HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Benchmarks extend gains in morning deals
Apr-30-2024

Indian equity benchmarks extended gains in morning deals, following optimism in global markets and fresh foreign fund inflows. According to exchange data, Foreign Institutional Investors (FIIs) turned buyers on Monday after continuous offloading. They bought equities worth Rs 169.09 crore. Some support also came with a private report stating that India's services exports will increase to $800 billion by 2030 from $340 billion in 2023, making the external sector resilient to supply-side shocks and reducing rupee volatility. It said India's foreign trade policy announced last year targeted $1 trillion of service exports by 2030. On the global front, Asian markets are trading mostly in green following the broadly positive cues from Wall Street. However, a cautious undertone prevailed as investors awaited the Fed policy meeting and the release of latest U.S. jobs report this week for additional cues on the Fed's rate trajectory.

The BSE Sensex is currently trading at 74976.67, up by 305.39 points or 0.41% after trading in a range of 74710.36 and 75009.57. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.63%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were Auto up by 1.82%, Consumer Discretionary up by 1.31%, Realty up by 1.30%, Power up by 0.66% and Energy up by 0.66%, while Metal down by 0.14%, IT down by 0.13%, Basic Materials down by 0.11% and TECK down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 3.48%, Tata Motors up by 1.56%, Asian Paints up by 1.22%, Maruti Suzuki up by 1.14% and Reliance Industries up by 1.01%. On the flip side, JSW Steel down by 0.69%, Tech Mahindra down by 0.64%, Tata Steel down by 0.57%, Sun Pharma down by 0.46% and NTPC down by 0.39% were the top losers.

Meanwhile, Rating agency ICRA has said India's construction sector entities' revenues are likely to grow by 12-15 per cent in the current financial year (FY25), while margins will expand by 25-50 bps. Further, it said that the government's infrastructure push will result in double-digit revenue growth for the construction industry in FY25.

The rating agency said it maintains a stable outlook on the sector with steady growth in operating income, moderate leverage, and healthy coverage metrics. ICRA vice president and co-group head - corporate ratings Ashish Modani said ‘The aggregate order book-to-sales ratio of ICRA's sample set of companies stood at around 3.9x as of December 2023 (compared to 3.4 times during March-2023), thereby indicating a healthy revenue growth prospect over the medium term’. 

He said, ICRA expects the revenue growth in FY25 to remain healthy at 12-15 per cent on a year-on-year basis, albeit slightly lower than the 18-20 per cent revenue expansion assessed for FY24, owing to high base and some tapering in execution momentum in Q1 FY25 amid Parliamentary elections.

The CNX Nifty is currently trading at 22733.45, up by 90.05 points or 0.40% after trading in a range of 22661.80 and 22754.85. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 3.70%, Hero MotoCorp up by 2.22%, HDFC Life Insurance up by 1.88%, Divi's Lab up by 1.57% and Tata Motors up by 1.52%. On the flip side, Tech Mahindra down by 0.69%, JSW Steel down by 0.64%, Tata Steel down by 0.57%, Sun Pharma down by 0.53% and NTPC down by 0.37% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 392.6 points or 1.03% to 38,327.36, Taiwan Weighted added 22.99 points or 0.11% to 20,518.51, Hang Seng advanced 35.39 points or 0.2% to 17,782.30, Straits Times rose 12.36 points or 0.38% to 3,294.41, KOSPI increased 16.60 points or 0.62% to 2,704.04 and Jakarta Composite gained 84.98 points or 1.19% to 7,240.76.

On the global front, Shanghai Composite weakened 3.78 points or 0.12% to 3,109.26.
  RELATED NEWS >>
Most Viewed >>
May 14 , 2024
What is the latest KYC challenge with mutual f
May 16 , 2024
BlackRock bullish on India, looking to expand
May 14 , 2024
Share of North East in MF assets more than dou
May 15 , 2024
Demat account additions flat at 31 lakh in Apr
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.