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Sensex, Nifty turn positive in early noon deals
Oct-18-2024

Erasing all of their losses, Indian equity benchmarks turned positive in early afternoon deals, with both Sensex and Nifty trading higher, aided by positive cues from other Asian markets along with buying at Metal and banking counters. Sentiments were positive, amid reports that much like the Centre, states are likely to continue down the path of fiscal consolidation with 21 states targeting to reduce the combined fiscal deficit to 3.2 percent in FY25 from 3.5 percent in the previous year. Meanwhile, Union Minister of State for Science and Technology (Independent Charge) Jitendra Singh has said that India will be transformed into a science and technology driven global biomanufacturing hub. The Union Minister also expressed need that the country should have a global vision about biochemical manufacturing and global strategies should be devised for this.

On the global front, Asian markets were trading mostly in green, after overall nationwide consumer prices in Japan were up 2.5 percent on year in September. That was beneath expectations for 2.7 percent and down from 3.0 percent in August. On a monthly basis, overall inflation fell 0.3 percent after rising 0.5 percent in the previous month.

The BSE Sensex is currently trading at 81263.78, up by 257.17 points or 0.32% after trading in a range of 80409.25 and 81319.17. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose by 0.12%, while Small cap index was down by 0.32%.

The top gaining sectoral indices on the BSE were Metal up by 1.67%, Bankex up by 1.60%, Basic Materials up by 0.94%, Auto up by 0.73% and Utilities up by 0.68%, while IT down by 1.67%, TECK down by 1.31%, FMCG down by 0.48%, Oil & Gas down by 0.14% and Energy down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 5.56%, Tata Motors up by 2.41%, ICICI Bank up by 2.18%, Tata Steel up by 2.07% and NTPC up by 1.64%. On the flip side, Infosys down by 4.56%, Nestle down by 1.19%, ITC down by 0.75%, Tech Mahindra down by 0.66% and HCL Tech. down by 0.65% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that the India’s garment exports rose by 8.5 per cent to $7.5 billion during April-September this fiscal despite global uncertainties. In September also, the exports of ready-made garments grew by 17.3 per cent to $1.11 billion.

Commenting on the data, Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said India's exports have recorded high growth despite global headwinds and continued inflationary pressure. He said even the major apparel exporting countries have witnessed a slowdown in the RMG export growth in recent months.

He further said India is uniquely placed with the advantage of low import dependence, existence of the entire ecosystem from fibre to fashion, abundant and young labour force and therefore scope for growth is unlimited. He added that this year exporters will be participating in many big international fairs and will be hosting Bharat Tex again in 2025 to increase their global footprint.

The CNX Nifty is currently trading at 24850.55, up by 100.70 points or 0.41% after trading in a range of 24567.65 and 24869.15. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 5.46%, Wipro up by 3.97%, Eicher Motors up by 3.49%, Tata Motors up by 2.37% and Hindalco up by 2.34%. On the flip side, Infosys down by 4.48%, Britannia down by 1.48%, Nestle down by 1.21%, ITC down by 0.87% and HCL Tech. down by 0.69% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 651.32 points or 3.14% to 20,730.42, Jakarta Composite gained 6.31 points or 0.08% to 7,741.35, Shanghai Composite strengthened 92.18 points or 2.83% to 3,261.56, Straits Times rose 14.15 points or 0.39% to 3,639.40, Nikkei 225 surged 70.56 points or 0.18% to 38,981.75 and Taiwan Weighted added 433.43 points or 1.85% to 23,487.27, while KOSPI dropped 15.48 points or 0.6% to 2,593.82. 
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