Indian markets reach intraday high points in early noon deals

Extending their gains, Indian equity benchmarks reached their intraday high points in early afternoon deals, aided by heavy buying at Banking and Telecom counters along with positive cues from other Asian markets. Sentiments were upbeat, as a CII survey showed that India's current economic environment is conducive for private investments with the country emerging as a 'bright spot' amid the challenging global environment. The pan-India survey is an ongoing initiative, which would be completed for 500 firms by the first week of February. The interim results are based on a sample of 300 firms spread across all industry sizes (Large, Medium and Small). The street overlooked reports that Ratings Agency Moody's has lowered India's economic growth forecast to 7% for the fiscal year ending March 2025, down from 8.2% recorded in the previous fiscal year. This revision comes amidst a broader slowdown in global and domestic economic trends.

On the global front, Asian markets were trading mostly in green, after the People's Bank of China maintained its interest rates for the third straight session on Monday as policymakers await the stance of new US administration. The PBoC left its one-year loan prime rate at 3.10 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was held at 3.60 percent. The decision matched expectations. The bank had reduced its both LPRs by 25 basis points each in October 2024.

The BSE Sensex is currently trading at 77263.39, up by 644.06 points or 0.84% after trading in a range of 76584.84 and 77269.52. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.26%, while Small cap index was up by 0.52%.

The top gaining sectoral indices on the BSE were Bankex up by 2.18%, Telecom up by 1.66%, PSU up by 1.56%, Power up by 1.51% and Utilities up by 1.35%, while Auto down by 0.21% and FMCG down by 0.02% were the only losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 9.25%, Bajaj Finance up by 3.65%, NTPC up by 2.90%, Bajaj Finserv up by 2.43% and SBI up by 2.40%. On the flip side, TCS down by 0.71%, Mahindra & Mahindra down by 0.57%, HCL Tech. down by 0.55%, Tech Mahindra down by 0.42% and ITC down by 0.40% were the top losers.

Meanwhile, expressing optimism over India’s exports growth, Commerce Secretary Sunil Barthwal has said the government's target of $1 trillion export includes $250 billion from the engineering sector. The government has set a target to achieve $1 trillion export from India by 2030. 

He said ‘India is known for leather, textile and traditional sectors but engineering sector in India which includes automobiles, equipment etc is almost close to 25 per cent of the total exports. Tomorrow when India is looking at $1 trillion of exports, $250 billion of exports we are expecting from the engineering industry’.

He also said ‘This is the ambition that we have taken which is based on ground reality. It is based on the fact that how the middle class is growing, the government focus on infrastructure development within the country, focus on development of ports, airports, railway modernization, broadening of roads’.

The CNX Nifty is currently trading at 23363.00, up by 159.80 points or 0.69% after trading in a range of 23170.65 and 23376.50. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 9.30%, Wipro up by 6.08%, Bajaj Finance up by 3.64%, NTPC up by 2.96% and Bajaj Finserv up by 2.48%. On the flip side, SBI Life Insurance down by 2.75%, Shriram Finance down by 2.18%, Trent down by 1.68%, HDFC Life Insurance down by 1.18% and TCS down by 0.73% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 324.96 points or 1.66% to 19,909.02, Jakarta Composite gained 29.14 points or 0.41% to 7,183.80, Shanghai Composite strengthened 0.01 points or 0% to 3,241.83, Straits Times rose 0.55 points or 0.01% to 3,811.33, Nikkei 225 surged 451.04 points or 1.16% to 38,902.50 and Taiwan Weighted added 118.74 points or 0.51% to 23,266.82, while  KOSPI dropped 3.50 points or 0.14% to 2,520.05.