Pay to Marwadi

Opening Bell News

Opening Bell

Date Heading Details
14-Jun-2024   08:49 Hrs IST Markets likely to get cautious start amid mixed global cues <p style="text-align: justify;">Indian markets ended slightly higher on Thursday, after hitting record highs earlier in the session. Today, markets are likely to get cautious start amid mixed global cues. Market may witness some profit-taking owing to the extended weekend factor. Equity market will be closed for trading on Monday on account of Bakri Id holiday. Foreign fund outflows likely to dent sentiments. Foreign institutional investors (FIIs) were net sellers of stocks worth Rs 3,033 crore on June 13. However, credit rating agency Moody's Ratings said fuelled by domestic demand growth, India is expected to remain the region's fastest-growing economy in the Asia-Pacific region in the second half of the year 2024. The report also noted that India, Indonesia, and the Philippines were the key growth outperformers in the first half of the year 2024. Some support will come as industry body CII made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII President Sanjiv Puri said a lot of policy interventions in the past have put the economy on a much stronger wicket. Economic think tank Global Trade Research Initiative (GTRI) said implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth. It also said that India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. Traders may take note of a private report that fiscal deficit of the 20 largest states is expected to be 2.8 per cent of gross domestic product (GDP) in FY25 compared to the budgeted 3.2 per cent of GDP, as expenditure growth is expected to moderate during the year. Edible oil industry stocks will be in focus with report that the imports of edible oils – palm, soybean and sunflower - declined by 5% to 8.67 million tonne (MT) in first seven months of the 2023-24 oil year (November-October) compared to the same period last oil year. There will be some reaction in gaming industry stocks as the Goods and Services Tax (GST) Council is likely to consider a review of 28% tax on online gaming and clarification on several procedural matters at its next meeting on June 22 in the national capital. Investors will be eyeing WPI data to be out later in the day.</p><p style="text-align: justify;">The US markets ended mostly higher on Thursday driven by a continued rally in technology shares. Asian markets are trading mixed on Friday ahead of the Bank of Japan's rate cut decision that is due today.</p><p style="text-align: justify;">Back home, Indian equity benchmarks ended Thursday's trading session on a positive note, backed by gains in Realty, Capital Goods and Consumer Durables stocks. After an initial gap-up, the markets wiped off some of their gains in the opening trade itself amid slight fall in industrial growth. The Index of Industrial Production (IIP) moderated to 5 per cent in April from an upwardly revised figure of 5.4 per cent in the preceding month. However, key gauges managed to trade in green throughout the day as government data showed Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank's comfort zone of below 6 per cent. Besides, foreign fund inflows also aided domestic sentiments. Foreign institutional investors (FIIs) were net buyers of stocks worth Rs 426.63 crore on June 12. Markets maintained their gains in second half of trading session, taking support from ICRA Executive Vice President and Chief Ratings Officer K Ravichandran' statement that the PLI scheme is expected to attract investments of Rs 3-4 trillion in the next four years and generate 200,000 jobs as large projects in sectors, including semiconductor, solar module and pharmaceutical intermediaries, are expected to take off. He said that going ahead private sector capex is expected to pick up in oil and gas, metals and mining, hospitals, healthcare and cement sectors. Sentiments remained optimistic as the Reserve Bank of India (RBI) in its latest data report on ‘Overseas Direct Investment' has showed that the country's outward foreign direct investment (OFDI) commitments increased 1.04% at $2009.51 million in May 2024 as compared to $1988.8 million in May 2023. These OFDI commitments were $2782.61 million in the month of April 2024. According to the report, the equity commitments rose 6.51% to $1028.76 million in May 2024 from $965.86 million a year ago. Finally, the BSE Sensex rose 204.33 points or 0.27% to 76,810.90, and the CNX Nifty was up by 75.95 points or 0.33% points to 23,398.90.</p>
