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Benchmarks remain in green in late morning deals
Sep-12-2024

Indian equity benchmarks continued to trade in green in late morning deals, led by gains in Healthcare, Consumer Durables and Power stocks. Traders took support with the Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri’s statement that India has a natural advantage in producing Green Hydrogen due to the low cost and abundance of solar energy and investments in the power grid. He added India is poised to lead the global green energy demand and the rising domestic demand across diverse sectors. However, gains remain capped as traders remained on sidelines ahead of the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data to be out later in the day.  On the global front, Asian markets are trading mostly in green following the broadly positive cues from Wall Street, 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 BSE Sensex is currently trading at 81779.91, up by 256.75 points or 0.31% after trading in a range of 81675.80 and 81986.86. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.72%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.12%, Consumer Durables up by 1.07%, Power up by 0.90%, Utilities up by 0.90% and Metal up by 0.81%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Adani Ports &SEZ up by 2.50%, Kotak Mahindra Bank up by 1.90%, Power Grid Corporation up by 1.50%, NTPC up by 1.27% and Bharti Airtel up by 1.10%. On the flip side, Bajaj Finserv down by 0.45%, TCS down by 0.41%, ICICI Bank down by 0.40%, Maruti Suzuki down by 0.39% and Nestle down by 0.39% were the top losers.

Meanwhile, a survey conducted by industry body FICCI and Indian Banks’ Association (IBA) (FICCI-IBA) has suggested that the outlook for non-food industry credit growth over the next six months is optimistic with 62 per cent of the participating banks expecting non-food industry credit growth to be above 12 per cent. The nineteenth round of the FICCI-IBA survey was carried out for the period January to June 2024.

A total of 22 banks including public sector, private sector and foreign banks participated in the survey. These banks together represent about 67 per cent of the banking industry, as classified by asset size. The survey found the Indian economy and the banking sector remain robust and resilient. With improved balance sheets, banks are supporting economic activity through sustained credit expansion. However, credit growth is outpacing deposit growth, which could lead to liquidity challenges for the banking system.

The survey said raising deposits to keep pace with the loan growth and keeping the credit cost low remains on the top of banks’ agenda. The survey findings show that long-term credit demand has seen continued growth for sectors such as Infrastructure, metals, iron and steel, engineering. Infrastructure is witnessing an increase in credit flow with 77 per cent of the respondents indicating an increase in long-term loans. This could be attributable to the government’s capital expenditure push for the infrastructure sector.

The CNX Nifty is currently trading at 25027.60, up by 109.15 points or 0.44% after trading in a range of 24981.90 and 25072.55. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 2.76%, Adani Ports &SEZ up by 2.47%, Shriram Finance up by 1.97%, Kotak Mahindra Bank up by 1.90% and Wipro up by 1.53%. On the flip side, Bajaj Finserv down by 0.48%, Nestle down by 0.39%, Axis Bank down by 0.35%, Maruti Suzuki down by 0.35% and ICICI Bank down by 0.32% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 166.01 points or 0.96% to 17,274.72, Jakarta Composite gained 50.52 points or 0.65% to 7,811.48, Straits Times rose 15.43 points or 0.44% to 3,546.60, KOSPI increased 40.47 points or 1.61% to 2,553.84, Nikkei 225 surged 1115.77 points or 3.13% to 36,735.54 and Taiwan Weighted added 615.14 points or 2.92% to 21,646.14. 

On the flip side, Shanghai Composite weakened 1.4 points or 0.05% to 2,720.40.
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