Bourses trade at day’s high points in late afternoon session

Indian markets traded at day’s high points in late afternoon session, as traders were expecting strong quarterly earnings. IT and metal counters were on the priority list of the buyers. The broader indices, the BSE Mid cap index and Small cap index continued to trade in green. Traders took note of report that trade ministers of India and France have held discussions related to the ongoing talks for a free trade agreement between India and the European Union. The ministers discussed priority areas related to India - EU FTA (free trade agreement) negotiations where issues related to market access were deliberated. On the global front, Asian markets were trading mixed as investors awaited U.S. consumer inflation data as well as Fed minutes from the March meeting for clues on the monetary path of the central bank. European markets were trading higher amid New York Fed President John Williams said that Fed officials still have more work to do to bring down prices and the rate path will depend on incoming data.

The BSE Sensex is currently trading at 60362.79, up by 205.07 points or 0.34% after trading in a range of 60094.69 and 60421.80. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.35%, while Small cap index was up by 0.55%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.65%, Auto up by 1.07%, IT up by 1.00%, TECK up by 0.80% and Metal was up by 0.57%, while Power down by 0.44%, Utilities down by 0.43%, PSU down by 0.30%, Capital Goods down by 0.30% and FMCG was down by 0.28% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 1.38%, Asian Paints up by 1.34%, HDFC Bank up by 1.34%, Infosys up by 1.31% and Tech Mahindra up by 1.01%. On the flip side, Nestle down by 1.34%, Power Grid down by 1.21%, NTPC down by 0.87%, SBI down by 0.70% and Hindustan Unilever down by 0.69% were the top losers.

Meanwhile, credit rating agency India Ratings and Research (Ind-Ra) in its latest report has maintained a neutral outlook for oil and gas sector for FY24, amid a stable demand for petroleum products, continued high crude and natural gas prices benefitting the upstream companies, an improvement in the credit profile of oil manufacturing companies (OMCs) on account of a reduction in the losses on the sale of primary fuels and high crack spreads, and a continued sound credit profile of city gas distribution (CGD) entities, backed by supportive regulatory policies.

As per the agency, the credit profile in the downstream segment is likely to remain stable in FY24 on account likely sound refining margins. Also, the credit profile of CGD companies is expected to improve in the year, driven by regulatory support and planned policy-level changes. The report further noted that standalone petrochemical players could continue to face margin pressure as raw material prices will remain elevated, while end-product prices will remain dependent on a global demand pick-up.

Besides, Ind-Ra said that OMCs may face pressure on marketing EBITDA if international prices of key products - petrol and diesel - remain high as was observed in FY23 when OMCs did not hike retail selling prices to reflect high diesel and petrol FOB prices which had led to EBITDA losses during Q3 FY22 - Q2 FY23.

The CNX Nifty is currently trading at 17801.95, up by 79.65 points or 0.45% after trading in a range of 17717.25 and 17819.60. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 9.03%, Eicher Motors up by 2.83%, Adani Enterprises up by 2.60%, Dr. Reddy's Lab up by 2.53% and Bajaj Auto up by 2.35%. On the flip side, Nestle down by 1.40%, Power Grid down by 1.40%, BPCL down by 0.93%, NTPC down by 0.93% and SBI down by 0.88% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 159.33 points or 0.57% to 28,082.70, Taiwan Weighted added 19.09 points or 0.12% to 15,932.97, Shanghai Composite strengthened 13.61 points or 0.41% to 3,327.18 and KOSPI was up by 2.78 points or 0.11% to 2,550.64. On the flip side, Jakarta Composite plunged 11.99 points or 0.18% to 6,799.32, Straits Times fell 13.21 points or 0.4% to 3,284.62 and Hang Seng was down by175.38 points or 0.86% to 20,309.86.

European markets were trading higher, UK’s FTSE 100 increased 44.93 points or 0.58% to 7,830.65, France’s CAC rose 22.8 points or 0.31% to 7,413.08 and Germany’s DAX was up by 32.76 points or 0.21% to 15,687.93.