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Benchmarks add gains in morning deals
Apr-24-2024

Indian equity benchmarks added gains in morning deals, backed by upbeat cues from global peers. Traders took support with a private report that India's GDP growth is likely to average 7% from 2024-25 to 2029-30. Some support also came with report stating that the government is formulating action plans for as many as 20 agricultural products including banana, mangoes, potato and baby corn with a view to further boost export of these commodities. Traders overlooked the Reserve Bank of India’s (RBI) latest bulletin stated that extreme weather events along with prolonged geopolitical tensions could pose a risk to India’s inflation trajectory, even as growth in the South Asian nation exhibits an uptrend. It said food price pressures have been interrupting the ongoing disinflation process even as shocks from adverse climate events and geopolitical tensions add uncertainties to the outlook. On the global front, Asian markets are trading higher as weak U.S. business activity data revived investor hopes for U.S. rate cuts this year.

The BSE Sensex is currently trading at 74063.95, up by 325.50 points or 0.44% after trading in a range of 73861.91 and 74079.87. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.61%, while Small cap index was up by 0.81%.

The top gaining sectoral indices on the BSE were Metal up by 1.47%, Basic Materials up by 1.16%, Realty up by 1.09%, Healthcare up by 0.89% and Industrials up by 0.85%, while Telecom down by 0.56%, TECK down by 0.12% and IT down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 2.09%, Tata Steel up by 1.58%, Sun Pharma up by 1.20%, Bajaj Finance up by 1.04% and Bajaj Finserv up by 0.96%. On the flip side, Infosys down by 0.49%, Asian Paints down by 0.31%, Hindustan Unilever down by 0.19%, Indusind Bank down by 0.15% and Tech Mahindra down by 0.04% were the top losers.

Meanwhile, India Ratings and Research (Ind-Ra) has maintained a neutral outlook for the Indian residential real estate sector for the financial year 2024-25 (FY25). It said absorption in residential real estate and prices are likely to be supported by affordability and stability of interest rates. However, given the high base of the just-concluded financial year 2023-24, the growth rates are likely to taper down.

The residential real estate market registered a strong performance in the first three quarters of 2023-24 where the sales growth exceeded 25 per cent year-on-year for the top eight real estate clusters, despite price increases and sticky interest rates. With most regions witnessing a surge in prices, it expects the pre-sales growth to moderate to 8 per cent to 10 per cent year-on-year in the current financial year.

Further, it expects the prices to have been higher 22 per cent year-on-year at end-2023-24 and would be subdued at around 5 per cent for 2024-25, due to the base effect and large amount of new launches planned. Moreover, it expects the mid-income and upper mid-income segments, which emerged as the leading consumer segments in 2023-24, to continue to witness a strong buyer interest.

The CNX Nifty is currently trading at 22458.00, up by 90.00 points or 0.40% after trading in a range of 22399.85 and 22461.30. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Cipla up by 2.33%, JSW Steel up by 2.12%, Hindalco up by 1.73%, Tata Steel up by 1.58% and Sun Pharma up by 1.15%. On the flip side, Tata Consumer Product down by 5.07%, Infosys down by 0.55%, Asian Paints down by 0.34%, HDFC Life Insurance down by 0.32% and Hindustan Unilever down by 0.22% were the top losers.

All Asian markets are trading higher; Nikkei 225 surged 849.4 points or 2.26% to 38,401.56, Taiwan Weighted added 497.46 points or 2.54% to 20,096.74, Hang Seng advanced 281.28 points or 1.64% to 17,110.21, Straits Times rose 22.2 points or 0.68% to 3,294.92, KOSPI increased 52.06 points or 1.98% to 2,675.08, Jakarta Composite gained 48.73 points or 0.69% to 7,159.54 and Shanghai Composite strengthened 9.98 points or 0.33% to 3,031.96.
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