13-Jun-2024   08:35 Hrs IST Markets likely to get positive start amid easing retail inflation <p style="text-align: justify;">Indian markets ended volatile session in green terrain on Wednesday ahead of macro-economic data. Today, markets are likely to get positive start tracking gains in global markets and mixed macro-economic data on the domestic front. Consumer Price Index (CPI)-based headline retail inflation eased to a 12-month low of 4.75 per cent in May on the back of a softening core and fuel inflation. Separately, the Index of Industrial Production (IIP) also moderated to 5 per cent in April from an upwardly revised figure of 5.4 per cent in the preceding month. Foreign fund inflows likely to aid domestic sentiments. Foreign institutional investors (FIIs) were net buyers of stocks worth Rs 427 crore on June 12. Traders may take note of ICRA Executive Vice President and Chief Ratings Officer K Ravichandran' statement that the PLI scheme is expected to attract investments of Rs 3-4 trillion in the next four years and generate 200,000 jobs as large projects in sectors, including semiconductor, solar module and pharmaceutical intermediaries, are expected to take off. He said that going ahead private sector capex is expected to pick up in oil and gas, metals and mining, hospitals, healthcare and cement sectors. However, there may be some volatility in the markets ahead of weekly options related expiry later in the day. There may be some cautiousness with a report that the country's outward foreign direct investment (FDI) commitments were almost flat at $2 billion in May 2024, compared to $1.98 billion in May 2023. According to the Reserve Bank of India (RBI) data, sequentially, FDI commitments were down from $2.78 billion in April 2024. There will be some buzz in the banking sector stocks as global rating agency Moody's said the pace of credit growth of commercial banks in India is expected to moderate in the current financial year (FY25) to 12-14 per cent due to challenges in raising resources and regulatory concerns on unsecured credit. It added that the moderation of credit growth will be faced by the non-banking finance companies also. Insurance industry stocks will be in focus as regulator Insurance Regulatory and Development Authority of India (Irdai) mandated insurance companies to provide loans on policies across all life insurance savings products, enabling policyholders to meet liquidity requirements. There will be some reaction in metal industry stocks as provisional government data reportedly showed that India's finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer. Steel demand has been buoyant in India, the world's second-biggest crude steel producer, as the country remained a bright spot globally with robust demand from its construction and automotive sectors.</p><p style="text-align: justify;">The US markets ended mostly higher on Wednesday following the Federal Reserve's decision to hold interest rate steady and a May consumer inflation data that came in cooler than expected. Asian markets are trading mostly in green on Thursday after the U.S. Federal Reserve held the Federal Funds rate at 5.25% to 5.5% and shifted its dot plot to project only one rate cut this year.</p><p style="text-align: justify;">Back home, Indian equity benchmarks erased most of their initial gains but managed to end in green on Wednesday, led by gains in Industrials, Power and Capital Goods stocks. Markets made an optimistic start and extended gains as the day progressed as traders took encouragement with a World Bank report stating that India will remain the fastest-growing major economy recording a steady growth of 6.7 per cent in the next three years including the current financial year. Sentiments remained up-beat as data of the commerce ministry showed exports from special economic zones (SEZs) rose by over 4 per cent to $163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in the last fiscal. Exports from these zones stood at $157.24 billion in 2022-23 and $133 billion in 2021-22. Markets remained firm in afternoon deals, taking support from Union Minister Piyush Goyal's statement that India is positioned in a sweet spot and it is the right time to convert challenges into opportunities. He also noted that the timely sharing of data and transparency in exports and imports will encourage investors to invest more confidently. Some comfort also came as a private survey report stated that India stands sixth globally for its employment outlook for the third quarter of 2024, with 30% of businesses planning to hire more staff over the next three months. However, markets trimmed most of their gains in final hour of trade as investors remained on sidelines ahead of the Index of Industrial Protection (IIP) and Consumer Price Index (CPI) data to be out later in the day for more directional cues. Besides, foreign institutional investors (FIIs) were net sellers of stocks worth Rs 111 crore on June 11. Finally, the BSE Sensex rose 149.98 points or 0.20% to 76,606.57, and the CNX Nifty was up by 58.10 points or 0.25% points to 23,322.95.</p>
12-Jun-2024   08:40 Hrs IST Markets to get flat-to-negative start amid mixed global cues; IIP, CPI eyed
11-Jun-2024   08:43 Hrs IST Markets likely to get flat-to-positive start amid lack of decisive triggers
10-Jun-2024   08:40 Hrs IST Markets likely to get flat to negative start amid mixed global cues
07-Jun-2024   08:42 Hrs IST Markets likely to get cautious start amid mixed global cues; All eyes on RBI MPC announcement
06-Jun-2024   08:33 Hrs IST Markets likely to get positive start tracking firm global cues
05-Jun-2024   08:44 Hrs IST Markets likely to make positive start; Services PMI data eyed
04-Jun-2024   08:37 Hrs IST Markets likely to continue previous session's rally with optimistic start ahead of election result
03-Jun-2024   08:30 Hrs IST Indian markets likely to get gap-up start as exit polls indicate NDA win, robust Q4FY24 GDP data