HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Domestic indices magnify previous session’s gains with positive opening
Apr-23-2024

With a positive opening, Indian equity markets have magnified their previous session’s gains. Markets are trading higher with gains of over quarter a percent in early deals on Tuesday on the back of firm cues from the global markets and a continued fall in oil prices. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.25-0.65%. Traders got some support as Union Minister Piyush Goyal said that the Modi government has provided a corruption free regime in the last 10 years and the country in the next few years will become the world's third largest economy. 

On the global front, Asian markets are trading mostly in green following the positive cues from the US markets overnight. The US markets ended higher on Monday as traders indulged in some bargain hunting after recent losses. Back home, on the BSE sectoral front, traders are seen pilling position in Realty, Telecom, TECK, Utilities and Consumer Disc, while selling is witnessed in Metal, Oil & Gas, Capital Goods and Energy. 

The BSE Sensex is currently trading at 73845.23, up by 196.61 points or 0.27% after trading in a range of 73825.64 and 74059.89. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.28%, while Small cap index up by 0.61%.

The top gaining sectoral indices on the BSE were Realty up by 2.79%, Telecom up by 2.60%, TECK up by 0.81%, Utilities up by 0.75% and Consumer Disc up by 0.53%, while Metal down by 0.28%, Oil & Gas down by 0.10%, Capital Goods down by 0.10% and Energy down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.51%, HCL up by 1.36%, Bajaj Finserv up by 1.02%, Titan up by 0.89% and NTPC up by 0.89%. On the flip side, Power Grid down by 0.60%, Larsen & Toubro down by 0.40%, Axis Bank down by 0.36%, JSW Steel down by 0.23% and Reliance Industries down by 0.19% were the top losers.

Meanwhile, RBI Monetary Policy Committee (MPC) member Shashanka Bhide has said that sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade. During 2023-24, the economy is likely to record a growth rate of near 8 per cent on account of good performance of manufacturing and infrastructure sectors.

Bhide stated ‘(India's economic) Growth in the current year is likely to be supported by agriculture with a favourable monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible.’ Further, he said that in the long-term, the need for productivity improvements will remain the key factor to achieve food price stability. 

Besides, he said ‘The slow pace of recovery in global demand on one hand and supply chain disruptions on the other hand... if the ongoing geopolitical conflicts are not resolved quickly, (it will) pose significant challenge in terms of demand as well as input prices.’ He said ‘We should also be prepared for minimising the adverse impact of extreme weather events on output.’

The CNX Nifty is currently trading at 22396.20, up by 59.80 points or 0.27% after trading in a range of 22382.40 and 22447.55. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 1.65%, HCL up by 1.44%, NTPC up by 1.31%, Bajaj Finserv up by 1.21% and Titan up by 0.96%. On the flip side, Hindalco down by 0.86%, Power Grid down by 0.41%, HDFC Life Insurance down by 0.37%, Britannia down by 0.33% and Axis Bank down by 0.33% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 264.18 points or 1.6% to 16,775.87, Nikkei 225 surged 94.62 points or 0.25% to 37,533.23, Taiwan Weighted added 237.05 points or 1.22% to 19,648.27, Straits Times rose 41 points or 1.27% to 3,266.17, KOSPI increased 3.40 points or 0.13% to 2,632.84 and Jakarta Composite gained 50.49 points or 0.71% to 7,124.31. However, Shanghai Composite weakened 12.47 points or 0.41% to 3,032.13. 
  RELATED NEWS >>
Most Viewed >>
April 29 , 2024
AMCs eagerly pursue special opportunities fund
April 30 , 2024
Choose Aadhaar-based KYC: Once done, you may i
April 29 , 2024
FPIs selling in equities continue unabated in
April 30 , 2024
Amid Sebi's ban on overseas ETF inflows, the s
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.