Post Session: Quick Review

Indian equity benchmarks ended flat with positive bias on Monday amid uncertainty surrounding the US-Iran peace talks. After making a cautious start, soon indices gained momentum and traded in the green supported by continued foreign institutional investor (FII) inflows and strong quarterly earnings from major private banks. However, in the late afternoon session, the markets gave up most of their gains and settled near the neutral lines with marginal gains.

Some of the important factors in trade:

Foreign fund inflows: Traders took some support from foreign fund inflows. According to exchange data, FIIs bought shares worth Rs 683.20 crore on Friday.

India’s forex reserves rise by $3.825 billion: Some support came as the Reserve Bank of India (RBI) said that India’s forex reserves jumped by $3.825 billion to $700.946 billion during the week ended April 10.

Commerce Ministry rolls out set of reforms to speed up export approvals: Traders took note of report that the Ministry of Commerce and Industry has rolled out a set of reforms to improve the functioning of Norms Committees under the Directorate General of Foreign Trade (DGFT), aiming to speed up Advance Authorisation approvals and simplify procedures for exporters.

On the global front: European markets were trading in red amid renewed tensons between the United States and Iran. Asian markets ended mostly higher, ahead of the second round of diplomatic talks between the United States and Iran. 

The BSE Sensex ended at 78520.30, up by 26.76 points or 0.03% after trading in a range of 78203.30 and 78942.45. There were 12 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 1.24%, Utilities up by 0.88%, Capital Goods up by 0.55%, PSU up by 0.54% and Consumer Durables up by 0.26%, while IT down by 0.79%, Realty down by 0.70%, Telecom down by 0.66%, TECK down by 0.53% and Metal down by 0.38% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Trent up by 3.33%, SBI up by 2.52%, Asian Paints up by 2.15%, Bajaj Finance up by 1.08% and NTPC up by 1.08%. On the flip side, Larsen & Toubro down by 1.42%, Bharat Electronics down by 1.23%, HCL Technologies down by 1.04%, Kotak Mahindra Bank down by 0.86% and Tech Mahindra down by 0.74% were the top losers. (Provisional)

Meanwhile, boosting bilateral ties, India and Austria have set up a bilateral fast-track mechanism (FTM) to facilitate investments between the two countries. The FTM provides a dedicated platform for Austrian companies and investors in India, as well as Indian companies and investors in Austria, to facilitate investments, address issues and ensure their timely resolution. It was signed and made operational during the India-Austria Business Forum meet. 

Moreover, both sides explored opportunities for cooperation in different sectors during the India-Austria Joint Economic Commission (IAJEC) meeting. They explored corporation in sectors such as infrastructure (automotive, railways and road transport), scientific research, dual vocational training, startups, tourism, semiconductors, critical minerals, digitalisation and artificial intelligence, and film funding.

In Calendar Year 2024/2025, the bilateral trade between India and Austria stood at around $3.06 billion. During the period, the India exported merchandise and services worth around $1.59 billion to Austria, while it imported merchandise and services worth around $1.48 billion from Austria. Further, around 160 Austrian firms are operating in India.

The CNX Nifty ended at 24364.85, up by 11.30 points or 0.05% after trading in a range of 24241.25 and 24480.65. There were 23 stocks advancing against 27 stocks declining on the index. (Provisional)

The top gainers on Nifty were Trent up by 3.29%, JSW Steel up by 2.76%, SBI up by 2.55%, Asian Paints up by 2.14% and Grasim Industries up by 1.46%. On the flip side, JIO Financial Services down by 2.75%, Hindalco down by 2.29%, Tata Motors Passenger down by 1.22%, Kotak Mahindra Bank down by 1.15% and Bharat Electronics down by 1.12% were the top losers. (Provisional)

European markets were trading lower; Germany’s DAX lost 286.74 points or 1.16% to 24,415.50, France’s CAC fell 66.73 points or 0.79% to 8,358.40 and UK’s FTSE 100 decreased 66.1 points or 0.62% to 10,601.53.

Asian markets ended mostly higher on Monday despite renewed hostilities in the Strait of Hormuz, which pushed oil prices sharply higher, intensifying inflation concerns. Traders looking ahead to the developments in the Middle East as the second round of diplomatic talks between the United States and Iran to be held later today. The U.S. President Donald Trump said that a U.S Navy guided missile destroyer had fired on and disabled an Iranian-flagged cargo ship in the Gulf of Oman before Marines boarded and seized the vessel. The seizure is an escalation of the blockade and comes after Iran fired upon commercial vessels attempting to transit the Strait of Hormuz earlier Sunday. Besides, China kept its benchmark one-year loan prime rate (LPR), a market-based lending rate, unchanged from the previous month at 3 percent. This is 11th straight month, when China kept rate unchanged amid escalating Middle East tensions.