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Sustain buying takes markets near day’s high points
Apr-18-2024

A sustain buying in almost all the sectors took Indian equity benchmarks near their intraday high points during early afternoon deals, with both Sensex and Nifty holding strong gains, aided by positive cues from other Asian markets. Sentiments were optimistic as the International Monetary Fund said that India is one of the strong performers, which in a report projected a 6.5 percent growth rate for the country for the year 2024. It said that with this, India continues to be the fastest growing economies of the world and ahead of China's growth projection of 4.6 per cent during the same period.

On the global front, Asian markets were trading higher, after Japan's tertiary activity index increased at a faster-than-expected pace in February. According to data from the Ministry of Economy, Trade, and Industry, the seasonally adjusted tertiary activity index rose 1.5 percent month-on-month in February, reversing a 0.5 percent decrease in January. Back home, the space sector stocks were in focus, as the government has amended the foreign direct investment (FDI) policy in the space sector, with an aim to attract offshore investors in satellite manufacturing and satellite launch vehicles segments.

The BSE Sensex is currently trading at 73409.48, up by 465.80 points or 0.64% after trading in a range of 72888.94 and 73473.05. There were 20 stocks advancing against 9 stocks declining, while 1 stock remained unchanged on the index.

The broader indices ended in green; the BSE Mid cap index rose by 1.03%, while Small cap index was up by 1.28%.

The top gaining sectoral indices on the BSE were Telecom up by 2.95%, TECK up by 1.66%, Utilities up by 1.62%, Metal up by 1.49% and Basic Materials up by 1.48%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bharti Airtel up by 4.80%, Power Grid up by 3.70%, Mahindra & Mahindra up by 2.47%, Tata Steel up by 2.16% and Larsen & Toubro up by 1.54%. On the flip side, Nestle down by 3.38%, Axis Bank down by 1.66%, Titan Co down by 0.36%, HCL Tech. down by 0.28% and ITC down by 0.22% were the top losers.

Meanwhile, the PHD Chamber of Commerce and Industry (PHDCCI) has said that India's Gross domestic product (GDP) is estimated to grow at 8-8.3 per cent in the current fiscal (FY25). It also said the country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a $34.7 trillion economy by 2047, with a per capita income of $21,000.

The chamber has suggested 10 key enablers for the country to become a developed economy by 2047 in a report. It has recommended reducing the cost of doing business and enhancing the global scalability of promising sectors like fintech, information technology, automobile and renewable energy to boost the economy. It has suggested a special focus on the development of the semiconductor industry.

The industry body has called for continued handholding to the startup ecosystem to become the second largest in the world by 2030. The recommendation also includes capacity building for exports -- with a potential 75 products to be focused on to enhance export volumes in global trade. It has suggested reform measures for the agriculture and food processing sector, besides filling the vacant positions at the national and state levels, including the judiciary, police, medical and para-medicals, military and paramilitary and education, among others. 

It has also pitched for a greater push to digital transformation to be among the top five countries in the Government AI Readiness Index by 2047. The 10-pronged approach also suggests bolstering the renewable energy segment to enhance its installed capacity to 1,500 GW by 2047. Physical infrastructure, including road, rail, port, airport, education intuitions and hospitals, should be focused along with targeted outcomes annually.

The CNX Nifty is currently trading at 22307.65, up by 159.75 points or 0.72% after trading in a range of 22153.80 and 22326.50. There were 35 stocks advancing against 14 stocks declining, while 1 stock remained unchanged on the index.

The top gainers on Nifty were Bharti Airtel up by 4.85%, Power Grid up by 3.77%, Hindalco up by 2.51%, Mahindra & Mahindra up by 2.44% and Adani Ports & SEZ up by 2.27%. On the flip side, Nestle down by 3.42%, Axis Bank down by 1.59%, Apollo Hospital down by 1.33%, Coal India down by 0.47% and Titan Co down by 0.41% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 160.92 points or 0.98% to 16,412.76, Taiwan Weighted added 87.87 points or 0.43% to 20,301.20, Jakarta Composite gained 29.64 points or 0.41% to 7,160.48, Straits Times rose 37.99 points or 1.19% to 3,192.68, Shanghai Composite strengthened 1.6 points or 0.05% to 3,072.98, KOSPI increased 50.52 points or 1.92% to 2,634.70 and Nikkei 225 surged 117.9 points or 0.31% to 38,079.70.
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