Domestic indices add more gains in late morning deals

Domestic equity markets added more gains in late morning deals with Sensex and Nifty gaining over 320 and 95 points respectively on account of buying in Tata Motors, NTPC, Asian Paints and Titan companies’ stocks. Meanwhile, broader indices were also trading in green with BSE Mid cap and Small cap index gaining in range of 0.55-0.90%. Falling crude oil prices supported domestic sentiments. Traders also got support as economic think tank NCAER said the Indian economy could grow higher than 7 per cent and possibly closer to 7.5 per cent in the current fiscal on the back of normal monsoon and receded electoral uncertainty.  On the BSE sectoral front, traders were seen pilling up positions in Utilities, Power, Oil & Gas, Energy and Realty, while selling was witnessed only in IT and TECK. 

On the global front, Asian markets were trading mixed as the Bank of Japan kicks off its two-day monetary policy meeting. Back home, in the stock specific development, Rail Vikas Nigam (RVNL) rose after the company announced that it has secured an order from Himachal Pradesh State Electricity Board limited (HPSEBL).

The BSE Sensex is currently trading at 81680.29, up by 324.45 points or 0.40% after trading in a range of 81230.44 and 81683.16. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index up by 0.89%.

The top gaining sectoral indices on the BSE were Utilities up by 2.54%, Power up by 2.27%, Oil & Gas up by 1.83%, Energy up by 1.55% and Realty up by 1.43%, while IT down by 0.29% and TECK down by 0.17% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 4.05%, NTPC up by 3.95%, Power Grid up by 3.53%, Asian Paints up by 2.01% and Titan up by 1.49%. On the flip side, Ultratech Cement down by 1.69%, Sun Pharma down by 0.75%, TCS down by 0.72%, HCL down by 0.54% and Mahindra & Mahindra down by 0.51% were the top losers.

Meanwhile, executive Director at the International Monetary Fund (IMF) Krishnamurthy Subramanian has said that reduction of corporate tax from 40 per cent to 35 per cent and removal of Angel Tax in the 2024 Indian Budget are among the measures that will promote India-US economic engagement.   

Lauding the budget, Subramanian described it as one that would strengthen the foundations of India's economy, foster inclusive development by strategically advancing the vision of 'Viksit Bharat', Developed India @2047, the 100th year of its independence. He pointed out that the India-US partnership is at present at an important juncture and it would further strengthen in the coming years, benefitting both the nations. 

He highlighted the reduction of Corporate Tax from 40 per cent to 35 per cent, which would encourage foreign companies to set up their branches and offices in India and boost foreign inflows. He also voiced appreciation for removing the Angel Tax in the current budget which would be significant for India's startup ecosystem and encourage investments from outside, and added that this move would foster innovation and entrepreneurship. He praised the budget for its provision for capital expenditure especially on infrastructure which would boost job creation. However, he also emphasised on formal job creation by setting up more manufacturing units.

The CNX Nifty is currently trading at 24935.85, up by 99.75 points or 0.40% after trading in a range of 24798.65 and 24943.75. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were BPCL up by 5.45%, Tata Motors up by 4.11%, NTPC up by 3.88%, Power Grid up by 3.61% and Coal India up by 2.27%. On the flip side, Ultratech Cement down by 1.71%, Hindalco down by 1.47%, Cipla down by 1.18%, SBI Life down by 1.13% and LTIMindtree down by 1.10% were the top losers.

Asian markets were trading mixed; Hang Seng declined 233.88 points or 1.36% to 17,004.46, Jakarta Composite plunged 39.72 points or 0.55% to 7,249.18, Shanghai Composite weakened 20.64 points or 0.71% to 2,871.21 and KOSPI dropped 29.97 points or 1.08% to 2,735.56. However, Straits Times rose 3.91 points or 0.11% to 3,448.09, Nikkei 225 surged 7.07 points or 0.02% to 38,475.70 and Taiwan Weighted added 51.72 points or 0.23% to 22,216.21.