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Positive trade continues over Dalal Street in early afternoon deals
Apr-23-2024

A positive trade continued over Dalal Street in early afternoon deals, with both Sensex and Nifty holding notable gains, aided by firm cues from other Asian markets, as the risk of a significant escalation of hostilities between Israel and Iran eased. Sentiments were positive, after Union Finance Minister Nirmala Sitharaman has said that reverse migration has started in which a lot of people, who have a global footprint, are finding businesses, professions and careers to be built in India. She said ‘Ideally, India should be a country which is worth for our grandchildren to stay and live and lead their lives and contribute for the country rather than run away from here because opportunities, job satisfaction, career enhancement, are better there and not here.'

Adding optimism among traders, a private report stated that the economic growth across India's private sector continued to strengthen in April, as positive demand trends fuelled new business intakes and output. The manufacturing industry led the latest upturn, as was the case in March, although softening growth at goods producers compared with accelerations at service providers. The headline HSBC Flash India Composite PMI Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -surged to 62.2 in April from 61.8 in March.

On the global front, Asian markets were trading mostly in green, after Japan's private sector grew at the joint-fastest pace in nearly a year in April driven by the improvement in services activity. The flash survey results from S&P Global showed that the au Jibun Bank flash composite output index rose to 52.6 in April from 51.7 in March. A score above 50.0 indicates expansion. The service sector remained the primary driver of growth, while the deterioration in manufacturing output eased further.

The BSE Sensex is currently trading at 73835.85, up by 187.23 points or 0.25% after trading in a range of 73736.24 and 74059.89. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.48%, while Small cap index was up by 0.92%.

The top gaining sectoral indices on the BSE were Telecom up by 4.79%, Realty up by 2.58%, TECK up by 1.33%, Consumer Durables up by 0.83% and Utilities up by 0.82%, while Healthcare down by 0.39%, Energy down by 0.23% and Oil & Gas down by 0.22% were the few losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.68%, HCL Tech. up by 2.14%, Tata Motors up by 1.23%, SBI up by 1.17% and Hindustan Unilever up by 1.16%. On the flip side, Sun Pharma down by 3.08%, Reliance Industries down by 0.70%, Tech Mahindra down by 0.54%, Larsen & Toubro down by 0.40% and Mahindra & Mahindra down by 0.38% were the top losers.

Meanwhile, Civil Aviation Ministry in its latest data has showed 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 21,2024 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 ministry said domestic aviation in India is witnessing unprecedented growth, driven by factors such as concrete policies, economic development, and expansion of low-cost carriers. As more people gain access to air travel, the sector is expected to continue its upward trajectory.

Recently, aviation regulator Directorate General of Civil Aviation (DGCA) said passengers carried by domestic airlines during January-March 2024 were 391.46 lakh as against 375.04 lakh during the corresponding period of the previous year, registering an annual growth of 4.38 per cent and monthly growth of 3.68 per cent.

The CNX Nifty is currently trading at 22403.15, up by 66.75 points or 0.30% after trading in a range of 22355.85 and 22447.55. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.84%, Grasim Industries up by 3.13%, HCL Tech up by 2.20%, Tata Motors up by 1.29% and Hindustan Unilever up by 1.22%. On the flip side, Sun Pharma down by 3.18%, HDFC Life Insurance down by 0.92%, Reliance Industries down by 0.74%, Tata Consumer Products down by 0.57% and Apollo Hospital down by 0.53% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 293.51 points or 1.78% to 16,805.20, Taiwan Weighted added 188.06 points or 0.96% to 19,599.28, Jakarta Composite gained 42 points or 0.59% to 7,115.82, Straits Times rose 43.77 points or 1.36% to 3,268.94 and Nikkei 225 surged 113.55 points or 0.3% to 37,552.16, while Shanghai Composite weakened 22.62 points or 0.74% to 3,021.98 and KOSPI dropped 6.42 points or 0.24% to 2,623.02.
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