Bourses trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session. Investors took support as Reserve Bank of India (RBI) in its latest report has showed that India’s outward foreign direct investment (OFDI) commitments surged 33.93% to $2915.16 million in July 2024 as against $2176.67 million in July 2023. Sequentially also, they rose from $2189.96 million in June 2024. On the global front, Asian markets were trading mixed ahead of big reports this week on the state of the U.S. economy. European markets were trading mostly in green as investors prepared for U.S. inflation data to gauge the Federal Reserve's monetary policy path and a deluge of other key data from Europe. Back home, Finance Minister Nirmala Sitharaman has exhorted banks to focus on their core business and explore new ways to attract deposits, as household savings are increasingly shifting towards alternate investment products.

The BSE Sensex is currently trading at 79867.29, up by 161.38 points or 0.20% after trading in a range of 79226.13 and 80106.18. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was gained 0.18%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Realty up by 1.19%, Consumer Durables up by 0.97%, Metal up by 0.78%, Bankex up by 0.62% and IT was up by 0.58%, while Utilities down by 0.68%, Power down by 0.27%, PSU down by 0.22%, FMCG down by 0.22% and Energy was down by 0.15% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 1.93%, JSW Steel up by 1.62%, Infosys up by 1.45%, HDFC Bank up by 1.10% and Tata Motors up by 0.91%. On the flip side, NTPC down by 1.77%, Adani Ports down by 1.66%, Power Grid down by 1.05%, SBI down by 1.05% and Mahindra & Mahindra down by 0.97% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest report has showed that India’s outward foreign direct investment (OFDI) commitments surged 33.93% to $2915.16 million in July 2024 as against $2176.67 million in July 2023. Sequentially also, they rose from $2189.96 million in June 2024.

Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees. According to the data report, the equity commitments grew 282.41% to $1948.12 million in July 2024 from $509.43 million in July 2023. Besides, it was sequentially also up from $503.08 million recorded in June 2024. 

The report further noted that debt commitments (loans) declined 53.50% substantially to $284.63 million in July 2024, from $612.09 million a year ago. It was also lower than $460.95 million in June 2024. Guarantees for overseas units fell 35.33% to $682.41 million in July 2024 from $1055.15 million in July 2023. They were also lower than $1225.93 million in June 2024.

The CNX Nifty is currently trading at 24407.90, up by 40.40 points or 0.17% after trading in a range of 24212.10 and 24472.80. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 2.16%, Hero MotoCorp up by 2.04%, Shriram Finance up by 1.68%, Hindalco up by 1.62% and JSW Steel up by 1.61%. On the flip side, NTPC down by 1.81%, Britannia down by 1.67%, Adani Ports down by 1.58%, Dr. Reddy's Lab down by 1.49% and Apollo Hospital down by 1.42% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 304.26 points or 1.4% to 21,773.26, KOSPI increased 29.87 points or 1.14% to 2,618.30, Jakarta Composite gained 23.27 points or 0.32% to 7,280.27 and Hang Seng was up by 21.42 points or 0.13% to 17,111.65. On the flip side, Shanghai Composite weakened 3.99 points or 0.14% to 2,858.20 and Straits Times was down by 30.71 points or 0.95% to 3,231.12.

European markets were trading mostly in green; UK’s FTSE 100 increased 22.32 points or 0.27% to 8,190.42 and Germany’s DAX was up by 18.52 points or 0.1% to 17,741.40. On the flip side, France’s CAC was down by 6.53 points or 0.09% to 7,263.18.