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Domestic indices continue to trade in green in late morning deals
May-02-2024

Domestic equity indices continued to trade in green in late morning deals on account of buying by funds and retail investors. Buying in Power Grid, Tata Steel, Tata Motors, Mahindra & Mahindra and Asian Paints helped the markets to trade higher.  Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.25-0.65%. Falling crude oil prices and U.S. Treasury yields supported domestic sentiments. Sentiments were upbeat as India's Goods and Services Tax (GST) collections in gross terms hit a record high in April 2024 at Rs 2.1 lakh crore. 

On the global front, Asian markets were trading mostly in red after the Fed announced its widely expected decision to leave interest rates unchanged, citing a lack of further progress toward its 2 percent inflation objective in recent months. Back home, traders were seen pilling up position in Power, PSU, Utilities, Oil & Gas and Auto, while selling was witnessed in Realty, Bankex, Telecom, Consumer Durables and TECK. 

The BSE Sensex is currently trading at 74713.79, up by 231.01 points or 0.31% after trading in a range of 74360.69 and 74774.85. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.62%, while Small cap index up by 0.26%.

The top gaining sectoral indices on the BSE were Power up by 1.43%, PSU up by 1.38%, Utilities up by 1.34%, Oil & Gas up by 1.22% and Auto up by 1.12%, while Realty down by 1.51%, Bankex down by 0.38%, Telecom down by 0.16%, Consumer Durables down by 0.09% and TECK down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 3.90%, Tata Steel up by 1.91%, Tata Motors up by 1.90%, Mahindra & Mahindra up by 1.88% and Asian Paints up by 1.76%. On the flip side, Kotak Mahindra Bank down by 3.21%, ICICI Bank down by 1.35%, Wipro down by 1.05%, Bharti Airtel down by 0.92% and Indusind Bank down by 0.74% were the top losers.

Meanwhile, the output of eight core industries posted a growth of 5.2 percent in March 2024 as the production of cement, coal, electricity, natural gas, steel and crude oil recorded positive growth in the same month. The output of core sectors had grown by 7.1 per cent in February 2024 and 4.1 per cent in January 2024, while it stood 4.2 per cent in March 2023. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Cement production, having 5.37 per cent weight increased by 10.6 per cent in March, 2024 over March, 2023, and its cumulative index increased by 9.1 per cent during 2023-24 over corresponding period of the previous year. Coal production, having 10.33 per cent weight increased by 8.7 per cent in March, 2024 over March, 2023 and its cumulative index increased by 11.7 per cent during 2023-24 over corresponding period of the previous year. Crude oil production, having 8.98 per cent increased by 2.0 per cent in March, 2024 over March, 2023 and its cumulative index increased by 0.6 per cent during 2023-24 over corresponding period of the previous year.

Electricity generation, having 19.85 per cent weight increased by 8.0 per cent in March, 2024 over March, 2023 and its cumulative index increased by 7.0 per cent during 2023-24 over corresponding period of the previous year. Natural Gas production, having 6.88 per cent increased by 6.3 per cent in March, 2024 over March, 2023 and its cumulative index increased by 6.1 per cent during 2023-24 over corresponding period of the previous year. Steel production, having 17.92 per cent weight increased by 5.5 per cent in March, 2024 over March, 2023 and its cumulative index increased by 12.3 per cent during 2023-24 over corresponding period of the previous year.

However, petroleum Refinery production, having 28.04 per cent weight declined by 0.3 per cent in March, 2024 over March, 2023, while its cumulative index increased by 3.4 per cent during 2023-24 over corresponding period of the previous year. Fertilizers production, having 2.63 per cent weight declined by 1.3 per cent in March 2024 over March, 2023, while its cumulative index increased by 3.7 per cent during 2023-24 over corresponding period of the previous year.

The CNX Nifty is currently trading at 22682.25, up by 77.40 points or 0.34% after trading in a range of 22567.85 and 22693.75. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 3.79%, BPCL up by 3.61%, Bajaj Auto up by 2.10%, Tata Motors up by 1.90% and Mahindra & Mahindra up by 1.88%. On the flip side, Kotak Mahindra Bank down by 3.25%, Tata Consumer down by 1.71%, Divi's Lab down by 1.26%, Wipro down by 1.17% and ICICI Bank down by 1.03% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 55.33 points or 0.14% to 38,218.72, Taiwan Weighted lost 174.16 points or 0.86% to 20,222.44, KOSPI dropped 6.31 points or 0.23% to 2,685.75 and Jakarta Composite plunged 117.61 points or 1.65% to 7,116.59. However, Straits Times rose 1.31 points or 0.04% to 3,294.00,Hang Seng advanced 427.86 points or 2.35% to 18,190.89. 
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