Markets maintain gains in late morning deals

Indian equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. Hectic buying in Mahindra & Mahindra, Maruti Suzuki, Tata Motors, Wipro and Larsen & Toubro helped the markets to maintain their gains. Meanwhile, the session was also jubilant for broader indices, with BSE Mid cap index and Small cap index gaining in the range of 0.65-0.80%. Positive cues from the global markets supported the domestic sentiments. Traders were getting encouragement as U.S. retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months. There were buzz in oil and gas industry related stocks as the Indian government has increased the windfall tax on petroleum crude to 3,300 rupees ($39.76) a metric ton from 3,200 rupees with effect from February 16. It also increased a windfall tax on diesel, that had been reduced to zero, to 1.50 rupees a litre.  

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Japan's Nikkei 225 hit a fresh 34-year high and was on course to reach all-time record levels. At its intraday high of 38,863.69, it was less than 100 points from scaling its record peak. Back home, in the stock specific development, Entero Healthcare Solutions made a weak stock market debut. It has debuted at Rs 1245.00 on the BSE, down by 13 points or 1.03% from its issue price of Rs 1258.00.

The BSE Sensex is currently trading at 72421.79, up by 371.41 points or 0.52% after trading in a range of 72218.10 and 72469.45. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.68%, while Small cap index up by 0.78%.

The top gaining sectoral indices on the BSE were Auto up by 2.24%, Consumer Disc up by 1.43%, Healthcare up by 1.19%, Basic Materials up by 1.06% and Metal up by 1.05%, while Utilities down by 0.35% and Power down by 0.31% were the only losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 3.93%, Maruti Suzuki up by 2.82%, Tata Motors up by 2.26%, Wipro up by 1.88% and Larsen & Toubro up by 1.88%. On the flip side, Power Grid down by 1.46%, Axis Bank down by 0.83%, NTPC down by 0.26%, Reliance Industries down by 0.10% and SBI down by 0.08% were the top losers.

Meanwhile, the commerce ministry in its latest data has said that India’s merchandise exports rose to a three-month high of 3.12 per cent to $36.92 billion in January 2024 as compared to $35.80 billion in January 2023 despite global uncertainties including the Red Sea crisis. In contrast, imports also rose by about 3 per cent to $54.41 billion in January 2024 as compared to $52.83 billion in January 2023. As a result, India's trade deficit has grown to $17.49 billion in January 2024, a slight increase from $17.03 billion in January 2023.

According to the data, merchandise exports for the period April-January 2023-24 were $353.92 billion as against $372.10 billion during April-January 2022-23. Merchandise imports for the period April-January 2023-24 were $561.12 billion as against $601.47 billion during April-January 2022-23. The merchandise trade deficit for April-January 2023-24 was estimated at $207.20 billion as against $229.37 billion during April-January 2022-23.

It further stated that non-petroleum and non-gems & jewellery exports in January 2024 were $26.12 billion as compared to $25.48 billion in January 2023. Non-petroleum and non-gems & jewellery exports during April-January 2023-24 was $256.83 billion as compared to $259.21 billion in April-January 2022-23. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2024 were $33.72 billion as compared to $34.51 billion in January 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $354.46 billion in April-January 2023-24 as compared to $367.51 billion in April-January 2022-23.

The CNX Nifty is currently trading at 22037.25, up by 126.50 points or 0.58% after trading in a range of 21968.95 and 22045.95. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 4.43%, Bajaj Auto up by 2.93%, BPCL up by 2.76%, Maruti Suzuki up by 2.60% and Tata Motors up by 2.22%. On the flip side, Power Grid down by 1.40%, ONGC down by 1.23%, Apollo Hospital down by 1.04%, Axis Bank down by 0.73% and Britannia down by 0.25% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 401.37 points or 2.52% to 16,346.00, Nikkei 225 surged 406.93 points or 1.07% to 38,564.87, Straits Times rose 38.46 points or 1.21% to 3,215.15, KOSPI increased 32.98 points or 1.26% to 2,646.78 and Jakarta Composite gained 46.02 points or 0.63% to 7,349.30. However, Taiwan Weighted lost 28.05 points or 0.15% to 18,616.52.