Domestic indices magnify gains in late mooning deals

Domestic equity markets magnified their gains in late morning deals on account of buying by funds and retail investors. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.70-1.20%. Hectic buying in Bajaj Finance, Bajaj Finserv, TCS, Tech Mahindra and HCL Tech helped the markets to magnify their gains. Sentiments got boost as Reserve Bank of India deputy governor Michael Debabrata Patra has said that India’s GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend. On the BSE sectoral front, traders were seen pilling up positions in IT, TECK, Consumer Durables, Telecom and Basic Materials, while selling was witnessed in Power, Utilities, PSU, Oil & Gas and Capital Good.

On the global front, Asian markets were trading mixed following muted cues from US markets overnight. Back home, in the stock specific development, IIFL Securities jumped after the company delivered stellar quarterly earnings for the second quarter of the financial year 2024-25 (Q2FY25).  

The BSE Sensex is currently trading at 80483.40, up by 262.68 points or 0.33% after trading in a range of 79891.68 and 80616.02. 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 0.74%, while Small cap index up by 1.16%.

The top gaining sectoral indices on the BSE were IT up by 2.19%, TECK up by 1.55%, Consumer Durables up by 0.73%, Telecom up by 0.72% and Basic Materials up by 0.69%, while Power down by 0.89%, Utilities down by 0.83%, PSU down by 0.37%, Oil & Gas down by 0.26%, Capital Goods down by 0.14% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 6.06%, Bajaj Finserv up by 2.26%, TCS up by 1.85%, Tech Mahindra up by 1.84% and HCL up by 1.73%. On the flip side, NTPC down by 1.90%, ICICI Bank down by 1.74%, Power Grid down by 0.90%, Mahindra & Mahindra down by 0.83% and Adani Ports down by 0.76% were the top losers.

Meanwhile, the All India Gem and Jewellery Domestic Council (GJC) is working to implement ‘One Nation One Gold Rate’, aiming to standardize domestic gold prices that currently vary across different regions of the country. GJC Secretary Mitesh Dhorda said ‘we import gold at the same rate, but the domestic retail prices differ from one city to another. We want a single rate to prevail across the country.’

GJC Secretary stated that the council, which has already conducted over 50 meetings with its members, has managed to bring up to 8,000 jewellers on board for this initiative. While a representation has been made to the government, the GJC is currently focused on convincing the industry stakeholders. He said ‘we are already providing a recommended rate through WhatsApp broadcast groups to our members. Our target is to reach at least 4-5 lakh jewellers step by step’. He added that implementation in Gujarat has been particularly challenging.

The GJC, established in 2005 with 3,500 members including retailers and manufacturers, hopes to streamline the process within six months. The council is engaging with both chain stores and individual jewellers, along with its 4,200 affiliated associations.

The CNX Nifty is currently trading at 24568.95, up by 96.85 points or 0.40% after trading in a range of 24378.10 and 24597.10. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 6.02%, Bajaj Auto up by 2.52%, Bajaj Finserv up by 2.29%, TCS up by 1.93% and Tech Mahindra up by 1.83%. On the flip side, NTPC down by 1.97%, ICICI Bank down by 1.73%, Eicher Motors down by 1.16%, Mahindra & Mahindra down by 0.99% and Power Grid down by 0.91% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 383.13 points or 1.87% to 20,882.08, Shanghai Composite strengthened 35.64 points or 1.08% to 3,321.51, Straits Times rose 15.1 points or 0.42% to 3,602.51, KOSPI increased 33.87 points or 1.32% to 2,604.57. However, Jakarta Composite plunged 11.01 points or 0.14% to 7,777.97, Nikkei 225 slipped 327.63 points or 0.85% to 38,084.33 and Taiwan Weighted lost 189.95 points or 0.81% to 23,345.48.