Bourses continue to trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session following positive cues from European markets. The broader indices, the BSE Mid cap index and Small cap index were trading with healthy gains. Traders got support as India's business activity expanded at the fastest rate in March, with the strongest increase in private sector output, amid a pick-up in growth at goods producers. Besides, buoyant demand conditions fuelled growth, with aggregate sales rising at a sharp and accelerated pace. On the global front, Asian markets were trading mostly in green as investors cheered the Fed's dovish stance and signal on potential rate cuts in 2024. European markets were trading higher boosted by basic resources-linked stocks and a strong risk appetite, while Germany's economic downturn eased slightly in March. Investors awaited a policy meeting of the Bank of England (BOE) later in the day for further direction.

The BSE Sensex is currently trading at 72654.78, up by 553.09 points or 0.77% after trading in a range of 72416.03 and 72882.46. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.98%, while Small cap index was up by 2.03%.

The top gaining sectoral indices on the BSE were PSU up by 2.87%, Power up by 2.74%, Capital Goods up by 2.74%, Industrials up by 2.70% and Realty was up by 2.69%, while there were no sectoral indices on the BSE.

The top gainers on the Sensex were NTPC up by 3.62%, Tata Steel up by 2.95%, Indusind Bank up by 2.83%, Power Grid up by 2.78% and Tata Motors up by 2.34%. On the flip side, Bharti Airtel down by 1.07%, Maruti Suzuki down by 0.43%, Infosys down by 0.06%, Nestle down by 0.05% and Axis Bank down by 0.05% were the top losers.

Meanwhile, India's business activity expanded at the fastest rate in March, with the strongest increase in private sector output, amid a pick-up in growth at goods producers. Besides, buoyant demand conditions fuelled growth, with aggregate sales rising at a sharp and accelerated pace. The manufacturing industry led the upturn with the fastest expansions in factory orders and production in nearly three-and-a-half years.

According to the report, the headline HSBC Flash India Composite PMI Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -- rose to 61.3 in March. Moreover, rising from 60.6 in February, the latest figure indicated a sharp rate of expansion that was the strongest since July 2023.

Besides, new business intakes at the composite level rose for the thirty-second straight month in March. The pace of growth was substantial and stronger than that recorded in February. As was the case for output, goods producers led the upturn in sales with the fastest expansion in nearly three-and-a-half years. The report also noted that total order volumes received a considerable boost from international sales. 

New export orders across the private sector expanded at the fastest pace in seven months, with quicker increases evident at both manufacturing firms and their services counterparts. Meanwhile, the Flash PMI survey pointed to a renewed improvement in business optimism during March. Goods producers were more upbeat about the year-ahead outlook than service providers, as has been the case since last November.

The CNX Nifty is currently trading at 22016.75, up by 177.65 points or 0.81% after trading in a range of 21941.30 and 22080.95. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were NTPC up by 3.76%, BPCL up by 3.52%, Power Grid up by 3.12%, Tata Steel up by 2.95% and Coal India up by 2.88%. On the flip side, Bharti Airtel down by 1.15%, HDFC Life Insurance down by 0.51%, Maruti Suzuki down by 0.47%, UPL down by 0.23% and Nestle down by 0.16% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 812.06 points or 1.99% to 40,815.66, Taiwan Weighted added 414.64 points or 2.05% to 20,199.09, Hang Seng advanced 320.03 points or 1.9% to 16,863.10, KOSPI increased 64.72 points or 2.35% to 2,754.86, Straits Times rose 40.17 points or 1.26% to 3,217.65 and Jakarta Composite was up by 18.7 points or 0.26% to 7,349.83. On the flip side, Shanghai Composite was down by 2.58 points or 0.08% to 3,077.11.

European markets were trading higher; UK’s FTSE 100 increased 100.85 points or 1.3% to 7,838.23, France’s CAC rose 45.71 points or 0.56% to 8,207.12 and Germany’s DAX was up by 141.9 points or 0.79% to 18,157.03.