Benchmarks add gains in morning deals

Indian equity benchmarks added gains in morning deals, led by gains in Auto, Realty and Consumer Durables stocks. Sentiments got up-beat with private report stated that India Inc seems to be optimistic about opening of new vacancies amid steady hiring trends during the current financial year as the country's economy is on a growth trajectory. It said at least 72 per cent organisations which participated in a survey believed that there will be more hirings for new positions during this fiscal. Some support also came as retirement fund body EPFO has added 15.32 lakh subscribers in March 2022, over 19 percent more than 12.85 lakh enrolled in February this year. Meanwhile, the Indian government is considering spending an additional 2 trillion rupees ($26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation.

On the global front, Asian markets are trading mostly in red as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets. Back home, fertilizer industry stocks remained in watch as to insulate farmers from the sharp increases in the prices, the Centre announced a doubling of fertiliser subsidy to Rs 2.15 trillion from the budgeted level for FY23.

The BSE Sensex is currently trading at 54558.16, up by 231.77 points or 0.43% after trading in a range of 54191.55 and 54664.61. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.57%, while Small cap index was up by 0.31%.

The top gaining sectoral indices on the BSE were Auto up by 2.30%, Realty up by 1.83%, Consumer Durables up by 1.52%, Consumer Discretionary up by 1.50% and Industrials up by 1.09%, while Metal down by 7.73%, Basic Materials down by 3.05%, Energy down by 0.70%, Oil & Gas down by 0.70% and PSU down by 0.34% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 4.22%, Mahindra & Mahindra up by 2.65%, Titan Company up by 2.44%, Asian Paints up by 2.10% and Kotak Mahindra Bank up by 1.82%. On the flip side, Tata Steel down by 11.68%, ITC down by 2.02%, Power Grid Corporation down by 0.65% and Reliance Industries down by 0.54% were the top losers.

Meanwhile, the government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 per cent, and a few steel intermediaries to 15 per cent. The duty changes are effective from May 22, 2022.

It stated the import duty on ferronickel, coking coal, PCI coal has been cut from 2.5 per cent, while the duty on coke and semi-coke has been slashed from 5 per cent to 'nil'. The tax on the export of iron ores and concentrates has been hiked to 50 per cent, from 30 per cent, while that on iron pellets a 45 per cent duty has been imposed.

It mentioned duty on pig iron and spiegeleisen in pigs, blocks, or other primary formats; flat-rolled products of iron or non- alloy steel, of a width of 600 mm or more, hot- rolled, not clad, plated or coated; Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, cold- rolled (cold-reduced), not clad, plated or coated, Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, clad, plated or coated have been hiked to 15 per cent from 'Nil' currently.

Also, 15 per cent duty has been imposed on flat-rolled products of stainless steel of width greater than or equal to (>=) 600mm, other bars and rods of stainless steel; angles, shapes and sections of stainless-steel; bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel.

The CNX Nifty is currently trading at 16317.55, up by 51.40 points or 0.32% after trading in a range of 16207.25 and 16349.50. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 4.25%, Hero MotoCorp up by 2.98%, Mahindra & Mahindra up by 2.73%, Titan Company up by 2.51% and Apollo Hospital up by 2.34%. On the flip side, Tata Steel down by 11.72%, JSW Steel down by 11.54%, Hindalco down by 4.19%, ONGC down by 3.15% and ITC down by 2.07% were the top losers.

Asian markets are trading mostly in red; Hang Seng decreased 389.96 points or 1.88% to 20,327.28, Jakarta Composite lost 76.44 points or 1.1% to 6,841.70, Straits Times trembled 15.79 points or 0.49% to 3,224.79, Shanghai Composite declined 14.77 points or 0.47% to 3,131.80 and KOSPI fell 1.97 points or 0.07% to 2,637.32.
On the flip side, Taiwan Weighted strengthened 69.47 points or 0.43% to 16,214.32 and Nikkei 225 surged 149.84 points or 0.56% to 26,888.87.