Sensex, Nifty manage to trade in green terrain

In a highly volatile session, Indian equity benchmarks managed to trade in green terrain during early afternoon deals, with both Sensex and Nifty holding marginal gains, aided by positive cues from other Asian markets and heavy buying at FMCG and IT counters. Traders got support as Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman has said that India’s focus on wide ranging reforms and sound policies resulted in resilience during crises. Adding some relief among traders, Apparel Export Promotion Council (AEPC) said that various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports.

On the global front, Asian markets were trading mostly in green, even after the Hong Kong Monetary Authority tightened its monetary policy, in tandem with the decision of the US Federal Reserve. The HKMA adjusted the Base Rate upwards to 5.00 percent from 4.75 percent with immediate effect. The Federal Reserve had raised the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent.

The BSE Sensex is currently trading at 59857.45, up by 149.37 points or 0.25% after trading in a range of 59215.62 and 59943.17. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.20%, while Small cap index was up by 0.99%.

The top gaining sectoral indices on the BSE were FMCG up by 2.20%, IT up by 1.52%, TECK up by 1.48%, Telecom up by 0.94% and Industrials up by 0.68%, while Utilities down by 3.71%, Power down by 3.50%, Oil & Gas down by 1.97%, Energy down by 1.61% and Metal down by 0.66% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 5.31%, Infosys up by 1.97%, Indusind Bank up by 1.80%, Hindustan Unilever up by 1.47% and HCL Technologies up by 1.43%. On the flip side, NTPC down by 2.50%, Bajaj Finance down by 2.29%, Tata Steel down by 2.21%, HDFC down by 2.13% and HDFC Bank down by 1.86% were the top losers.

Meanwhile, Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman has said that India’s focus on wide ranging reforms and sound policies resulted in resilience during crises. She further said ‘Implemented through Sabka Prayas resulting in Jan Bhagidari and targeted support to those in need, these helped us perform well in trying times’.

While presenting the Union Budget 2023-24, the Finance Minister underscored that India’s rising global profile is because of several accomplishments such as unique world class digital public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive in unparalleled scale and speed; proactive role in frontier areas such as achieving the climate related goals, Mission LiFE and National Hydrogen Mission.

Highlighting the efforts taken during the Covid-19 pandemic, Sitharaman said that during pandemic, the scheme to supply free food grains to over 80 crore persons for 28 months ensured that no one goes to bed hungry. She said ‘Continuing our commitment to ensure food and nutritional security, we are implementing, from January 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for the next one year, under PM Garib Kalyan Anna Yojana (PMGKAY).’ The Finance Minister noted that the entire expenditure of about Rs 2 lakh crore will be borne by the Central Government.

The CNX Nifty is currently trading at 17619.45, up by 3.15 points or 0.02% after trading in a range of 17445.95 and 17653.90. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were ITC up by 5.37%, Britannia Industries up by 4.21%, Infosys up by 1.84%, Indusind Bank up by 1.78% and HCL Technologies up by 1.40%. On the flip side, Adani Enterprises down by 8.23%, UPL down by 5.68%, HDFC Life Insurance down by 4.59%, Eicher Motors down by 2.85% and Hero MotoCorp down by 2.65% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 175.03 points or 1.12% to 15,595.16, Nikkei 225 surged 55.17 points or 0.2% to 27,402.05, Jakarta Composite gained 20.55 points or 0.3% to 6,882.81, KOSPI increased 19.08 points or 0.77% to 2,468.88 and Shanghai Composite strengthened 2.62 points or 0.08% to 3,287.54, while Hang Seng declined 2.61 points or 0.01% to 22,069.57 and Straits Times fell 19.47 points or 0.58% to 3,358.18.