Domestic indices maintain gains in late morning deals

Domestic equity markets maintained their gains in late morning deals on account of buying by funds and retails investors. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 1.00-1.20% percent. Hectic buying in Mahindra & Mahindra, TCS, Tech Mahindra and Tata Motors’ stocks helped the markets to maintain their gains. Positive cues from the global markets supported domestic sentiments. Sentiments remained upbeat as Prime Minister Narendra Modi said the government is taking steps to transform India into a global manufacturing hub, and he called for improving the quality of products and services to attain international standards. All the BSE sectoral indices were trading in green led by IT, Realty, TECK, Consumer Durables and Auto. 

On the global front, Asian markets were trading higher following positive cues from the US markets overnight. Back home, in the stock specific development, Aurobindo Pharma dropped after the company announced that its arm Eugia Pharma Specialities’ Unit-III received a warning letter from United States Food and Drug Administration (USFDA). However, Ola Electric Mobility soared after launching a new series of motorcycles.

The BSE Sensex is currently trading at 79640.29, up by 534.41 points or 0.68% after trading in a range of 79306.69 and 79988.22. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.00%, while Small cap index up by 1.17%.

The top gaining sectoral indices on the BSE were IT up by 1.93%, Realty up by 1.83%, TECK up by 1.52%, Consumer Durables up by 1.07% and Auto up by 0.98%, while there were no losers.  

The top gainers on the Sensex were Mahindra & Mahindra up by 2.51%, TCS up by 2.23%, Tata Motors up by 2.22%, Tech Mahindra up by 1.77% and HCL up by 1.50%. On the flip side, Sun Pharma down by 0.39%, Maruti Suzuki down by 0.33%, Hindustan Unilever down by 0.21%, JSW Steel down by 0.19% and Asian Paints down by 0.16% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise export dipped 1.2 per cent to $33.98 billion in July 2024 from $34.39 billion in the year-ago month. Imports increased by about 7.45 per cent to $57.48 billion in July 2024 against $53.49 billion a year ago due to a jump in the inbound shipments of crude oil, silver and electronic goods. The trade deficit, or the gap between imports and exports, during the month under review stood at $23.5 billion.    

According to the data, merchandise exports during April-July 2024 were $144.12 billion as compared to $138.39 billion during April-July 2023. Merchandise imports during April-July 2024 were $229.70 billion compared to $213.53 billion during April-July 2023. Merchandise trade deficit during April-July 2024 was $85.58 billion compared to $75.15 billion during April-July 2023.

It further stated that non-petroleum and non-gems & jewellery exports in July 2024 were $26.92 billion compared to $25.47 billion in July 2023. Non-petroleum and non-gems & jewellery exports in April-July 2024 were $109.09 billion, compared to $102.81 billion in April-July 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in July 2024 were $38.98 billion compared to $36.16 billion in July 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-July 2024 were $144.32 billion, compared to $138.25 billion in April-July 2023.

The CNX Nifty is currently trading at 24313.90, up by 170.15 points or 0.70% after trading in a range of 24204.50 and 24403.55. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Wipro up by 2.82%, Mahindra & Mahindra up by 2.51%, LTIMindtree up by 2.49%, Tata Motors up by 2.23% and TCS up by 2.12%. On the flip side, HDFC Life down by 1.14%, SBI Life down by 0.66%, Hero MotoCorp down by 0.48%, Sun Pharma down by 0.34% and Dr. Reddy's Lab down by 0.32% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 325.3 points or 1.9% to 17,434.44, Jakarta Composite gained 39.52 points or 0.53% to 7,449.02, Shanghai Composite strengthened 0.12 points or 0% to 2,877.48, Straits Times rose 33.69 points or 1.02% to 3,349.42, KOSPI increased 52.43 points or 1.98% to 2,696.93, Nikkei 225 surged 1320.38 points or 3.6% to 38,047.02 and Taiwan Weighted added 429.24 points or 1.96% to 22,324.41.