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Bourses extend gains in late afternoon session
Apr-22-2021

The Indian equity benchmarks extended their gains in late afternoon session, with the Sensex and the Nifty gaining above 300 and 100 points, respectively.  Traders were seen piling up positions in Metal, Bankex and Basic Materials sector. Traders took encouragement, as India posted an impressive growth in exports of agriculture and allied products in FY21, with buoyant shipments of a host of commodities including non-basmati rice, wheat, soyameal, spices, sugar, cotton, fresh vegetables, processed vegetables and alcoholic beverages, despite the pandemic and the overall exports slump. As per the data for the April-February period of last fiscal, India’s foreign trade balance in agriculture increased by 41% on year to Rs 1,32,580 crore. Sector wise, airline sector remained in focus, as Indian aviation regulator DGCA said around 78.22 lakh domestic passengers travelled by air in March, which is slightly lower than 78.27 lakh who travelled in February.

On the global front, Asian markets were trading mostly in green after Wall Street overnight broke a two-day dip that had been sparked by Covid-19 jitters and valuation fears. European markets were trading higher after stumbling earlier in the week, as a set of strong earnings reports brightened sentiment ahead of the European Central Bank's policy decision.

The BSE Sensex is currently trading at 48021.45, up by 315.65 points or 0.66% after trading in a range of 47204.50 and 48031.60. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.46%, while Small cap index was up by 0.82%.

The top gaining sectoral indices on the BSE were Metal up by 2.37%, Bankex up by 1.73%, Basic Materials up by 1.22%, Healthcare up by 1.04% and Realty was up by 0.79%, while Consumer Durables down by 1.46%, FMCG down by 0.46%, Consumer Discretionary down by 0.16%, IT down by 0.04% and TECK was down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 3.35%, HDFC up by 2.29%, Kotak Mahindra Bank up by 2.13%, Bajaj Auto up by 2.08% and HDFC Bank up by 1.38%. On the flip side, Titan Company down by 2.71%, Mahindra & Mahindra down by 1.89%, Nestle down by 1.82%, Ultratech Cement down by 1.75% and Tech Mahindra down by 1.71% were the top losers.

Meanwhile, lauding the performance of Exporters, for doing the nation proud in such difficult times through their resilience and hardwork, Union Minister of Railways, Commerce & Industry, Consumer Affairs, and Food & Public Distribution Piyush Goyal has said that during 2020-21, the Country’s cumulative value of overall exports declined by just 7% compared to the previous year, despite disruptions, uncertainty, lockdowns, gradual unlockdowns, supply chain difficulties, labour issues, and order cancellations in the Covid year.

Union Minister said that under the circumstances, the performance of the sector was really superlative. He said that trade data for March 2021 reflects the build-up of a strong recovery in exports, as the Merchandise exports in March 2021 grew by 60.29% as compared to March 2020. Goyal further said that in the first two weeks of this month also, the performance has been very good.

The Minister said that the government will go all out to support the exporters. He said that many of their issues, falling within the ambit of the Ministry, would be resolved in a time-bound manner. Besides, Goyal said that most of the sectors have larger export potential, which need to be identified and harnessed. He called upon the Exporters to strive to attain ambitious growth of more than 25% to reach US$ 400 billion merchandise exports during current year.

The CNX Nifty is currently trading at 14399.35, up by 102.95 points or 0.72% after trading in a range of 14151.40 and 14404.30. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 4.09%, JSW Steel up by 3.94%, ICICI Bank up by 3.47%, Wipro up by 3.34% and BPCL up by 2.51%. On the flip side, Titan Company down by 2.93%, Shree Cement down by 2.70%, Mahindra & Mahindra down by 2.05%, Nestle down by 1.85% and Tata Consumer down by 1.71% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 679.62 points or 2.38% to 29,188.17, Hang Seng increased 133.42 points or 0.47% to 28,755.34, Straits Times advanced 29.35 points or 0.93% to 3,184.41, KOSPI rose 5.86 points or 0.18% to 3,177.52 and Jakarta Composite was up by 0.94 points or 0.02% to 5,994.18. On the flip side, Shanghai Composite declined 7.82 points or 0.23% to 3,465.11 and Taiwan Weighted was down by 105.14 points or 0.61% to 17,096.97.

European markets were trading higher, UK’s FTSE 100 increased 24.24 points or 0.35% to 6,919.53, France’s CAC increased 51.52 points or 0.83% to 6,262.07 and Germany’s DAX was up by 71.79 points or 0.47% to 15,267.76.
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