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Bourses maintain upbeat mood in morning deals
Sep-20-2024

Indian equity benchmarks maintained their upbeat mood in morning session, as buying momentum in the equities persisted, following a global market surge after the US Federal Reserve's decision to cut interest rates. Sentiments remained up-beat with Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi’s statement that India and South Korea have started sharing the bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business. Some support also came with Petroleum Minister Hardeep Singh Puri’s statement that the United States is India's sixth largest energy trade partner and the growing bilateral trade has the potential to cross the $500 billion-mark from $200 billion at present. On the global front, Asian markets are trading mostly in green with investors continuing to cheer the Federal Reserve's half-a-percentage point interest rate cut on Wednesday, and digesting the policy moves of the Bank of Japan, the Chinese central bank. 

The BSE Sensex is currently trading at 83726.06, up by 541.26 points or 0.65% after trading in a range of 83187.64 and 83805.26. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.29%, while Small cap index was up by 0.73%.

The top gaining sectoral indices on the BSE were Metal up by 1.76%, Auto up by 1.26%, Capital Goods up by 1.18%, Realty up by 1.10% and Industrials up by 1.05%, while Consumer Durables down by 0.30% and Telecom down by 0.27% were the few losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 3.39%, Mahindra & Mahindra up by 2.79%, Maruti Suzuki up by 2.38%, Larsen & Toubro up by 1.70% and ICICI Bank up by 1.65%. On the flip side, TCS down by 0.54%, NTPC down by 0.48%, Sun Pharma down by 0.15%, Bajaj Finance down by 0.15% and Titan Company down by 0.11% were the top losers.

Meanwhile, the commerce ministry data has said that the country's readymade garment exports (RMG) in August rose by about 12 per cent to $1.26 billion despite global headwinds and challenges such as high logistic cost. Cumulatively, RMG exports during the April-August period of 2024-25 grew by 7.12 per cent to $6.39 billion.

Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said that exports are keeping the growth momentum despite global headwinds, persisting Red Sea crisis and other challenges such as high logistic costs. He stated ‘Growing at an average of 7.12 per cent in the last five months (April to August 2024-25), the RMG exports have bucked the trend of falling merchandise exports which touched a 13-month low in August.’

He added that with focus on product quality as well as environmental and social compliance, the industry is poised to take a leap into high growth trajectory and be a major global player of garment exports. He mentioned ‘I am hopeful that the growth momentum will continue. While the global garment sourcing is realigning itself, we are ready to play a significant role. The long-term policy support for garment exports related schemes will provide stability in the policy regime and will help further thrust garment exports from the country.’

The CNX Nifty is currently trading at 25583.25, up by 167.45 points or 0.66% after trading in a range of 25426.60 and 25610.10. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 3.25%, Coal India up by 2.76%, Mahindra & Mahindra up by 2.69%, Maruti Suzuki up by 2.47% and Eicher Motors up by 2.07%. On the flip side, Grasim Industries down by 1.41%, Cipla down by 0.90%, NTPC down by 0.65%, TCS down by 0.52% and Bajaj Finance down by 0.17% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 261.98 points or 1.43% to 18,275.14, KOSPI increased 25.62 points or 0.99% to 2,606.42, Nikkei 225 surged 687.66 points or 1.85% to 37,842.99, Taiwan Weighted added 190.68 points or 0.87% to 22,233.37.

On the flip side, Jakarta Composite plunged 113.21 points or 1.43% to 7,792.18, Shanghai Composite weakened 6.33 points or 0.23% to 2,729.69 and Straits Times fell 17.12 points or 0.47% to 3,616.06.
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