Indian equity markets traded at day’s high points in late afternoon session as traders continued their value buying. IT and Metal sectors’ stocks lent support to markets. Sentiments remained upbeat after Moody's Investors Service has raised India's Gross Domestic Product (GDP) growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. Besides, Goods and Services Tax (GST) collections rise 12 pc Y-o-Y to over Rs 1.49 lakh crore in February. On the global front, Asian markets were trading mostly in green as strong manufacturing data from China helped offset investor concerns over stubborn inflation and fears of further U.S. interest-rate hikes. European markets were trading higher helped by optimism that China’s important manufacturing sector could lead a global economic recovery.
The BSE Sensex is currently trading at 59,424.00, up by 461.88 points or 0.78% after trading in a range of 59109.54 and 59416.42. There were 26 stocks advancing against 4 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 1.19%, while Small cap index was up by 1.28%.
The top gaining sectoral indices on the BSE were Metal up by 2.26%, PSU up by 1.60%, IT up by 1.19%, TECK up by 1.10% and Energy was up by 1.03%, while there were no losers on sectoral indices on the BSE.
The top gainers on the Sensex were Axis Bank up by 2.60%, SBI up by 2.44%, HCL Tech up by 2.09%, Tech Mahindra up by 2.08% and TCS up by 1.95%. On the flip side, Power Grid down by 1.82%, ICICI Bank down by 0.07%, Hindustan Unilever down by 0.06% and HDFC Bank down by 0.05% were the top losers.
Meanwhile, India's manufacturing sector activity slowed down in the month of February, with input cost inflation accelerating to a four-month high but there was a softer upturn in selling charges. According to the report, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) eased to 55.3 in February from 55.4 in January.
The survey report further noted that manufacturers experienced an increase in new work intakes, amid accommodative demand conditions and successful marketing campaigns. The upturn stretched the current sequence of growth to 20 months. Moreover, the rate of expansion was sharp in the context of historical data and matched that seen in January.
As per the report, the domestic market was the main source of new business growth, as new orders from abroad increased only fractionally. The rise in international sales was the weakest in the current 11-month period of expansion. Companies signaled only mild pressure on their own operating capacities, with outstanding business increasing marginally in February.
On the price front, input costs in the manufacturing industry increased further, with firms mentioning higher prices for electronic components, energy, foodstuff, metals and textiles. Despite quickening to a four-month high, the rate of inflation was below its long-run average and among the weakest in over two years.
The CNX Nifty is currently trading at 17,452.45, up by 148.50 points or 0.86% after trading in a range of 17345.25 and 17445.70. There were 42 stocks advancing against 7 stocks declining on the index, while 1 stock remained unchanged.
The top gainers on Nifty were Adani Enterprises up by 13.59%, Hindalco up by 3.27%, Axis Bank up by 2.62%, SBI up by 2.44% and UPL up by 2.44%. On the flip side, Britannia down by 2.29%, Power Grid down by 1.84%, Cipla down by 0.61%, SBI Life down by 0.58% and HDFC Life Insurance down by 0.27% were the top losers.
Asian markets were trading mostly in green, Hang Seng advanced 833.77 points or 4.04% to 20,619.71, Taiwan Weighted added 94.7 points or 0.61% to 15,598.49, Nikkei 225 surged 70.97 points or 0.26% to 27,516.53, Shanghai Composite strengthened 32.74 points or 0.99% to 3,312.35 and Jakarta Composite was up by 1.7 points or 0.02% to 6,844.94. On the flip side, Straits Times was down by 4.89 points or 0.15% to 3,257.74.
European markets were trading higher, UK’s FTSE 100 increased 43.25 points or 0.55% to 7,919.53, France’s CAC rose 22.66 points or 0.31% to 7,290.59 and Germany’s DAX was up by 45.83 points or 0.3% to 15,410.97.
