Indian markets trade in green in early deals

Indian equity markets have made a cautious start but are trading higher in early deals on Tuesday on account of buying in Infosys, Titan, Tech Mahindra, ICICI Bank and Bajaj Finance companies stocks. There was some encouragement in the markets as the Reserve Bank of India's article on 'State of the Economy' published in the October Bulletin has said India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions. Further, some support also came in as the money put in by Overseas Indians in non-resident Indian (NRI) deposit schemes doubled to $7.82 billion between April and August, 2024 from $3.74 billion put in these schemes during the same period in 2023. However, gains were limited as investors reacted to weak global cues and an uptrend in oil prices overnight amid heightened tensions in the Middle East.  

On the global front, the US markets ended mostly in red on Monday as Treasury yields rose and investors awaited new earnings reports. Asian markets are trading mostly in red in early deals on Tuesday trailing a weak session on Wall Street. Back home, on the BSE sectoral front, traders were seen pilling positions TECK, IT, Consumer Durables, FMCG and Bankex, while selling was witnessed in Realty, Industrials, PSU, Metal and Capital Goods. 

The BSE Sensex is currently trading at 81305.52, up by 154.25 points or 0.19% after trading in a range of 81067.89 and 81390.60. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.38%, while Small cap index down by 1.23%.

The top gaining sectoral indices on the BSE were TECK up by 0.51%, IT up by 0.47%, Consumer Durables up by 0.25%, FMCG up by 0.05% and Bankex up by 0.04%, while Realty down by 1.69%, Industrials down by 0.98%, PSU down by 0.92%, Metal down by 0.76% and Capital Goods down by 0.65% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.06%, Titan up by 0.92%, Tech Mahindra up by 0.88%, ICICI Bank up by 0.73% and Bajaj Finance up by 0.67%. On the flip side, Tata Steel down by 1.68%, Tata Motors down by 0.84%, Kotak Mahindra Bank down by 0.67%, Maruti Suzuki down by 0.62% and Mahindra & Mahindra down by 0.56% were the top losers.

Meanwhile, the Reserve Bank of India's article on 'State of the Economy' published in the October Bulletin has said India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions. It said the global economy remained resilient in the first half of 2024, with declining inflation supporting household spending.

It stated stable growth momentum amid monetary policy easing is becoming the prevailing theme across most economies. It said 'In spite of geopolitical tensions, India's growth outlook is supported by robust domestic engines.'

It also noted that some high-frequency indicators have, however, shown a slackening of momentum in the second quarter of 2024-25, partly attributable to idiosyncratic factors like unusually heavy rains in August and September. The article authored by a team led by RBI deputy governor Michael Debabrata Patra said ‘Looking ahead, private investment is showing some encouraging signs in terms of lead indicators while consumption spending is shaping up for a festival season revival.’

The CNX Nifty is currently trading at 24816.45, up by 35.35 points or 0.14% after trading in a range of 24755.35 and 24854.05. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 1.37%, Infosys up by 0.99%, Nestle up by 0.97%, Tech Mahindra up by 0.90% and ICICI Bank up by 0.81%. On the flip side, Tata Steel down by 1.47%, Bharat Electronics down by 1.35%, BPCL down by 1.06%, Tata Motors down by 0.80% and Mahindra & Mahindra down by 0.68% were the top losers.

Asian markets are trading mostly in red; Straits Times fell 8.06 points or 0.22% to 3,606.52, KOSPI dropped 31.25 points or 1.21% to 2,573.67, Nikkei 225 slipped 511.33 points or 1.33% to 38,443.27, Taiwan Weighted lost 116.99 points or 0.5% to 23,425.54 and Jakarta Composite plunged 11.8 points or 0.15% to 7,760.80, while Shanghai Composite strengthened 17.38 points or 0.53% to 3,285.49.