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Markets continue to trade in green in morning deals
Apr-23-2024

Indian equity markets continued to trade in green in morning deals, led by gains in Telecom, Realty and TECK stocks. Sentiments remained positive with a survey showing that India's business activity expanded at its fastest pace in nearly 14 years in the month of April thanks to robust demand. It also showed easing input inflation and positive jobs growth. That suggests India is well placed to remain the fastest growing major economy this year after posting strong expansion over the past few quarters. HSBC's flash India Composite purchasing managers' Index INPMCF=ECI, compiled by S&P Global, rose to 62.2 this month from March's final reading of 61.8. The reading has been consistently above the 50-mark separating expansion from contraction since August 2021. Some support also came with RBI Monetary Policy Committee (MPC) member Shashanka Bhide stating 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.

On the global front, Asian markets are trading mostly in green following the broadly positive cues from global markets overnight, on easing fears of a wider Middle East conflict after Iran and Israel completed 'measured' counterattacks that were calibrated to avoid any casualties. Traders also scooped up bargains ahead of the release of a slew of U.S. economic data.  Back home, on the sectoral front, airline industry’s stocks remained in watch with Civil aviation ministry’ data showing that domestic air traffic touched a new single-day high of 4,71,751 passengers on April 21, 2024. The traffic on April 21 was more than 14 per cent higher than the average pre-Covid count of 3,98,579. On April 21, the number of flights was 6,128. This is higher than the domestic air traffic of 4,28,389 passengers and 5,899 flights recorded on April 21, 2023. 

The BSE Sensex is currently trading at 73892.27, up by 243.65 points or 0.33% after trading in a range of 73763.91 and 74059.89. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.41%, while Small cap index was up by 0.89%.

The top gaining sectoral indices on the BSE were Telecom up by 3.54%, Realty up by 2.50%, TECK up by 0.94%, Utilities up by 0.87% and Consumer Durables up by 0.64%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Bharti Airtel up by 1.95%, HCL Technologies up by 1.30%, Titan Company up by 1.17%, Tata Motors up by 1.10% and SBI up by 0.93%. On the flip side, Power Grid Corporation down by 0.44%, Larsen & Toubro down by 0.37%, ICICI Bank down by 0.25%, Ultratech Cement down by 0.20% and Reliance Industries down by 0.09% were the top losers.

Meanwhile, Union Minister Piyush Goyal has said 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. Goyal said the country's economy is growing at a faster pace and series of measures have been taken to promote growth.

He stated under Prime Minister Narendra Modi's leadership, the country will become the world leader. He said that the taxpayers' money is being utilised properly for the welfare of people and infrastructure development.

Further, he said the government has transferred Rs 30-35 lakh crore in the last 10 years to the poor through direct benefit transfer (DBT). Moreover, he said ‘Today in India, infrastructure sector is growing at a fast pace’. Besides, he said the entrepreneurial spirit of youth, and startups are further pushing growth in the country.

The CNX Nifty is currently trading at 22400.70, up by 64.30 points or 0.29% after trading in a range of 22368.45 and 22447.55. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 2.03%, HCL Technologies up by 1.41%, Titan Company up by 1.27%, Adani Ports & SEZ up by 1.25% and Tata Motors up by 1.10%. On the flip side, Hindalco down by 0.90%, Tata Consumer Product down by 0.58%, Power Grid Corporation down by 0.55%, Larsen & Toubro down by 0.38% and ICICI Bank down by 0.27% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 145.85 points or 0.39% to 37,584.46, Taiwan Weighted added 240.49 points or 1.24% to 19,651.71, Hang Seng advanced 271.02 points or 1.61% to 16,782.71, Straits Times rose 39.47 points or 1.22% to 3,264.64, KOSPI increased 0.27 points or 0.01% to 2,629.71 and Jakarta Composite gained 52.02 points or 0.74% to 7,125.84. On the flip side, Shanghai Composite weakened 12.47 points or 0.41% to 3,032.13.
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