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Sensex, Nifty trade near intraday highs in early noon deals
Feb-03-2023

The Dalal Street is witnessing fluctuations, but now both Sensex and Nifty trading near their intraday high points in early afternoon deals, aided by positive cues from other Asian markets along with heavy buying at Consumer Durables and Banking counters. Support also came with the economic think tank, the Global Trade Research Initiative’s (GTRI) statement that customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government.

Traders were seen taking a note of report that India’s services sector growth eased in the month of January but signalled an eighteenth successive monthly rise in output, amid favourable demand conditions and ongoing increases in new work. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index eased to 57.2 in January from 58.5 in December. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- fell to 57.5 in January from 59.4 in December.

On the global front, Asian markets were trading mostly in green, as China's service sector expanded for the first time in five months at the start of the year with the rollback of pandemic related restrictions. The survey results from S&P Global showed that the Caixin services Purchasing Managers' Index climbed to 52.9 in January from 48.0 in December. The score exceeded the neutral 50.0 mark for the first time since August, suggesting an upturn in business activity.

The BSE Sensex is currently trading at 60360.94, up by 428.70 points or 0.72% after trading in a range of 60013.06 and 60414.18. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.83%, while Small cap index was down by 0.74%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.25%, Bankex up by 0.54%, TECK up by 0.47%, Capital Goods up by 0.33% and Auto up by 0.26%, while Utilities down by 3.24%, Power down by 2.57%, Oil & Gas down by 1.57%, Energy down by 1.20% and Metal down by 0.94% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 5.08%, Bajaj Finserv up by 3.17%, Bajaj Finance up by 2.73%, HDFC Bank up by 2.39% and HDFC up by 2.10%. On the flip side, NTPC down by 1.11%, Tata Steel down by 0.58%, Tech Mahindra down by 0.54%, ITC down by 0.49% and ICICI Bank down by 0.34% were the top losers.

Meanwhile, Federation of Indian Mineral Industries (FIMI) has said that the import of low quality copper scrap at lower price is causing adverse impact on the quality of end-products which are used in critical applications like housing, wire and coil applications which are prone to fire hazards due to lower conductivity and high resistance of such scrap-made copper wires.

The statement came after finance minister Nirmala Sitharaman in her Budget speech announced that the concessional basic customs duty of 2.5 per cent on copper scrap is being continued to ensure the availability of raw materials for secondary copper producers who are mainly in the micro, small and medium enterprises (MSME) sector.

FIMI said that it is of the view that to restrict the import of low quality copper, there is need to have an effective regulatory monitoring mechanism. To discourage imports of low quality copper scrap, FIMI had requested for an increase in the basic customs duty from 2.5 to 7.5 per cent and sought stringent customs and physical inspection at ports importing the metal scrap. But the government has announced the continuation of the basic customs duty. FIMI, however, hailed the Union Budget 2023-24 for the 33 per cent hike in the capex outlay for infrastructure. It said this in turn will give much needed boost and impetus to the Indian mineral and metals sector.

The CNX Nifty is currently trading at 17699.90, up by 89.50 points or 0.51% after trading in a range of 17584.20 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 4.97%, Bajaj Finserv up by 3.32%, Bajaj Finance up by 2.70%, HDFC Bank up by 2.40% and HDFC up by 2.11%. On the flip side, Adani Enterprises down by 14.24%, Adani Ports and Special Economic Zone by 2.98%, Divi's Laboratories down by 2.36%, BPCL down by 2.17% and Hindalco down by 1.89% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 107.41 points or 0.39% to 27,509.46, Jakarta Composite gained 31.83 points or 0.46% to 6,922.40, Straits Times rose 13.62 points or 0.4% to 3,377.30, KOSPI increased 11.52 points or 0.46% to 2,480.40 and Taiwan Weighted added 7.5 points or 0.05% to 15,602.66, while Shanghai Composite weakened 23.04 points or 0.7% to 3,262.63 and Hang Seng declined 322.28 points or 1.47% to 21,636.08.
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