Bourses manage to trade in green in late afternoon session

Indian equity markets managed to trade in green in late afternoon session. Traders overlooked private report that India's trade deficit expanded to $23.50 billion in July, up from $19 billion a year earlier, Merchandise exports declined by 1.4% year-on-year to $33.98 billion, while imports increased by 5% to $56.18 billion. In June, exports had risen by 2.6% to $35.2 billion. On the global front, Asian markets were trading mostly in green on signs of falling U.S. inventories and simmering tensions in the Middle East. European markets were trading higher as investors awaited key data from the U.S. and the euro zone, while a raft of upbeat corporate updates lifted risk appetite. Back home, inflation based on wholesale price index (WPI) slowed down in the month of July 2024 to 2.04% from 3.36% in June 2024. 

The BSE Sensex is currently trading at 79135.57, up by 179.54 points or 0.23% after trading in a range of 78895.72 and 79228.94. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.31%, while Small cap index was down by 0.42%.

The top gaining sectoral indices on the BSE were TECK up by 1.32%, IT up by 1.29%, Auto up by 0.25%, Consumer Disc up by 0.20% and Telecom was up by 0.18%, while Metal down by 1.20%, Basic Materials down by 0.85%, Power down by 0.79%, Energy down by 0.64% and Utilities was down by 0.52% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 2.03%, HCL Tech up by 1.78%, Mahindra & Mahindra up by 1.54%, Infosys up by 1.36% and Tech Mahindra up by 1.27%. On the flip side, Ultratech Cement down by 2.35%, Adani Ports down by 1.80%, Tata Steel down by 1.75%, JSW Steel down by 1.35% and Power Grid down by 0.83% were the top losers.

Meanwhile, in a positive development for the Indian economy, inflation based on wholesale price index (WPI) slowed down in the month of July 2024 to 2.04% from 3.36% in June 2024, on account of fall in prices of basic metals, machinery and equipment. 

The Component wise, primary articles index, having weight of 22.62%, increased 3.13% to 197.6 (provisional) in July 2024 from 191.6 (provisional) for the month of June 2024, on the back of rise in prices of food articles, crude petroleum & natural gas, minerals and non-food articles. Fuel & Power index, having weight of 13.15%, increased 0.14% to 147.9 (provisional) in July 2024 from 147.7 (provisional) for the month of June 2024, as prices of mineral oils increased in the reported month.

Further, Manufactured Products constituting the major portion of the index with weight of 64.23%, declined by 0.14% to 141.7 (provisional) in July, 2024 from 141.9 (provisional) for the month of June 2024, as there was a decrease in prices of basic metals; other non-metallic mineral products; computer, electronic and optical products; machinery and equipment; furniture etc. in July 2024. Meanwhile, for the month of May 2024 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 153.5 and 2.74% respectively.

The CNX Nifty is currently trading at 24163.20, up by 24.20 points or 0.10% after trading in a range of 24099.70 and 24196.50. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were TCS up by 2.01%, HCL Tech up by 1.80%, Apollo Hospital up by 1.57%, Mahindra & Mahindra up by 1.48% and Infosys up by 1.39%. On the flip side, Divi's Lab down by 3.97%, Coal India down by 3.29%, Hero MotoCorp down by 3.25%, Ultratech Cement down by 2.36% and Tata Steel down by 1.87% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 230.68 points or 1.05% to 22,027.25, Nikkei 225 surged 209.92 points or 0.58% to 36,442.43, Jakarta Composite gained 77.04 points or 1.04% to 7,433.68, Straits Times rose 24.93 points or 0.76% to 3,283.50 and KOSPI was up by 23.00 points or 0.87% to 2,644.50. On the flip side, Shanghai Composite weakened 17.3 points or 0.61% to 2,850.65 and Hang Seng was down by 60.7 points or 0.35% to 17,113.36.

European markets were trading higher; UK’s FTSE 100 increased 42 points or 0.51% to 8,277.23, France’s CAC rose 47.48 points or 0.65% to 7,323.35 and Germany’s DAX was up by 74.09 points or 0.42% to 17,886.14.