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Equity markets decline amid global weakness and higher oil prices

Among the Sensex constituents, 22 stocks trended downwards, with Bharti Airtel, Nestle India, Sun Pharma, and IndusInd Bank being the prominent decliners. Conversely, Ultratech Cement, Tech Mahindra, Axis Bank, and Tata Steel managed to sustain positive momentum.

News Arena Network - Mumbai - UPDATED: April 2, 2024, 09:43 PM - 2 mins read

In early trade on Wednesday, benchmark equity indices Sensex and Nifty faced a downturn, influenced by weak global trends, escalated crude oil prices, and foreign fund outflows.

Equity markets decline amid global weakness and higher oil prices

The 30-share BSE Sensex observed a dip of 281.18 points settling at 73,622.73, while the NSE Nifty witnessed a decline of 93.15 points, reaching 22,360.15.

In early trade on Wednesday, benchmark equity indices Sensex and Nifty faced a downturn, influenced by weak global trends, escalated crude oil prices, and foreign fund outflows.

The 30-share BSE Sensex observed a dip of 281.18 points or 0.38 per cent, settling at 73,622.73, while the NSE Nifty witnessed a decline of 93.15 points or 0.41 per cent, reaching 22,360.15.

On the NSE Nifty, 38 shares experienced negative trends.

Chief Investment Strategist at Geojit Financial Services, V K Vijayakumar, highlighted that escalating bond yields in the US are impacting global equity markets. The waning expectations of a US Federal Reserve interest rate cut in July, given the tight labor market and fears of inflation exacerbated by rising crude prices, contribute to the market's apprehension.

Vijayakumar noted that despite recent dovish sentiments from the Fed chief, optimism regarding three rate cuts in 2024 has diminished, likely continuing to burden equity markets worldwide. He also suggested that in India, Foreign Portfolio Investors (FPIs) may persist in selling.

Asian markets mirrored the negative sentiment, with Hong Kong's Hang Seng and Japan's Nikkei 225 plunging by 0.78 per cent and 0.68 per cent, respectively. China's Shanghai Composite recorded a loss of 0.24 per cent.

Tuesday witnessed predominantly lower closures in the US and European markets.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,622.69 crore on Tuesday, as per exchange data.

The global oil benchmark, Brent crude, rose by 0.08 per cent to reach USD 88.99 a barrel.

In the previous session, the BSE benchmark Sensex observed a decline of 110.64 points or 0.15 per cent, closing at 73,903.91, while the NSE Nifty ended 8.70 points or 0.04 per cent lower at 22,453.30.s

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Equity benchmark indices Sensex and Nifty hit fresh lifetime high levels on Tuesday before closing flat due to profit-taking in select banking and telecom shares amid concerns over rich valuations.

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The benchmark BSE Sensex breached the 80,000 level for the first time during intraday trading on Wednesday.

Nifty reaches fresh peak of 24,307, Sensex surpasses 80,000

July 3, 2024, 03:39 AM - 2 mins read

Conversely, Tata Consultancy Services, Titan, Reliance Industries, Tata Motors, and Larsen & Toubro were the major laggards. Asian markets showed mixed trends, with Seoul, Tokyo, and Hong Kong ending in positive territory, while Shanghai closed lower. European markets traded with gains, and US markets closed higher on Tuesday.

MP budget presented amid nursing college scam uproar

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The budget presentation, intended to outline the government's fiscal plans and priorities for the upcoming year, was overshadowed by the persistent demands for accountability and resignation over the nursing college scam.

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HDFC Bank, the country's largest private bank, was a key highlight. The bank's increased weightage in the MSCI index is expected to rise as foreign institutional investors (FIIs) have greater room to buy stock. This potential for increased investment led to a rally in the Bank Nifty, which also hit a record high of 53,201.50.

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In the Sensex pack, Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India, and Titan were the biggest laggards. Conversely, Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies, and Tata Steel emerged as the top gainers.

SEBI issues notice to Hindenburg over Adani report

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Hindenburg Research, which has publicly shared the notice on its website, described SEBI's actions as "nonsense" and an attempt to "silence and intimidate" those exposing corruption. The firm stated that it made approximately USD 4.1 million from its declared positions on Adani stocks, and criticized SEBI for not focusing its investigation on the evidence presented in the January 2023 report.

GST collection rises 7.7% to Rs 1.74 lakh crore in June

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In a series of posts on social media platform X, the Finance Ministry highlighted the benefits of the GST regime on its seventh anniversary. "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the Ministry stated.

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The slide in banking and financial services overshadowed a more than 1% gain in information technology stocks. Among the top gainers on the Nifty50 were Infosys, Coal India, LTIM, Wipro, and ONGC. On the flip side, the top losers included HDFC Life, Kotak Mahindra Bank, Shriram Finance, Bajaj Finance, and SBI Life.

GST Day celebrations in Coimbatore highlight achievements

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The GST and Central Excise Commissionerate in Coimbatore celebrated 'GST Day' with a grand event attended by numerous dignitaries and officials. N Rengaraj, IRS, the Principal Commissioner of Income Tax in Coimbatore, served as the Chief Guest, while SK Sundararaman, Managing Director of M/s Shiva Texyarn Limited and Chairman of The South India Mills Association, was the Guest of Honour.

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The report quotes NITI Aayog, stating that in the past decade, India has seen a significant reduction in poverty. The proportion of people living in poverty in "all its dimensions" decreased to 14.96% in 2019-21 from 24.85% in 2015-16. This reduction is attributed to sustained economic growth during the period (6.7% average growth between FY16-FY20) and the implementation of various welfare schemes focused on nutrition, health, education, housing, drinking water, sanitation, skill development, and social protection.

LPG cylinder price cut by Rs 30, effective immediately

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The Oil Marketing Companies on Monday announced a reduction of Rs 30 in the prices of 19-kilogram commercial LPG cylinders across the country, including metro cities such as New Delhi, Mumbai, Kolkata, and Chennai. The revised rates have come into effect immediately.

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Fintech startup Simpl reported a 40% surge in consumer spending during India's victory in the ICC T20 World Cup final, reflecting increased quick commerce transactions. Indians showed significant online spending support post-India's victory, with peak activity from 8 pm to 11 pm.