Benchmarks remain in green in late morning deals

Indian equity benchmarks continued to trade in green in late morning deals, led by gains in Oil & Gas, Metal and Energy stocks. Traders took a note of the US National Security Advisor’s statement that the partnership between India and the United States has reached a new height with collaboration on technology and other fields. However, upside remained capped as credit rating agency ICRA revised the banking sector outlook to Stable from Positive on the expectation of moderation in credit growth and profitability metrics, though the same would continue to remain healthy. It said while the compression in the interest margins over the last 18 months has been driven by rising deposit cost, the expectations of a rate cut in H2 FY2025 could lead to margin pressure, driven by a likely downward repricing of advances. On the global front, Asian markets are trading mixed ahead of the release of key U.S. inflation readings and the minutes of Fed's March policy meeting.

The BSE Sensex is currently trading at 74926.50, up by 242.80 points or 0.33% after trading in a range of 74810.85 and 74983.34. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.72%, while Small cap index was up by 0.53%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.06%, Metal up by 1.91%, Energy up by 1.83%, PSU up by 1.43% and Basic Materials up by 1.18%, while Telecom down by 0.44% and Healthcare down by 0.28% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.45%, Kotak Mahindra Bank up by 1.42%, Bharti Airtel up by 1.26%, Tata Steel up by 1.18% and Power Grid Corporation up by 1.12%. On the flip side, Sun Pharma down by 0.96%, Larsen & Toubro down by 0.50%, HDFC Bank down by 0.42%, Bajaj Finserv down by 0.39% and Wipro down by 0.34% were the top losers.

Meanwhile, the European Union (EU) and India have launched an Expression of Interest (EoI) for startups working in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event. The matchmaking aims to enhance the cooperation between European and Indian Small and Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector. The intended exchange of knowledge and expertise will be instrumental in advancing the circularity of rare materials and transitioning towards carbon neutrality in both India and the EU. This initiative takes place under the India-EU Trade & Technology Council (TTC), announced by India and the European Commission in New Delhi on April 25, 2022. This event is also part of a broader effort to promote a sustainable agenda, foster innovation, and forge stronger economic relations between the European Union and India.

The EoI for the Matchmaking Event launched, provides a platform for Indian and EU startups/SMEs in the field of EV Battery Recycling Technologies to pitch their innovative solutions and engage with Indian/European venture capitalists and solution adopters. Twelve innovators, six each from India and the EU will be selected and get a pitching opportunity during the Matchmaking Event, scheduled for June 2024. Six finalists (three from the EU and three from India) will be selected following their pitching presentations and awarded the possibility to visit India and the EU, respectively.

The key highlights of the event are: (i) to identify, support, and promote startups/SMEs dedicated to advancing the field of battery recycling technologies for EV; and (ii) to facilitate cooperation, explore potential trade avenues, deepen customer relations and to explore investment avenues for the shortlisted startups/SMEs. The Matchmaking Event under India-EU TTC Working Group 2 offers Indian startups/SMEs an exclusive platform to demonstrate their expertise in battery recycling technologies. It provides a chance for Indian innovators to establish strategic alliances with their counterparts in the EU, accelerating the development of advanced battery recycling techniques focused on waste minimization and resource sustainability.

The CNX Nifty is currently trading at 22704.35, up by 61.60 points or 0.27% after trading in a range of 22678.70 and 22727.25. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.16%, Hindalco up by 2.07%, Coal India up by 2.00%, Kotak Mahindra Bank up by 1.43% and Tech Mahindra up by 1.34%. On the flip side, Divi's Lab down by 2.13%, HDFC Life Insurance down by 1.93%, SBI Life Insurance down by 1.50%, Cipla down by 1.26% and Sun Pharma down by 0.87% were the top losers.

Asian markets are trading mixed; Taiwan Weighted added 11.91 points or 0.06% to 20,808.11 and Hang Seng advanced 316.47 points or 1.85% to 17,144.54. On the flip side, Shanghai Composite weakened 10.29 points or 0.34% to 3,038.25 and Nikkei 225 slipped 114.45 points or 0.29% to 39,658.68.