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Markets maintain gains in late morning deals
Apr-02-2025

Indian equity markets maintained their gains in late morning deals on account of buying by fund and retail investors. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.30-0.65%. Hectic buying in Indusind Bank, Maruti Suzuki, Tech Mahindra, Titan and Bharti Airtel companies’ stocks helped the markets to maintain their gains. Sentiments got boost as the government data has showed that Gross Goods and Services Tax (GST) collection grew 9.9 per cent in March 2025 to over Rs 1.96 lakh crore (Rs 19,56,034 crore) - the second-highest mop-up ever. Besides, support also came in as the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) surged to 58.1 in March as against 56.3 in February.

On the global front, Asian markets were trading mostly in red as investors braced for U.S. President Donald Trump to roll out fresh tariffs. Back home, on the BSE sectoral front, traders were seen pilling up positions in Realty, Consumer Durables, Consumer Disc, TECK and FMCG, while Capital Goods, PSU, Power, Utilities and Energy witnessed selling pressure. 

The BSE Sensex is currently trading at 76428.03, up by 403.52 points or 0.53% after trading in a range of 76064.94 and 76567.02. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.62%, while Small cap index up by 0.34%.

The top gaining sectoral indices on the BSE were Realty up by 2.69%, Consumer Durables up by 1.00%, Consumer Disc up by 0.88%, TECK up by 0.81% and FMCG up by 0.72%, while Capital Goods down by 0.38%, PSU down by 0.37%, Power down by 0.33%, Utilities down by 0.32% and Energy down by 0.25% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.29%, Maruti Suzuki up by 2.13%, Tech Mahindra up by 1.82%, Titan up by 1.72% and Bharti Airtel up by 1.38%. On the flip side, Nestle down by 1.82%, Ultratech Cement down by 1.12%, NTPC down by 1.11%, Power Grid down by 0.73% and Asian Paints down by 0.35% were the top losers.

Meanwhile, Moody’s Ratings its report on emerging markets has stated that India’s growth at 6.5 per cent this fiscal will remain the highest amongst the advanced and emerging G-20 countries, supported by tax measures and continued monetary easing, and the country will continue to attract capital and withstand any cross-border outflow. It estimated that inflation to average at 4.5 per cent in the current fiscal (April-March), from 4.9 per cent in the last fiscal. The government in the Budget for the 2025-26 fiscal year has hiked I-T rebate to Rs 12 lakh from Rs 7 lakh, which gave tax relief of Rs 1 lakh crore to the middle class. Besides, the RBI in February had cut interest rates by 25 basis points to 6.25 per cent and it is widely expected that the Reserve Bank’s monetary policy committee (MPC) will cut rates again in its monetary policy review on April 9.

The rating agency in report has signalled that the emerging markets are exposed to uncertainty caused by the churn of US policies and its potential to reshape global capital flows, supply chains, trade and geopolitics. Meanwhile, the large EMs (emerging markets) have resources to navigate the turbulence. Moody’s has indicated that amid increased risk of capital outflow due to uncertainty in US policies, the large emerging markets such India and Brazil are better positioned to attract and retain global capital in risk-averse conditions owed to their large and domestically oriented economies, deep domestic capital markets, moderate policy credibility and substantial foreign exchange reserves. These attributes provide buffers against external financial pressures and, as a result, give investors confidence. 

The rating agency has indicated that India has a low external vulnerability indicator of 61 per cent, indicating its relatively lower susceptibility to external financial shocks. Meanwhile, the country has a higher proportion of domestic currency-denominated external debt and hence is better insulated from exchange rate risks. It expects emerging markets growth to slow in the aggregate in 2025-26 but to remain solid with wide variation by country. It also expects Asia-Pacific to exhibit highest growth, however the region’s integration in global trade exposes them to US tariffs and their potential to slow growth.

The CNX Nifty is currently trading at 23262.95, up by 97.25 points or 0.42% after trading in a range of 23158.45 and 23311.90. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Tata Consumer up by 7.42%, Indusind Bank up by 2.22%, Maruti Suzuki up by 1.91%, Tech Mahindra up by 1.76% and Titan up by 1.65%. On the flip side, Bharat Electronics down by 4.06%, Nestle down by 2.01%, Ultratech Cement down by 1.22%, NTPC down by 1.22% and JIO Financial down by 1.22% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 53.28 points or 0.23% to 23,153.56, Shanghai Composite weakened 0.63 points or 0.02% to 3,347.81, Straits Times fell 13.96 points or 0.35% to 3,954.89 and KOSPI dropped 15.37 points or 0.61% to 2,506.02. However, Nikkei 225 surged 66.21 points or 0.19% to 35,690.69 and Taiwan Weighted added 22.29 points or 0.1% to 21,302.46.
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