Benchmarks remain in green in morning deals

Indian equity benchmarks remained in green in morning deals amid firm trends in global markets. Traders got support as Fitch Ratings raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. Besides, foreign fund inflows also aided domestic sentiments. Foreign institutional investors (FIIs) were net buyers of stocks worth Rs 2,175.86 crore on June 14. 

However, gains remained capped as some concern came with domestic rating agency ICRA’s statement that India Inc are bracing for revenue uncertainties in the April-June period (Q1FY25) due to a slowdown in government spending during the Parliamentary elections and the onset of the annual monsoon season. On the global front, Asian markets were trading mostly in green following the broadly positive cues from Wall Street, on optimism over the outlook for interest rates as the markets benefitted from the positive sentiment generated by tamer-than-expected US inflation data last week.  

The BSE Sensex is currently trading at 77271.56, up by 278.79 points or 0.36% after trading in a range of 77071.44 and 77366.77. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.28%, while Small cap index was up by 0.55%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.60%, Industrials up by 0.83%, Consumer Discretionary up by 0.80%, Realty up by 0.77% and Capital Goods up by 0.77%, while Healthcare down by 0.61% and Basic Materials down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Wipro up by 2.64%, Titan Company up by 2.45%, Mahindra & Mahindra up by 2.11%, Power Grid Corporation up by 1.80% and SBI up by 0.96%. On the flip side, Maruti Suzuki down by 1.57%, Ultratech Cement down by 1.04%, Kotak Mahindra Bank down by 0.38%, Tata Steel down by 0.25% and Larsen & Toubro down by 0.08% were the top losers.

Meanwhile, the Confederation of Indian Textile Industry (CITI) in its latest report has said that India’s textile exports grew by 9.59 per cent in May this year compared to the same month of the previous year, despite unfavourable economic conditions in major markets such as the European Union (EU), the US and West Asian nations.

Moreover, it stated the country’s apparel exports saw an increase of 9.84 per cent during the same period, the report points out. Further, it highlighted that the combined exports of textiles and apparel in May 2024 registered a 9.70 per cent growth over May last year. 

Besides, it mentioned that during April-May 2024, Indian textile exports grew by 6.04 per cent over the previous year, while apparel exports increased by 4.46 per cent during the same period. The cumulative exports of textiles and apparel during April-May 2024 saw a 5.34 per cent rise compared to the same period last year.

The CNX Nifty is currently trading at 23544.55, up by 78.95 points or 0.34% after trading in a range of 23499.70 and 23579.05. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Wipro up by 2.59%, Shriram Finance up by 2.41%, Titan up by 2.31%, Mahindra & Mahindra up by 2.01% and Power Grid Corporation up by 1.76%. On the flip side, Maruti Suzuki down by 1.56%, Dr. Reddy's Lab down by 1.29%, Divi's Lab down by 1.15%, Ultratech Cement down by 1.05% and SBI Life Insurance down by 0.79% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite strengthened 10.72 points or 0.35% to 3,026.61, Straits Times rose 5.28 points or 0.16% to 3,302.83, KOSPI increased 17.41 points or 0.63% to 2,761.51, Nikkei 225 surged 294.4 points or 0.77% to 38,396.84 and Taiwan Weighted added 247.46 points or 1.1% to 22,743.99.

On the flip side, Hang Seng declined 33.06 points or 0.18% to 17,903.06.