Domestic indices remain in green in afternoon deals

Domestic equity indices remained in green in afternoon deals on account of buying in Asian Paints, ITC, JSW Steel and NTPC companies’ stocks. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.40-0.50%. Positive cues from the global markets supported the domestic sentiments. Market participants were getting some encouragement as fresh weekly the US jobless claims data came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year. Traders took a note of report that the United Nations migration agency has said India received over $111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the $100 billion mark.

On the global front, Asian markets were trading in green following positive cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen pilling up position in Utilities, Power, Metal, Healthcare and Basic Materials, while selling was witnessed in IT, TECK and Realty. In the stock specific development, Intellect Design Arena tanked after the company reported disappointing earnings for the March quarter (Q4FY24).

The BSE Sensex is currently trading at 72572.41, up by 168.24 points or 0.23% after trading in a range of 72366.29 and 72946.54. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.49%, while Small cap index up by 0.44%.

The top gaining sectoral indices on the BSE were Utilities up by 1.15%, Power up by 1.10%, Metal up by 1.07%, Healthcare up by 0.99% and Basic Materials up by 0.94%, while IT down by 1.18%, TECK down by 0.58% and Realty down by 0.57% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 2.66%, Asian Paints up by 2.22%, JSW Steel up by 1.94%, Power Grid up by 1.79% and ITC up by 1.62%. On the flip side, TCS down by 1.52%, Infosys down by 1.22%, Tech Mahindra down by 1.04%, Mahindra & Mahindra down by 1.00% and HCL down by 0.91% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's exports have increased to as many as 115 countries out of the total 238 destinations during 2023-24 despite the global economic uncertainties. These 115 export destinations, which account for 46.5 per cent of India's export basket, include the US, UAE, Netherland, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.

According to the data, the country's merchandise exports dipped by 3 per cent to $437.1 billion in 2023-24. However, services exports rose to $341.1 billion in 2023-24 as against $325.3 billion in 2022-23. Despite persistent global challenges, overall exports (goods and services together) hit the highest level in 2022-23. Overall exports reached $778.2 billion in 2023-24 as compared to $776.4 billion in 2022-23, registering a marginal growth of 0.23 per cent.

It further stated that the share of India's merchandise exports has also increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023. India's rank in world merchandise exporters too has improved from 19th to 17th during the same period. Further, India's export to its top 10 destinations witnessed a 13 per cent year-on-year increase in 2023-24. The UAE has emerged as the primary destination, with a substantial 12.71 per cent growth in export value at $35.6 billion. Similarly, exports to Singapore that surged by 20.19 per cent to $14.4 billion, to the UK (up 13.30 per cent to $13 billion), and to China (up 8.70 per cent to $16.7 billion) also recorded healthy growth indicating a sustained demand for Indian products.

The CNX Nifty is currently trading at 22036.40, up by 78.90 points or 0.36% after trading in a range of 21950.30 and 22131.30. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.77%, Hero MotoCorp up by 2.90%, NTPC up by 2.60%, HDFC Life Insurance up by 2.45% and Cipla up by 2.27%. On the flip side, TCS down by 1.52%, Infosys down by 1.31%, LTIMindtree down by 1.25%, Tech Mahindra down by 1.20% and Wipro down by 1.17% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 403.94 points or 2.13% to 18,941.75, Nikkei 225 surged 155.13 points or 0.41% to 38,229.11, Taiwan Weighted added 148.07 points or 0.72% to 20,708.84, Straits Times rose 27.48 points or 0.83% to 3,293.43, KOSPI increased 14.68 points or 0.54% to 2,726.82 and Shanghai Composite strengthened 2.45 points or 0.08% to 3,156.77.