Benchmarks trade marginally higher in morning deals

Indian equity benchmarks erased initial losses and were now trading marginally higher in morning deals, led by gains in Healthcare, FMCG and Auto stocks. Traders found solace with the provisional data available on the NSE showing that foreign institutional investors (FII) purchased shares worth a net Rs 1,714.72 crore on June 14. Traders also took a note of International Energy Agency (IEA) chief Fatih Birol’s statement that India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production. However, gains remain capped with a private report stating that the sowing of kharif crops such as paddy, pulses and oilseeds is likely to be delayed with the sluggish progress of monsoon following a late onset over the Kerala coast on June 8. On the global front, Asian markets are trading mostly in green following the mostly positive cues from global markets overnight, as traders react positively to the US Fed pausing its interest rate hikes following ten consecutive rate hikes, while also forecasting additional increases before the end of the year.

The BSE Sensex is currently trading at 63306.31, up by 77.80 points or 0.12% after trading in a range of 63068.36 and 63310.96. 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 0.55%, while Small cap index was up by 0.52%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.21%, FMCG up by 0.83%, Auto up by 0.78%, Realty up by 0.76% and Consumer Durables up by 0.65%, while TECK down by 0.30%, IT down by 0.24%, Metal down by 0.20%, Bankex down by 0.12% and PSU down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 1.40%, Nestle up by 1.04%, Mahindra & Mahindra up by 0.99%, Asian Paints up by 0.96% and HCL Technologies up by 0.79%. On the flip side, Indusind Bank down by 1.69%, Infosys down by 1.03%, Power Grid Corporation down by 0.83%, NTPC down by 0.64% and TCS down by 0.60% were the top losers.

Meanwhile, the Gem Jewellery Export Promotion Council (GJEPC) in the monthly data has said the India's overall gems and jewellery exports witnessed a decline of 10.70 per cent in May at Rs 22,693.41 crore ($2,755.90 million). Gem and jewellery exports stood at Rs 25,412.66 crore ($3,285.47 million) during May last year. According to data, the overall exports of cut and polished diamonds (CPD) showed a decline of 12.17 per cent at Rs 14,190.28 crore ($1723.17 million) in May compared to Rs 16,156.04 crore in the corresponding month of 2022.

Similarly, the gross exports of polished Lab Grown Diamonds during April-May witnessed a 20.57 per cent fall at Rs 1,985.83 crore ($236.08 million) over Rs 2,499.95 crore ($325.45 million) in the first two months of preceding financial year.

However, it stated the total exports of gold jewellery increased by 7.29 per cent at Rs 5,705.32 crore ($693.01 million) in May as against Rs 5,317.71 crore ($687.18 million) in the year-ago period. Gross export of silver jewellery during April-May decreased by 68.54 per cent at Rs 1,173.25 crore ($141.10 million) from Rs 3,728.88 crore ($485.42 million) a year ago.

The CNX Nifty is currently trading at 18788.15, up by 32.25 points or 0.17% after trading in a range of 18721.75 and 18794.10. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 2.81%, Adani Enterprises up by 2.24%, Apollo Hospital up by 1.88%, Dr. Reddy's Lab up by 1.50% and Maruti Suzuki up by 1.36%. On the flip side, Indusind Bank down by 1.60%, Infosys down by 0.97%, HDFC Life Insurance down by 0.91%, Power Grid Corporation down by 0.91% and NTPC down by 0.67% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 78.82 points or 0.46% to 17,316.96, Hang Seng advanced 160.89 points or 0.82% to 19,569.31, Shanghai Composite strengthened 2.79 points or 0.09% to 3,231.78, Straits Times rose 16.93 points or 0.52% to 3,235.07 and Nikkei 225 surged 138.46 points or 0.41% to 33,640.88.

On the flip side, KOSPI dropped 6.69 points or 0.26% to 2,612.39 and Jakarta Composite plunged 20.87 points or 0.31% to 6,678.85.