Bourses trade higher in late afternoon session

Indian equity markets continued to trade higher in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index maintained healthy gains. Traders took support as Crisil Ratings said the credit quality outlook for Indian corporates remains positive for the April-September period of the 2024-25 fiscal year with upgrades continuing to outpace downgrades. Meanwhile, the output of eight core industries posted a growth of 6.7 per cent in February 2024 as compared to 4.1 per cent in January 2024, led by double-digit upticks in coal, natural gas and cement. The output of core sectors was 7.4 per cent in February 2023. On the global front, European Markets closed on Monday on the account of Easter holiday. Asian markets were trading mixed with markets in Hong Kong, New Zealand and Australia closed for holidays. Traders also reacted to US inflation data released on Friday that increased by slightly less than expected in February. 

The BSE Sensex is currently trading at 74020.73, up by 369.38 points or 0.50% after trading in a range of 73917.01 and 74254.62. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.47%, while Small cap index was up by 2.65%.

The top gaining sectoral indices on the BSE were Realty up by 3.78%, Metal up by 3.42%, Basic Materials up by 2.83%, Telecom up by 2.82% and Utilities was up by 2.79%, while Consumer Durables down by 0.08% was the only losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 4.75%, Tata Steel up by 4.68%, NTPC up by 2.23%, Ultratech Cement up by 2.13% and Larsen & Toubro up by 1.67%. On the flip side, Titan Company down by 1.61%, Nestle down by 1.27%, Bharti Airtel down by 1.02%, Indusind Bank down by 0.72% and Tech Mahindra down by 0.62% were the top losers.

Meanwhile, doubling its business in a year, Government e Marketplace (GeM) has closed the financial year FY24 with Rs 4 lakh crore in Gross Merchandise value (GMV). This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement. The procurement of Services through the GeM portal has proved to be a pivotal force behind this staggering GMV. 

Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in terms of Services procured on GeM last FY. By creating access to market, GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving way for small domestic entrepreneurs to participate in government tenders from anywhere at any time. The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.

Increased engagement from States has also mobilized this phenomenal growth in GMV. In FY24, highest procuring State like Gujarat, Uttar Pradesh, and Delhi, have helped States well surpass the earmarked public procurement target of this year. The contribution made by central entities including Ministries and CPSEs has also greatly spurred the GMV. These Government organizations have contributed to nearly 85% of this Rs 4 lakh crore milestone. Notably, Ministry of Coal, Ministry of Power and Ministry of Petroleum & Natural Gas and their subsidiaries have emerged as the highest procuring entities at the central level.

The CNX Nifty is currently trading at 22451.15, up by 124.25 points or 0.56% after trading in a range of 22427.75 and 22529.95. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 4.93%, Tata Steel up by 4.68%, Shriram Finance up by 2.84%, Adani Ports up by 2.54% and Divi's Lab up by 2.46%. On the flip side, Eicher Motors down by 1.67%, Titan Company down by 1.66%, LTIMindtree down by 1.40%, Nestle down by 1.24% and Bajaj Auto down by 1.11% were the top losers.

Asian markets were trading mixed;  Shanghai Composite strengthened 36.21 points or 1.18% to 3,077.38, Straits Times rose 11.27 points or 0.35% to 3,235.28 and KOSPI was up by 1.23 points or 0.04% to 2,747.86. On the flip side, Taiwan Weighted lost 72.12 points or 0.36% to 20,222.33, Jakarta Composite plunged 103.12 points or 1.44% to 7,185.69 and Nikkei 225 was down by 566.35 points or 1.42% to 39,803.09.