Post Session: Quick Review

The Indian benchmarks turned volatile on Tuesday’s session and ended with minor gains ahead of market holiday on Wednesday. During the trade, Nifty hit its new all-time peak amid foreign fund inflows. During the whole day once markets hit the red territory.  Investors remained selective ahead of the Upcoming Budget. The broader indices showed mixed cues, the BSE Mid cap index ended in red, while Small cap index ended in green.

Markets made optimistic start and extended their gains amid firm cues from the US markets overnight. Sentiments got boost as Fed Chair Jerome Powell said that the central bank will not wait until inflation hits 2% to cut interest rates. Besides, traders took support as commerce ministry in its latest data has showed that India's merchandise export increased by 2.56 per cent to $35.20 billion in June 2024 as compared to $34.32 billion in June last year. Traders took a note of Reserve Bank of India (RBI) data showing that India’s outward foreign direct investment (FDI) commitments rose to $2.14 billion in June 2024, compared to $1.14 billion in June 2023. Sequentially, they declined from $2.22 billion in May 2024. In afternoon session, indices continued to trade higher as sentiments were positive with Commerce Secretary Sunil Barthwal’s statement that as India’s exports in the first quarter of 2024-25 (April-June) crossed the $200 billion mark, the government has expressed its optimism about reaching its full-year target of $800 billion. However, in late afternoon session, markets came off from high levels but managed to end in green. 

On the global front, European markets were trading lower as the assassination attempt on former President Donald Trump raised political uncertainty. Private report has warned that a Trump victory could trigger a 1 percent GDP hit to the eurozone economy, with Germany, Italy, and Finland most affected. Asian markets ended mixed as investors grappled with weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing. Back home, Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales increased 9 per cent year-on-year in April-June quarter of FY25 (Q1FY25) with all segments, barring tractors, reporting growth.

The BSE Sensex ended at 80,716.55, up by 51.69 points or 0.06% after trading in a range of 80,598.06 and 80,898.30. There were 18 stocks advancing against 12 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index declined 0.29%, while Small cap index was up by 0.32%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 1.62%, FMCG up by 0.89%, Telecom up by 0.89%, TECK up by 0.85% and IT was up by 0.56%, while Capital Goods down by 0.53%, PSU down by 0.52%, Utilities down by 0.46%, Power down by 0.45% and Industrials was down by 0.41% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Hindustan Unilever up by 2.70%, Bharti Airtel up by 2.00%, Tech Mahindra up by 1.17%, Infosys up by 1.09% and Mahindra & Mahindra up by 0.95%. On the flip side, Kotak Mahindra Bank down by 2.11%, NTPC down by 1.35%, Reliance Industries down by 1.32%, Ultratech Cement down by 1.23% and Power Grid down by 0.42% were the top losers. (Provisional)

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise export increased by 2.56 per cent to $35.20 billion in June 2024 as compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion in June 2024 as compared to $53.51 billion in June 2023. The trade deficit, or the gap between imports and exports, during the month under review stood at $20.98 billion. 

According to the data, merchandise exports during April-June 2024 were $109.96 billion as compared to $103.89 billion during April-June 2023. Merchandise imports during April-June 2024 were $172.23 billion compared to $160.05 billion during April-June 2023. Merchandise trade deficit during April-June 2024 was $62.26 billion compared to $56.16 billion during April-June 2023.

It further stated that non-petroleum and non-gems & jewellery exports in June 2024 were $27.43 billion compared to $25.29 billion in June 2023. Non-petroleum and non-gems & jewellery exports in April-June 2024 were $81.90 billion, compared to $77.33 billion in April-June 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in June 2024 were $36.04 billion compared to $33.66 billion in June 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-June 2024 were $105.35 billion, compared to $102.10 billion in April-June 2023.

The CNX Nifty ended at 24,613.00, up by 26.30 points or 0.11% after trading in a range of 24,587.65 and 24,661.25. There were 29 stocks advancing against 20 stocks declining on the index. (Provisional)

The top gainers on Nifty were Coal India up by 2.95%, BPCL up by 2.66%, Hindustan Unilever up by 2.60%, Tata Consumer up by 2.39% and Bharti Airtel up by 2.01%. On the flip side, Shriram Finance down by 2.39%, Dr. Reddy's Lab down by 2.19%, Kotak Mahindra Bank down by 2.07%, Ultratech Cement down by 1.48% and NTPC down by 1.35% were the top losers.

European markets were trading lower; UK’s FTSE 100 decreased 14.29 points or 0.17% to 8,168.67, France’s CAC fell 54.42 points or 0.71% to 7,578.29 and Germany’s DAX was down by 80.78 points or 0.43% to 18,510.11.

Asian markets ended mixed on Tuesday, despite strong rally on Wall Street overnight. Hong Kong shares declined due to concerns over a further escalation in geopolitical conflicts if former President Donald Trump wins the White House again in November. Japanese shares gained as traders returned to their desks after a holiday, while a weak yen gives exporters a boost. Globally, investors were optimistic on September rate cut after comments by Fed Chair Jerome Powell that the three inflation readings over the second quarter of this year showed more progress.