Key indices extend gains in morning deals

Indian equity benchmarks extended gains in morning deals, amid sustained foreign fund inflows and a sharp rally in blue-chip stock Reliance Industries. A firm trend in global markets also propelled rally in the domestic equities. Traders took support with the Engineering Exports Promotion Council (EEPC) stated that engineering goods exports from India reached its all-time high of $116.67 billion in fiscal 2024-25, surpassing the previous high of $112.10 billion achieved in fiscal 2021-22. The value of total engineering exports stood at $109.30 billion in 2023-24. Some support also came as the Reserve Bank of India (RBI) Governor Sanjay Mahlhotra’s statement that policy continuity and stability, financial stability, fiscal prudence and efficiency, thrust on infrastructure, renewed focus on manufacturing, demographic dividend, innovation, continued focus on Ease of Doing Business and reforms, digitalisation are among factors that will push India’s growth trajectory over the medium to long-term. On the global front, Asian markets are trading mostly in green as investors await progress in US trade negotiations with the region and signs of further stimulus from China. 

The BSE Sensex is currently trading at 79959.10, up by 746.57 points or 0.94% after trading in a range of 79341.35 and 80073.11. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.75%, while Small cap index was up by 0.31%.

The top gaining sectoral indices on the BSE were Energy up by 2.03%, Oil & Gas up by 1.83%, Healthcare up by 1.46%, PSU up by 1.38% and Capital Goods up by 1.37%, while, IT down by 0.72% and TECK down by 0.39% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 3.88%, Sun Pharma up by 1.76%, ICICI Bank up by 1.70%, Axis Bank up by 1.50% and Tata Steel up by 1.30%. On the flip side, HCL Technologies down by 2.20%, Eternal down by 1.09%, Nestle down by 0.75%, TCS down by 0.75% and Tech Mahindra down by 0.74% were the top losers.

Meanwhile, the Engineering Exports Promotion Council (EEPC) has said that engineering goods exports from India reached its all-time high of $116.67 billion in fiscal 2024-25, surpassing the previous high of $112.10 billion achieved in fiscal 2021-22. The value of total engineering exports stood at $109.30 billion in 2023-24.

It states while the US remained the top destination for Indian engineering exports in 2024-25, significant export growth was also noted in the UAE, Singapore, Nepal, Japan, and France. Engineering goods exports to the US grew 8.7 per cent to $19.15 billion in 2024-25 from $17.62 billion in 2023-24.

Notably, engineering exports outweighed the broader merchandise exports in terms of growth as India's exports saw a marginal 0.08 per cent year-on-year increase in 2024-25. As a result, the share of engineering exports in India's overall merchandise exports increased to 26.67 per cent in 2024-25 from 25.01 per cent in the previous fiscal.

Pankaj Chadha, Chairman, EEPC India, said ‘The performance of Indian engineering exports was remarkable in 2024-25 as it came during a period of extreme global uncertainty following geopolitical disturbances and economic slowdown in major developed and emerging nations. This was further aggravated by US President Donald Trump's decision to raise import duty on dozens of its trade partners, including India.

The CNX Nifty is currently trading at 24245.55, up by 206.20 points or 0.86% after trading in a range of 24054.05 and 24283.00. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 3.89%, Bharat Electronics up by 2.81%, Dr. Reddy's Lab up by 2.34%, Sun Pharma up by 1.80% and ICICI Bank up by 1.72%. On the flip side, Shriram Finance down by 6.95%, HCL Technologies down by 2.15%, Eternal down by 1.32%, Nestle down by 0.78% and TCS down by 0.68% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 129.74 points or 0.36% to 35,835.48, Taiwan Weighted added 132.91 points or 0.67% to 20,005.64, Hang Seng advanced 16.34 points or 0.07% to 21,997.08, KOSPI increased 3.45 points or 0.14% to 2,549.75 and Jakarta Composite gained 49.5 points or 0.74% to 6,728.42.

On the global front, Shanghai Composite weakened 1.04 points or 0.03% to 3,294.02 and Straits Times fell 16.29 points or 0.43% to 3,807.49.