Benchmarks extend gains in morning deals

Indian equity benchmarks extended gains in morning deals, led by gains in PSU, Metal and Power stocks. Strong rally in global peers also boosted the sentiment on Street. Sentiments remained up-beat with Prime Minister Narendra Modi’s statement that India will lead the world in AI capabilities, and exhorted young entrepreneurs and startups to work on 'Indian solutions for global applications' to solve challenges faced by nations across the world. Traders took a note of India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian’s statement that India needs to grow at 8 per cent on sustained basis to create sufficient jobs to reduce poverty and inequality. India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 - the fastest pace in one-and-half years. He said ‘We should be impatient even if we grow at 7 per cent. We should be looking to grow at 8 per cent and above, as the country needs to create a lot of infrastructure’. On the global front, Asian markets are trading mostly in green as the Fed kept its interest rates unchanged and stuck on its promise of three rate cuts in the current calendar year. 

The BSE Sensex is currently trading at 72794.51, up by 692.82 points or 0.96% after trading in a range of 72507.36 and 72882.46. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.75%, while Small cap index was up by 1.78%.

The top gaining sectoral indices on the BSE were PSU up by 2.81%, Metal up by 2.55%, Power up by 2.49%, Capital Goods up by 2.45% and Industrials up by 2.38%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Tata Steel up by 3.29%, NTPC up by 3.22%, Indusind Bank up by 2.67%, JSW Steel up by 2.38% and Power Grid Corporation up by 2.21%. On the flip side, Maruti Suzuki down by 0.09% and Nestle down by 0.08% were the few losers.

Meanwhile, with an aim to ensure food safety standards, the Food Safety and Standards Authority of India (FSSAI) has mandated the requirement of an Integrated Veterinary Health Certificate for the import of milk and milk products into India. This directive, aimed at ensuring food safety standards, comes as part of a series of measures to regulate the importation of food items. The requirement was initially notified by the FSSAI through an order. However, the implementation date was subsequently extended until further notice. Following consultations with stakeholders and in collaboration with the Department of Animal Husbandry and Dairying (DAHD), the FSSAI notified the Integrated Veterinary Health Certificate for milk and milk products imports into India.

This certificate, outlined in DAHD dated March 31, 2023, consolidates both the food safety requirements of the FSSAI and the sanitary requirements of the DAHD. To facilitate trade and address concerns raised by trading partners, the DAHD, dated January 3, extended the transition period for implementing the integrated veterinary health certificate requirement. This extension allows for more time for stakeholders to comply with the new regulations. The transition/migration period has been extended until June 30.

Imported consignments of milk and milk products with bill of landing or date of issuance of the Veterinary Health Certificate (VHC) from exporting countries after June 30, will be subject to the integrated veterinary health certificate requirement for post-import clearance in India. The implementation of the Integrated Veterinary Health Certificate underscores India’s commitment to ensuring the safety and quality of imported food items, particularly milk and milk products. By integrating food safety and sanitary requirements into a single document, the new certificate aims to streamline import procedures while upholding stringent standards for food safety and animal health.

The CNX Nifty is currently trading at 22057.90, up by 218.80 points or 1.00% after trading in a range of 21977.00 and 22079.65. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.41%, Tata Steel up by 3.33%, NTPC up by 3.25%, Hindalco up by 3.11% and Indusind Bank up by 2.69%. On the flip side, Hero MotoCorp down by 0.31%, Nestle down by 0.11% and Maruti Suzuki down by 0.08% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 797.4 points or 1.99% to 40,801.00, Taiwan Weighted added 371.94 points or 1.88% to 20,156.39, Hang Seng advanced 289.42 points or 1.72% to 16,832.49, Straits Times rose 33.53 points or 1.06% to 3,211.01, KOSPI increased 64.20 points or 2.39% to 2,754.34 and Jakarta Composite gained 50.83 points or 0.69% to 7,381.96.

On the flip side, Shanghai Composite weakened 6.32 points or 0.21% to 3,073.37.