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Markets trade at day’s high levels in late afternoon session
Mar-28-2024

Indian equity markets traded at day’s high levels in late afternoon session on account of buying in front line counters. Traders took note of report that India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said Indian economy can grow at 8 per cent till 2047, if the country can redouble the good policies that it has implemented over the last 10 years and accelerate reforms. Subramanian emphasised that India needs to strengthen its domestic economy as about 58 per cent of the country's GDP comes from domestic consumption. On the global front, Asian markets were trading mostly in red after a Federal Reserve official floated the idea of delaying or reducing interest rate cuts, while the markets are closed on Good Friday. European markets were trading higher heading into the long Easter weekend break, on a boost from energy stocks, while the benchmark index was on course to end a second consecutive quarter in the green.

The BSE Sensex is currently trading at 74119.29, up by 1122.98 points or 1.54% after trading in a range of 73120.33 and 74122.66. There were 29 stocks advancing against 1 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.95%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were PSU up by 2.25%, Power up by 2.24%, Utilities up by 2.04%, Capital Goods up by 1.87% and Auto was up by 1.82%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finserv up by 5.49%, Bajaj Finance up by 4.30%, Mahindra & Mahindra up by 3.76%, SBI up by 3.33% and Power Grid up by 2.56%. On the flip side, Axis Bank down by 0.28% was the only losers.

Meanwhile, Credit rating agency, CareEdge Ratings in its latest report has said that India's data centre industry has entered the growth stage and the capacity is likely to double up in the next three years, from approximately 0.9 Gigawatts (GW) in 2023 to 2 GW in 2026.

According to the report, this additional capacity built up has created substantial investment prospects due to the estimated capex requirement of Rs 50,000 crore in the next three years. It however highlighted significant under penetration of data center capacity in India. CareEdge further noted that India has data center capacity share of only 3 per cent globally despite generating 20 per cent of the global data. While mobile data usage in India is highest globally when compared with exabytes usage per month.

The rating agency expects need for data localization to trigger compulsorily investment in data center, and cost-saving incentives by States to attract investments. It cited that the absorption levels have gone up from 82 per cent in 2019 to 93 per cent in 2023. According the report, as capacity was added, industry players' revenue increased by nearly 25 per cent CAGR from FY17 to FY23.

The CNX Nifty is currently trading at 22483.95, up by 360.30 points or 1.63% after trading in a range of 22163.60 and 22489.10. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 5.30%, Bajaj Finance up by 4.36%, Grasim Industries up by 4.06%, Mahindra & Mahindra up by 3.72% and Eicher Motors up by 3.69%. On the flip side, Shriram Finance down by 0.85% and Axis Bank down by 0.14% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 594.66 points or 1.48% to 40,168.07, Jakarta Composite plunged 55.89 points or 0.76% to 7,254.20, Taiwan Weighted lost 53.57 points or 0.27% to 20,146.55, Straits Times fell 15.78 points or 0.49% to 3,235.93 and KOSPI was down by 9.29 points or 0.34% to 2,745.82. On the flip side, Shanghai Composite strengthened 17.52 points or 0.58% to 3,010.66 and Hang Seng was up by 148.58 points or 0.9% to 16,541.42.

European markets were trading higher; UK’s FTSE 100 increased 24.88 points or 0.31% to 7,956.86, France’s CAC rose 26.83 points or 0.33% to 8,231.64 and Germany’s DAX was up by 25.23 points or 0.14% to 18,502.32.
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