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Markets trade higher in early deals amid easing inflation in US, India
Mar-13-2025

Indian equity benchmarks made a positive start on Thursday and are trading higher in early deals taking cues from optimistic macro-economic data. India’s retail inflation eased to a seven-month low of 3.61% in February, down from 4.26% in January. The larger-than-expected fall in headline inflation to below the RBI's 4 percent target supports the view that the central bank will continue to loosen monetary policy over the coming months. Besides, India's industrial output, measured by the Index of Industrial Production (IIP) grew by 5.0 per cent in January, from 3.5 per cent in December 2024. However, upside remained capped as market participants remained cautious about the looming global trade war and its possible impact on global economy. 

On the global front, Asian markets are trading mostly lower, following the mixed cues from Wall Street overnight, and amid some optimism about the US Fed resuming interest rate cuts in the near future after a report showed consumer prices in the U.S. came in tamer-than-expected in February. However, concerns about the impact of the ongoing trade war continued to weigh on the markets.

Back home, sugar stocks are in focus as sugar industry body ISMA revised net production estimates of the sweetener downwards to 264 lakh tonnes in the current marketing year ending September. In stock specific development, Bharat Electronics traded with traction on signing contract with the Ministry of Defence valued at Rs 2,463 crore for the supply and services of Ashwini radars to the Indian Air Force.

The BSE Sensex is currently trading at 74151.10, up by 121.34 points or 0.16% after trading in a range of 74046.43 and 74401.11. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.16%, while Small cap index was down by 0.32%.

The top gaining sectoral indices on the BSE were Telecom up by 0.51%, Utilities up by 0.50%, Power up by 0.48%, Oil & Gas up by 0.47% and PSU up by 0.40%, while Auto down by 0.49%, FMCG down by 0.18%, Consumer Discretionary down by 0.17%, Healthcare down by 0.12% and Consumer Durables down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.13%, Bajaj Finserv up by 0.66%, ICICI Bank up by 0.61%, Bharti Airtel up by 0.55% and SBI up by 0.54%. On the flip side, Mahindra & Mahindra down by 0.82%, ITC down by 0.80%, Indusind Bank down by 0.63%, Ultratech Cement down by 0.50% and Asian Paints down by 0.43% were the top losers.

Meanwhile, Prime Minister Narendra Modi and his Mauritius counterpart Navinchandra Ramgoolam have agreed to facilitate trade settlements in local currencies, viz Indian Rupee and Mauritian Rupee. The two leaders also agreed to hold the second session of the High Power Joint Trade Committee under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) to further strengthen trade, economic cooperation and partnership between the two nations. The two leaders reaffirmed that Mauritius and India share a ‘special and unique relationship’ that is unparalleled, given the shared bonds of history, language, culture, heritage, kinship, and values.

PM Modi and Navinchandra Ramgoolam agreed to ratify the Protocol on Amendment of Double Taxation Avoidance Agreement at the earliest to harmonise with International Standards on treaty abuse. The two leaders agreed to promote investments in sunrise sectors like ocean economy, pharmaceuticals, IT and Fintech, among others, to support Mauritius in diversification of its economy for the long term and sustainable economic growth.

India-Mauritius Joint Vision for an Enhanced Strategic Partnership stated ‘Acknowledging that the conclusion of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA), India's first ever trade agreement with a country in African region, marked a major milestone in the economic and trade relations of both countries, the leaders underscored the need for exploiting the full potential of bilateral trade for the shared objective of economic growth and prosperity of Mauritius and India.’

Highlighting Mauritius's locational advantage and cultural linkages, inter-alia, with Africa its being part of African Continental Free Trade Area (AfCFTA), The Prime Minister of Mauritius underlined the need for Indian companies and businesses to see Mauritius as a gateway to India's engagements with Africa and benefit from trade and business opportunities offered by Africa. The two leaders noted that India has been the leading development partner for Mauritius since its independence and has contributed significantly towards its infrastructure and developmental needs.

The CNX Nifty is currently trading at 22490.15, up by 19.65 points or 0.09% after trading in a range of 22460.40 and 22556.00. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were ONGC up by 2.10%, Bharat Electronics up by 1.69%, Tata Steel up by 1.17%, Adani Enterprises up by 0.60% and Bajaj Finserv up by 0.60%. On the flip side, Shriram Finance down by 1.33%, Mahindra & Mahindra down by 0.92%, Bajaj Auto down by 0.90%, Apollo Hospital down by 0.79% and ITC down by 0.78% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 173.51 points or 0.74% to 23,426.80, Taiwan Weighted lost 140.33 points or 0.63% to 22,138.03, Shanghai Composite weakened 14.9 points or 0.44% to 3,357.02, Jakarta Composite fell 5.31 points or 0.08% to 6,659.74 and Straits Times was down by 2.36 points or 0.06% to 3,830.71. On the other hand, Nikkei 225 surged 182.39 points or 0.5% to 37,001.48 and KOSPI was up by 1.71 points or 0.07% to 2,576.53.
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