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Domestic indices magnify gains in late morning deals
Apr-18-2024

Domestic equity markets magnified their gains and were trading higher by around half a percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.90-1.15%. Positive cues from the other Asian markets supported the domestic sentiments. Falling crude oil prices and U.S. Treasury yields also supported the sentiments. Further support came in as PHD Chamber of Commerce and Industry (PHDCCI) said India's economy is estimated to grow at 8-8.3 per cent in the current fiscal. It added that the country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a $34.7 trillion economy by 2047, with a per capita income of $21,000. Besides, the sentiments were also supported by Indian rupee appreciating 9 paise to 83.51 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.

On the global front, Asian markets were trading in green despite negative cues from the US markets overnight. Airline stocks in Asian markets soared as oil prices sunk more than 3%, due to higher-than-expected U.S. inventory. Back home, all the sectoral indices, except FMCG, on the BSE were trading in green led by Telecom, Utilities, Metal, TECK and Basic Materials.

The BSE Sensex is currently trading at 73304.00, up by 360.32 points or 0.49% after trading in a range of 72888.94 and 73354.84. 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 0.90%, while Small cap index up by 1.12%.

The top gaining sectoral indices on the BSE were Telecom up by 2.45%, Utilities up by 1.46%, Metal up by 1.39%, TECK up by 1.35% and Basic Materials up by 1.25%, while FMCG down by 0.09% was the only losing index on BSE.

The top gainers on the Sensex were Power Grid up by 3.55%, Bharti Airtel up by 3.07%, Mahindra & Mahindra up by 1.99%, Tata Steel up by 1.62% and Larsen & Toubro up by 1.58%. On the flip side, Nestle down by 3.42%, Axis Bank down by 0.82%, HCL down by 0.36%, ITC down by 0.34% and Bajaj Finance down by 0.29% were the top losers.

Meanwhile, United Nations Conference on Trade and Development (UNCTAD) in its latest report has said that India’s gross domestic product (GDP) grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. It noted that the expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services and firm external demand for the country's business services exports. It added that these factors are expected to continue to support growth in India in 2024. 

According to the report, an increasing trend of multinationals extending their manufacturing processes into India to diversify their supply chains will also have a positive impact on Indian exports, while moderating commodity prices will be beneficial to the country's import bill. It said India is benefiting from growing interest from multinationals, which see the country as an alternative manufacturing base in the context of developed economies' supply chain diversification strategies, making an apparent reference to China.  

The report further said that the Reserve Bank of India (RBI) is expected to keep interest rates constant in the near term, while restrained public consumption spending will be offset by strong public investment expenditures. 

The CNX Nifty is currently trading at 22276.05, up by 128.15 points or 0.58% after trading in a range of 22153.80 and 22295.55. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 3.63%, Bharti Airtel up by 2.92%, BPCL up by 2.90%, Hindalco up by 2.34% and Grasim Industries up by 2.10%. On the flip side, Nestle down by 3.30%, Apollo Hospital down by 1.10%, Axis Bank down by 0.77%, HCL down by 0.38% and Bajaj Finance down by 0.37% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 158.21 points or 0.97% to 16,410.05, Nikkei 225 surged 185.31 points or 0.49% to 38,147.11, Taiwan Weighted added 147.23 points or 0.73% to 20,360.56, Straits Times rose 38.49 points or 1.22% to 3,193.18, KOSPI increased 56.70 points or 2.19% to 2,640.88, Shanghai Composite strengthened 10.34 points or 0.34% to 3,081.72 and  Jakarta Composite gained 19.13 points or 0.27% to 7,149.97.  
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