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Sharp recovery witnesses in Indian markets during early noon deals
Apr-19-2024

A sharp recovery witnessed in Indian equity markets during early afternoon deals, with both Sensex and Nifty turning positive aided by buying at FMCG and Basic Materials counters despite negative cues from other Asian markets. Sentiments were positive, as India's Economic Affairs Secretary Ajay Seth to World Bank has said that despite a challenging global scenario, India's economy has shown robust growth over the past year backed by sustained consumption and investment demand. However, there were some cautiousness among traders, amid reports that India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has surged, more than doubling since the implementation of the Free Trade Agreement (FTA) in 2010. According to figures released by the Ministry of Commerce and Industry, India's exports to ASEAN member countries stood at $25,627.89 million in the year 2010-11, while imports from these nations amounted to $30,607.96 million.

On the global front, Asian markets were trading lower, after Hong Kong's unemployment rate increased slightly in the January-March period, though still at a low level. The labour force statistics from the Census and Statistics Department showed that the seasonally adjusted unemployment rate came in at 3.0 percent in the January-March period, up from 2.9 percent in the December-February period. The data showed that the underemployment rate also increased somewhat, from 1.0 percent to 1.1 percent.

The BSE Sensex is currently trading at 72614.89, up by 125.90 points or 0.17% after trading in a range of 71816.46 and 72633.52. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.51%, while Small cap index was down by 0.05%.

The top gaining sectoral indices on the BSE were FMCG up by 0.38%, Basic Materials up by 0.20%, Bankex up by 0.20%, Metal up by 0.20% and Consumer Durables up by 0.19%, while Realty down by 1.08%, IT down by 0.68%, TECK down by 0.53%, Healthcare down by 0.51% and Power down by 0.43% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.37%, HDFC Bank up by 1.33%, ITC up by 1.23%, Hindustan Unilever up by 0.90% and Maruti Suzuki up by 0.85%. On the flip side, Nestle down by 1.50%, Axis Bank down by 1.40%, HCL Tech. down by 1.39%, Tata Motors down by 1.33% and TCS down by 0.92% were the top losers.

Meanwhile, India's G-20 sherpa Amitabh Kant has said that the global future will not be driven by big technology firms but by the digital public infrastructure (DPI) platforms developed locally. He said India will transfer its DPI to the rest of the world, and already there are many examples of countries warming up to the same. 

Kant stated that the DPI consists of the digital identity through Aadhaar, real time payment through the UPI platform and other services like account aggregator, and was showcased to the world during India's presidency of G-20 last year. He said during the G-20, the world accepted the definition and framework of the DPI, given the strides that India has made through its strategies. 

He further said India's DPI will transfer to the world, and the same will present a lot of opportunities for the country's entrepreneurs which need to be leveraged on. He also said DPI will become synonymous with the rest of the world. He added that this will be a big part of the India growth story during the period till 2047. He also underscored the need for a fund of funds for deep tech sector in India, which will help venture capital funds take the bets in startups engaged in the sector with a lot of relevance in the future.

The CNX Nifty is currently trading at 22024.80, up by 28.95 points or 0.13% after trading in a range of 21777.65 and 22029.00. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 1.79%, HDFC Bank up by 1.34%, Mahindra & Mahindra up by 1.34%, Apollo Hospital up by 1.25% and ITC up by 1.22%. On the flip side, Bajaj Auto down by 2.84%, Nestle down by 1.52%, Axis Bank down by 1.36%, Tata Motors down by 1.34% and HCL Tech. down by 1.28% were the top losers.

All Asian markets were trading lower; Hang Seng declined 161.62 points or 0.99% to 16,224.25, Taiwan Weighted lost 774.08 points or 3.96% to 19,527.12, Jakarta Composite plunged 74.47 points or 1.04% to 7,092.34, Straits Times fell 12.36 points or 0.39% to 3,175.30, Shanghai Composite weakened 8.96 points or 0.29% to 3,065.26, KOSPI dropped 42.84 points or 1.65% to 2,591.86 and Nikkei 225 slipped 1011.35 points or 2.73% to 37,068.35.
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