Key gauges continue to trade higher in morning deals

Indian equity benchmarks continued to trade higher in morning deals, following a recovery in Asian peers and across the board buying. Traders took support as the commerce ministry is stepping up efforts to help exporters explore new markets to push outbound shipments while also setting up a working group to monitor possible surge in imports from countries like China to tackle the impact of sweeping tariffs announced by the US. On the global front, Asian markets are trading mostly in green despite signs of rising tensions between the U.S. and China. China threatened to resolutely take countermeasures to safeguard its own rights and interests, in response to U.S. President Donald Trump's threat of an additional 50 percent tariff on Chinese imports.

The BSE Sensex is currently trading at 73916.29, up by 778.39 points or 1.06% after trading in a range of 73764.64 and 74421.65. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.32%, while Small cap index was up by 1.67%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.18%, Realty up by 1.89%, Telecom up by 1.72%, Consumer Discretionary up by 1.60% and Healthcare up by 1.60%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Titan Company up by 3.84%, Bajaj Finserv up by 3.12%, Bajaj Finance up by 2.46%, SBI up by 2.45% and Tata Motors up by 2.05%. On the flip side, Power Grid Corporation down by 0.66% and Nestle down by 0.13% were the few losers.

Meanwhile, Electronics and IT Secretary S Krishnan has said that the electronics and IT sector manufacturers are not overly concerned about the recent hikes in import duty by India's largest trading partner the US. However, he said the impact will depend on how the tariff situation plays out ahead.

He stated ‘We've been in regular consultation with manufacturers in India. That is something that we are speaking to them on an ongoing basis. They are not overly concerned right now, but it also depends on how this whole situation plays out. It's a dynamic situation.’

The US on April 3 imposed an additional 26% tariff on Indian goods, effective April 9. The sector players are of the view that the Indian industries are better placed as compared to their competitors in the electronics segment. While the US has imposed an additional 26% import duty on India, its competitor Vietnam is facing a 46% tariff, China 34%, Indonesia 32%, Taiwan 32% and Thailand 36%. 

Mobile phone is the biggest contributor to India's electronics manufacturing landscape, with Apple and Samsung being the top exporter in the country. The majority of iPhones are made in China followed by India, while Samsung has its biggest factory in Vietnam after India.

The CNX Nifty is currently trading at 22424.35, up by 262.75 points or 1.19% after trading in a range of 22369.15 and 22577.55. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.66%, Titan Company up by 3.61%, Grasim Industries up by 3.21%, Bajaj Finserv up by 3.11% and Bharat Electronics up by 3.07%. On the flip side, Power Grid Corporation down by 0.66% and Nestle down by 0.14% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 1742.72 points or 5.6% to 32,879.30, Hang Seng advanced 312.48 points or 1.55% to 20,140.78, KOSPI increased 11.12 points or 0.48% to 2,339.32 and Shanghai Composite strengthened 28.19 points or 0.9% to 3,124.77.

On the flip side, Taiwan Weighted lost 861.46 points or 4.48% to 18,370.89, Straits Times fell 54.82 points or 1.55% to 3,485.68 and Jakarta Composite plunged 485.84 points or 7.46% to 6,024.78.