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Domestic indices maintain gains in late morning deals
Apr-30-2024

Domestic equity indices maintained their gains in late morning deals on account of buying by funds and retail investors. Buying in Mahindra & Mahindra, Power Grid, Asian Paints and Tata Motors helped the markets to maintain their gains. Meanwhile, broader indices were also trading higher with BSE Mid cap index and Small cap index gaining in the range of 0.35-0.70%. Traders were getting encouragement as the government is looking at ways to improve the competitiveness of exports amid mounting geopolitical tensions and has begun examining the export credit landscape. The commerce and industry ministry has sought details on exporters' financial needs, challenges faced in accessing export credit and the ways to improve it. Further, support also came in as the National Council of Applied Economic Research (NCAER) in its monthly economic review said that the Indian economy could grow faster than 7% in this financial year.

On the global front, Asian markets were trading mixed as traders looked ahead to the US Fed's monetary policy announcement on Wednesday after the central bank's preferred inflation gauge largely met expectations. Back home, on the BSE sectoral front, traders were seen pilling up position in Auto, Realty, Consumer Disc, Power and Utilities, while selling was witnessed in Metal, IT, TECK and Basic Materials. 

The BSE Sensex is currently trading at 74964.26, up by 292.98 points or 0.39% after trading in a range of 74710.36 and 75068.76. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.68%, while Small cap index up by 0.38%.

The top gaining sectoral indices on the BSE were Auto up by 1.94%, Realty up by 1.46%, Consumer Disc up by 1.40%, Power up by 0.95% and Utilities up by 0.79%, while Metal down by 0.46%, IT down by 0.34%, TECK down by 0.32% and Basic Materials down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 4.22%, Power Grid up by 1.69%, Asian Paints up by 1.42%, Tata Motors up by 1.36% and Axis Bank up by 0.97%. On the flip side, Tech Mahindra down by 1.55%, Tata Steel down by 1.14%, NTPC down by 0.81%, JSW Steel down by 0.70% and HCL down by 0.67% were the top losers.

Meanwhile, credit rating agency Crisil in its latest report has said that India Inc is likely to log 4-6 per cent revenue growth in the January-March quarter of 2023-24 (Q4FY24), marking the slowest quarterly growth since recovery from the Covid-19 pandemic which began in September 2021. The report is based on an analysis of 350 companies which exclude financial services and oil and gas sectors firms. 

According to the report, the moderation follows stronger growth in previous years. It said among the 47 sectors monitored by Crisil, only 12 are expected to have clocked an improvement in revenue growth both sequentially and on-year for the quarter. Consumer discretionary products and services are expected to have led the show in the January-March quarter. Among discretionary products, the automobiles sector was steered by healthy growth in passenger vehicles on the back of higher volumes and price hikes in the past year.

The report said the organised retail sector grew for the thirteenth quarter in a row, on healthy urban demand. Discretionary services, such as airlines and hotels benefited from MICE (meetings, incentives, conferences and exhibitions), weddings and rebound in corporate travel. On the other hand, it said revenue from construction-linked sectors is expected to have grown at a tepid pace, essentially on account of a high base of the fourth quarter of fiscal 2023 that saw construction companies achieving their highest quarterly revenue. It further said that the cement sector, despite steady demand momentum during the quarter, recorded moderate revenue growth as prices remained under pressure amid higher supply and intense competition.

The CNX Nifty is currently trading at 22739.05, up by 95.65 points or 0.42% after trading in a range of 22661.80 and 22769.10. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 4.25%, Hero MotoCorp up by 2.59%, Bajaj Auto up by 1.89%, Divi's Lab up by 1.75% and Power Grid up by 1.72%. On the flip side, Tech Mahindra down by 1.50%, Tata Steel down by 1.16%, NTPC down by 0.83%, HCL  down by 0.73% and JSW Steel down by 0.69% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 377.82 points or 1% to 38,312.58, Straits Times rose 3.14 points or 0.1% to 3,285.19, KOSPI increased 9.01 points or 0.34% to 2,696.45 and Jakarta Composite gained 87.45 points or 1.21% to 7,243.23. However, Hang Seng declined 49.51 points or 0.28% to 17,697.40, Taiwan Weighted lost 98.92 points or 0.48% to 20,396.60 and Shanghai Composite weakened 7.46 points or 0.24% to 3,105.58. 
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