Benchmarks continue to trade higher in morning deals

Indian equity benchmarks continued to trade higher in morning deals, led by gains in Utilities, Power and IT stocks. Sentiments remained positive with Commerce and Industry Minister Piyush Goyal’s statement that the country’s goods and services exports are expected to cross $750 billion this fiscal despite the global economic uncertainties. In 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. Some support also came with Union minister of state for micro, small and medium enterprises (MSMEs) -- Bhanu Pratap Singh Verma’s statement that the central government will increase the number of technology centres to provide tools, trained personnel and consultancy to MSMEs for stimulating growth of industries. Verma highlighted the crucial role played by the sector during the COVID-19 crisis.

On the global front, Asian markets are trading mostly in green ahead of an update on the U.S. rate outlook from the world's most powerful central banker, and a jobs report that could decide if the next hike needs to be super-sized. Back home, Railways stocks remained in watch with report that slow freight growth in the second half of FY23 continued to impact railways, with freight volumes in February at 124 million tonnes (mt), just 3.55 per cent higher than the same period last year.

The BSE Sensex is currently trading at 60457.10, up by 648.13 points or 1.08% after trading in a range of 60005.65 and 60470.18. All the 30 stocks advancing on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.03%, while Small cap index was up by 1.19%.

The top gaining sectoral indices on the BSE were Utilities up by 2.52%, Power up by 2.11%, IT up by 1.56%, TECK up by 1.51% and Energy up by 1.32%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.01%, Power Grid Corp up by 2.00%, Infosys up by 1.88%, NTPC up by 1.83% and HCL Technologies up by 1.59%.

Meanwhile, Union minister of state for micro, small and medium enterprises (MSMEs) -- Bhanu Pratap Singh Verma has said the central government will increase the number of technology centres to provide tools, trained personnel and consultancy to MSMEs for stimulating growth of industries. Verma highlighted the crucial role played by the sector during the COVID-19 crisis.

He stated the MSME sector plays a major role in the development of manufacturing as well as services and contributes significantly to the growth of the Indian economy. MSMEs also generate the largest employment after the agriculture sector. Moreover, it said the technology centres, set up countrywide by the Ministry of MSME, offer stimulus for growth and integrated development of industries by way of providing quality tools, trained personnel and consultancy.

He also said the ministry is in the process of setting up more such technology centres across the country to cater to increasing technological needs of the MSME sector owing to competitiveness in the global market. Such centres will also fulfil the MSME sector's demand for skilled manpower to become competitive globally and self-reliant in the domestic market.

The CNX Nifty is currently trading at 17782.40, up by 188.05 points or 1.07% after trading in a range of 17671.95 and 17788.10. There were 45 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 11.16%, Adani Ports &SEZ up by 3.19%, Power Grid Corporation up by 2.03%, Bajaj Finserv up by 1.97% and Infosys up by 1.83%. On the flip side, Britannia Industries down by 2.25%, JSW Steel down by 0.32%, Tata Steel down by 0.19% and Cipla down by 0.14% were the few losers.

Asian markets are trading mostly in green; Taiwan Weighted added 158.83 points or 1.01% to 15,767.25, Hang Seng advanced 38.43 points or 0.19% to 20,605.97, KOSPI increased 25.73 points or 1.05% to 2,457.80, Jakarta Composite gained 1.67 points or 0.02% to 6,815.31 and Nikkei 225 surged 332.23 points or 1.18% to 28,259.70.

On the flip side, Shanghai Composite weakened 3.64 points or 0.11% to 3,324.75 and Straits Times fell 0.47 points or 0.01% to 3,231.55.