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Firm trade persists over Dalal Street
Apr-30-2024

A firm trade continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty holding notable gains, aided by positive cues from other Asian markets along with heavy buying at Auto and Realty counters. Sentiments remained optimistic amid 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. Meanwhile, the Reserve Bank of India (RBI) has launched two new surveys, ‘the Consumer Confidence Survey’ and ‘the Inflation Expectations Survey of Households’, aimed at providing crucial insights for the upcoming bi-monthly monetary policy.

On the global front, Asian markets were trading mostly in green, as the manufacturing sector in China continued to expand in April, and at a faster pace, with a manufacturing PMI score of 51.4. That's up from 51.1 and it moved further above the boom-or-bust line of 50 that separates expansion from contraction. Underpinning the latest acceleration in manufacturing sector growth was better demand conditions.

The BSE Sensex is currently trading at 74962.64, up by 291.36 points or 0.39% after trading in a range of 74710.36 and 75068.76. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.92%, while Small cap index was up by 0.55%.

The top gaining sectoral indices on the BSE were Auto up by 2.17%, Realty up by 2.01%, Power up by 1.45%, Consumer Disc up by 1.45% and Utilities up by 1.26%, while TECK down by 0.27%, IT down by 0.26%, Metal down by 0.22% and Basic Materials down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 4.89%, Power Grid up by 2.81%, Bajaj Finserv up by 1.73%, Tata Motors up by 1.45% and Maruti Suzuki up by 1.42%. On the flip side, Tech Mahindra down by 1.64%, Tata Steel down by 0.93%, HCL Tech. down by 0.79%, Sun Pharma down by 0.52% and JSW Steel down by 0.45% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has underscored the need for a stable government to achieve the goal of becoming Viksit Bharat by 2047. She said ‘we have to make efforts, so the Gross domestic product (GDP) grows, and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground’. 

The minister further said ‘the image of the country is also important, along with the ranking of your GDP, and all these factors matter, along with per capita income calculations. Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses’.

Sitharaman said the India economy, during the UPA regime, suffered a lot and languished as supposed to the NDA rule where it reached the top 5 and now is on the way to become the world's 3rd largest economy in the coming years. So, to say that India will automatically become the third largest economy was nothing but undermining the efforts made by the Modi government for the nation. She added that the government has allocated nearly 100,000 lakh crore for Anusandhan Corpus and this investment aims to bolster India's research budget across various sectors, fostering inclusive growth in the nation.

The CNX Nifty is currently trading at 22746.00, up by 102.60 points or 0.45% after trading in a range of 22661.80 and 22769.10. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 4.99%, Power Grid up by 2.83%, Shriram Finance up by 2.61%, Hero MotoCorp up by 2.50% and Bajaj Auto up by 2.05%. On the flip side, Tech Mahindra down by 1.58%, Tata Steel down by 0.96%, HCL Tech. down by 0.81%, Hindalco down by 0.78% and Dr. Reddy's Lab down by 0.76% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 17.51 points or 0.1% to 17,764.42, Jakarta Composite gained 89.83 points or 1.26% to 7,245.61, Straits Times rose 11.72 points or 0.36% to 3,293.77, KOSPI increased 4.62 points or 0.17% to 2,692.06 and Nikkei 225 surged 470.9 points or 1.23% to 38,405.66, while Taiwan Weighted lost 98.92 points or 0.48% to 20,396.60 and Shanghai Composite weakened 8.22 points or 0.26% to 3,104.82.
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