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Benchmarks continue to trade in green in morning deals
Feb-03-2023

Indian equity benchmarks continued to trade in green in morning deals, led by gains in Consumer Durables, Banking and TECK stocks. Traders took support with Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri’s statement that monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the new normal in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net. Some support also came with Jeremy Zook, Director and Primary Sovereign analyst for India, Fitch Ratings, stating that the government's continued emphasis on ramping up capex spending should provide a fillip to both near- and medium-term growth. He believed India is well-placed to sustain higher rates of growth in the medium-term than many of its peers, with the capex drive helping to underpin this view.

On the global front, Asian markets are trading mostly in green amid optimism over a pause in Federal Reserve interest rate hikes. Back home, sugar industry stocks remained in watch as industry body ISMA said the country's sugar production rose 3.42 per cent to 193.5 lakh tonnes in the first four months of the ongoing marketing year ending September, on rise in output in key producing states.

The BSE Sensex is currently trading at 60188.46, up by 256.22 points or 0.43% after trading in a range of 60071.32 and 60414.18. There were 16 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.94%, while Small cap index was down by 0.96%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.80%, Bankex up by 0.54% and TECK up by 0.13%, while Utilities down by 3.39%, Power down by 2.86%, Oil & Gas down by 1.68%, Metal down by 1.49% and Energy down by 1.30% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 4.22%, Indusind Bank up by 2.76%, Bajaj Finserv up by 2.19%, HDFC Bank up by 1.95% and Bajaj Finance up by 1.87%. On the flip side, NTPC down by 1.65%, Tata Steel down by 1.42%, HCL Technologies down by 0.76%, Tech Mahindra down by 0.74% and Larsen & Toubro down by 0.58% were the top losers.

Meanwhile, External Affairs Minister S Jaishankar has said India’s priorities for its G20 Presidency are to ensure inclusive and resilient growth with a focus on challenges being faced by the countries of the Global South. Further, he stated technological transformation and public digital infrastructure, reform in the multilateral institutions, women-led development and international peace and harmony as key focus areas for India’s presidency of the grouping.

India assumed the presidency of the influential bloc G20 at its annual summit in Bali in November with a promise of striving to ensure that the grouping acts as a global prime mover to envision new ideas and accelerate collective action to deal with pressing challenges. India is hosting a series of events and meetings ahead of the G20 summit later this year.

He said ‘It is our endeavour that inputs generated from the ‘Voice of Global South Summit’ receive cognisance globally, including in G20 deliberations.’ He mentioned India officially assumed the G20 Presidency on December 1. India’s G20 Presidency has the largest-ever representation from Africa with six participants.

The CNX Nifty is currently trading at 17655.50, up by 45.10 points or 0.26% after trading in a range of 17584.20 and 17728.45. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 4.15%, Indusind Bank up by 2.84%, Bajaj Finserv up by 2.29%, HDFC Bank up by 2.08% and Bajaj Finance up by 1.88%. On the flip side, Adani Enterprises down by 23.87%, Adani Ports &SEZ down by 7.72%, Divi's Lab down by 3.31%, Hindalco down by 2.37% and BPCL down by 2.05% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 7.45 points or 0.05% to 15,602.61, KOSPI increased 10.75 points or 0.43% to 2,479.63, Jakarta Composite gained 48.4 points or 0.7% to 6,938.97, Straits Times rose 11.65 points or 0.35% to 3,375.33 and Nikkei 225 surged 92.24 points or 0.34% to 27,494.29.

On the flip side, Hang Seng declined 400.14 points or 1.86% to 21,558.22 and Shanghai Composite weakened 45.03 points or 1.39% to 3,240.64.

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