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Bourses trade at day’s high points in late afternoon session
Feb-03-2023

Indian benchmarks traded at day’s high points in late afternoon session after Adani Group companies’ stocks recovered from day’s lows. Besides, Banking and Financial Services’ stocks were witnessing buying interest. However, the broader indices, the BSE Mid cap index and Small cap index remained in red. Traders digested the interest rate moves by the Bank of England (BoE) and the European Central Bank (ECB). The BoE and the ECB, both raised their interest rates by 50 basis points and signaled more hikes in the coming months. On the global front, Asian markets were trading mostly in green despite U.S. tech giants reported disappointing earnings and investors awaited key U.S. jobs data later in the day for additional clues on the health of the world's economy and rate outlook. European markets were trading mostly in red as investors digested key tech earnings released after the U.S. market close on Thursday and awaited the all-important U.S. jobs data due later in the day.

The BSE Sensex is currently trading at 60541.69, up by 609.45 points or 1.02% after trading in a range of 60013.06 and 60580.67. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.54%, while Small cap index was down by 0.67%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.90%, Bankex up by 1.19%, Auto up by 0.62%, PSU up by 0.41% and Capital Goods was up by 0.38%, while Utilities down by 2.99%, Power down by 2.35%, Healthcare down by 1.32%, Oil & Gas down by 1.17% and Realty was down by 0.95% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 6.20%, Bajaj Finserv up by 4.61%, Bajaj Finance up by 4.07%, HDFC Bank up by 2.95% and HDFC up by 2.61%. On the flip side, Tech Mahindra down by 0.84%, NTPC down by 0.63%, Reliance Industries down by 0.37%, Wipro down by 0.28% and Nestle down by 0.22% were the top losers.

Meanwhile, 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.

The report noted that new orders placed with services companies continued to increase at the start of the fourth fiscal quarter. The rise took the current stretch of monthly expansions to a year-and-a-half and was sharp, despite slowing from December. The rise in total new business was centred on the domestic market, as international orders decreased. The fall was only marginal, but compared with the strongest upturn for almost three-and-a-half years in December.

According to the report, services companies faced a further increase in their expenses during January, which they attributed to higher costs for a wide range of materials, food and staff. Whilst remaining above its long-run average, the rate of inflation softened to a two-year low. Similarly, prices charged for the provision of services rose at a softer pace in January. The latest rise was the slowest since March 2022 and below the average seen since the survey started in December 2005.

The CNX Nifty is currently trading at 17755.85, up by 145.45 points or 0.83% after trading in a range of 17584.20 and 17765.40. There were 31 stocks advancing against 18 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Titan Company up by 6.07%, Bajaj Finserv up by 4.60%, Adani Ports up by 4.49%, Bajaj Finance up by 4.07% and HDFC Bank up by 2.91%. On the flip side, Divi's Lab down by 14.06%, Adani Enterprises down by 5.44%, Tata Consumer down by 1.93%, Hindalco down by 1.83% and HDFC Life Insurance down by 1.33% 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 21.16 points or 0.31% to 6,911.73, Straits Times rose 16.53 points or 0.49% to 3,380.21, KOSPI increased 11.52 points or 0.46% to 2,480.40 and Taiwan Weighted was up by 7.5 points or 0.05% to 15,602.66. On the flip side, Shanghai Composite weakened 22.26 points or 0.68% to 3,263.41 and Hang Seng was down by 297.89 points or 1.38% to 21,660.47.

European markets were trading mostly in red, France’s CAC fell 43.04 points or 0.6% to 7,123.23 and Germany’s DAX was down by 129.08 points or 0.83% to 15,380.11. On the flip side, UK’s FTSE 100 was up by 8.23 points or 0.11% to 7,828.39.
 
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