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Gaining rally takes Indian markets to intraday high points
Apr-29-2024

A gaining rally took Indian equity markets to their intraday high points in early afternoon deals, with both Sensex and Nifty holding their strong gains, on the back of heavy buying at Banking and Oil & Gas counters along with positive cues from other Asian markets. Traders were relieved amid a private report stating that intensifying heatwave is unlikely to significantly dent India's growth, even though it could cause some disruption in construction and farm activity. The street took a note of the Reserve Bank of India’ latest working paper titled ‘Equity Markets and Monetary Policy Surprises’ stating that equity markets are impacted more by the expectations of future monetary policy than the policy rate surprises on the day of announcement of the policy by the Reserve Bank. 

On the global front, Asian markets were trading mostly in green, even after Malaysia's producer prices increased for the second straight month in March, largely due to a sharp rise in mining costs. The figures from the Department of Statistics showed that producer prices rose 1.6 percent year-on-year in March, faster than the 0.3 percent increase in February. Among sectors, manufacturing prices climbed 8.3 percent annually in March, and those for agriculture, forestry, and fishing grew 5.5 percent.

The BSE Sensex is currently trading at 74391.39, up by 661.23 points or 0.90% after trading in a range of 73922.34 and 74421.08. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index jumped by 0.65%, while Small cap index was up by 0.20%.

The top gaining sectoral indices on the BSE were Bankex up by 1.73%, Oil & Gas up by 1.09%, Utilities up by 0.79%, Energy up by 0.77% and PSU up by 0.67%, while Realty down by 1.63%, FMCG down by 0.08% and IT down by 0.04% were the few losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 3.37%, Indusind Bank up by 2.39%, Ultratech Cement up by 1.99%, Tech Mahindra up by 1.93% and Kotak Mahindra Bank up by 1.79%. On the flip side, HCL Tech. down by 5.63%, ITC down by 0.88%, Wipro down by 0.54% and Bajaj Finserv down by 0.12% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's cotton yarn, fabrics/made-ups and handlooms exports rose 6.71 per cent year-on-year to $11.7 billion in 2023-24, even as the total exports dipped by 3 per cent in FY24. These exports in March 2024 grew by 6.78 per cent to $1 billion. In 2022-23, these exports stood at $10.95 billion. This is one of the key product categories out of 30 closely monitored by the ministry.

The top five export markets for the sector during the last fiscal year were the US, Bangladesh, China, Sri Lanka, and the UAE. The US accounts for over 25 per cent of India's total cotton yarn, fabrics/made-ups and handlooms exports, followed by Bangladesh (16 per cent), China (6.6 per cent), Sri Lanka (4.4 per cent), and UAE (2.35 per cent). 

In 2023-24, the outbound shipments also entered new geographies like Anguilla, a British Overseas Territory in the Eastern Caribbean; Serbia; Georgia; Sweden; Cyprus; Azerbaijan; and Iran. The other new markets explored by domestic exporters from the sector include Zambia, Cote D'Ivore, Sierra Leone, and Russia. On average, India exports of these products worth $1 billion every month. Meanwhile, India's total merchandise exports dipped by 3.11 per cent to $437 billion in 2023-24. Imports too dipped to $677.24 billion in FY24.

The CNX Nifty is currently trading at 22566.80, up by 146.85 points or 0.66% after trading in a range of 22441.90 and 22573.85. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 3.45%, Indusind Bank up by 2.22%, BPCL up by 2.12%, Ultratech Cement up by 1.97% and Tech Mahindra up by 1.97%. On the flip side, HCL Tech. down by 5.85%, Apollo Hospital Ent. down by 4.29%, HDFC Life Insurance down by 2.19%, Bajaj Auto down by 1.98% and Adani Ports &Special down by 1.20% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 105.73 points or 0.6% to 17,756.88, Taiwan Weighted added 375.01 points or 1.83% to 20,495.52, Jakarta Composite gained 67.81 points or 0.96% to 7,103.89, Shanghai Composite strengthened 24.4 points or 0.79% to 3,113.04 and KOSPI increased 31.11 points or 1.16% to 2,687.44, while Straits Times fell 1.95 points or 0.06% to 3,278.15.
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