Post Session: Quick Review

Indian equity markets ended in green for fifth consecutive day with gains of over half a percent. Markets traded with volatility during the day amid monthly F&O expiry. Traders kept close eye on Q4FY24 earnings during the day. Metal and power sectors’ stock ended with healthy gains. As for broader indices, the BSE Mid cap index and Small cap index ended with gains of over half a percent each.

Markets made negative start and turned volatile tracking weak global cues following lower-than-expected revenue guidance by Meta. Besides, foreign fund outflows dented the sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 2,511.74 crore on April 24, provisional data from the NSE showed.  Markets wavered between gains and losses in afternoon session as investors avoided to take long position. Traders were cautious, as credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has said that the demand for industrial credit from corporates with capex plans is expected to remain muted, due to strong cash flows, modular nature of investments and flexibility to tap equity markets. However, in late afternoon session, markets added traction to trade at day’s high levels amid value buying by investors. Some support also came in as Comprehensive Economic Partnership Agreement (CEPA) Council Director Ahmed Aljneibi has said that the trade between India and UAE increased 15 per cent since the implementation of the free trade agreement in May 2022 and the both are on track to surpass the target of $100 billion in non-oil trade by 2030. Traders took note of report that RBI Monetary Policy Committee (MPC) member Ashima Goyal said the problem of high food inflation will be 'less severe' in India going ahead, as modern supply chains with diversified sources can help quickly address sudden spikes in prices of specific food items.

On the global front, European markets were trading mostly in red as investors reacted to mixed earnings results and awaited the latest financial results from the U.S. megacaps. Asian markets ended mostly in red as Facebook parent Meta Platforms posted better-than-expected earnings but warned that expenses would be higher this year due to ‘aggressive’ spending on artificial intelligence (AI). Investors also looked ahead to the release of U.S. GDP data for the first quarter as well as earnings reports from major companies across various sectors. Back home, the commerce ministry in its latest data has showed that the country's drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to $27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. In March 2024, pharma exports grew by 12.73 per cent to $2.8 billion.

The BSE Sensex ended at 74,339.44, up by 486.50 points or 0.66% after trading in a range of 73,556.15 and 74,571.25. There were 23 stocks advancing against 7 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.71%, while Small cap index was up by 0.54%. (Provisional)

The gaining sectoral indices on the BSE were PSU up by 2.09%, Metal up by 1.16%, Healthcare up by 0.97%, Power up by 0.94%, Auto up by 0.91% while, Consumer Durables down by 0.45%, Realty down by 0.12% were the losing indices on BSE. (Provisional)

The top gainers on the Sensex were Axis Bank up by 6.00%, SBI up by 4.97%, Nestle up by 2.39%, JSW Steel up by 2.27% and NTPC up by 2.20%. On the flip side, Kotak Mahindra Bank down by 10.71%, Titan Company down by 1.05%, Hindustan Unilever down by 1.04%, Bajaj Finance down by 0.67% and Maruti Suzuki down by 0.31% were the top losers. (Provisional)

Meanwhile, expressing optimism over India and UAE trade partnership, the Comprehensive Economic Partnership Agreement (CEPA) Council Director Ahmed Aljneibi has said that the trade between two countries increased 15 per cent since the implementation of the free trade agreement in May 2022 and the both are on track to surpass the target of $100 billion in non-oil trade by 2030. The UAE-India CEPA Council (UICC) was launched on the sidelines of the Vibrant Gujarat Summit in January. The two countries implemented the CEPA in May 2022.

Aljneibi said the UAE-India trading relationship has grown rapidly since the signing of the CEPA. The UAE stands as India's second-largest export destination, third-largest trading partner, and fourth-largest investor. The bilateral trade has totalled $85 billion and the UAE's foreign direct investment into India has increased to $3.3 billion in 2023.

He stressed that UICC's mandate is to ensure that the UAE and Indian businesses, no matter their size or sectorial focus, have inclusive and open pathways to benefit from the CEPA. He added Rajasthan's highly diverse economy and strong trading ties with the UAE - which reached $450 million in 2023 - represents a natural fit for the development of mutually beneficial ties.

The CNX Nifty ended at 22,570.35, up by 167.95 points or 0.75% after trading in a range of 22,305.25 and 22,625.95. There were 40 stocks advancing against 10 stocks declining on the index. (Provisional)

The top gainers on Nifty were Axis Bank up by 6.00%, SBI up by 5.12%, Dr. Reddy's Lab up by 4.50%, JSW Steel up by 2.62% and Nestle up by 2.50%. On the flip side, Kotak Mahindra Bank down by 10.87%, LTIMindtree down by 1.95%, Hindustan Unilever down by 1.30%, Titan Company down by 1.07% and SBI Life down by 1.07% were the top losers. (Provisional)

European markets were trading mostly in red; France’s CAC fell 45.97 points or 0.57% to 8,045.69 and Germany’s DAX was down by 100.39 points or 0.56% to 17,986.99. On the flip side, UK’s FTSE 100 was up by 53.00 points or 0.66% to 8,093.38.

Asian markets settled mostly lower on Thursday, saddled by risk aversion ahead of key corporate earnings reports from various sectors and US Q1 GDP data. Reports that global economic slowdown and rising borrowing costs weighed down Asian business also raised investor woes. Japan's Nikkei plunged as yen fell to 34-year low rate ahead to Bank of Japan's monetary policy decision on Friday. Intensified bets over prompt intervention by central bank of Japan as the local currency hits 155 level also sidelined equity investors from major positions taking.