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Sensex, Nifty trade in fine-fettle in early deals; IIP, CPI eyed
Sep-12-2024

Indian equity benchmarks made gap-up opening on Thursday tracking a strong overnight show on Wall Street as well as broadly firm trade in Asian counterparts, as traders react to a key US inflation report that showed a bigger than expected increase in core inflation, raising expectations for a quarter-point rate cut at the US Fed's monetary policy meeting next week. The data seemingly reduced the chances of the Fed cutting interest rates by 50 basis points, but is still expected to continue lowering rates in the coming months. Domestic indices -- Sensex and Nifty -- are trading in fine-fettle with gains around half a percent each in early deals amid foreign fund inflows. As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,755 crore. 

Some support came as Finance Minister Nirmala Sitharaman said the Union government is implementing various schemes to encourage the growth and development of MSME (Micro, Small and Medium Enterprises) sector across the country. She said these schemes include areas of credit support, formalization, technological assistance, infrastructure development, skill development and training and market assistance for the MSMEs. Meanwhile, investors are eyeing the release of India's Index of Industrial Production (IIP) for July and Consumer Price Index (CPI) or retail inflation data for August to be out later in the day. These data points will provide important cues for the market's trajectory, especially amid concerns about global economic headwinds. 

On the sectoral front, all the sector indices on the BSE are trading in green. Auto and auto ancillary sector stocks are in focus after Union Minister for Electronics and Information Technology announced that the central government will soon unveil the Semicon 2.0 program, having a much-expanded scope than the previous programme. In stock specific development, Wanbury climbed after the company gave an update on its product launch and commercialisation pipeline. The company plans to launch two new APIs in FY25, while it has five more in the pipeline.

The BSE Sensex is currently trading at 81866.28, up by 343.12 points or 0.42% after trading in a range of 81761.58 and 81986.86. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.70%, while Small cap index was up by 0.47%.

The top gaining sectoral indices on the BSE were Metal up by 1.06%, Healthcare up by 0.96%, Capital Goods up by 0.82%, Power up by 0.82% and TECK up by 0.76%, while there was no loser on the BSE sectoral front.

The top gainers on the Sensex were Adani Ports & SEZ up by 2.12%, Tata Steel up by 1.52%, Tech Mahindra up by 1.40%, JSW Steel up by 1.31% and Bharti Airtel up by 1.25%. On the flip side, Tata Motors down by 1.34%, Maruti Suzuki down by 0.37%, Axis Bank down by 0.24%, Bajaj Finserv down by 0.20% and Mahindra & Mahindra down by 0.12% were the top losers.

Meanwhile, in a move that would help new as well as existing entrepreneurs, the government has launched a trade portal to provide all kinds of information related to exports and imports. The Trade Connect ePlatform is developed in collaboration with the Ministry of MSME, EXIM Bank, TCS, Department of Financial Services (DFS), and the Ministry of External Affairs (MEA). 

The platform will connect more than 6 lakh IEC (import-export code) holders, over 180 Indian Mission officials, over 600 Export Promotion Council Officials, besides the officials from DGFT, department of commerce and banks. The information which would be available on the platform included product and country-wise customs duties and regulations; free trade pacts-related information, trade-related services offered by different departments and agencies; non-tariff barriers; about global buyers, and exhibitions.

Commerce and Industry Minister Piyush Goyal said that it would act as a one-stop solution for all kinds of information such as customs duties, rules and regulations. The portal is set to address information asymmetry by offering exporters comprehensive support and resources. He said that the portal will be updated regularly and stakeholders' feedback will help in launching its second version in 2025. He said ‘The global trade is in a paralytic situation but this is our effort to increase India's market share in the world’ and added that it will be released in regional languages also.

The CNX Nifty is currently trading at 25034.85, up by 116.40 points or 0.47% after trading in a range of 25008.45 and 25072.55. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 2.08%, Shriram Finance up by 1.59%, Tata Steel up by 1.57%, Apollo Hospital up by 1.40% and Tech Mahindra up by 1.37%. On the flip side, Tata Motors down by 1.55%, Bajaj Finserv down by 0.44%, Maruti Suzuki down by 0.39%, Axis Bank down by 0.25% and Mahindra & Mahindra down by 0.22% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 1112.62 points or 3.03% to 36,732.39, Taiwan Weighted jumped 624.45 points or 2.88% to 21,655.45, Hang Seng rose 166.01 points or 0.96% to 17,274.72, Jakarta Composite gained 54.04 points or 0.69% to 7,815.00, KOSPI increased 37.12 points or 1.46% to 2,550.49 and Straits Times added 14.32 points or 0.4% to 3,545.49, while Shanghai Composite was down by 1.4 points or 0.05% to 2,720.40.
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