the first Council meeting after Lok Sabha elections. Some support came in as the Consumer Price Index (CPI) based retail inflation continued its downward slide to reach 12-month low of 4.75 per cent in May as compared to 4.83 per cent in April 2024, due to a marginal decline of prices in the food basket. 

On the global front, Asian markets were trading mixed following the mixed cues from Wall Street overnight, as traders reacted to soft U.S. inflation data that helped ease concerns about the outlook for interest rates. European markets were trading lower weighed down by elevated government bond yields after the U.S. Federal Reserve cut its interest rate cut projections to just one this year. 

The BSE Sensex is currently trading at 76803.94, up by 197.37 points or 0.26% after trading in a range of 76719.70 and 77145.46. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.65%, while Small cap index was up by 0.74%.

The top gaining sectoral indices on the BSE were Realty up by 1.89%, Consumer Durables up by 1.75%, Capital Goods up by 1.46%, Industrials up by 1.24% and IT was up by 0.90%, while, Utilities down by 0.48%, Telecom down by 0.45%, FMCG down by 0.34%, Metal down by 0.18% and Bankex was down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 2.28%, Larsen & Toubro up by 1.94%, Mahindra & Mahindra up by 1.61%, Indusind Bank up by 1.16% and Tech Mahindra up by 1.06%. On the flip side, Hindustan Unilever down by 1.48%, ICICI Bank down by 0.86%, Power Grid down by 0.74%, Axis Bank down by 0.70% and NTPC down by 0.57% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data report on ‘Overseas Direct Investment’ has showed that the country's outward foreign direct investment (OFDI) commitments increased 1.04% at $2009.51 million in May 2024 as compared to $1988.8 million in May 2023. These OFDI commitments were $2782.61 million in the month of April 2024.

Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees.  According to the report, the equity commitments rose 6.51% to $1028.76 million in May 2024 from $965.86 million a year ago. They were significantly higher than the $607.96 million recorded in April 2024.

The RBI report further noted that the loan commitments rose 16.52% to $262.75 million in May 2024 from $225.49 million in May 2023. However, it was much lower than $820.32 million in April 2024. Further, guarantees for overseas units fell 9.96% to $718 million in May 2024 from $797.46 million in May 2023. They were lower compared to $1354.33 million in April 2024.

The CNX Nifty is currently trading at 23384.85, up by 61.90 points or 0.27% after trading in a range of 23353.90 and 23481.05. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.42%, Shriram Finance up by 3.26%, Divi's Lab up by 2.69%, Titan Company up by 2.23% and Larsen & Toubro up by 1.88%. On the flip side, Hindustan Unilever down by 1.45%, Eicher Motors down by 1.05%, Britannia down by 1.04%, ICICI Bank down by 0.96% and Axis Bank down by 0.83% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 263.08 points or 1.18% to 22,312.04, Hang Seng advanced 174.79 points or 0.97% to 18,112.63, KOSPI increased 26.72 points or 0.97% to 2,754.89 and Straits Times was up by 17.14 points or 0.52% to 3,324.58. On the flip side, Shanghai Composite weakened 8.55 points or 0.28% to 3,028.92, Jakarta Composite plunged 16 points or 0.23% to 6,834.10 and Nikkei 225 was down by 156.24 points or 0.4% to 38,720.47.

European markets were trading lower; UK’s FTSE 100 decreased 34.02 points or 0.41% to 8,181.46, France’s CAC fell 63.7 points or 0.81% to 7,801.00 and Germany’s DAX was down by 140.87 points or 0.76% to 18,489.99.