Bourses trade with gains of quarter percent

The Indian equity benchmarks traded higher with gains of over quarter a percent in late afternoon session, as traders continued take support from robust macroeconomic data. Besides, investors were hoping that US Federal Reserve may pause interest rate hike. Traders took note of report that Canada has paused negotiations for a free trade agreement with India and now both the countries will mutually decide about resuming the talks in the future. On the global front, all Asian markets were trading higher after Wall Street was boosted by a report that signalled the US jobs market, while still healthy, is showing some signs of cooling. European markets were trading higher echoing an upbeat mood in Asia as investors were optimistic that a series of stimulus from China will support its slowing economy, while drugmaker Novo Nordisk’s shares hit a fresh record high. 

The BSE Sensex is currently trading at 65554.59, up by 167.43 points or 0.26% after trading in a range of 65285.56 and 65630.85. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.87%, while Small cap index was up by 0.78%.

The top gaining sectoral indices on the BSE were Metal up by 2.93%, PSU up by 1.89%, Utilities up by 1.65%, IT up by 1.49% and Realty was up by 1.40%, while Consumer Durables down by 0.47%, Bankex down by 0.05% and FMCG was down by 0.01% were the few losing indices on BSE.

The top gainers on the Sensex were Wipro up by 3.92%, Tata Steel up by 3.58%, HCL Tech up by 3.34%, Ultratech Cement up by 3.17% and Tech Mahindra up by 1.69%. On the flip side, Axis Bank down by 0.94%, Mahindra & Mahindra down by 0.89%, Asian Paints down by 0.89%, ITC down by 0.69% and Nestle down by 0.68% were the top losers.

Meanwhile, amid new launches, ongoing drug shortages and growth opportunities in the domestic formulation business, credit rating agency India Ratings and Research (Ind-Ra) in its latest report has stated that its rated pharma companies are likely to maintain the momentum on growth and profitability in regulated markets (US).

As per the report, normalisation of drug prices in the US and a softening in raw material prices will help companies to keep revenue growth of 10% and EBITDA margin of about 21% during FY24. It further noted that the Q1FY24 results provide an early indication of the easing.

The agency further said this trend is expected to sustain for the remainder of the financial year, although sustainability beyond FY24 would be contingent on the performance of US generic business of the companies. It also expects an increase in USFDA inspections in FY24; however, these are unlikely cause significant disruptions.

The CNX Nifty is currently trading at 19500.10, up by 64.80 points or 0.33% after trading in a range of 19432.85 and 19526.80. There were 28 stocks advancing against 22 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Coal India up by 4.75%, Wipro up by 3.81%, Tata Steel up by 3.74%, Ultratech Cement up by 3.48% and Hindalco up by 3.20%. On the flip side, Mahindra & Mahindra down by 0.97%, Axis Bank down by 0.97%, Asian Paints down by 0.89%, Cipla down by 0.85% and Bajaj Auto down by 0.78% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 462.1 points or 2.45% to 18,844.16, Nikkei 225 surged 228.56 points or 0.69% to 32,939.18, Taiwan Weighted added 144.75 points or 0.86% to 16,789.69, Shanghai Composite strengthened 43.81 points or 1.38% to 3,177.06, KOSPI increased 20.84 points or 0.81% to 2,584.55, Jakarta Composite gained 11.16 points or 0.16% to 6,988.81 and Straits Times was up by 6.68 points or 0.21% to 3,239.98.

European markets were trading higher; UK’s FTSE 100 increased 53.29 points or 0.71% to 7,517.83, France’s CAC rose 54.86 points or 0.75% to 7,351.63 and Germany’s DAX was up by 99.93 points or 0.63% to 15,940.27.