Post Session: Quick Review

Indian equity markets marked historic day with Nifty and Sensex settling above the psychological 24,000 and 79,200 levels respectively. Markets crossed these psychological levels for the first time. Nifty took 23 sessions to gain 1,000 points and climbed to 24,000 from 23,000. During the day, markets seen volatility amid monthly F&O expiry. In last leg of trade, markets gave powerful performance to end near fresh high levels. IT Sector’s stocks were on the priority list of the buyers.  However, the broader indices, the BSE Mid cap index and Small cap index continued to end mixed on Thursday.

Markets made slightly positive start and soon turned volatile amid weak cues from Asian markets. Besides, foreign fund outflows dampened investors sentiments. FIIs offloaded equities worth Rs 3,535.43 crore on Wednesday. Investors avoided to take long position amid F&O expiry. However, markets managed to gained traction in late morning session and extended their gains, as traders found support after the National Council of Applied Economic Research (NCAER) has said that India's economy is set to achieve significant growth, with projections nearing 7.5% for the current fiscal year (FY25).  Some optimism also came with CRISIL’s report stating that India’s current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade. The country’s current account recorded a surplus of USD 5.7 billion, which is 0.6 per cent of the GDP, in the fourth quarter of the last financial year. In afternoon session, markets continued their gaining momentum as traders went on value buying. Traders took note of report that president Droupadi Murmu during the joint session of the Parliament said that the BJP-led NDA government has given importance to all the three pillars of the economy -- Manufacturing, Agriculture and Services. She said that India is emerging as a leader in every sector from IT to tourism and from health to wellness. Buying got intensified during final hours of trade, which help the markets to end at new peak levels. 

On the global front, European markets were trading lower with technology stocks likely to come under selling pressure as memory chip major Micron's in-line revenue guidance disappointed investors who had expected more. Asian markets ended mostly in red as China industrial profits data disappointed and the yen's slide past 160-per-dollar prompted fears of government intervention. Back home, the World Bank in its latest report has said that India received $120 billion in remittances in 2023, which is almost twice as $66 billion received by Mexico during the same period.

The BSE Sensex ended at 79,243.18, up by 568.93 points or 0.72% after trading in a range of 78,467.34 and 79,396.03. There were 24 stocks advancing against 6 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index gained 0.17%, while Small cap index was down by 0.57%. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 1.74%, IT up by 1.65%, TECK up by 1.59%, Utilities up by 1.29% and Telecom was up by 1.18%, while Industrials down by 0.27%, Capital Goods down by 0.07%, Consumer Durables down by 0.06% and Realty was down by 0.05% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Ultratech Cement up by 5.07%, NTPC up by 3.19%, JSW Steel up by 2.38%, Tata Motors up by 2.13% and Infosys up by 2.09%. On the flip side, Larsen & Toubro down by 1.13%, Sun Pharma down by 0.42%, Nestle down by 0.20%, HDFC Bank down by 0.18% and Maruti Suzuki down by 0.16% were the top losers. (Provisional)

Meanwhile, the National Council of Applied Economic Research (NCAER) has said that India's economy is set to achieve significant growth, with projections nearing 7.5% for the current fiscal year (FY25).

The NCAER noted that high-frequency indicators demonstrate the resilience of India's domestic economy, prompting upward revisions in growth projections for the upcoming fiscal year by various agencies. The expected growth range for the year spans between 7.2% and 6.2%.

Poonam Gupta, the director general of NCAER, emphasized that gross domestic product (GDP) growth during 2024-25 could exceed 7%, buoyed by robust economic activity observed in the first quarter, a focused investment policy, and macroeconomic stability. She also highlighted the favorable global environment, the peaking inflation, and ongoing efforts to address food price challenges through strategic policy frameworks.

The CNX Nifty ended at 24,044.50, up by 175.70 points or 0.74% after trading in a range of 23,805.40 and 24,087.45. There were 37 stocks advancing against 13 stocks declining on the index. (Provisional)

The top gainers on Nifty were Ultratech Cement up by 5.15%, LTIMindtree up by 3.85%, Grasim Industries up by 3.34%, NTPC up by 3.31% and Wipro up by 3.15%. On the flip side, Shriram Finance down by 1.27%, Larsen & Toubro down by 1.07%, Bajaj Auto down by 0.60%, Eicher Motors down by 0.55% and Divi's Lab down by 0.51% were the top losers. (Provisional)

European markets were trading lower; UK’s FTSE 100 decreased 15.98 points or 0.19% to 8,209.35, France’s CAC fell 32.94 points or 0.43% to 7,576.21 and Germany’s DAX was down by 0.38 points or 0% to 18,154.86. 

Asian markets settled mostly down on Thursday with caution ahead of the release of US PCE inflation data on Friday that could provide more cues over the start of the Fed’s rate-cutting cycle. Meanwhile, investors were also awaiting a major US presidential debate in Atlanta later in the day. Seoul shares declined after investors' disappointment on Micron Technology's earnings results. Further, Chinese shares fell after data showed a sharp slowdown in industrial profit growth in May. Japanese shares declined after the yen's slide past 160-per-dollar prompted fears of government intervention and despite data that showed Japan's retail sales rose more than expected in May.