Markets cut some gains in late afternoon session

Indian equity markets cut some of their gains but continued to trade in green in late afternoon session tracing positive cues from European markets. Buying was witnessed in Oil & Gas and Metal sectors’ stocks. Traders took note of report that Fitch Ratings said the slightly faster pace of fiscal deficit reduction does not significantly change India's sovereign credit profile but the government's emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term. Meanwhile, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said that the income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years. On the global front, Asian markets were trading mostly in green after Meta and Amazon delivered forecast beating results. iPhone maker Apple also delivered strong results for its fiscal first quarter, but its China sales missed Wall Street targets. European markets were trading higher as traders assessed a flurry of upbeat corporate updates from the region and as the index mirrored overnight gains on Wall Street after softer economic data and upbeat tech results. 

The BSE Sensex is currently trading at 72122.94, up by 477.64 points or 0.67% after trading in a range of 71948.77 and 73089.40. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.98%, while Small cap index was up by 0.68%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 4.57%, Energy up by 3.57%, PSU up by 3.20%, Metal up by 3.18% and Utilities was up by 2.29%, while FMCG down by 0.20% and Telecom was down by 0.16% were the only losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 4.04%, Tata Steel up by 3.30%, NTPC up by 3.22%, JSW Steel up by 2.69% and TCS up by 2.50%. On the flip side, Hindustan Unilever down by 1.15%, Axis Bank down by 1.15%, HDFC Bank down by 0.81%, ITC down by 0.63% and Larsen & Toubro down by 0.55% were the top losers.

Meanwhile, lauding the Interim Budget 2024-25 as a stepping stone to make India a developed country by 2047, Union Minister Dharmendra Pradhan has said that this budget is a brilliant, forward-looking, people-centric and growth-stimulating Viksit Bharat Budget. 

Pradhan also emphasized that the Budget gives further momentum to women-led development, fulfilling aspirations and furthering ease-of-living for all, green growth and employment generation. He also said that the Budget positions India for incremental all-round development across sectors.

Union Minister complimented the Finance Minister for her far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget. He said that this budget will pave the way for a golden era of research, innovation and entrepreneurship led by India’s talented Yuva Shakti.

Further, Pradhan said that the biggest announcement of this budget is the 'Jai Anusandhan' scheme for which Rs 1 lakh crore has been announced as a corpus fund, through which private entities may opt for an interest-free loan for 50 years. According to the Minister, this will directly benefit India's new generation.

The CNX Nifty is currently trading at 21872.55, up by 175.10 points or 0.81% after trading in a range of 21805.55 and 22126.80. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were BPCL up by 10.45%, ONGC up by 4.40%, Power Grid up by 4.10%, Adani Ports up by 3.88% and Tata Steel up by 3.34%. On the flip side, Eicher Motors down by 2.38%, Hindustan Unilever down by 1.18%, HDFC Life Insurance down by 1.16%, Axis Bank down by 1.10% and HDFC Bank down by 0.76% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 146.56 points or 0.41% to 36,158.02, Taiwan Weighted added 91.82 points or 0.51% to 18,059.93, KOSPI increased 72.85 points or 2.79% to 2,615.31, Straits Times rose 32.97 points or 1.05% to 3,176.03 and Jakarta Composite was up by 10.88 points or 0.15% to 7,212.58. On the flip side, Hang Seng declined 32.65 points or 0.21% to 15,533.56 and Shanghai Composite was down by 40.59 points or 1.49% to 2,730.15.

European markets were trading higher; UK’s FTSE 100 increased 36.94 points or 0.48% to 7,659.10, France’s CAC rose 39.62 points or 0.52% to 7,628.37 and Germany’s DAX was up by 130.64 points or 0.77% to 16,989.68.