Domestic indices trade higher in early deals; Tata Motors leads gainers

Indian equity benchmarks made slightly positive start of the new week amid mixed cues from Asian counterparts as investors await a closely watched inflation report as well as the release of minutes of the Fed's March meeting this week for additional clues on the economic and rate outlook. Elsewhere, European Central Bank (ECB) officials indicated another rate hike in May. Meanwhile, Hong Kong market is closed for Easter holiday. Domestic equity indices are trading near neutral lines with marginal gains and struggling for direction in early deals ahead of earnings season to kick start with TCS reporting its quarterly numbers on April 12. Traders restrained from taking any long position ahead of upcoming macro-economic data industrial growth, retail & wholesale inflation and exports & imports for more directional cues.

Sensex and Nifty are trading above their crucial 59,900 and 17,600 levels, respectively. Sentiments got some support as Commerce and industry minister Piyush Goyal said India's merchandise exports touched $447 billion in FY23, up from $442 billion in FY22. This would translate into a 6 per cent year-on-year jump in exports. In stock specific developments, Tata Motors leading the gainers on the bourses after its JLR unit reported Q4 wholesale volume ahead of guidance. ONGC climbed after increasing its stake in Mangalore Special Economic Zone to 49%.

The BSE Sensex is currently trading at 59962.16, up by 129.19 points or 0.22% after trading in a range of 59851.73 and 60003.05. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.23%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Realty up by 2.65%, Utilities up by 1.48%, Power up by 1.38%, Oil & Gas up by 1.05%, Auto up by 1.04%, while Bankex down by 0.21%, FMCG down by 0.12% were the only losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 7.67%, Titan Company up by 1.97%, Larsen & Toubro up by 1.34%, NTPC up by 1.26% and Wipro up by 0.83%. On the flip side, Asian Paints down by 1.72%, Maruti Suzuki down by 1.05%, Indusind Bank down by 0.92%, Bajaj Finance down by 0.73% and Axis Bank down by 0.49% were the top losers.

Meanwhile, Union Finance Minister Nirmala Sitharaman has said the inflation has been kept at six per cent or below despite adverse circumstances as a result of the Covid-19 pandemic and the Russia-Ukraine conflict. She added that price rise is a matter on which the Centre is very sensitive and responsive. She said the pandemic and the conflict had a bearing on the prices of commodities which India import, and added that the government has taken measures including giving subsidies.

The Minister said ‘Will you compare the situation prevailing everywhere, particularly after COVID, particularly after Russia and Ukraine war? The (prices of) commodities we import are all sky-rocketing. They are not produced in India. We totally import. Is that price rise mine? But that price hits me. And there, I have to give support’. She said ‘Even in this adverse circumstances inflation has been kept at six per cent or below. There are times it goes up. Then we work together with RBI and say please control it’.

She said wherever it is not possible - for instance the crude oil and cooking gas, which are imported - the government tries to give subsidy. She also said ‘we have to allow import on a higher basis and reduce customs duty so that more edible oil can come’. In this regard, edible oil containers are being built around Mangaluru airport. She further said ‘These are both short and medium term steps so that inflation can be brought down so that ‘Samanya Praja’ or ordinary citizen and their suffering can be brought down’.

The CNX Nifty is currently trading at 17644.20, up by 45.05 points or 0.26% after trading in a range of 17608.80 and 17656.85. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 7.80%, ONGC up by 2.22%, Titan Company up by 1.85%, Larsen & Toubro up by 1.53% and Adani Enterprises up by 1.06%. On the flip side, Asian Paints down by 1.77%, Maruti Suzuki down by 1.13%, Indusind Bank down by 1.02%, Tata Consumer Products down by 0.75% and Bajaj Finance down by 0.70% were the top losers.

Asian markets are trading mixed; Nikkei 225 surged 118.1 points or 0.43% to 27,636.41, Taiwan Weighted added 51.38 points or 0.32% to 15,887.88 and KOSPI increased 25.60 points or 1.03% to 2,516.01. On the other hand, Jakarta Composite plunged 45.44 points or 0.67% to 6,747.33, Shanghai Composite weakened 5.48 points or 0.16% to 3,322.17 and Straits Times was down by 5.13 points or 0.16% to 3,295.35.