Indian benchmarks witnessing high volatility

Indian equity benchmarks were witnessing high volatility but they managed to trade in green during early noon deals, aided by positive cues from other Asian markets along with heavy buying at Telecom and Industrials counters. Traders remained positive, as World Economic Forum (WEF) President Borge Brende said that India is on track to become a $10 trillion economy in coming years and grab the third-largest slot soon. He described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world. However, there were anxiety among traders, after a private report predicts a rise in dissenters within the Monetary Policy Committee in the next Reserve Bank of India's bi-monthly meetings, signalling potential rifts among RBI members on the economic outlook. The report anticipates at least two out of six MPC members to vote for a cut in the upcoming meetings.

On the global front, Asian markets were trading mostly in green, after Singapore's consumer price inflation softened unexpectedly in January to the lowest level in more than two years amid a slowdown in accommodation and private transport charges. The data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed that the consumer price index, or CPI, climbed 2.9 percent year-over-year in January, slower than the 3.7 percent increase in the previous month. 

Back home, stocks related to the media sector were in watch, as with an aim to ensure ease of doing business by fostering a more conducive business environment for Newspaper publishers and TV channels, the Minister of Information and Broadcasting Anurag Singh Thakur has launched four transformative portals that promise to revolutionize the media landscape in India. These portals will also enhance transparency and efficiency in government communication, provide easy access to authentic Government videos and create a comprehensive database of Local Cable Operators (LCOs) enabling the Government to streamline regulatory processes in the cable television sector in future. 

The BSE Sensex is currently trading at 73288.81, up by 130.57 points or 0.18% after trading in a range of 73145.28 and 73413.93. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.63%, while Small cap index was up by 0.68%.

The top gaining sectoral indices on the BSE were Telecom up by 2.07%, Industrials up by 1.08%, Capital Goods up by 0.99%, Consumer Durables up by 0.94% and Realty up by 0.68%, while Oil & Gas down by 0.60%, Energy down by 0.27%, PSU down by 0.04% and Utilities down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.37%, Titan up by 1.25%, Bajaj Finserv up by 0.96%, Wipro up by 0.84% and Sun Pharma up by 0.63%. On the flip side, Asian Paints down by 1.24%, Bharti Airtel down by 1.02%, NTPC down by 0.90%, JSW Steel down by 0.67% and SBI down by 0.46% were the top losers.

Meanwhile, World Economic Forum (WEF) President Borge Brende has said that India is on track to become a $10 trillion economy in coming years and grab the third-largest slot soon. He described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world. 

Brende said ‘it is necessary to underline that the economic growth is not so bad, especially in the case of India where we are seeing 7 per cent economic growth and the world's largest economy, the US, which is also doing very well’. He said India has gone through important reforms and it is well placed vis-a-vis the two largest economies, the US and China. Also, India is seeing a good increase in foreign direct investments, a lot of manufacturing activities are now taking place in India which used to happen in other emerging economies. He also lauded India's digital competitiveness and said digital trade is growing much faster than traditional goods in the world today. 

Talking on India's role in handling geopolitical conflicts, he said ‘we will see a larger and larger Indian footprint on the global diplomatic scene in the years to come.’ He added that India's major priority so far has been to secure economic growth, eradicate poverty, and ensure that India is flourishing when it comes to prosperity. 

The CNX Nifty is currently trading at 22263.70, up by 46.25 points or 0.21% after trading in a range of 22206.00 and 22297.50. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Cipla up by 1.66%, HDFC Life Insurance up by 1.36%, Dr. Reddy's Lab up by 1.35%, Mahindra & Mahindra up by 1.34% and Titan up by 1.30%. On the flip side, Asian Paints down by 1.23%, Bharti Airtel down by 0.97%, NTPC down by 0.87%, BPCL down by 0.83% and JSW Steel down by 0.69% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 27.7 points or 0.17% to 16,770.65, Taiwan Weighted added 36.41 points or 0.19% to 18,889.19, Shanghai Composite strengthened 16.52 points or 0.55% to 3,004.88 and KOSPI increased 3.43 points or 0.13% to 2,667.70, while Jakarta Composite plunged 60.62 points or 0.83% to 7,279.02 and Straits Times fell 36.82 points or 1.14% to 3,186.12.