Markets remain flat in late morning deals

Domestic equity markets remained flat in late morning deals amid mixed cues from other Asian markets. Buying in NTPC, Power Grid, Sun Pharma and Bharti Airtel companies’ stocks helped the markets to trade above neutral lines. Traders ignored report that Global rating agency Moody's raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. On the scrotal front, traders were seen pilling up position in  Power, Utilities, Oil & Gas, PSU and Energy, while selling was witnessed in Basic Materials, Consumer Durables, IT, Auto and Consumer Disc. 

On the global front, Asian markets were trading mixed. Japan’s Nikkei 225 climbed above the psychological level of 40,000 for the first time, opening the door to further gains in its historic rally. In the stock specific development, Godrej Properties surged as the company has entered into definitive agreements to develop a township project in North Bengaluru.

The BSE Sensex is currently trading at 73857.05, up by 50.90 points or 0.07% after trading in a range of 73747.01 and 73990.13. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.17%, while Small cap index down by 0.67%.

The top gaining sectoral indices on the BSE were Power up by 1.77%, Utilities up by 1.66%, Oil & Gas up by 1.52%, PSU up by 1.33% and Energy up by 1.29%, while Basic Materials down by 0.53%, Consumer Durables down by 0.50%, IT down by 0.49%, Auto down by 0.30% and Consumer Disc down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 4.10%, Power Grid up by 2.53%, Sun Pharma up by 1.11%, Bharti Airtel up by 1.03% and Tech Mahindra up by 0.86%. On the flip side, JSW Steel down by 2.28%, Mahindra & Mahindra down by 1.29%, Tata Steel down by 1.19%, Ultratech Cement down by 0.91% and Larsen & Toubro down by 0.64% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has said that Direct Benefit Transfer (DBT) of Rs 34 lakh crore has been facilitated by the Public Financial Management System (PFMS) and asked accounts officers to further enhance efficiency and transparency of the system. She said this is a testament to the system's effectiveness in eliminating inefficiencies and ensuring that the benefits are delivered directly to the citizens without any leakages. She also highlighted that 1081 different schemes, including those of state governments, have been seamlessly integrated into the DBT.

She noted that PFMS has been the cornerstone of establishing an efficient fund flow system alongside a robust payment and accounting network. PFMS is the management information system used by officers of the Indian Civil Accounts Service to maintain the accounts of the government. It is also used to transfer funds to beneficiary accounts of various government schemes via DBT. PFMS, which is developed and implemented by the Controller General of Accounts under the Department of Expenditure, has played a pivotal role in revolutionising the financial administration of the government. This has not only facilitated a real-time, reliable, and meaningful management information system but also has paved the way for a more transparent, accountable, and people-centric governance.

The minister further said that initiatives by the Central Pension Accounting Office (CPAO), under the office of CGA such as the Pensioners Facilitation Cell, Web Responsive Pensioners Service, Pension Adalats, and recently developed Dirghayu pensioners' mobile app, have helped more than 12 lakh pensioners with easy access to pension-related information and addressing their grievances promptly. She said ‘as we embark on the journey towards becoming a 'Viksit Bharat' by 2047, hope that the CGA and ICAO continue to work towards enhancing the efficiency, transparency, and accountability of our financial administration through innovative and people-centric approaches.’

The CNX Nifty is currently trading at 22400.50, up by 22.10 points or 0.10% after trading in a range of 22358.30 and 22440.90. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were NTPC up by 4.14%, Dr. Reddy's Lab up by 2.60%, Power Grid up by 2.39%, BPCL up by 2.33% and Bajaj Auto up by 2.04%. On the flip side, JSW Steel down by 2.35%, Eicher Motors down by 2.04%, SBI Life down by 1.63%, Tata Steel down by 1.26% and Mahindra & Mahindra down by 1.24% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 140.74 points or 0.35% to 40,051.56, Taiwan Weighted added 351.53 points or 1.82% to 19,287.46, KOSPI increased 31.21 points or 1.17% to 2,673.57 and Shanghai Composite strengthened 4.84 points or 0.16% to 3,031.86.  However, Hang Seng declined 32.69 points or 0.2% to 16,556.75, Straits Times fell 10.76 points or 0.34% to 3,125.00 and Jakarta Composite plunged 11.5 points or 0.16% to 7,300.41.