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Benchmarks extend gains in morning deals
Mar-28-2024

Indian equity benchmarks extended gains in morning deals backed by buying in PSU, Banking and Telecom stocks. Sentiments remained up-beat with Chairman of the 16th Finance Commission Arvind Panagariya stating that 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. Traders also took a note of the Finance Ministry’s statement that the Centre plans to raise Rs 7.5 lakh crore through market borrowing in the April-September period of 2024-25 (H1FY25) to fund the revenue gap. In the next financial year (FY25), the government plans to borrow a total of Rs 14.13 lakh crore. On the global front, Asian markets are trading mostly in red with some traders booking profits after the recent strength in the markets as they cautiously awaited key US inflation data and Fed Chair Jerome Powell's speech while the markets are closed on Good Friday. 

The BSE Sensex is currently trading at 73542.40, up by 546.09 points or 0.75% after trading in a range of 73120.33 and 73666.28. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.09%, while Small cap index was up by 0.68%.

The top gaining sectoral indices on the BSE were PSU up by 0.83%, Bankex up by 0.81%, Telecom up by 0.79%, Power up by 0.73% and Utilities up by 0.70%, while Realty down by 0.41% and Consumer Durables down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.40%, Bajaj Finance up by 2.98%, ICICI Bank up by 1.50%, Ultratech Cement up by 1.43% and SBI up by 1.43%. On the flip side, HCL Technologies down by 0.95%, Tech Mahindra down by 0.37%, Axis Bank down by 0.21%, Maruti Suzuki down by 0.06% and Titan Company down by 0.01% were the top losers.

Meanwhile, terming economic expansion in the range of 7 per cent perfectly good, Member of Economic Advisory Council to the PM, Sanjeev Sanyal has said India should be satisfied with the current growth rate unless the external environment improves. Further, he said it was necessary to protect the hard-earned macroeconomic stability.

Sanyal stated ‘Now look, it is possible for us to hit double-digit growth, but I would actually be rather careful about it. This whole game is about compounding growth.’ India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per cent.

He said ‘We should not attempt to grow this economy by anything more than what it is growing now. If the external environment does not dramatically improve, because what will happen then, is that our external accounts will begin to overheat, our inflation will begin to overheat and so on.’

He noted that the key is not to lose control of macroeconomic stability as it was a very hard-earned thing. He said ‘You can only generate very high rates of growth if the external environment is conducive, otherwise we should be satisfied with what we are doing or even something in the range of 7 per cent is perfectly good.’

The CNX Nifty is currently trading at 22285.35, up by 161.70 points or 0.73% after trading in a range of 22163.60 and 22326.30. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 3.27%, Bajaj Finance up by 3.02%, Eicher Motors up by 1.73%, SBI up by 1.63% and ICICI Bank up by 1.63%. On the flip side, Bajaj Auto down by 1.35%, Shriram Finance down by 1.08%, HCL Technologies down by 0.92%, Britannia Industries down by 0.88% and Tech Mahindra down by 0.37% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 497.58 points or 1.22% to 40,265.15, Taiwan Weighted lost 63.11 points or 0.31% to 20,137.01, Straits Times fell 9.63 points or 0.3% to 3,242.08, KOSPI dropped 7.50 points or 0.27% to 2,747.61 and Jakarta Composite plunged 31.4 points or 0.43% to 7,278.69.

On the flip side, Shanghai Composite strengthened 32.75 points or 1.08% to 3,025.89 and Hang Seng advanced 267.92 points or 1.61% to 16,660.76.
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