Markets trade slightly higher in late morning deals

Domestic equity markets were trading slightly higher in late morning deals despite muted global cues. Meanwhile, the session was also proving positive for broader indices on the BSE which were trading with gains in the range of 0.15-0.25%. Traders were getting encouragement as the Reserve Bank of India in its annual report said that on the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures. However, gains remain limited as some concern came in with the Department for Promotion of Industry and Internal Trade data showing that foreign direct investment into India declined by 22 per cent to $46 billion in 2022-23, dragged by lower inflows in computer hardware and software, and automobile industry.

On the global front, Asian markets were trading mixed as traders remained cautious ahead of the vote on the US debt ceiling deal on Wednesday. Back home, traders were seen pilling up position in FMCG, Auto, Capital Goods Realty and Energy, while selling was witnessed in Metal, Telecom, Utilities, Power and Consumer Durables. In the stock specific development, Force Motors locked in the 20 per cent upper circuit on the BSE after the company reported robust earnings during the March quarter of FY23. 

The BSE Sensex is currently trading at 62877.06, up by 30.68 points or 0.05% after trading in a range of 62737.40 and 63030.63. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.16%, while Small cap index up by 0.21%.

The top gaining sectoral indices on the BSE were FMCG up by 0.21%, Auto up by 0.17%, Capital Goods up by 0.17%, Realty up by 0.16% and Energy up by 0.15%, while Metal down by 0.68%, Telecom down by 0.29%, Utilities down by 0.13%, Power down by 0.10% and Consumer Durables down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 1.11%, HCL up by 0.84%, Wipro up by 0.49%, Bajaj Finance up by 0.49% and Kotak Mahindra Bank up by 0.48%. On the flip side, Tech Mahindra down by 0.93%, Sun Pharma down by 0.81%, Nestle down by 0.80%, Bajaj Finserv down by 0.46% and Tata Steel down by 0.37% were the top losers.

Meanwhile, the National Sample Survey Office (NSSO) has showed that the unemployment rate for persons aged 15 years and above in urban areas declined to 6.8 per cent during January-March 2023 from 8.2 per cent a year ago. Joblessness or unemployment rate is defined as the percentage of unemployed persons in the labour force. Joblessness was high in January-March 2022, mainly due to the staggering impact of Covid-related restrictions in the country.

The 18th Periodic Labour Force Survey (PLFS) showed the unemployment rate in July-September 2022 and October-December 2022 was 7.2 per cent only. It was 7.6 per cent in April-June 2022. The unemployment rate for persons aged 15 years and above in April-June 2022 was 7.6 per cent in urban areas. In January-March 2022, the unemployment rate was 8.2 per cent. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.2 per cent in January-March 2023 from 10.1 per cent in the same quarter a year ago. It was 9.6 per cent in October-December 2022, 9.4 per cent in July-September 2022 and 9.5 per cent in April-June 2022.

Among males, the unemployment rate in urban areas dipped to six per cent in January-March 2023 compared to 7.7 per cent in the same quarter a year ago. It was 6.5 per cent in October-December 2022, 6.6 per cent in July-September 2022 and 7.1 per cent in April-June 2022. Labour force participation rate in CWS (Current Weekly Status) in urban areas for persons aged 15 years and above increased to 48.5 per cent in the January-March quarter of 2023, from 47.3 per cent in the same period a year ago. It was 48.2 per cent in October-December 2022, 47.9 per cent in July-September 2022 and 47.5 per cent in April-June 2022. 

The CNX Nifty is currently trading at 18611.80, up by 13.15 points or 0.07% after trading in a range of 18575.50 and 18662.45. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were ONGC up by 1.29%, JSW Steel up by 1.18%, Ultratech Cement up by 1.13%, Apollo Hospital up by 1.07% and HCL up by 0.87%. On the flip side, HDFC Life Insurance down by 1.22%, Hindalco down by 1.01%, Tech Mahindra down by 1.01%, SBI Life down by 0.99% and Dr. Reddy's Lab down by 0.89% were the top losers.

Asian markets were trading mixed; KOSPI increased 25.78 points or 1% to 2,584.59, Jakarta Composite gained 0.21 points to 6,681.31, Straits Times rose 1.9 points or 0.06% to 3,197.12 and Nikkei 225 surged 79.93 points or 0.26% to 31,313.47, however, Taiwan Weighted lost 13.56 points or 0.08% to 16,622.74, Hang Seng declined 90.42 points or 0.49% to 18,460.69, Shanghai Composite weakened 24.99 points or 0.78% to 3,196.46.