Benchmarks trim opening gains in early deals

Indian equity benchmarks snapped their 2-day losses and made fabulous gap-up opening on Thursday tracking positive cues from global peers. But, soon markets trimmed some of their gains and are trading higher with gains of around one third of a percent each in early deals. Initially, markets sentiments got a boost as preliminary data released by the commerce ministry stated that India's exports rose by 22.36 per cent to $33.81 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to $21.19 billion. Though, some gains got trimmed amid cautiousness as exporters’ body FIEO said export cargoes to CIS (Commonwealth of Independent States) countries are impacted due to ongoing war between Russia and Ukraine as no shipping line is willing to take consignments there.

Global cues remained supportive with all the Asian markets trading higher following the broadly positive cues overnight from Wall Street amid the ongoing talks to diffuse the Russia-Ukraine crisis. Also, Federal Reserve Chair Jerome Powell told the House Financial Services Committee the Fed still believes it will be appropriate to raise interest rates later this month, citing inflation well above 2 percent and a strong labor market. Indonesia is closed for the Hindu New Year holiday.

Back home, shares related to restaurants and entertainment parks owners, including multiplexes are in focus as the Maharashtra government lifted Covid-19 related restrictions, thus allowing them to operate at 100 per cent capacity in 14 out of 36 districts in the state, including Mumbai. In scrip specific development, UPL traded higher after its board proposed share buyback plan at Rs 875 per share.

The BSE Sensex is currently trading at 55672.04, up by 203.14 points or 0.37% after trading in a range of 55623.74 and 55996.62. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.54%, while Small cap index was up by 1.08%.

The top gaining sectoral indices on the BSE were Power up by 2.24%, Utilities up by 2.17%, Oil & Gas up by 1.92%, IT up by 1.55%, TECK up by 1.38%, while Bankex down by 0.16%, Auto down by 0.09% were the only losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.92%, Wipro up by 2.83%, HCL Technologies up by 2.45%, Infosys up by 1.58% and NTPC up by 1.45%. On the flip side, Asian Paints down by 2.51%, Ultratech Cement down by 1.12%, Kotak Mahindra Bank down by 0.82%, Nestle down by 0.69% and ICICI Bank down by 0.69% were the top losers.

Meanwhile, the income tax department stated that it has issued refunds worth over Rs 1.83 lakh crore to more than 2.09 crore taxpayers so far this fiscal. This includes 1.70 crore refunds of the 2020-21 fiscal ended March 31, 2021, amounting to Rs 34,202.31 crore.

The Central Board of Direct Taxes (CBDT), a part of Department of Revenue in the Ministry of Finance, has issued refunds of over Rs 1,83,579 crore from April 01, 2021 to February 28, 2022.

The refund includes personal income tax refunds of Rs 65,938 crore issued to over 2.07 crore individuals and corporate tax refunds of over Rs 1.17 lakh crore in 2.30 lakh cases.

The CNX Nifty is currently trading at 16658.00, up by 52.05 points or 0.31% after trading in a range of 16651.70 and 16768.95. There were 33 stocks advancing against 16 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were IOC up by 3.25%, Wipro up by 2.85%, Tech Mahindra up by 2.84%, HCL Technologies up by 2.60% and BPCL up by 2.46%. On the flip side, HDFC Life Insurance down by 2.64%, Asian Paints down by 2.52%, SBI Life Insurance down by 1.44%, Ultratech Cement down by 1.16% and Eicher Motors down by 1.11% were the top losers.

All Asian markets are trading in green; Nikkei 225 jumped 223.72 points or 0.85% to 26,616.75, Straits Times rose 18.84 points or 0.58% to 3,263.24, Hang Seng surged 97.58 points or 0.44% to 22,441.50, Taiwan Weighted advanced 53.01 points or 0.30% to 17,920.61, KOSPI added 36.54 points or 1.35% to 2,740.06 and Shanghai Composite was up by 3.35 points or 0.10% to 3,487.54.