Sensex, Nifty keep heads above water in early afternoon deals

In a highly volatile trade, Indian equity benchmarks managed to keep their heads above water in early afternoon deals, with both Sensex and Nifty trading marginally higher, amid mixed cues from other Asian markets. Sentiments were positive, amid reports that to attract foreign investments and showcase India's burgeoning opportunities, the government has prepared a strategy to step up outreach to foreign investors. The government has commenced roadshows to pitch Central Public Sector Enterprises (CPSEs) to potential investors.

On the global front, Asian markets were trading mixed, even after China's exports grew at a faster pace in the first two months of 2024. Exports registered an annual increase of 7.1 percent in January to February period after expanding 2.3 percent in December. Shipments were expected to gain 1.9 percent. Likewise, the increase in imports advanced to 3.5 percent from 0.2 percent. 

Back home, textile industry stocks were in watch, as urging textile beneficiaries to be vocal for local and take local to global, the Union Minister for Textiles Piyush Goyal has said that ramping up textile production in the country will spur income, open up employment opportunities and play a vital role in making the country ‘Atmanirbhar’ as well. 

The BSE Sensex is currently trading at 74141.50, up by 55.51 points or 0.07% after trading in a range of 73921.48 and 74245.17. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 0.52%, while Small cap index was up by 0.76%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.30%, Industrials up by 1.12%, Basic Materials up by 0.90%, Metal up by 0.89% and Telecom up by 0.84%, while Oil & Gas down by 1.09%, Energy down by 0.89%, Bankex down by 0.27% and Auto down by 0.01% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.37%, Tata Steel up by 2.11%, Bajaj Finance up by 1.98%, Asian Paints up by 1.97% and JSW Steel up by 1.83%. On the flip side, Mahindra & Mahindra down by 3.73%, Axis Bank down by 0.88%, Reliance Industries down by 0.87%, ICICI Bank down by 0.83% and Power Grid down by 0.66% were the top losers.

Meanwhile, a full-time member of the Economic Advisory Council Sanjeev Sanyal has said that India needs to sustain the current growth momentum to reach the ‘bottom echelons’ of being considered a developed world by 2047. He suggested that developing fast is imperative because by 2047, India would have aged and be in the same place as China is right now.

He said ‘we still remain a very poor country. So, we have to sustain this performance for 25 years. Only then are we going to get to the bottom echelons of being a developed country in 2047 when we will be 100 years of freedom’. He said ‘this is a window of opportunity before the country, and we ought to make it work by remaining focused on economic growth and not getting distracted by other things’. 

He further said ‘it is essential that we continue to undertake reforms to realise the growth potential and listed out some essential priorities. The judicial side requires a lot of improvements, terming enforcement of contracts as a serious issue. We need a judicial system meant for the 21st century, not one which is stuck in the 19th century’.

The CNX Nifty is currently trading at 22493.30, up by 19.25 points or 0.09% after trading in a range of 22430.00 and 22523.65. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 3.91%, Tata Motors up by 2.18%, Asian Paints up by 2.04%, Tata Steel up by 2.01% and JSW Steel up by 2.00%. On the flip side, Mahindra & Mahindra down by 3.69%, BPCL down by 2.22%, SBI Life Insurance down by 1.80%, Reliance Industries down by 0.98% and ICICI Bank down by 0.94% were the top losers.

Asian markets were trading mixed; Hang Seng declined 216.58 points or 1.34% to 16,221.51, Straits Times fell 4.09 points or 0.13% to 3,132.05, Shanghai Composite weakened 9.17 points or 0.3% to 3,030.76 and Nikkei 225 slipped 492.07 points or 1.24% to 39,598.71, while Taiwan Weighted added 194.07 points or 0.99% to 19,693.52, Jakarta Composite gained 40.86 points or 0.55% to 7,370.66 and KOSPI increased 6.13 points or 0.23% to 2,647.62.