Domestic indices maintain gains in late morning deals

Domestic equity indices maintained their gains and were trading higher around half a percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices were also trading higher. Buying in Power Grid, Tech Mahindra, HDFC Bank and Bajaj Finance companies’ stocks helped the markets to maintain their gains. Sentiments remained upbeat as a world bank in its report stated that India will remain the fastest-growing major economy recording a steady growth of 6.7 per cent in the next three years including the current financial year. On the BSE sectoral front, traders were seen pilling up position in Industrials, Oil & Gas, Energy, Capital Goods and Metal, while selling was witnessed in Realty, Consumer Durables and FMCG. 

On the global front, Asian markets were trading mixed after the National Bureau of Statistics said consumer prices in China were up 0.3 percent on year in May. That was shy of expectations for 0.4 percent and unchanged from the previous month. Back home, in the stock specific development, TVS Supply Chain Solutions soared after the company disclosed about its five-year contract with Daimler Truck South East Asia for Integrated Supply Chain Solutions (ISCS) services in Singapore. The Mercedes-Benz Group holds the largest stake in Daimler Truck Holding AG, followed by other significant shareholders such as the Mercedes-Benz Pension Trust and the Kuwait Investment Authority.

The BSE Sensex is currently trading at 76819.85, up by 363.26 points or 0.48% after trading in a range of 76553.53 and 77050.53. 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 0.94%, while Small cap index up by 0.94%.

The top gaining sectoral indices on the BSE were Industrials up by 1.30%, Oil & Gas up by 1.28%, Energy up by 1.25%, Capital Goods up by 1.17% and Metal up by 1.12%, while Realty down by 0.36%, Consumer Durables down by 0.16% and FMCG down by 0.15% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.66%, Tech Mahindra up by 1.33%, HCL up by 1.12%, Bajaj Finance up by 1.03% and HDFC Bank up by 0.97%. On the flip side, Titan down by 1.00%, Hindustan Unilever down by 0.86%, Asian Paints down by 0.69%, Mahindra & Mahindra down by 0.37% and Indusind Bank down by 0.15% were the top losers.

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) has said that passenger vehicle (PV) wholesales in India increased 4 per cent year-on-year in May 2024 to 3,47,492 units, as compared to the same month last year. 

SIAM said overall passenger vehicle dispatches from companies to dealers stood at 3,34,537 units in May 2023. Two-wheeler sales rose 10 per cent to 16,20,084 units last month, as compared to 14,71,550 units in the year-ago period. Three-wheeler dispatches rose 15 per cent to 55,763 units in May 2024, as against 48,610 units in May 2023. 

SIAM President Vinod Aggarwal has said that all the segments viz. Passenger Vehicles, Commercial Vehicles, Two-Wheelers and Three-Wheelers have posted growth in May 2024, compared to May 2023. Passenger Vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year. However, Two Wheelers and Three Wheelers posted growth in double digits. He noted that with expectations of above normal monsoon and continued emphasis on economic development by the new Government, as it pursues its goal of Viksit Bharat by 2047, the Auto Industry is optimistic of steady growth in 2024-25 as well. 

The CNX Nifty is currently trading at 23385.60, up by 120.75 points or 0.52% after trading in a range of 23295.95 and 23441.95. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Coal India up by 2.92%, Power Grid up by 1.83%, BPCL up by 1.67%, Shriram Finance up by 1.38% and LTIMindtree up by 1.35%. On the flip side, Britannia down by 1.13%, Titan down by 1.08%, Hindustan Unilever down by 0.91%, Asian Paints down by 0.70% and Mahindra & Mahindra down by 0.38% were the top losers.

Asian markets were trading mixed; Shanghai Composite strengthened 8.79 points or 0.29% to 3,036.84, Straits Times rose 1.65 points or 0.05% to 3,310.86, KOSPI increased 17.52 points or 0.65% to 2,722.84 and Taiwan Weighted added 256.84 points or 1.16% to 22,048.96. However, Hang Seng declined 207.13 points or 1.14% to 17,969.21, Jakarta Composite plunged 12.34 points or 0.18% to 6,843.35 and Nikkei 225 slipped 258.08 points or 0.66% to 38,876.71.