Markets trade near day’s fresh high levels in late afternoon session

Indian equity markets traded near day’s fresh high levels in late afternoon session led by gains in Metal and banking stocks. The broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent each. Traders continued to got support as India's manufacturing sector continued growth momentum in the month of February, aided by growth in factory production and sales coupled with strongest expansion in new export orders. Besides, India's Q3 GDP registered a higher-than-expected 8.4 per cent growth on the back of good performance by the sectors such as construction, mining & quarrying and manufacturing. On the global front, Asian markets were trading mixed after the release of key U.S. and Chinese economic data. European markets were trading mostly in green buoyed by strength in global equities after favourable US inflation data, while investors hope for a similar downward trend in euro zone inflation for fresh clues on monetary policy easing. 

The BSE Sensex is currently trading at 73619.91, up by 1119.61 points or 1.54% after trading in a range of 72591.14 and 73711.31. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.75%, while Small cap index was up by 0.67%.

The top gaining sectoral indices on the BSE were Metal up by 3.40%, Capital Goods up by 2.34%, Bankex up by 2.20%, Basic Materials up by 2.09% and PSU was up by 2.04%, while Healthcare down by 0.79%, IT down by 0.48% and TECK was down by 0.29% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 5.93%, Larsen & Toubro up by 4.37%, JSW Steel up by 3.97%, Titan Company up by 3.54% and Tata Motors up by 2.83%. On the flip side, Sun Pharma down by 1.68%, HCL Tech down by 1.37%, Infosys down by 0.91% and Tech Mahindra down by 0.40% were the top losers.

Meanwhile, the Controller General of Accounts (CGA) in its latest data has showed that the government's fiscal deficit at Rs 11 lakh crore at January end touched 63.6 per cent of the revised annual target. In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23. For 2023-24, the government's fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the Gross Domestic Product (GDP).

The government's total receipts stood at Rs 22.52 lakh crore (81.7 per cent of corresponding RE 2023-24 of total receipts) as of January 2024. This comprised Rs 18.8 lakh crore tax revenue (net), Rs 3.38 lakh crore of non-tax revenue and Rs 34,219 crore of non-debt capital receipts. Non-debt capital receipts consist of the recovery of loans and miscellaneous capital receipts.

The total expenditure incurred by the Centre was Rs 33.54 lakh crore (74.7 per cent of corresponding RE 2023-24), out of which Rs 26.33 lakh crore is on revenue account and Rs 7.2 lakh crore on capital account. As per the data, Rs 8,20,250 crore has been transferred to state governments as devolution of share of taxes by the central government up to this period, which is Rs 1,52,480 crore higher than the previous year. Out of the total revenue expenditure, Rs 8,21,731 crore was on account of interest payments and Rs 3,15,559 crore on major subsidies.

The CNX Nifty is currently trading at 22321.60, up by 338.80 points or 1.54% after trading in a range of 22047.75 and 22335.95. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 5.96%, Larsen & Toubro up by 4.30%, JSW Steel up by 4.04%, Titan Company up by 3.72% and Hindalco up by 3.16%. On the flip side, Sun Pharma down by 1.89%, HCL Tech down by 1.27%, Infosys down by 0.90%, LTIMindtree down by 0.71% and Apollo Hospital down by 0.68% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 30.84 points or 0.16% to 18,935.93, Jakarta Composite plunged 20.64 points or 0.28% to 7,295.47 and Straits Times was down by 8.67 points or 0.28% to 3,133.18. On the flip side, Shanghai Composite strengthened 11.85 points or 0.39% to 3,027.02, Hang Seng advanced 78 points or 0.47% to 16,589.44 and Nikkei 225 was up by 744.63 points or 1.87% to 39,910.82.

European markets were trading mostly in green; UK’s FTSE 100 increased 36.43 points or 0.48% to 7,666.45 and Germany’s DAX was up by 72.64 points or 0.41% to 17,750.83. On the flip side, France’s CAC was down by 4.4 points or 0.06% to 7,923.03.