Bulls hold grip over Indian markets

Bulls were holding their tight grip over Dalal Street in late morning session, with both Sensex and Nifty gaining more than a percent, aided by positive cues from other Asian markets. The positive momentum is also largely attributed to strong performances in the Consumer discretionary and Industrials sectors. Sentiments remained positive, as the Reserve Bank of India (RBI) in its latest report has showed that India's outward foreign direct investment (OFDI) commitments surged 39.63% to $5,359.79 million in February 2025 as against $3,838.62 million in February 2024, driven by strong growth in equity investments. 

On the global front, Asian markets were trading mostly in green, after Indonesia's foreign trade surplus increased notably in February from a year ago as exports grew faster than imports. The figures from Statistics Indonesia showed that the trade surplus rose to $3.12 billion in February from $0.83 billion in the same month last year. In January, the surplus was $3.49 billion. Exports surged 14.05 percent year-over-year in February, while imports rose only by 2.3 percent. Outflows of non-oil and gas alone jumped 15.40 percent compared to February last year.

The BSE Sensex is currently trading at 75058.52, up by 888.57 points or 1.20% after trading in a range of 74480.15 and 75094.30. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index jumped 1.52%, while Small cap index was up by 2.21%.

The top gaining sectoral indices on the BSE were Consumer discretionary up by 2.15%, Industrials up by 2.11%, Consumer Durables up by 1.97%, Auto up by 1.85% and Realty up by 1.83%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Zomato up by 5.35%, Asian Paints up by 2.71%, Mahindra & Mahindra up by 2.69%, Tata Motors up by 2.41% and ICICI Bank up by 2.27%. On the flip side, Bajaj Finserv down by 1.62%, Bharti Airtel down by 0.08% and Reliance Industries down by 0.05% were the only losers.

Meanwhile, the commerce ministry in its latest data has showed that India's merchandise exports declined for the fourth month in a row in February 2025, falling by 12.19 per cent year-on-year to $36.91 billion as against $41.41 billion a year ago, due to volatility in petroleum prices and global uncertainties. Besides, merchandise imports were lower at $50.96 billion in February 2025 as compared with $60.92 billion in February 2024. The trade deficit, or the gap between imports and exports, for February 2025 stood at $14.05 billion, the lowest level since August 2021. In February 2024, the merchandise trade deficit stood at $19.5 billion. 

According to the data, merchandise exports during April-February 2024-25 were $395.63 billion as compared to $395.38 billion during April-February 2023-24. Merchandise imports during April-February 2024-25 were $656.68 billion as compared to $621.19 billion during April-February 2023-24. Merchandise trade deficit during April-February 2024-25 was $261.06 billion as compared to $225.81 billion during April-February 2023-24. 

It further said non-petroleum and non-gems & jewellery exports in February 2025 were $28.57 billion as compared to $29.99 billion in February 2024. Non-petroleum and non-gems & jewellery exports in April-February 2024-25 were $310.09 billion, as compared to $286.55 billion in April-February 2023-24. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February 2025 were $35.02 billion as compared to $33.96 billion in February 2024. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-February 2024-25 were $415.85 Billion, as compared to $388.82 billion in April-February 2023-24.

The CNX Nifty is currently trading at 22772.80, up by 264.05 points or 1.17% after trading in a range of 22599.20 and 22780.65. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Asian Paints up by 2.68%, Mahindra & Mahindra up by 2.68%, Hindalco up by 2.60%, Tata Motors up by 2.38% and Larsen & Toubro up by 2.22%. On the flip side, Bajaj Finserv down by 1.61% and Bharti Airtel down by 0.06% were the only losers.

Asian markets were trading mostly in green; Hang Seng advanced 492.19 points or 2.04% to 24,637.76, Shanghai Composite strengthened 2.2 points or 0.06% to 3,428.33, Straits Times rose 34.67 points or 0.9% to 3,894.03, KOSPI increased 2.53 points or 0.1% to 2,613.22, Nikkei 225 surged 464.15 points or 1.24% to 37,860.67 and Taiwan Weighted added 153.04 points or 0.69% to 22,271.67, while Jakarta Composite plunged 395.87 points or 6.52% to 6,076.08.