Post Session: Quick Review

In volatile trading session, Indian equity markets managed to end the Monday’s session in green. Buying in last leg of trade helped markets to end the session in positive territory. Volatility occurred in a day ahead of US Fed policy on September 18. 

Markets made positive start amid growing expectations of interest rate cuts by the Federal Reserve and other central banks. Foreign fund inflows aided domestic sentiments. Foreign Portfolio Investors (FPIs) continued their bullish stance on Indian stocks, infusing Rs 16,881.03 crore in the second week of September, according to data from the National Securities Depository (NSDL). Some support came as India’s foreign exchange reserves have been rising for months now, hitting several all-time highs. The forex kitty increased by $66 billion so far this year and is currently at $689.235 billion. However, in afternoon session indices trimmed most of their gains and touched day’s low levels as markets participants got cautious, as the think tank Global Trade Research Initiative (GTRI) said that India needs to increase container production, promote the use of domestic containers, strengthen domestic shipping firms and enhance port infrastructure as higher freight costs, container shortage and dependence on major shipping hubs and foreign carriers pose serious challenges to the country’s exports. But, indices managed to recover from lows to trade higher in late afternoon session. Traders took note of report that Union Minister of Agriculture and Farmers Welfare and Rural Development Shri Shivraj Singh Chouhan said that the Prime Minister Shri Narendra Modi is farmer friendly and agriculture and farmers welfare is his top priority. Modi government has taken some big decisions in the interest of farmers. Farmer friendly Modi government has taken a decision to increase the import duty on edible oils from 0% to 20% and on adding other components, the total effective duty will be 27.5%.

On the global front, European markets were trading lower as a rising British pound weighed on export-oriented companies. Asian markets ended in green ahead of the Fed, BoJ and BoE policy meetings this week, with central banks in Japan and the U.K. both expected to stand pat on rates. Back home, labour ministry in latest payroll date has said Employees’ State Insurance Corporation (ESIC) recorded a 13.32 per cent increase in subscribers addition to 22.53 lakh in July, 2024 compared to the figure of a year ago.

The BSE Sensex ended at 82,988.78, up by 97.84 points or 0.12% after trading in a range of 82,832.82 and 83,184.34. There were 15 stocks advancing against 15 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.01%, while Small cap index was up by 0.28%. (Provisional)

The top gaining sectoral indices on the BSE were Utilities up by 1.97%, Power up by 1.93%, Metal up by 0.65%, Capital Goods up by 0.56% and Realty was up by 0.52%, while FMCG down by 0.51%, Telecom down by 0.44%, IT down by 0.16% and TECK was down by 0.07% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were NTPC up by 2.57%, JSW Steel up by 1.71%, Larsen & Toubro up by 1.22%, ICICI Bank up by 1.06% and Axis Bank up by 1.02%. On the flip side, Bajaj Finance down by 3.39%, Hindustan Unilever down by 2.18%, Bajaj Finserv down by 1.83%, Adani Ports down by 0.83% and Titan Company down by 0.76% were the top losers. (Provisional)

Meanwhile, in line with the Government of India’s vision to transform India into a global leader in innovation and entrepreneurship, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, is set to launch a digital platform ‘BHASKAR’, aimed at strengthening India’s startup ecosystem. 

The Bharat Startup Knowledge Access Registry (BHASKAR) initiative, under the Startup India program, is a platform designed to centralize, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies.

India, home to over 1,46,000 DPIIT-recognized startups, has rapidly become one of the world’s most dynamic startup hubs. BHASKAR seeks to leverage this potential by providing an all-encompassing, one-stop digital platform that addresses the challenges faced by entrepreneurs and investors alike. By serving as a centralized registry, BHASKAR will enable seamless access to a wide array of resources, tools, and knowledge that will help fuel the entrepreneurial journey from ideation to execution.

BHASKAR is designed to foster a conducive environment for networking, collaboration, and growth within the startup ecosystem. By providing personalized BHASKAR IDs for each stakeholder, the platform will facilitate easier interaction, enhance searchability, and allow for efficient discovery of relevant opportunities and partnerships.

The CNX Nifty ended at 25,383.75, up by 27.25 points or 0.11% after trading in a range of 25,336.20 and 25,445.70. There were 25 stocks advancing against 25 stocks declining on the index. (Provisional)

The top gainers on Nifty were NTPC up by 2.42%, Hindalco up by 1.77%, JSW Steel up by 1.72%, Shriram Finance up by 1.51% and Larsen & Toubro up by 1.36%. On the flip side, Bajaj Finance down by 3.33%, Hindustan Unilever down by 2.25%, Bajaj Finserv down by 1.95%, SBI Life down by 1.37% and Britannia down by 1.14% were the top losers. (Provisional)

European markets were trading lower; UK’s FTSE 100 decreased 10.74 points or 0.13% to 8,262.35, France’s CAC fell 8.55 points or 0.11% to 7,456.70 and Germany’s DAX was down by 70.44 points or 0.38% to 18,628.96. 

Asian markets ended in green on Monday despite slew of Chinese data disappointed. Traders were eyeing the Fed, BoJ and BoE policy meetings this week, with central banks in Japan and the U.K. both expected to stand pat on rates. Economic data from China over the weekend disappointed as industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further. Investors remained optimistic about a potential interest rate cut by the Federal Reserve. Holidays in China, Japan, Malaysia, Indonesia and South Korea made for thin trading conditions and moves were modest. The Japanese stock market remained closed for Respect for the Aged Day. Trading remained closed in China for Mid-Autumn Festival, South Korea for Chuseok Thanksgiving Day, Malaysia for Malaysia Day and Indonesia for Prophet Muhammad's birthday.