Benchmarks continue to trade in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, as investors gained confidence after a rebound in global markets, following positive US inflation data. Some support also came as Minister of State for Finance Pankaj Chaudhary said the government is taking steps to make India a $5 trillion economy earlier than the International Monetary Fund’s forecast year of 2026-27. Some support also came as Anurag Jain, the secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), stated that inclusion and equity are important for India to transform into a developed nation, with technology aiding this growth. However, gains remain capped amid foreign fund outflows. Foreign institutional investors (FII) sold shares worth Rs 3,086.96 crore on March 14, the National Stock Exchange's provisional data showed. On the global front, Asian markets are trading higher following a relief rally on Wall Street in the overnight session as US CPI slowed slightly in Feb, reinforcing investor hopes that the Fed would likely opt for a smaller rate hike at its policy meet next week.

The BSE Sensex is currently trading at 58169.70, up by 269.51 points or 0.47% after trading in a range of 58155.17 and 58473.63. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.60%, while Small cap index up by 0.72%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.67%, Metal up by 1.47%, Industrials up by 1.31%, Consumer Durables up by 1.14% and Healthcare up by 0.74%, while Telecom down by 0.38%, Energy down by 0.07% and Oil & Gas down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 3.08%, Larsen & Toubro up by 2.76%, Tata Steel up by 2.02%, Kotak Mahindra Bank up by 1.81% and Bajaj Finserv up by 1.39%. On the flip side, Bharti Airtel down by 1.51%, Hindustan Unilever down by 1.32%, HCL Technologies down by 0.30%, Nestle down by 0.16% and HDFC Bank down by 0.08% were the top losers.

Meanwhile, Automotive Tyre Manufacturers' Association (ATMA) -- Chairman Satish Sharma has said export of tyres from India is expected to rise by 15 per cent in the ongoing fiscal (FY23). He said fast integration with global supply chains helped by the globally aligned regulatory environment in the country has led to an increase in the addressable market for Indian manufactured tyres.

He asserted despite the challenges to the global economy due to recessionary conditions, rising interest rates and political turmoil, which has led to slowing of external demand, Indian tyre exports have held on their own.

Further, he said auto OEMs (Original Equipment Manufacturers) are expecting tyres makers to contribute in a very significant way to meet regulatory demands over noise front and rolling resistance among others and it is imperative for the tyre industry's supply chain partners to enable the industry to meet these requirements. He added Tyre Industry in India that has completed an investment of over Rs 35,000 crore in new capacity creation and debottlenecking in the last three years is poised to meet the demands of a growing economy.

The CNX Nifty is currently trading at 17130.05, up by 86.75 points or 0.51% after trading in a range of 17125.10 and 17211.35. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 3.11%, Larsen & Toubro up by 2.65%, Tata Steel up by 2.21%, Hindalco up by 2.05% and UPL up by 1.93%. On the flip side, Bharti Airtel down by 1.53%, Hindustan Unilever down by 1.26%, SBI Life Insurance down by 0.95%, ONGC down by 0.36% and Nestle down by 0.15% were the top losers.

All Asian markets are trading higher; Taiwan Weighted added 75.21 points or 0.49% to 15,435.63, Hang Seng advanced 242.39 points or 1.24% to 19,490.35, Shanghai Composite strengthened 21.84 points or 0.67% to 3,267.15, KOSPI increased 34.7 points or 1.46% to 2,383.67, Jakarta Composite gained 0.89 points or 0.01% to 6,642.70, Straits Times rose 35.75 points or 1.13% to 3,165.50 and Nikkei 225 surged 13.15 points or 0.05% to 27,235.19.