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Domestic indices maintain gains in late morning deals
Apr-29-2024

Domestic equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. Hectic buying in Indusind Bank, ICICI Bank, Kotak Mahindra, Ultratech Cement and Tech Mahindra helped the markets to maintain their gains. Positive cues from the global markets supported domestic sentiments. Traders were getting encouragement as India's crude oil imports in March fell by 1.1 per cent from a year earlier to 20.69 million metric tonnes. Further, support also came in as economic think-tank National Institute of Public Finance and Policy (NIPFP) said it has estimated India's GDP growth at 7.1 per cent for the current fiscal, using high-frequency models. 

On the global front, Asian markets were trading mostly in green following the positive cues from global markets on Friday. Back home, on the BSE sectoral front, traders were seen pilling up position in  Bankex, Oil & Gas, Energy Utilities and Industrials, while selling was witnessed in Realty, Healthcare, Auto and IT. In the stock specific development,  BSE tanked on the National Stock Exchange (NSE) after the market regulator directed the exchange to pay a regulatory fee on the 'notional value' of annual turnover. 

The BSE Sensex is currently trading at 74290.25, up by 560.09 points or 0.76% after trading in a range of 73922.34 and 74321.62. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index up by 0.11%.

The top gaining sectoral indices on the BSE were Bankex up by 1.37%, Oil & Gas up by 1.15%, Energy up by 0.82%, Utilities up by 0.77% and Industrials up by 0.50%, while Realty down by 1.38%, Healthcare down by 0.26%, Auto down by 0.17% and IT down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.59%, ICICI Bank up by 2.47%, Kotak Mahindra Bank up by 1.95%, Ultratech Cement up by 1.71% and Tech Mahindra up by 1.58%. On the flip side, HCL down by 5.49%, ITC down by 0.48%, Maruti Suzuki down by 0.43%, Wipro down by 0.30% and Bajaj Finserv down by 0.25% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) has said that the limits for Foreign Portfolio Investors (FPI) investment in government securities (g-secs), state government securities (SGSs) and corporate bonds will remain unchanged at 6 per cent, 2 per cent and 15 per cent, respectively, of outstanding stocks of securities for the current fiscal (FY25). 

RBI said as of now, all investments by eligible investors in the 'specified securities' will be reckoned under the fully accessible route (FAR). The allocation of incremental changes in the g-sec limit (in absolute terms) over the two sub-categories 'General' and 'Long-term' will be retained at 50:50 for 2024-25.

It further said the entire increase in limits for SDLs (in absolute terms) has been added to the general sub-category of state development loans. It said the aggregate limit of the notional amount of Credit Default Swaps (CDS) sold by foreign portfolio investors will be 5 per cent of the outstanding stock of corporate bonds. Accordingly, an additional limit of Rs 2,54,500 crore is set out for 2024-25.

The CNX Nifty is currently trading at 22537.85, up by 117.90 points or 0.53% after trading in a range of 22441.90 and 22546.95. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 2.60%, ICICI Bank up by 2.50%, BPCL up by 1.87%, Kotak Mahindra Bank up by 1.83% and Ultratech Cement up by 1.68%. On the flip side, Apollo Hospital down by 6.23%, HCL down by 5.66%, Bajaj Auto down by 1.75%, HDFC Life Insurance down by 1.64% and Eicher Motors down by 1.06% were the top losers.

Asian markets are trading mostly in green; Hang Seng advanced 179.87 points or 1.02% to 17,831.02, Taiwan Weighted added 375.01 points or 1.86% to 20,495.52, KOSPI increased 28.54 points or 1.07% to 2,684.87, Shanghai Composite strengthened 26.16 points or 0.85% to 3,114.80 and Jakarta Composite gained 61.12 points or 0.86% to 7,097.20. However, Straits Times fell 6.17 points or 0.19% to 3,273.93. 
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