Markets likely to make positive start on firm cues from Global markets

Indian equity markets ended higher on Monday amid value buying by investors. Today, markets are likely to make positive start on firm cues from global markets. Falling crude oil prices are likely to support domestic sentiments. Some support may also come in as the risk of a significant escalation of hostilities between Israel and Iran eased. Further, traders may get support as RBI Monetary Policy Committee (MPC) member Shashanka Bhide said as sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade. During 2023-24, the economy is likely to record a growth rate of near 8 per cent on account of good performance of manufacturing and infrastructure sectors. However, foreign fund outflows likely to dent sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 2,915.23 crore on April 22, provisional data from the NSE showed. There may be some buzz in medical devices industry related stocks as the Association of Indian Medical Device Industry (AiMeD) said that India’s exports of medical devices to Russia can be tripled in the next five years through collaborative efforts by both countries. The push to shore up Indian medical device exports to Russia comes after players from both countries recently held an online meeting to explore opportunities in the areas of manufacturing and marketing life-saving medical equipment and devices.

The Asian markets are trading mostly in green following positive cues from the US markets overnight.  The US markets ended higher on Monday as traders indulged in some bargain hunting after recent losses. 

Back home, a sustain buying helped Indian equity benchmarks to end near their intraday high points on Monday, aided by positive cues from other Asian markets, as Middle East tensions eased and investors looked ahead to a slew of U.S. data due this week for additional clues on when the Federal Reserve will cut interest rates. After a strong start, markets remained in good mood for the whole day, amid foreign fund inflows. The provisional data from the NSE showed that foreign institutional investors (FIIs) net bought shares worth Rs 129.39 crore on April 19. During the day, sentiments got a boost as the tax department said that India's net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 lakh crore in the fiscal year ended March 2024 and exceeded the revised estimates by Rs 13,000 crore. Adding more relief among traders, Union Finance Minister Nirmala Sitharaman said that the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. In the last hours of the trade, indices added more gains, tracking positive European markets. Sentiments remained positive, as the retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report showed that 15.48 lakh net members have been added in the month of February 2024. The data further indicated that around 7.78 lakh new members have been enrolled during February 2024. Meanwhile, RBI Governor Shaktikanta Das stressed that the success in controlling inflation has to be preserved and taken forward to achieve a 4 per cent inflation target on a durable basis. Finally, the BSE Sensex rose 560.29 points or 0.77% to 73,648.62 and the CNX Nifty was up by 189.40 points or 0.86% points to 22,336.40.