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Markets trade in fine fettle in early deals
Mar-28-2024

Indian equity markets have made positive start and are trading in fine fettle in early deals on Thursday on firm cues from the US markets overnight. Meanwhile, broader indices are also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.25-0.75%. Sentiments got boost as Union Finance Minister Nirmala Sitharaman said the government will continue the push on its reforms agenda in its third term since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals. Further, foreign fund inflows supported sentiments. Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore on March 27, provisional data from the NSE showed. On the Sectoral front, traders were seen pilling up position in Utilities, Power, PSU, Basic Materials and Oil & Gas, while selling was witnessed in Realty, Auto and Consumer Durables. 

On the global front, Asian markets are trading mostly in red as traders cautiously awaited key US inflation data and Fed Chair Jerome Powell's speech. The US markets ended higher on Wednesday as traders looked to pick up stocks at somewhat reduced levels. Back home, there are some buzz in banking and NBFCs industries related stocks on report that in a relief to banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) relaxed the norms it announced on investments in Alternative Investment Funds (AIFs) in December last year. In a circular issued, the RBI said that its regulated entities (REs) will now be required to make provisioning only to the extent of the amount invested by the AIF scheme in the debtor company and not the entire investment.

The BSE Sensex is currently trading at 73305.52, up by 309.21 points or 0.42% after trading in a range of 73120.33 and 73343.39. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.23%, while Small cap index up by 0.73%.

The top gaining sectoral indices on the BSE were Utilities up by 0.80%, Power up by 0.77%, PSU up by 0.72%, Basic Materials up by 0.54% and Oil & Gas up by 0.53%, while Realty down by 0.29%, Auto down by 0.21% and Consumer Durables down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.89%, Bajaj Finserv up by 1.57%, ICICI Bank up by 1.15%, SBI up by 1.03% and Wipro up by 1.02%. On the flip side, Maruti Suzuki down by 0.93%, HCL down by 0.60%, Asian Paints down by 0.33%, Tech Mahindra down by 0.32% and Axis Bank down by 0.22% were the top losers.

Meanwhile, Chairman of the 16th Finance Commission Arvind Panagariya has said India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. 

He said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in. He said ‘Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth.’ India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years.

He stated ‘India is currently growing in real rupees at about 7 per cent or so per year. Certainly with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent and that can be sustained easily for a couple of decades.’  

The CNX Nifty is currently trading at 22217.70, up by 94.05 points or 0.43% after trading in a range of 22163.60 and 22224.60. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 1.95%, Bajaj Finserv up by 1.52%, Dr. Reddy's Lab up by 1.47%, Power Grid up by 1.31% and ICICI Bank up by 1.24%. On the flip side, Apollo Hospital down by 1.52%, Bajaj Auto down by 1.05%, Maruti Suzuki down by 0.84%, Britannia down by 0.79% and HCL down by 0.57% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 471.13 points or 1.16% to 40,291.60, Taiwan Weighted lost 32.51 points or 0.16% to 20,167.61, Straits Times fell 11.2 points or 0.34% to 3,240.51, KOSPI dropped 3.30 points or 0.12% to 2,751.81 and Jakarta Composite plunged 2.51 points or 0.03% to 7,307.58. However, Hang Seng advanced 246.82 points or 1.51% to 16,639.66 and Shanghai Composite strengthened 32.75 points or 1.08% to 3,025.89.
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