Markets maintain gains in late morning deals

Domestic equity markets maintained their gains and were trading higher by around one percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 1.80-2.05%. Positive cues from the global markets also supported domestic sentiments. Sentiments got boost after the US Federal Reserve maintained its projection of three rate cuts this year. Further, support also came in markets as India's business activity ended this fiscal year on a high note, expanding at the fastest rate in eight months in March. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month from February's final reading of 60.6.

On the global front, Asian markets were trading higher following positive cues from the US markets overnight. Back home, all the sectoral indices on BSE were trading in green led by PSU, Power, Industrials, Metal and Capital Goods. 

The BSE Sensex is currently trading at 72800.36, up by 698.67 points or 0.97% 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 was up by 1.84%, while Small cap index up by 2.01%.

The top gaining sectoral indices on the BSE were PSU up by 2.86%, Power up by 2.58%, Industrials up by 2.54%, Metal up by 2.53% and Capital Goods up by 2.46%, while there were no losers. 

The top gainers on the Sensex were NTPC up by 3.30%, Tata Steel up by 3.29%, Indusind Bank up by 2.92%, Tata Motors up by 2.43% and Power Grid up by 2.08%. On the flip side, Nestle down by 0.39% and Maruti Suzuki down by 0.14% were the only losers.

Meanwhile, apparel Export Promotion Council of India (AEPC) has said that steps such as significant ramp up in production capacities, and skilling of workforce will help achieve $40 billion garment exports target by 2030. 

AEPC Chairman Sudhir Sekhri has stated that skilled workers like tailors and quality checkers are still not sufficient as during the peak season they go to their native villages thereby creating shortage. He said ‘we need to ramp up our capacities as the export houses in India are still unable to handle core/basic products which are required in huge quantities’. He said that the council is also focused on skilling the workforce. He added ‘we are creating about 150,000 skilled workers every year but it is still not enough. To attain the growth that we are targeting, we need to empower our workforce with skills’.

Further, the council said the Apparel Training and Design Centre (ATDC) has recently organised distribution of degrees to its students of Bachelor of Vocation (BVoc) degree course. ATDC's degree programmes, which were started in 2015, have gained momentum. By and large, 10 per cent of ATDC candidates start their own manufacturing set-up, around 8 per cent pursue further studies and the remaining 82 per cent go for employment in the industry.

The CNX Nifty is currently trading at 22060.55, up by 221.45 points or 1.01% after trading in a range of 21977.00 and 22080.95. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were NTPC up by 3.40%, Tata Steel up by 3.36%, BPCL up by 3.13%, Indusind Bank up by 2.88% and Hindalco up by 2.72%. On the flip side, Hero MotoCorp down by 1.06%, Nestle down by 0.40% and Maruti Suzuki down by 0.11% were the few losers.

All Asian markets were trading higher; Hang Seng advanced 369.12 points or 2.23% to 16,912.19, Nikkei 225 surged 812.58 points or 2.03% to 40,816.18, Taiwan Weighted added 412.28 points or 2.04% to 20,196.73, Straits Times rose 46.06 points or 1.45% to 3,223.54, KOSPI increased 57.85 points or 2.15% to 2,747.99, Shanghai Composite strengthened 0.53 points or 0.02% to 3,080.22 and Jakarta Composite gained 50.64 points or 0.69% to 7,381.77.