IMF raises India’s FY25 GDP growth forecast by 30 bps to 6.8%: Daily Market Update - 18 April 2024 | Globe Capital Market LTD.
IMF raises India’s FY25 GDP growth forecast by 30 bps to 6.8%: Daily Market Update – 18 April 2024

The International Monetary Fund on April 16 raised India’s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5% citing bullish domestic demand conditions and a rising working-age population. With this, India continues to be the fastest growing economy of the world, ahead of China's growth projection of 4.6% during the same period.

IMF sees India's FY26 GDP growth at 6.5%. The global financial agency  sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled lower in range 0.12% to 1.15%.
  • European equity markets settled on a flat to positive note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is trading up by 50 points, Nifty futures likely to open around 22200 levels (as on 8:30AM).


News highlights from across the globe

  • Most share indices in Asia-Pacific are trading higher as investors look forward earnings of big tech firms.
  • The US bond market remained under pressure, with traders sifting through a slew of remarks from Federal Reserve speakers on speculation that policymakers will be in no rush to cut rates, Bloomberg said.
  • Brent crude was trading 0.07% higher at $87.36 a barrel.


Important news updates from the domestic front

  • One 97 Communications: Paytm has refuted reports on the deferral of the license application of Paytm Payment Services. The company has not received any communication suggesting a deferral or penalties with regard to Paytm Payment Services license application.
  • Vodafone Idea successfully closed the anchor book allocation of 490 crore equity shares at Rs 11 per share for its upcoming public offer. Anchor investors have bought 491 crore shares at Rs 11 each. GQG has invested Rs 1,348 crore, Fidelity Rs 774 crore, and Redwheel Funds has put in Rs 281 crore.
  • Infosys announced a successful collaboration with Proximus, Belgium’s leading digital services and communications solutions provider to standardize its existing processes on the ServiceNow platform and transform its customer service management operations.
  • Zee Entertainment Enterprises announced its decision to withdraw the merger implementation application filed before the National Company Law Tribunal. This will enable the company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre and in other forums. NSE has excluded the company from
  • Ambuja Cements: The Adani family infused an additional Rs 8,339 crore, taking total infusion to Rs 20,000 crore under the warrants program; increasing stake to 70.3% from 63.2%.
  • Power Grid has approved raising funds up to Rs 12,000 crore via bonds in FY25.
  • Power Grid Corporation of India was declared a successful bidder for the inter-state transmission system.
  • Shilpa Medicare’s Telangana unit was inspected by AGES, Austria from Jan 22 to Jan 26 and received GMP Certification from Ages, Austria.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on downside and settled lower at 22148 levels, down 125 points from its previous closing values.

Performance on the broader front was mix as Small Cap Index ended higher by 0.75%  while Midcap index performed in line with the benchmark, down 0.5%; resultant, poor market breadth.

Situation was no different on the sectoral front. Nifty Media index was at  the top of the tally, rose over 1.5%. On the other hand, Nifty Bank, IT, Metal and  PSU Bank index  settled lower in range 0.5% to 2.5%.

Nifty index moved in line with our expectation of some profit taking as mentioned in our previous posts. Going ahead, Nifty index is likely to find buying supports around 22000 levels.


Derivatives Overview & Outlook

Last Tuesday, long unwinding was seen in Nifty futures with decrease in open interest by 2%, whereas short buildup was seen in Banknifty futures with increase in open interest by 1.1%. No significant activity was seen in Finnifty futures on price front whereas its open interest increased by 12%.

On the sectoral front, short buildup was seen among Telecom, Technology, Realty, Finance, and Banking stocks whereas short covering was seen among Automobile stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 22500 CE and 22000 PE.


Institutional Trading Activity

Last Tuesday, FIIs sold stocks worth Rs 4468 Cr in the cash segment, sold stocks futures and index futures worth Rs 4360 Cr and Rs 3154 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 2040 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22280-21375; Supports 22110-21940

Banknifty – Resistances 47860-48200; Supports 47350-47030

Finnifty – Resistances 21330-21450; Supports 21000-20900




Important Results Today- BAJAJAUTO, HDFCLIFE, INFY.


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