Sensex, Nifty add some gains in early noon deals

Indian equity benchmarks added some gains in early noon deals, with both Sensex and Nifty trading 83.65 and 14.15 points higher respectively, tracking firm cues from overseas peers and indications that the US may avoid a recession. Heavy buying at Telecom and Power counters also helped indices to remain higher. Adding some comfort among traders, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1719998 new jobs in the month of April 2023. During 2022-23, EPFO has added 1.39 crore net members as compared to the net addition of 1.22 crore during 2021-22. 

On the global front, Asian markets were trading mostly in green, after Hong Kong's consumer price inflation moderated unexpectedly in May, though marginally. The data released by the Census and Statistics Department showed that the consumer price index, or CPI, climbed 2.0 percent year-over-year in May, after a 2.1 percent increase in April. Utility costs alone grew 16.6 percent annually in April versus a 17.8 percent surge in the prior month. Costs for clothing and footwear were 5.8 percent more expensive. Food prices showed an increase of 2.6 percent.

The BSE Sensex is currently trading at 63411.35, up by 83.65 points or 0.13% after trading in a range of 63315.62 and 63588.31. There were 13 stocks advancing against 16 stocks declining, while one stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.71%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Telecom up by 1.09%, Power up by 0.78%, Utilities up by 0.77%, Capital Goods up by 0.41% and Energy up by 0.36%, while Metal down by 1.31%, Realty down by 0.35%, FMCG down by 0.15% and Bankex down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid Corporation of India up by 1.99%, HDFC Bank up by 0.91%, HDFC up by 0.90%, Wipro up by 0.71% and Larsen & Toubro up by 0.68%. On the flip side, Tata Steel down by 0.96%, Axis Bank down by 0.95%, Mahindra & Mahindra down by 0.91%, Tata Motors down by 0.78% and Maruti Suzuki down by 0.73% were the top losers.

Meanwhile, Union Tourism Minister G Kishan Reddy has said that the number of foreign tourists who arrived in India this year during January-April 2023 is 166 per cent more than the figures for the corresponding period in 2022. He also said that after the COVID-19 pandemic, foreign tourist arrivals in India have increased. He asserted that India's inbound travel is expected to reach to pre-pandemic level in 2023.

The minister also said that currently the Indian government has two priorities: sustainable infrastructure creation, to cater to the growing needs of the tourists, and raising awareness among the tourists, for responsible consumption and adoption of an environmentally conscious lifestyle and through the launch of the G20 Tourism and SDG Dashboard, a legacy has been created. 

He further said the dashboard being developed, shall promote policies and initiatives by the G20 countries, and guest countries in building a more sustainable, inclusive, and resilient sector.

The CNX Nifty is currently trading at 18830.85, up by 14.15 points or 0.08% after trading in a range of 18794.85 and 18875.90. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Power Grid Corporation of India up by 2.11%, HDFC Life Insurance up by 1.54%, HDFC Bank up by 1.01%, HDFC up by 0.92% and Dr Reddy's Laboratories up by 0.83%. On the flip side, Hindalco down by 2.38%, JSW Steel down by 2.37%, Axis Bank down by 0.97%, Apollo Hospital down by 0.95% and Divi's Laboratories down by 0.93% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 186.23 points or 0.55% to 33,575.14, Taiwan Weighted added 17.49 points or 0.1% to 17,202.40, Straits Times rose 6.85 points or 0.21% to 3,227.08 and Jakarta Composite gained 1.44 points or 0.02% to 6,661.90, while KOSPI dropped 22.28 points or 0.86% to 2,582.63, Shanghai Composite weakened 34.81 points or 1.09% to 3,205.55 and Hang Seng declined 396.19 points or 2.06% to 19,210.89.