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Midday Review News

Midday Review

Date Heading Details
21-May-2024   14:57 Hrs IST Bourses trade flat in late afternoon session <p style="text-align: justify;">Indian equity markets traded near flat lines with positive bias in late afternoon session despite weak cues from global markets. The broader indices, BSE Mid cap index traded in green, while Small cap index traded in red. Traders took some support as India Ratings and Research (Ind-RA) has forecasted India's Gross Domestic Product (GDP) growth rate for the March quarter at 6.2 per cent and around 6.9-7 per cent for the 2023-24 fiscal. The Indian economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter and 8.4 per cent in the December quarter of 2023-24. On the global front, all Asian markets were trading lower as a stimulus-driven China rally paused and minutes of the May 2024 Reserve Bank of Australia meeting showed the central bank considered increasing interest rates during the meeting. European markets were trading lower following losses in Asian equities, as calls from U.S. Federal Reserve officials for policy caution tempered investor enthusiasm about potential interest rate cuts this year.</p><p style="text-align: justify;">The BSE Sensex is currently trading at 74016.88, up by 10.94 points or 0.01% after trading in a range of 73762.37 and 74189.19. There were 14 stocks advancing against 16 stocks declining on the index.</p><p style="text-align: justify;">The broader indices were trading mixed; the BSE Mid cap index gained 0.13%, while Small cap index was down by 0.21%.</p><p style="text-align: justify;">The top gaining sectoral indices on the BSE were Metal up by 3.79%, PSU up by 2.00%, Utilities up by 1.77%, Power up by 1.63% and Basic Materials was up by 1.57%, while FMCG down by 0.82%, Realty down by 0.45%, IT down by 0.37%, Auto down by 0.23% and TECK was down by 0.16% were the top losing indices on BSE.</p><p style="text-align: justify;">The top gainers on the Sensex were Tata Steel up by 3.66%, JSW Steel up by 3.57%, Power Grid up by 2.18%, NTPC up by 1.42% and SBI up by 1.36%. On the flip side, Nestle down by 1.65%, Maruti Suzuki down by 1.02%, TCS down by 0.81%, Hindustan Unilever down by 0.78% and ITC down by 0.71% were the top losers.</p><p style="text-align: justify;">Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data' report has showed 14.41 lakh net members have been added in the month of March 2024. The data indicated that around 7.47 lakh new members have been enrolled during March 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.83% of the total new members added in March 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.</p><p style="text-align: justify;">The payroll data also highlighted that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.</p><p style="text-align: justify;">Further, the month-on-month comparison of industry-wise data displayed growth in the members working in establishments engaged in the industries viz. Establishments engaged in manufacture, marketing servicing, usage of computers, Restaurant, Chartered or regd. accountants, Fish processing and non-veg food preservation, Beedi making etc. Of the total net membership, around 43% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).</p><p style="text-align: justify;">The CNX Nifty is currently trading at 22541.55, up by 39.55 points or 0.18% after trading in a range of 22404.55 and 22591.10. There were 27 stocks advancing against 23 stocks declining on the index.</p><p style="text-align: justify;">The top gainers on Nifty were Hindalco up by 4.60%, Coal India up by 4.53%, Tata Steel up by 3.75%, JSW Steel up by 3.73% and Cipla up by 2.84%. On the flip side, Nestle down by 1.68%, Maruti Suzuki down by 1.07%, Hero MotoCorp down by 1.04%, SBI Life down by 0.99% and TCS down by 0.83% were the top losers.</p><p style="text-align: justify;">All Asian markets were trading lower; Shanghai Composite weakened 13.18 points or 0.42% to 3,157.97, Straits Times fell 12.5 points or 0.38% to 3,301.55, KOSPI dropped 17.96 points or 0.66% to 2,724.18, Taiwan Weighted lost 34.88 points or 0.16% to 21,236.75, Jakarta Composite plunged 76.47 points or 1.05% to 7,190.22, Nikkei 225 slipped 122.75 points or 0.32% to 38,946.93 and Hang Seng was down by 415.6 points or 2.16% to 19,220.62.</p><p style="text-align: justify;">European markets were trading lower; UK's FTSE 100 decreased 45.04 points or 0.54% to 8,379.16, France's CAC fell 69.96 points or 0.86% to 8,126.01 and Germany's DAX was down by 90.99 points or 0.49% to 18,677.97.</p>
