Indian equity markets maintain gains in late morning session

Indian equity markets maintained their gains in late morning deals on the back of buying by funds and retail investors. Meanwhile, broader indices on the BSE were trading with gains in the range of 0.40-0.85%. Almost all the sectoral indices on BSE were trading into positive territory; however stocks from Oil & Gas and Healthcare counters were the only exception. Stocks from Realty, Capital Goods and Banking counters were the prominent gainers of the session. Sentiments got boost with report that foreign investors have pumped in a little over Rs 51,200 crore into the Indian equity markets in August, making it the highest inflow in 20 months, amid improving risk sentiment and stabilisation in oil prices. Sentiments were further supported by Indian rupee appreciating 5 paise to 79.82 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.

On the global front, Asian markets were mostly trading in red following the broadly negative cues from US markets on Friday, as traders remain concerned aver the outlook for the global economy. Back home, in stock specific development, shares of Mahindra & Mahindra Financial Services (MMFSL) hit a 52-week high on the BSE after the company recorded a strong growth in disbursement in August in the backdrop of positive macro environment.

The BSE Sensex is currently trading at 59144.13, up by 340.80 points or 0.58% after trading in a range of 58812.20 and 59233.62. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.40%, while Small cap index up by 0.82%.

The gaining sectoral indices on the BSE were Metal up by 1.30%, Telecom up by 1.13%, Basic Materials up by 0.80%, Bankex up by 0.77% and Capital Goods up by 0.67%, while Oil & Gas down by 0.24% and Healthcare down by 0.01% were the losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.76%, HCL up by 1.46%, Kotak Mahindra Bank up by 1.33%, ITC up by 1.30% and ICICI Bank up by 1.20%. On the flip side, Wipro down by 0.54%, Nestle down by 0.23%, Dr. Reddy's Lab down by 0.21%, Mahindra & Mahindra down by 0.19% and Ultratech Cement down by 0.16% were the top losers.

Meanwhile, the commerce ministry in its the preliminary data has showed that India's exports contracted by 1.15 per cent to $33 billion in August 2022, for the first time in over 20 months, while the trade deficit more than doubled to $28.68 billion due to increased crude oil imports. Imports rose by 37 per cent to $61.68 billion in August this year. Trade deficit in August 2021 stood at $11.71 billion. The previous decline in exports was recorded in November 2020 when the shipments had dipped by 8.74 per cent.

During April-August 2022-23, exports registered a growth of 17.12 per cent to $192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to $317.81 billion. Trade deficit widened to $125.22 billion in April-August this fiscal as against $53.78 billion in the same period last year. Oil imports in August jumped by 86.44 per cent to $17.6 billion. However, gold imports dipped by 47.54 per cent to $3.51 billion.

Value of non-petroleum exports in August 2022 was $28.09 billion, registering a negative growth of only 2.22% over non-petroleum exports of $ 28.73 billion in August 2021. The value of non-petroleum exports in April -August 2022-23 was $ 152.29 billion, an increase of 7.97% over $141.05 billion in April -August 2021-22. Value of non-petroleum and non-gems and jewellery exports in August 2022 was $ 24.8 billion, registering a negative growth of 1.96% over non-petroleum and non-gems and jewellery exports of $25.29 billion in August 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April -August 2022-23was $135.49 billion, an increase of 8.4% over cumulative value of non-petroleum and non-gems and jewellery exports of $124.99 billion in April -August 2021-22.

Value of non-petroleum imports was $44.07 billion in August 2022 with a positive growth of 23.63% over non-petroleum imports of $35.65 billion in August 2021.The cumulative value of non-petroleum imports in April -August 2022-23 was $218.44 billion, showing an increase of 32.02% compared to non-oil imports of $165.46 billion in April -August 2021-22. Value of non-oil, non-GJ (gold, silver & Precious metals) imports was $37.46 billion in August 2022 with a positive growth of 40.37%over non-oil and non-GJ imports of $26.69 billion in August 2021.Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April -August 2022-23 was $184.98 billion, recording a positive growth of 37.59%, as compared to non-oil and non-GJ imports of $134.44 billion in April -August 2021-22.

The CNX Nifty is currently trading at 17629.75, up by 90.30 points or 0.51% after trading in a range of 17540.35 and 17657.70. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 2.13%, NTPC up by 1.73%, JSW Steel up by 1.55%, HCL Tech up by 1.44% and Kotak Mahindra Bank up by 1.26%. On the flip side, Apollo Hospital down by 1.17%, Eicher Motors down by 0.89%, Bajaj Auto down by 0.83%, HDFC Life Insurance down by 0.77% and Wipro down by 0.50% were the top losers.

Asian markets are trading mostly in red; Hang Seng decreased 303.48 points or 1.56% to 19,148.61, KOSPI fell 14.73 points or 0.61% to 2,394.68, Nikkei 225 slipped 12.14 points or 0.04% to 27,638.70 Shanghai Composite lost 1.93 points or 0.06% to 3,184.55 and Taiwan Weighted fell 1.50 points or 0.01% to 14,671.54. On the flip side, Jakarta Composite soared 41.38 points or 0.58% to 7,218.56 and Straits Times advanced 10.26 points or 0.32% to 3,215.95.