Benchmarks continue to trade higher in morning deals

Indian equity benchmarks continued to trade higher in morning deals on the back of improving global cues. This, along with positive second quarter (Q2FY24) earnings, has also boosted market sentiment. Sentiments remained up-beat as a survey by prominent economic think-tank NCAER showed an all-round improvement in business sentiments in the second quarter of the current fiscal. The Business Confidence Index (BCI) rose from 128 in the first quarter of the current fiscal to 140.7 in the second. Traders took a note of report that steps such as curbs on inbound shipments of certain goods, production linked incentive scheme and mandatory quality norms are helping the country reduce imports of non-essential products such as TV, tyres, wallpaper and AC gas compressors. According to an analysis of the commerce and industry ministry, import restrictions imposed on tyres helped cut the inbound shipments by 74 per cent to $74 million in 2022-23 from $276 million in 2019-20. On the global front, Asian markets are trading higher as another set of weak U.S. economic data added to investor optimism that the Fed is done hiking interest rates.

The BSE Sensex is currently trading at 64773.07, up by 409.29 points or 0.64% after trading in a range of 64624.79 and 64835.23. There were 29 stocks advancing against 1 stock declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.74%, while Small cap index was up by 1.02%.

The top gaining sectoral indices on the BSE were Realty up by 1.74%, Utilities up by 1.48%, Capital Goods up by 1.25%, Basic Materials up by 1.24% and Metal up by 1.12%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Axis Bank up by 2.12%, Larsen & Toubro up by 1.61%, Ultratech Cement up by 1.34%, Power Grid Corporation up by 1.08% and NTPC up by 1.07%. On the flip side, SBI down by 0.41% was the lone loser.

Meanwhile, Apparel Export Promotion Council of India (AEPC) Chairman Naren Goenka has said that apparel exports are expected to reach $40 billion by 2030 on account of initiatives such as exploring new destinations and fostering strategic partnerships.

Goenka said, to achieve this target, the council will focus on innovation, expanding market and product basket, practice sustainability and responsible business practices. Exports of ready-made garments during Apr-Sep 2023-24 was $ 6.92 billion, down 15.3 per cent from year-ago period. During financial year 2022-23, these exports were aggregated at $ 16.2 billion.

He also said that Commerce and Industry and Textiles Minister Piyush Goyal will present exports awards to ready-made garment exporters on December 9. The awards recognize contributions made by Indian apparel exporters in building modern enterprises. He added ‘Apart from adding to the growth of our international trade, these exporters have contributed to India's image as a progressive member of the international business community and are role models for future generations of Indian exporters.’

The CNX Nifty is currently trading at 19354.75, up by 124.15 points or 0.65% after trading in a range of 19309.70 and 19371.65. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.39%, Axis Bank up by 2.12%, Hero MotoCorp up by 1.91%, Grasim Industries up by 1.90% and Larsen & Toubro up by 1.54%. On the flip side, SBI down by 0.42%, Cipla down by 0.25% and Tata Motors down by 0.04% were the only losers.

Asian markets are trading higher; Nikkei 225 surged 730.85 points or 2.24% to 32,680.74, Taiwan Weighted added 190.92 points or 1.14% to 16,698.57, Hang Seng advanced 298.52 points or 1.66% to 17,962.64, Straits Times rose 13.57 points or 0.43% to 3,157.23, KOSPI increased 99.50 points or 4.03% to 2,467.84, Jakarta Composite gained 58.86 points or 0.86% to 6,847.71 and Shanghai Composite strengthened 26.7 points or 0.87% to 3,057.50.