Benchmarks trade flat with positive bias in morning deals

Indian equity benchmarks erased initial losses and were trading flat with positive bias in morning deals, led by gains in Realty, Utilities and Power stocks. Traders took some support as Commerce and Industry Minister Piyush Goyal exuded confidence that the Reserve Bank of India (RBI) will cut interest rates as inflation is under control. The RBI has been maintaining the benchmark interest rate at an elevated level of 6.5 per cent since February 2023. However, gains remain capped as provisional data from the NSE showed foreign institutional investors (FIIs) net sold shares worth Rs 754.59 crore on February 19, 2024. On the global front, Asian markets are trading mixed, following the mixed cues from European markets overnight, as traders reacted to China holding steady key interest rate as expected as the nation continues to grapple with a sluggish economic recovery. The lack of major stimulus measures in China is weighing on the markets.  

The BSE Sensex is currently trading at 72818.38, up by 110.22 points or 0.15% after trading in a range of 72510.24 and 72830.76. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.05%, while Small cap index was up by 0.32%.

The top gaining sectoral indices on the BSE were Realty up by 1.63%, Utilities up by 1.00%, Power up by 0.98%, Bankex up by 0.76% and Telecom up by 0.56%, while Energy down by 1.01%, Auto down by 0.93%, Metal down by 0.74%, IT down by 0.62% and Oil & Gas down by 0.59% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid Corporation up by 3.73%, NTPC up by 1.67%, HDFC Bank up by 1.65%, Kotak Mahindra Bank up by 1.42% and Axis Bank up by 0.94%. On the flip side, HCL Technologies down by 1.13%, Maruti Suzuki down by 1.06%, Infosys down by 1.00%, TCS down by 0.77% and Mahindra & Mahindra down by 0.72% were the top losers.

Meanwhile, Union minister Hardeep Singh Puri has said infrastructure will be a vital component for India to become a developed country by 2047. He asserted that the country will be the third-largest construction market globally by next year.

Highlighting the vitality of the construction industry for the Indian economy, he said the construction industry is among the fastest growing industries in the country. Besides, Addressing at the inauguration of the National Workshop on 'Recent Development with recycling and use of construction and demolition waste in the construction sector, he said solid waste processing in India has witnessed a significant rise from mere a 17 per cent in 2014 to more than 77 per cent in 2024.

He sated ‘Now, we are transferring these capabilities in other forms of waste management, including construction and demolition waste, plastic waste, e-waste and bio-hazardous waste.’  

The CNX Nifty is currently trading at 22130.55, up by 8.30 points or 0.04% after trading in a range of 22045.85 and 22132.20. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Power Grid Corporation up by 3.76%, Grasim Industries up by 2.26%, NTPC up by 1.68%, HDFC Bank up by 1.67% and Kotak Mahindra Bank up by 1.42%. On the flip side, Coal India down by 3.05%, Hero MotoCorp down by 2.92%, Eicher Motors down by 2.40%, Bajaj Auto down by 1.78% and BPCL down by 1.77% were the top losers.

Asian markets are trading mixed; Taiwan Weighted added 88.56 points or 0.47% to 18,724.36. Straits Times rose 2.29 points or 0.07% to 3,228.20, Jakarta Composite gained 43.2 points or 0.59% to 7,339.90 and Shanghai Composite strengthened 0.67 points or 0.02% to 2,911.21.

On the flip side, Nikkei 225 slipped 141.69 points or 0.37% to 38,328.69, Hang Seng declined 44.34 points or 0.28% to 16,111.27 and KOSPI dropped 32.84 points or 1.24% to 2,647.42.