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Local equities trade higher in early deals; Titan leads gainers on bourses
Feb-03-2023

Indian equity benchmarks made positive start on Friday as global mood remains sanguine and ahead of Services PMI data to be out later in the day. Markets are trading higher in early deals on account of buying in beat down but fundamentally strong stocks. Some support came in as the US India Strategic and Partnership Forum (USISPF) said the innovative, bold and stellar budget presented by Union Finance Minister Nirmala Sitharaman will take India to a stronger growth trajectory. Though, some gains got trimmed amid concerns over continued foreign fund outflows. Foreign institutional investors (FII) net-sold shares worth Rs 3,065.35 crore, as per provisional data available on the NSE. On the global front, most of the Asian markets are trading higher following the mostly positive cues from global markets overnight, as the markets continue to benefit from a positive reaction to the US Fed's interest rate announcement, with traders expressing optimism the Fed is nearing the end of its rate hiking cycle. Back home, the National Stock Exchange (NSE) has shifted Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements to a category of stocks that require up to 100 per cent trading margins and are subject to greater scrutiny to curb short-selling. In scrip specific development, Titan rallied over after the jewellery maker clocked 15.6 per cent year-on-year (YoY) net sales in Q3FY23.

The BSE Sensex is currently trading at 60273.82, up by 341.58 points or 0.57% after trading in a range of 60143.91 and 60414.18. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.72%, while Small cap index was down by 0.40%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.13%, Bankex up by 0.97%, TECK up by 0.32%, IT up by 0.25%, Auto up by 0.16%, while Utilities down by 3.45%, Power down by 3.14%, Oil & Gas down by 1.93%, Energy down by 1.64%, Metal down by 1.12% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 4.33%, Indusind Bank up by 3.15%, Bajaj Finserv up by 2.28%, Bajaj Finance up by 1.84% and HDFC Bank up by 1.71%. On the flip side, NTPC down by 2.16%, Reliance Industries down by 1.07%, Tata Steel down by 0.92%, Power Grid down by 0.68% and Tech Mahindra down by 0.31% were the top losers.

Meanwhile, the US India Strategic and Partnership Forum (USISPF) President Mukesh Aghi has said that the innovative, bold and stellar budget presented by Union Finance Minister Nirmala Sitharaman will take India to a stronger growth trajectory over the next few years. Applauding the finance minister, the USISPF said the budget is a blueprint for the year, outlining the vision for the next 25 years leading to the centenary of India's independence (2047).

He said ‘India’s rise from the tenth to the fifth largest economy is a hallmark of the bright economic spot in a period when other economies are suffering from global economic headwinds’. He added ‘Fiscal consolidation continues, which means there will be more capital available for private investment that will bring interest rates down’. He said ‘The Budget will give more benefits to the youth, and senior citizens, and focuses on women’s empowerment. This Budget is job-focused and will have a tremendous impact on India’s GDP. I applaud the government on a growth-focused Budget’.

The USISPF said the term ‘Amrit Kaal’ was first used by the Prime Minister in 2021, to describe an ‘auspicious time’ or a ‘time of nectar’, alluding to Prime Minister Modi’s vision for India’s next quarter-century. ‘Amrit Kaal’ is described by the government as the 25 years culminating in the centenary of India's independence. The proposal of a lower tax rate of 15 per cent for new cooperatives that start manufacturing activity in March 2024, rationalisation of TDS provisions, and extended tax benefits for start-ups will help in bringing in business growth and certainty. USISPF said several changes in the customs duty rates are done with a clear focus on bringing in supply chain efficiencies and enhancement of domestic manufacturing which will further promote exports.

The CNX Nifty is currently trading at 17673.80, up by 63.40 points or 0.36% after trading in a range of 17642.75 and 17728.45. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 4.07%, Indusind Bank up by 3.25%, Bajaj Finserv up by 2.25%, SBI Life Insurance up by 1.89% and Bajaj Finance up by 1.88%. On the flip side, Adani Enterprises down by 20.00%, Adani Ports & SEZ down by 7.18%, NTPC down by 2.34%, BPCL down by 2.00% and ONGC down by 1.99% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 90.94 points or 0.33% to 27,492.99, Jakarta Composite gained 42.37 points or 0.61% to 6,932.94, KOSPI increased 15.76 points or 0.64% to 2,484.64, Straits Times rose 11.61 points or 0.35% to 3,375.29 and Taiwan Weighted added 2.85 points or 0.02% to 15,598.01. on the other hand, Hang Seng declined 400.14 points or 1.82% to 21,558.22 and Shanghai Composite was down by 45.03 points or 1.39% to 3,240.64.
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