Indian markets manage to hold gains in volatile trade

In a volatile session, Indian equity markets were managing to hold their gains in late morning session, as Utilities and Industrials stocks are providing support to the indices, offsetting losses in IT and TECK stocks. Sentiments were positive, as Ministry of Finance said that a total of 55.02 crore Jan-Dhan accounts have been opened till March 7, 2025, out of which 36.63 crore accounts are in rural and semi-urban areas. The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked adult based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas. However, investors were cautious ahead of the U.S. Federal Reserve's policy announcement later today. 

On the global front, Asian markets were trading mixed, after the Bank of Japan left its interest rate unchanged after hiking the rate by a quarter-point early this year, amid rising concerns about the US trade policies and its impact on economic activity and prices. At a two-day meeting that ended on Wednesday, the policy board, governed by Kazuo Ueda, unanimously decided to maintain the uncollateralized overnight call rate at around 0.5 percent, which was the highest level since the global financial crisis in 2008.

The BSE Sensex is currently trading at 75430.72, up by 129.46 points or 0.17% after trading in a range of 75201.48 and 75514.13. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index soared 1.49%, while Small cap index was up by 1.78%.

The top gaining sectoral indices on the BSE were Utilities up by 1.87%, Industrials up by 1.86%, Realty up by 1.71%, Power up by 1.67% and PSU up by 1.58%, while IT down by 1.58%, TECK down by 1.08% and FMCG down by 0.36% were the few losing indices on BSE.

The top gainers on the Sensex were Zomato up by 3.14%, Tata Steel up by 2.26%, Adani Ports & SEZ up by 1.91%, Indusind Bank up by 1.72% and NTPC up by 1.36%. On the flip side, TCS down by 2.18%, Infosys down by 2.07%, Tech Mahindra down by 1.96%, HCL Tech. down by 1.79% and ITC down by 1.11% were the top losers.

Meanwhile, with an aim to protect domestic players from surge in imports, the commerce ministry's investigation arm the Directorate General of Trade Remedies (DGTR) has recommended imposition of a 12 per cent provisional safeguard duty for 200 days on certain steel products. 

Last year in December, the DGTR started the investigation into the sudden surge in imports of 'Non-Alloy and Alloy Steel Flat Products', used in various industries, including fabrication, pipe making, construction, capital goods, auto, tractors, bicycles, and electrical panels. The investigations were conducted following a complaint from the Indian Steel Association.

The directorate in its probe has preliminarily found that there is a recent, sudden, sharp and significant increase in the imports of these products into India, causing and threatening to cause serious injury to the domestic industry/producers. The directorate in a notification has said that there exist critical circumstances, where any delay in application for provisional safeguard measures would cause damage which would be difficult to repair. There is a necessity for immediate application of provisional Safeguard measures. The finance ministry will take the final decision to impose the duty.

Safeguard measures in the form of duty or quantitative restrictions are trade remedies available to the World Trade Organization member-countries. They are imposed to provide a level-playing field to domestic players in case of sudden and significant increase in imports of a product.

The CNX Nifty is currently trading at 22889.95, up by 55.65 points or 0.24% after trading in a range of 22807.95 and 22914.45. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.16%, Apollo Hospital up by 2.67%, Tata Steel up by 2.29%, HDFC Life Insurance up by 2.25% and Adani Ports & SEZ up by 2.00%. On the flip side, TCS down by 2.21%, Infosys down by 2.10%, Tech Mahindra down by 1.91%, HCL Tech. down by 1.81% and ITC down by 1.06% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 61.08 points or 0.97% to 6,284.47, Straits Times rose 13.03 points or 0.33% to 3,908.00, KOSPI increased 19.15 points or 0.73% to 2,631.49 and Nikkei 225 surged 4 points or 0.01% to 37,849.42, Shanghai Composite weakened 6.82 points or 0.2% to 3,422.94, Taiwan Weighted lost 310.84 points or 1.42% to 21,960.83 and Hang Seng declined 46.7 points or 0.19% to 24,693.87.