Markets maintain gains in late morning deals

Indian equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. There was broad based buying witnessed in the markets and apart from the blue chips, the broader markets also participated in the rally. Small cap index and BSE Mid cap index gained in the range of 0.65-1.15%. Hectic buying in Tata Steel, Bajaj Finance, Bajaj Finserv, Zomato and Kotak Mahindra Bank companies’ stocks helped the markets to maintain their gains. Falling crude oil prices supported domestic sentiments. Oil prices dropped on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows. Further, sentiments also remained upbeat as India's consumer price index (CPI)-based retail inflation fell to a five-month low of 4.31 per cent in January from 5.22 per cent in December, thus raising hopes for another repo rate cut by the Monetary Policy Committee (MPC) during its April meeting.   

On the global front, Asian markets were trading mostly in green despite raising fears of a brewing global trade war and its impact on inflation. Back home, all the sectoral indices were trading in green led by Metal, Telecom, Realty, PSU and Basic Materials. 

The BSE Sensex is currently trading at 76615.47, up by 444.39 points or 0.58% after trading in a range of 76013.43 and 76687.64. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.12%, while Small cap index up by 0.68%.

The top gaining sectoral indices on the BSE were Metal up by 1.91%, Telecom up by 1.55%, Realty up by 1.19%, PSU up by 1.15% and Basic Materials up by 1.13%, while there were no losers.  

The top gainers on the Sensex were Tata Steel up by 3.44%, Bajaj Finance up by 2.90%, Bajaj Finserv up by 2.41%, Zomato up by 1.65% and Kotak Mahindra Bank up by 1.51%. On the flip side, Infosys down by 0.37%, Larsen & Toubro down by 0.14% and Nestle down by 0.04% were the few losers.

Meanwhile, rating agency ICRA in its latest report has said that Indian steel market may become a victim of diverted shipments putting pressure on local prices. ICRA’s statement comes after the US President Donald Trump announced a 25 per cent tax on steel and aluminium imports from all countries. The new tariffs will be imposed on March 12.

According to the report, the latest trade measures cut both ways for the domestic steel industry. First, deliveries of 4 MTPA to the US from Asian suppliers like Japan and South Korea, which till now had preferential market access, could be partly bounced-off to high-growth markets like India. It said that these two countries rank among the top three steel exporters to India, accounting for 40-55 per cent of India's overall finished and semis (finished) steel imports. It stated that given the duty-free access on account of the free trade agreements (FTA) with India, import pressures from South Korea and Japan could increase in FY2026 as they search for alternate markets.

The report further said this can exert pressure on domestic steel prices, pulling down the industry's earnings further in FY2026. Unlike South Korea and Japan, China has a limited presence in the US, as its steel exports are already exposed to the 25 per cent tariff. Therefore, it said redirection of trade flows from China remains less of a threat after the latest tariff announcement. 

The CNX Nifty is currently trading at 23196.90, up by 151.65 points or 0.66% after trading in a range of 22992.20 and 23209.00. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.43%, Bajaj Finance up by 3.15%, Cipla up by 2.62%, Trent up by 2.54% and Bajaj Finserv up by 2.30%. On the flip side, Adani Enterprises down by 1.22%, Infosys down by 0.39%, Hero MotoCorp down by 0.37%, Nestle down by 0.14% and TCS down by 0.06% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 522.51 points or 2.33% to 22,380.43, Shanghai Composite strengthened 7.24 points or 0.22% to 3,353.63, KOSPI increased 30.38 points or 1.18% to 2,578.77, Nikkei 225 surged 553.23 points or 1.4% to 39,516.93 and Taiwan Weighted added 109.66 points or 0.47% to 23,399.41. However, Jakarta Composite plunged 60.04 points or 0.91% to 6,585.74, Straits Times fell 0.31 points or 0.01% to 3,874.31.