Domestic indices magnify gains in late morning deals

Domestic equity indices magnified their gains and were trading higher by over one percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices were also trading firm with BSE Mid cap index and Small cap index gaining in the range of 1.20-1.75%. Hectic buying in Indusind Bank, Tech Mahindra, Axis Bank, Bajaj Finserv and SBI companies’ stocks helped the markets to magnify their gains. Sentiments were supported by Indian rupee appreciating 27 paise to 85.11 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Besides, support also came in as RBI said that India's forex reserves increased by $1.567 billion to $677.835 billion for the week ended April 11.

On the global front, Asian markets were trading mixed as China’s central bank held rates at a time when the yuan has come under pressure due to Beijing-Washington trade tensions. The People’s Bank of China kept its key loan prime rates unchanged at 3.10% for 1-year loan maturities and 3.60% for 5-year loan maturities. Back home, most of sectoral indices on the BSE were trading in green led by Oil & Gas, PSU, Metal, Energy and Banking. 

The BSE Sensex is currently trading at 79400.07, up by 846.87 points or 1.08% after trading in a range of 78776.06 and 79428.10. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.74%, while Small cap index up by 1.26%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.42%, PSU up by 2.24%, Metal up by 2.12%, Energy up by 2.08% and Bankex up by 2.05%, while FMCG down by 0.67% was the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 5.15%, Tech Mahindra up by 3.99%, Axis Bank up by 3.89%, Bajaj Finserv up by 3.44% and SBI up by 3.22%. On the flip side, Adani Ports down by 2.07%, ITC down by 1.23%, Hindustan Unilever down by 0.87%, Nestle down by 0.55% and Bharti Airtel down by 0.37% were the top losers.

Meanwhile, Society of Indian Automobile Manufacturers (SIAM) has stated that automobile exports from India rose by 19 per cent to over 53 lakh units in the last 2024-25 fiscal year driven by robust demand for passenger vehicles, two wheelers and commercial vehicles in the overseas markets. Overall exports stood at 53.63 lakh (53,63,089) units in FY25 as compared with 45 lakh (45,00,494) units in 2023-24 fiscal ending March 31, 2024. Passenger vehicle shipments rose by 15 per cent to 7,70,364 units in FY25 as against 6,72,105 units in FY24.

SIAM said the segment reported its best ever yearly performance last fiscal driven by demand for global models being manufactured in India. With manufacturing quality improving, some companies have also commenced exporting to developed markets. Utility vehicle dispatches led the space with dispatch of 3,62,160 units, a growth of 54 per cent, as compared with 2,34,720 units in FY24. Two-wheeler exports increased by 21 per cent to 41,98,403 units in FY25 as against 34,58,416 units in 2023-24 fiscal.

It further said new models and new markets have helped in expanding the footprint of two-wheeler exports. Further, economic stability in the African region and demand in Latin America has supported this growth. Three-wheeler exports grew by 2 per cent in FY 2024-25 as compared to FY 2023-24 with shipment of 3.1 lakh units. Exports of commercial vehicles 23 per cent last year fiscal at 80,986 units as compared with 65,818 units in the year-ago period. It added that export demand in key markets of interest, such as Africa and neighbouring countries, is likely to continue as 'Made in India' vehicles are gaining traction. 

The CNX Nifty is currently trading at 24118.85, up by 267.20 points or 1.12% after trading in a range of 23903.65 and 24129.25. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 5.19%, Axis Bank up by 3.86%, Tech Mahindra up by 3.70%, JSW Steel up by 3.60% and Bajaj Finserv up by 3.44%. On the flip side, Adani Ports down by 2.02%, HDFC Life Insurance down by 1.26%, ITC down by 1.23%, Hindustan Unilever down by 0.87% and Nestle down by 0.60% were the top losers.

Asian markets were trading mixed; Jakarta Composite plunged 17.24 points or 0.27% to 6,421.03, Nikkei 225 slipped 389.45 points or 1.13% to 34,340.83 and Taiwan Weighted lost 304.8 points or 1.6% to 19,090.23. However, Shanghai Composite strengthened 11.41 points or 0.35% to 3,288.14, Straits Times rose 40.5 points or 1.08% to 3,760.83 and KOSPI increased 2.41 points or 0.1% to 2,485.83.