Bourses add gains in late afternoon session

Indian equity markets added gains in late afternoon session led by gains in IT sector’s stocks. However, the broader indices traded in red. Traders got support with a private report stating that India’s real GDP growth for the December quarter is all set to come at a higher-than-anticipated 7 per cent. Sector wise, realty sector remained in limelight as the Reserve Bank of India (RBI) in its latest report has showed that All-India house price index (HPI) increased by 3.8 per cent year on year (y-o-y) in Q3:2023-24 (Q3FY24) compared to 3.5 per cent growth in the previous quarter and 2.8 per cent a year ago. On the global front, Asian markets were trading mixed after record-setting gains last week, with traders eyeing the release of US economic data this week that could offer a better sense of when the Federal Reserve may start cutting rates. European markets were trading mostly in green after survey results from market research group GfK showed consumer confidence in Germany is set to improve slightly in March. 

The BSE Sensex is currently trading at 73010.87, up by 220.74 points or 0.30% after trading in a range of 72660.13 and 73159.65. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.44%, while Small cap index was down by 0.34%.

The top gaining sectoral indices on the BSE were TECK up by 0.85%, IT up by 0.82%, Realty up by 0.78%, Consumer Durables up by 0.76% and Capital Goods was up by 0.56%, while Oil & Gas down by 1.44%, PSU down by 1.07%, Energy down by 1.04%, Utilities down by 0.54% and Basic Materials was down by 0.41% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 3.09%, Tata Motors up by 2.05%, Sun Pharma up by 1.10%, Bharti Airtel up by 1.08% and JSW Steel up by 1.06%. On the flip side, SBI down by 1.65%, Bajaj Finance down by 1.47%, Bajaj Finserv down by 0.62%, Tech Mahindra down by 0.45% and NTPC down by 0.40% were the top losers.

Meanwhile, indicating a gradual strengthening of the housing market, the Reserve Bank of India (RBI) in its latest report has showed that All-India house price index (HPI) increased by 3.8 per cent year on year (y-o-y) in Q3:2023-24 (Q3FY24) compared to 3.5 per cent growth in the previous quarter and 2.8 per cent a year ago.

According to the report, Chennai emerged as the city with the highest growth rate at 8.4 per cent, while Kochi saw the most negligible growth at just 0.6 per cent. On a sequential (q-o-q) basis, all-India HPI increased by 1.6 per cent in Q3:2023-24. It said among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded a rise in house prices during the latest quarter.

The quarterly house price index released by RBI for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities. The HPI serves as a vital barometer for the health of the real estate sector, a sector that significantly influences the broader economy through its connections to construction, finance, and consumer spending.

The CNX Nifty is currently trading at 22166.90, up by 44.85 points or 0.20% after trading in a range of 22085.65 and 22218.25. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were TCS up by 2.98%, Tata Motors up by 2.03%, HDFC Life Insurance up by 1.21%, Eicher Motors up by 1.21% and Sun Pharma up by 1.10%. On the flip side, SBI down by 1.64%, Bajaj Finance down by 1.52%, Hero MotoCorp down by 1.52%, Divi's Lab down by 1.52% and BPCL down by 1.40% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 156.06 points or 0.93% to 16,790.80, Shanghai Composite strengthened 38.46 points or 1.28% to 3,015.48, Nikkei 225 surged 5.81 points or 0.01% to 39,239.52 and Jakarta Composite was up by 3.88 points or 0.05% to 7,287.70. On the flip side, Straits Times fell 15.34 points or 0.48% to 3,155.78, KOSPI dropped 22.03 points or 0.84% to 2,625.05 and Taiwan Weighted was down by 93.64 points or 0.5% to 18,854.41.

European markets were trading mostly in green; UK’s FTSE 100 increased 1.09 points or 0.01% to 7,685.39 and Germany’s DAX was up by 32.29 points or 0.19% to 17,455.52. On the flip side, France’s CAC was down by 4.03 points or 0.05% to 7,925.79.