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Sensex, Nifty trade higher in early deals
Apr-29-2024

Indian equity benchmarks made optimistic start on Monday tracking firm trade in global markets. Sensex and Nifty are trading higher with decent gains in early deals led by buying in banking stocks following strong quarterly results. Sentiments got a boost as economic think-tank National Institute of Public Finance and Policy (NIPFP) said it has estimated India's GDP growth at 7.1 per cent for the current fiscal, using high-frequency models. NIPFP said the Centre is on a fiscal consolidation path through buoyancy in taxes and revenue expenditure compression. However, gains remained limited amid cautiousness with report that foreign investors pulled out domestic equities worth Rs 6,300 crore in April, (till April 26) on concerns over tweaks in India's tax treaty with Mauritius and sustained rise in US bond yields. Data with the depositories showed this came following a whopping net investment of Rs 35,098 crore in March and Rs 1,539 crore in February.  

On the global front, most of the Asian markets are trading higher, following the broadly positive cues from global markets on Friday, as traders reacted to upbeat US inflation data and a drop in treasury yields, which may have helped mitigate any negative response to the inflation data. They are also cautious and indulge in some bargain hunting ahead of the US Fed's monetary policy announcement in two days. The Japanese stock market is closed on account of Showa Day.

Back home, data from the central bank showed India's foreign exchange reserves fell for a second consecutive week and stood at a six-week low of $640.33 billion as of April 19. The reserves fell by $2.83 billion in the reporting week, adding to the previous week's $5.4 billion drop. In stock specific development, ICICI Bank advanced after reporting a 17% increase in Q4 profit and higher spending on information technology and cybersecurity. Yes Bank jumped on reporting a 123 percent jump in Q4 net profit. 

The BSE Sensex is currently trading at 74014.09, up by 283.93 points or 0.39% after trading in a range of 73922.34 and 74204.30. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.30%, while Small cap index was up by 0.19%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 0.57%, Bankex up by 0.57%, Energy up by 0.54%, Industrials up by 0.42% and Utilities up by 0.34%, while Realty down by 1.18%, Healthcare down by 0.37%, Auto down by 0.22%, FMCG down by 0.04% and Consumer Discretionary down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.97%, Indusind Bank up by 1.90%, Tech Mahindra up by 1.67%, Ultratech Cement up by 1.48% and Sun Pharma up by 1.40%. On the flip side, HCL Technologies down by 5.52%, Mahindra & Mahindra down by 1.25%, Power Grid down by 0.79%, ITC down by 0.60% and HDFC Bank down by 0.13% were the top losers.

Meanwhile, expressing optimism over the India’s growth scenario, economic think-tank National Institute of Public Finance and Policy (NIPFP) said it has estimated India's Gross Domestic Product (GDP) growth at 7.1 per cent for the current fiscal (FY25), using high-frequency models.

NIPFP said the Centre is on a fiscal consolidation path through buoyancy in taxes and revenue expenditure compression. The economic think tank said that in 2023-24, states' capex growth is robust due to significant capex transfers from the Centre.

Recently, the finance ministry in its Monthly Economic Review for March said that resilient growth, price stability and steady external sector outlook continue to support India's promising economic performance amid uncertain global conditions. It said overall, India continues to be the fastest-growing major economy, with positive assessments of the growth outlook for the current financial year for India by international organisations and the RBI.

The CNX Nifty is currently trading at 22460.15, up by 40.20 points or 0.18% after trading in a range of 22459.65 and 22532.50. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were SBI Life Insurance up by 2.30%, ICICI Bank up by 1.90%, Indusind Bank up by 1.85%, Tech Mahindra up by 1.51% and Ultratech Cement up by 1.47%. On the flip side, Apollo Hospital down by 8.18%, HCL Technologies down by 5.62%, Shriram Finance down by 1.47%, Bajaj Auto down by 1.39% and Mahindra & Mahindra down by 1.32% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted surged 317.16 points or 1.55% to 20,437.67, Hang Seng jumped 211.6 points or 1.18% to 17,862.75, Jakarta Composite rose 54.49 points or 0.77% to 7,090.57, KOSPI increased 25.86 points or 0.96% to 2,682.19, Shanghai Composite was up by 24.65 points or 0.79% to 3,113.29, while Straits Times was down by 6.87 points or 0.21% to 3,273.23.
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