Domestic indices maintain gains in late morning deals

Domestic equity indices maintained their gains in late morning deals on account of buying by funds and retail investors. Meanwhile, the broader indices too were trading in-line with benchmarks. Positives cues from global markets supported domestic sentiments. Investors side step global rate hike fears despite the US Fed's hawkish tone. The sentiments were further supported by Indian rupee appreciating 34 paise to 81.91 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Besides, support came in as Moody's Investors Service said India's fast-growing gross domestic product (GDP) is going to be a key driver in bringing down the debt burden and debt affordability is going to be the key determinant of the country's credit profile and fiscal strength.    

On the global front, Asian markets were trading mostly in green, as the Bank of Japan again left its benchmark interest rate unchanged at -0.1%. Japan’s central bank maintained its ultra loose monetary policy, electing to support fragile economic growth at a time of swirling global uncertainty. Back home, traders were seen pilling up position in Industrials, Bankex, Capital Goods, Metal and Consumer Durables, while selling was witnessed in TECK, IT, Realty, Oil & Gas and Power. In the stock specific development, IKIO Lighting (IKIO) made a strong market debut as shares were listed at Rs 392.5 apiece, a 38 per cent premium over its issue price of Rs 285 per share on the National Stock Exchange (NSE). The stock of consumer electronics company started trade at Rs 391 on the BSE. 

The BSE Sensex is currently trading at 63148.73, up by 231.10 points or 0.37% after trading in a range of 62957.17 and 63264.54. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.36%, while Small cap index up by 0.75%.

The top gaining sectoral indices on the BSE were Industrials up by 0.66%, Bankex up by 0.53%, Capital Goods up by 0.52%, Metal up by 0.45% and Consumer Durables up by 0.44%, while TECK down by 0.48%, IT down by 0.44%, Realty down by 0.31%, Oil & Gas down by 0.25% and Power down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.17%, HDFC up by 1.09%, HDFC Bank up by 1.05%, ITC up by 0.95% and Titan up by 0.78%. On the flip side, Wipro down by 1.25%, TCS down by 1.19%, HCL down by 0.76%, Tech Mahindra down by 0.73% and Power Grid down by 0.69% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India’s merchandise exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May 2023 as compared to $39.00 billion in May 2022. Imports also declined 6.6 per cent to $57.1 billion in May 2023 against $61.13 billion recorded in the same month last year. The trade deficit widened to a five-month high of $22.12 billion. 

According to the data, merchandise exports for the period April-May 2023 were $69.72 billion as against $78.70 billion during April-May 2022. Merchandise imports for the period April-May 2023 were $106.99 billion as against $119.18 billion during April-May 2022. The merchandise trade deficit for April-May 2023 was estimated at $37.26 billion as against $40.48 billion during April-May 2022. 

It further showed that non-petroleum and non-gems & jewellery exports in May 2023 were $26.22 billion, compared to $27.30 billion in May 2022. Non-petroleum and non-gems & jewellery exports during April-May 2023 was $52.04 billion, as compared to $55.67 billion in April-May 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2023 were $35.88 billion, compared to $35.29 billion in May 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $67.36 billion in April-May 2023 as compared to $71.29 billion in April-May 2022. 

The CNX Nifty is currently trading at 18751.40, up by 63.30 points or 0.34% after trading in a range of 18710.50 and 18785.45. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.10%, Bajaj Finserv up by 2.25%, Dr. Reddy's Lab up by 1.75%, Hindalco up by 1.47% and UPL up by 1.25%. On the flip side, Bajaj Auto down by 1.73%, Tata Consumer down by 1.39%, Wipro down by 1.21%, TCS down by 1.20% and BPCL down by 1.07% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 255.51 points or 1.29% to 20,084.43, Shanghai Composite strengthened 17.2 points or 0.53% to 3,270.18, KOSPI increased 13.56 points or 0.52% to 2,622.10, Straits Times rose 32.98 points or 1.02% to 3,275.83 and Nikkei 225 surged 280.25 points or 0.84% to 33,765.74. However, Taiwan Weighted lost 57.95 points or 0.34% to 17,277.03 and Jakarta Composite plunged 29.76 points or 0.45% to 6,684.04.