Key gauges remain in green in morning deals

Indian equity benchmarks trimmed some initial gains but continued to trade in green in morning deals, helped by buying in index majors Bharti Airtel, Tata Steel and Tata Motors. Traders took some support with a private report said India's current account balance likely turned positive in January-March, marking the first quarterly surplus in nearly two years thanks to a narrower trade deficit and an increase in services exports. However, gains remain capped as some concern came in with International Monetary Fund’s First Deputy Managing Director Gita Gopinath stating that the world's top central banks may need longer to get inflation back down to target and a fresh bout of financial turbulence could make the process even more protracted. She also said central banks have raised interest rates at a brisk pace over the past year-and-a-half to fight off a historic surge in prices, but they have persistently underestimated inflationary pressures. On the global front, Asian markets are trading mostly in red, following the broadly negative cues from Wall Street, with traders remaining cautious amid concerns about tighter monetary policies and the impact of higher rates on economic growth. 

The BSE Sensex is currently trading at 63076.88, up by 106.88 points or 0.17% after trading in a range of 63065.85 and 63205.52. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.50%, while Small cap index up by 0.83%.

The top gaining sectoral indices on the BSE were Realty up by 1.45%, Metal up by 0.97%, Telecom up by 0.64%, Healthcare up by 0.53% and Industrials up by 0.47%, while Consumer Durables down by 0.35% and FMCG down by 0.01% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.38%, Tata Steel up by 1.23%, Tata Motors up by 1.04%, Mahindra & Mahindra up by 0.95% and NTPC up by 0.59%. On the flip side, Indusind Bank down by 1.04%, Titan Company down by 0.83%, Bajaj Finance down by 0.58%, Sun Pharma down by 0.58% and Tech Mahindra down by 0.38% were the top losers.

Meanwhile, Union Minister Piyush Goyal has said India is actively considering the possibility of Comprehensive Economic Partnership Agreements (CEPAs) and Free Trade Agreements (FTAs) with various countries. These agreements aim to enhance the market size and facilitate exporters in the thriving Indian textile sector. Further, the Minister highlighted that the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park is being established across 7 states to promote India's textile sector in a significant manner.

Goyal said PM MITRA Parks will lead to a reduction of logistic costs due to a cluster-based approach to manufacturing and production of quality products with appropriate testing facilities.He emphasised that countrymen deserve the best quality of garments and this should be ensured by all the stakeholders.

He encouraged the industry to focus on quality and test their products to comply with quality standards. He said India is pioneering sustainable textiles, contributing to a lesser carbon footprint and promoting a circular economy. Moreover, he added the Indian textile industry has made a mark in the world with its innovative and attractive products.

The CNX Nifty is currently trading at 18718.90, up by 27.70 points or 0.15% after trading in a range of 18716.65 and 18763.60. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 1.94%, Apollo Hospital up by 1.51%, Bharti Airtel up by 1.40%, Bajaj Auto up by 1.36% and JSW Steel up by 1.17%. On the flip side, Indusind Bank down by 1.05%, Cipla down by 1.00%, Titan Company down by 0.86%, UPL down by 0.82% and Sun Pharma down by 0.70% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 147.59 points or 0.87% to 16,911.65, KOSPI dropped 3.34 points or 0.13% to 2,578.86, Jakarta Composite plunged 3.11 points or 0.05% to 6,661.56 and Nikkei 225 slipped 188.38 points or 0.58% to 32,510.43

On the flip side, Hang Seng advanced 292.82 points or 1.53% to 19,086.95, Straits Times rose 12.87 points or 0.4% to 3,202.55 and Shanghai Composite strengthened 29.3 points or 0.92% to 3,179.92.