Domestic indices erase all losses in late morning deals

Domestic equity indices erased all losses and were trading in green in late morning deals on account of buying in Sun Pharma, Mahindra & Mahindra, Power Grid and TCS companies’ stocks. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.15-.60%. Traders were getting some encouragement with report that in a move to foster a more taxpayer-friendly environment, the GST Council waived interest and penalties for initial demand notices, provided the full tax amount is cleared by March 31, 2025. Traders took a note of report that in its economic outlook for Asia Pacific, S&P Global Ratings said India's economic growth continues to surprise on the upside with the economy growing 8.2 per cent in fiscal year 2023-24. It retained India's GDP growth forecast for the current financial year at 6.8 per cent and said high interest rates and lower fiscal spur would temper demand. However, reports of alleged irregularities in investment-related activities by fund managers at Quant Mutual Fund weighed on the trading sentiment. As per private reports, Sebi officials last week conducted searches at Quant MF office, which has around Rs 80,000 crore in assets under management (AUM).

On the global front, Asian markets were trading mostly in red as investors awaited inflation data from Japan later this week. Back home, on the BSE sectoral front, traders were seen pilling up positions in Capital Goods, Industrials, Power, Consumer Durables and FMCG, while selling was witnessed in Realty, Metal, Basic Materials, Energy and Bankex. 

The BSE Sensex is currently trading at 77319.49, up by 109.59 points or 0.14% after trading in a range of 76745.94 and 77389.38. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.15%, while Small cap index up by 0.56%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.22%, Industrials up by 1.13%, Power up by 0.80%, Consumer Durables up by 0.63% and FMCG up by 0.49%, while Realty down by 0.92%, Metal down by 0.54%, Basic Materials down by 0.17%, Energy down by 0.09% and Bankex down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.33%, Mahindra & Mahindra up by 1.48%, Power Grid up by 1.34%, Nestle up by 1.20% and TCS up by 1.11%. On the flip side, Indusind Bank down by 2.38%, Adani Ports down by 1.47%, Tata Steel down by 0.86%, Bajaj Finance down by 0.76% and Infosys down by 0.67% were the top losers.

Meanwhile, in a bid to boost India's e-commerce exports, the Directorate General of Foreign Trade (DGFT) is working with the Department of Revenue to establish designated e-commerce hubs across the country to streamline the process for online export shipments. The country's e-commerce exports currently stand at $2 billion as compared to China's staggering $ 350 billion.

Director General of DGFT Santosh Kumar Sarangi has said that these hubs will have facilities like dedicated customs and security checks, allowing cleared parcels to proceed through a green channel at airports, eliminating the need for further inspections. This approach mirrors best practices observed in other countries.

He also pointed out that the e-commerce hubs will be built and maintained by private entities, while the government will oversee security and customs clearances. In addition to expediting clearances, the proposed hubs would offer warehousing facilities, returns processing, labelling, product testing, and repackaging services. This public-private partnership aims at creating a robust infrastructure for efficient e-commerce exports. 

The CNX Nifty is currently trading at 23522.50, up by 21.40 points or 0.09% after trading in a range of 23350.00 and 23544.90. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.12%, Power Grid up by 1.37%, Mahindra & Mahindra up by 1.34%, Apollo Hospital up by 1.15% and Nestle up by 1.14%. On the flip side, Indusind Bank down by 2.44%, Cipla down by 1.64%, Adani Ports down by 1.56%, Coal India down by 0.87% and Bajaj Finance down by 0.85% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 136.56 points or 0.76% to 17,891.96, Shanghai Composite weakened 18.93 points or 0.63% to 2,979.21, Straits Times fell 0.56 points or 0.02% to 3,305.46, KOSPI dropped 15.25 points or 0.55% to 2,769.01 and Taiwan Weighted lost 439.69 points or 1.89% to 22,813.70. However, Nikkei 225 surged 208.18 points or 0.54% to 38,804.65 and Jakarta Composite gained 17.09 points or 0.25% to 6,897.07.