Domestic markets add losses in late morning deals

Domestic equity indices added losses and were trading with cut of around half percent in late morning deals as market participates indulged in reducing their positions. Both the Sensex and Nifty were trading below their psychological 74,200 and 22,550 levels respectively. Selling in Larsen & Toubro, Bharti Airtel, Nestle and Reliance Industries companies’ stocks dragged the markets lower. Sentiments were cautious after India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion, according to a report by the Reserve Bank of India released. 

On the global front, Asian markets were trading in green following positive cues from the US markets overnight. Back home, traders were seen pilling up position in Metal, PSU, Healthcare, Power and Energy, while selling was witnessed in TECK, IT, Capital Goods, Realty and Telecom. In the stock specific development, CEAT plunged after the company reported March quarter (Q4) result for the financial year 2023-24 (FY24), missing Street estimates. 

The BSE Sensex is currently trading at 74150.79, down by 460.32 points or 0.62% after trading in a range of 74078.37 and 75095.18. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.06%, while Small cap index down by 0.45%.

The top gaining sectoral indices on the BSE were Metal up by 1.03%, PSU up by 0.34%, Healthcare up by 0.29%, Power up by 0.28% and Energy up by 0.09%, while TECK down by 0.89%, IT down by 0.73%, Capital Goods down by 0.73%, Realty down by 0.73%, Telecom down by 0.70% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 3.13%, Bajaj Finserv up by 2.04%, Tata Steel up by 0.78%, NTPC up by 0.28% and Sun Pharma up by 0.03%. On the flip side, Larsen & Toubro down by 1.90%, Bharti Airtel down by 1.51%, Nestle down by 1.33%, Reliance Industries down by 1.25% and Maruti Suzuki down by 1.01% were the top losers.

Meanwhile, Reserve Bank of India (RBI) in its latest data has showed that India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was $13.4 billion. Both exports and imports of services were in positive zone in the preceding two months. 

According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at $339.62 billion and imports at $177.56 billion. The trade surplus or difference between exports and imports works out to be $162 billion during the year.

Despite persistent global challenges, overall exports including both merchandise and services, are projected to surpass the previous year's record high. The estimated total exports for 2023-24 is $776.68 billion, compared to $776.40 billion in 2022-23.

The CNX Nifty is currently trading at 22539.60, down by 108.60 points or 0.48% after trading in a range of 22532.40 and 22794.70. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.14%, Bajaj Finance up by 3.12%, ONGC up by 2.76%, Bajaj Finserv up by 2.22% and Grasim Industries up by 1.36%. On the flip side, Larsen & Toubro down by 1.92%, HDFC Life Insurance down by 1.44%, Nestle down by 1.39%, Bharti Airtel down by 1.37% and Adani Enterprises down by 1.35% were the top loser

Asian markets were trading in green; Hang Seng advanced 271.99 points or 1.49% to 18,479.12, Jakarta Composite gained 8.23 points or 0.12% to 7,125.66, Taiwan Weighted added 79.12 points or 0.39% to 20,301.56 and Straits Times rose 14.17 points or 0.43% to 3,311.06. However, KOSPI dropped 2.22 points or 0.08% to 2,681.43.