Bourses trade in green in late afternoon session

Indian equity markets trimmed some gains in late afternoon session but continued to trade in green following positive cues from European markets. The broader indices, the BSE Mid cap index and Small cap index traded with hefty gains. Investors braced for interim budget 2024-25. Traders are hoping for some tax relief in interim budget 2024-25. Sector wise, Gem and Jewellery remained in focused as All India Gem and Jewellery Domestic Council Chairman Saiyam Mehra has said that the jewellery industry contributes nearly 7 per cent of India's GDP and hence, deserves a pro-business environment. He said ‘This will also benefit the government. On the global front, Asian markets were trading mixed as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month. European markets were trading higher as global markets look ahead to the latest monetary policy decision from the U.S. Federal Reserve and digest corporate earnings. 

The BSE Sensex is currently trading at 71618.47, up by 478.57 points or 0.67% after trading in a range of 70846.04 and 71851.39. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.26%, while Small cap index was up by 1.61%.

The top gaining sectoral indices on the BSE were Healthcare up by 2.77%, Realty up by 1.81%, Bankex up by 1.29%, Auto up by 1.28% and Basic Materials was up by 1.22%, while Capital Goods down by 1.21%, Industrials down by 0.35% and Oil & Gas was down by 0.25% were the few losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 3.52%, Tata Motors up by 2.75%, Axis Bank up by 2.14%, Maruti Suzuki up by 1.97% and HDFC Bank up by 1.82%. On the flip side, Larsen & Toubro down by 3.82%, Titan Company down by 1.63%, NTPC down by 0.14% and Nestle down by 0.14% were the top losers.

Meanwhile, highlighting various achievement of the country, Union Minister Jitendra Singh has said that India will emerge as the world’s third largest economy in Narendra Modi's third term as Prime Minister. He said the country has great stakes in the return of the Government headed by PM Modi in order to continue the upward trend in Bharat’s growth story.

The Minister also said ‘In 2014, when PM Modi took over, India stood as the world's tenth largest economy. In less than ten years, we jumped to 5th position after overtaking the United Kingdom, which had ruled over us for nearly two centuries. Hopefully this year it will emerge as the 4th largest economy and during PM Modi’s 3rd term, India will be the world’s 3rd largest economy, marching on to become the No.1 economy by 2047.’ 

Further, Singh said, in the last ten years under PM Modi, India is recording a rapid rise in a slew of global benchmarks. During Financial Year 2023-24, Indian economy grew at 7 percent plus for the third successive year even as the global economy struggles to grow at more than 3 percent, adding that India has the 3rd largest Start-up Ecosystem globally and is home to the fastest-growing unicorns.  The CNX Nifty is currently trading at 21680.70, up by 158.60 points or 0.74% after trading in a range of 21448.85 and 21739.75. There were 41 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 4.93%, Sun Pharma up by 3.93%, Eicher Motors up by 3.24%, Divi's Lab up by 3.00% and Tata Motors up by 2.65%. On the flip side, Larsen & Toubro down by 3.81%, Titan Company down by 1.67%, BPCL down by 0.96%, Tata Consumer down by 0.71% and NTPC down by 0.14% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 30.64 points or 0.42% to 7,222.86, Nikkei 225 surged 220.85 points or 0.61% to 36,286.71 and Straits Times was up by 4.48 points or 0.14% to 3,154.52. On the flip side, KOSPI dropped 1.72 points or 0.07% to 2,497.09, Shanghai Composite weakened 41.98 points or 1.51% to 2,788.55, Taiwan Weighted lost 145.07 points or 0.81% to 17,889.56 and Hang Seng was down by 218.38 points or 1.41% to 15,485.07.

European markets were trading higher; UK’s FTSE 100 increased 0.21 points or 0% to 7,666.52, France’s CAC rose 23.76 points or 0.31% to 7,701.23 and Germany’s DAX was up by 10.89 points or 0.06% to 16,983.23.