Domestic indices trim some gains in late morning deals

Domestic equity indices pared some gains but traded higher with gains of over quarter a percent in late morning deals after RBI MPC opted for status quo, keeps repo rate unchanged at 6.5 per cent. Meanwhile, broader indices were also trading higher with BSE Mid cap index and BSE Small cap index trading higher in the range of 0.30-0.35%. Buying in Bajaj Finserv, Titan and ITC companies’ stocks supported the markets to trade higher. Positive cues from other Asian markets and falling crude oil prices also supported domestic sentiment. The footwear industry related stocks were trading mixed, as Icra in its report has said that the footwear industry is likely to register a moderate growth of 7-8 per cent in the current fiscal (FY24) against 28 per cent in FY23.

On the global front, Asian markets were trading mostly in green as traders continued to take advantage of the recent slump in the markets as they picked up stocks at reduced levels. Back home, on the BSE sectoral front, traders were seen pilling up position in Consumer Durables, Realty, FMCG, IT and Auto, while selling was witnessed in Telecom, Capital Goods, Energy and Oil & Gas stocks.

The BSE Sensex is currently trading at 65840.38, up by 208.81 points or 0.32% after trading in a range of 65762.33 and 66030.69. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.34%, while Small cap index up by 0.32%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.72%, Realty up by 0.70%, FMCG up by 0.53%, IT up by 0.44% and Auto up by 0.44%, while Telecom down by 0.45%, Capital Goods down by 0.08%, Energy down by 0.05% and Oil & Gas down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.07%, Titan up by 1.68%, ITC up by 1.57%, Bajaj Finance up by 1.47% and Tech Mahindra up by 1.05%. On the flip side, Hindustan Unilever down by 0.63%, Bharti Airtel down by 0.38%, Power Grid down by 0.25%, Larsen & Toubro down by 0.23% and ICICI Bank down by 0.20% were the top losers.

Meanwhile, the chief of Pacific Asia Travel Association (PATA) Peter Semone has said that the recovery in tourism in the Asia-Pacific region after the COVID-19 pandemic has been ‘strong and robust’ and the numbers have reached about 80 per cent of 2019's figures.

He also said the quality of tourism, in terms of lengths of stays, is better. It seems, when people are travelling, they are travelling a little bit more seriously and in a bit more committed way. He also said ‘pent-up demand for travel is one of the main factors, I think, as people have been wanting to travel since the pandemic, when restrictions were imposed.’

PATA, founded in 1951, is a renowned not-for-profit association recognised internationally for its role as a catalyst in the responsible development of travel and tourism in the Asia-Pacific region. The event in Delhi brings together tourism professionals and business stakeholders from across the world, offering a unique platform for networking, learning and collaboration. 

The CNX Nifty is currently trading at 19609.80, up by 64.05 points or 0.33% after trading in a range of 19589.40 and 19658.20. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 3.11%, Titan up by 1.73%, HDFC Life Insurance up by 1.57%, ITC up by 1.55% and Tata Consumer up by 1.54%. On the flip side, ONGC down by 0.74%, Hindustan Unilever down by 0.55%, Power Grid down by 0.38%, Bharti Airtel down by 0.37% and Hindalco down by 0.24% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 253.73 points or 1.47% to 17,467.60, Taiwan Weighted added 61.71 points or 0.38% to 16,515.23, Jakarta Composite gained 22.84 points or 0.33% to 6,897.67, Straits Times rose 15.83 points or 0.5% to 3,170.93 and KOSPI increased 2.25 points or 0.09% to 2,405.85. However, Nikkei 225 slipped 39.42 points or 0.13% to 31,035.94.