Markets trade near day’s high levels in late afternoon session

Indian equity markets traded near day’s high levels in late afternoon session led by gains in Oil & Gas and Metal sectors’ stocks. The broader indices, the BSE Mid cap index and Small cap index traded with gains of above half a percent. Investors took note of report that Credit rating agency ICRA has 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 were trading mostly in red as investors awaited U.S. CPI data and the Fed's March meeting minutes to assess the speed and timing of Federal Reserve interest rate cuts. European markets were trading higher amid bets that cooler inflation will allow the European Central Bank (ECB) to start lowering borrowing costs sooner than the Federal Reserve.

The BSE Sensex is currently trading at 74998.14, up by 314.44 points or 0.42% after trading in a range of 74807.55 and 75019.74. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.88%, while Small cap index up by 0.51%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.00%, Energy up by 1.92%, Metal up by 1.63%, PSU up by 1.42% and Basic Materials was up by 1.39%, while Auto down by 0.22% and Telecom was down by 0.10% were the only losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.20%, ITC up by 1.90%, Bharti Airtel up by 1.61%, Tech Mahindra up by 1.60% and SBI up by 1.39%. On the flip side, Maruti Suzuki down by 1.99%, Mahindra & Mahindra down by 0.70%, Larsen & Toubro down by 0.67%, HDFC Bank down by 0.62% and Bajaj Finserv down by 0.28% were the top losers.

Meanwhile, the Road Transport and Highways Ministry (MoRTH) has constructed 12,349 kilometres (km) of national highways in 2023-24, the second highest in its history. Previously, MoRTH had constructed a record 13,327 kilometres of national highways in 2020-21.

National highways of 10,331 kilometres were constructed in 2022-23 against 10,457 kilometres in 2021-22. Highways of 10,237 kilometres were built in 2019-20. The ministry awarded 8,581 national highway projects in 2023-24.

Meanwhile, the government has launched a pilot programme to provide cashless treatment to road accident victims, under which they will be entitled to cashless treatment up to a maximum of Rs 1.5 lakh per accident. The pilot programme -- being initiated in Chandigarh and developed under the aegis of the MoRTH -- is aimed at establishing an ecosystem for providing timely medical care to the victims of road accidents, including during the golden hour. 

The CNX Nifty is currently trading at 22743.15, up by 100.40 points or 0.44% after trading in a range of 22673.70 and 22745.30. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.75%, BPCL up by 3.37%, Kotak Mahindra Bank up by 2.27%, ITC up by 1.86% and Hindalco up by 1.73%. On the flip side, Maruti Suzuki down by 1.92%, HDFC Life Insurance down by 1.83%, Cipla down by 1.79%, Divi's Lab down by 1.64% and Mahindra & Mahindra down by 0.72% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 191.32 points or 0.48% to 39,581.81, Taiwan Weighted lost 32.67 points or 0.16% to 20,763.53 and Shanghai Composite was down by 21.21 points or 0.7% to 3,027.33. On the flip side, Hang Seng was up by 311.1 points or 1.82% to 17,139.17.

European markets were trading higher; UK’s FTSE 100 increased 45.85 points or 0.58% to 7,980.64, France’s CAC rose 42.82 points or 0.53% to 8,091.99 and Germany’s DAX was up by 136.99 points or 0.76% to 18,213.68.