21-May-2024   12:54 Hrs IST Sensex, Nifty turn positive in early afternoon deals <p style="text-align: justify;">A heavy buying at Metal, Utilities and Power counters helped Indian equity benchmarks to turn positive in early afternoon deals, despite negative cues from other Asian markets. Traders got relief, after the EPFO's provisional payroll data showed that EPFO has added 14.41 lakh net members in the month of March, 2024. The data indicates that around 7.47 lakh new members have been enrolled during March 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.83% of the total new members added in March 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.</p><p style="text-align: justify;"><span style="text-align: left;">Adding more optimism among market participants, a report stated that the finance ministry is likely to raise the central public sector enterprises (CPSEs) dividend estimates by Rs 5,000 crore to around Rs 53,000 crore for the current fiscal in the full budget to be presented in July. In the interim budget 2024-25, the government had pegged dividend estimates from non-financial CPSEs at Rs 48,000 crore for the current fiscal.</span></p><p style="text-align: justify;">On the global front, Asian markets were trading lower, after South Korea's consumer sentiment decreased in May to the lowest level in six months. The survey results from the Bank of Korea showed that the consumer confidence index dropped to 98.4 in May from April's stable score of 100.7. Further, this was the weakest reading since November 2023, when it was 97.3. The consumer confidence survey was conducted between May 7 and 14 among 2,313 households.</p><p style="text-align: justify;">The BSE Sensex is currently trading at 74036.47, up by 30.53 points or 0.04% after trading in a range of 73762.37 and 74065.66. There were 14 stocks advancing against 16 stocks declining on the index.</p><p style="text-align: justify;">The broader indices were trading mixed; the BSE Mid cap index rose 0.14%, while Small cap index was down by 0.16%.</p><p style="text-align: justify;">The top gaining sectoral indices on the BSE were Metal up by 3.59%, Utilities up by 2.36%, Power up by 1.92%, PSU up by 1.88% and Basic Materials up by 1.52%, while FMCG down by 0.74%, IT down by 0.63%, TECK down by 0.26%, Realty down by 0.08% and Healthcare down by 0.06% were the top losing indices on BSE.</p><p style="text-align: justify;">The top gainers on the Sensex were JSW Steel up by 3.33%, Tata Steel up by 3.28%, Power Grid up by 2.11%, NTPC up by 1.53% and Asian Paints up by 1.34%. On the flip side, Nestle down by 1.81%, TCS down by 0.88%, Hindustan Unilever down by 0.83%, HCL Tech. down by 0.75% and Infosys down by 0.64% were the top losers.</p><p style="text-align: justify;">Meanwhile, the government has recovered about Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations. The figures are likely to increase further as the exercise is on for the compilation of the data. The government has fixed March 31 as the last date for payment of customs duty plus interest. Under the scheme, 6,705 applications were filed and as per the provisional figures, an amount of about Rs 852 crore has been recovered. This figure is further expected to increase. Meanwhile, several small exporters have requested the government to continue the scheme for a one-time settlement of default in export obligation till September.</p><p style="text-align: justify;">In the new foreign trade policy (FTP), the scheme was announced for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorisations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at 100 per cent of such duties exempted.</p><p style="text-align: justify;">According to government data, India's merchandise exports rose by 1 per cent to $34.99 billion in April, even as the trade deficit widened to a four-month high of $19.1 billion during the month. Imports also increased by 10.25 per cent to $54.09 billion in the month under review from $49.06 billion in April 2023 due to a significant jump in gold imports. The country's total exports in goods and services for 2023-24 stood at $778.21 billion, the highest so far. Merchandise exports in FY24 were aggregated at $437.1 billion, while services exports stood at $341.1 billion.</p><p style="text-align: justify;">The CNX Nifty is currently trading at 22530.90, up by 28.90 points or 0.13% after trading in a range of 22404.55 and 22549.80. There were 27 stocks advancing against 23 stocks declining on the index.</p><p style="text-align: justify;">The top gainers on Nifty were Coal India up by 4.53%, Hindalco up by 3.70%, Adani Ports &amp; SEZ up by 3.52%, JSW Steel up by 3.41% and Tata Steel up by 3.37%. On the flip side, Nestle down by 1.90%, TCS down by 0.96%, HDFC Life Insurance down by 0.94%, SBI Life Insurance down by 0.85% and Hindustan Unilever down by 0.83% were the top losers.</p><p style="text-align: justify;">All Asian markets were trading lower; Hang Seng declined 426.74 points or 2.22% to 19,209.48, Nikkei 225 slipped 122.75 points or 0.32% to 38,946.93, Jakarta Composite plunged 54.51 points or 0.76% to 7,212.18, Taiwan Weighted lost 34.88 points or 0.16% to 21,236.75, KOSPI dropped 17.96 points or 0.66% to 2,724.18, Shanghai Composite weakened 16.69 points or 0.53% to 3,154.46 and Straits Times was down by 16.21 points or 0.49% to 3,297.84.</p>
21-May-2024   11:59 Hrs IST Domestic indices trade flat in late morning deals
21-May-2024   11:09 Hrs IST Benchmarks remain in red in morning deals
21-May-2024   10:04 Hrs IST Sensex, Nifty trade lower amid broad-based selling
18-May-2024   12:05 Hrs IST Sensex, Nifty trade marginally higher in second part of special trading session
18-May-2024   09:43 Hrs IST Benchmarks start special trading session marginally in green on Saturday
17-May-2024   14:55 Hrs IST Markets trade in green in late afternoon session
17-May-2024   12:57 Hrs IST Firm trade continues over Dalal Street
17-May-2024   11:59 Hrs IST Markets trade higher with gains of quarter percent