Bourses trade at day’s high levels in early afternoon session

Indian equity markets traded at day’s high levels in early afternoon session amid value buying by investors. Traders overlooked rising geopolitical tensions involving Pakistan and ongoing global trade uncertainties. Investors got support as net direct tax collection for the financial year 2024-25 has grew by 13.57 per cent to over Rs 22.26 lakh crore. However, due to issuance of the highest-ever amount of refunds it has narrowly missed the target of Rs 22.37 crore set by the government. In line Q4 earnings reports also boosted traders’ sentiment. On the global front, Asian markets were trading mostly in green as investors awaited progress in US trade negotiations with the region and signs of further stimulus from China.

The BSE Sensex is currently trading at 80233.89, up by 1021.36 points or 1.29% after trading in a range of 79341.35 and 80243.67. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.12%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Energy up by 2.94%, Oil & Gas up by 2.92%, PSU up by 2.14%, Capital Goods up by 2.12% and Metal was up by 1.74%, while IT down by 0.09% was the only losing index on BSE.

The top gainers on the Sensex were Reliance Industries up by 4.75%, Sun Pharma up by 2.83%, Tata Steel up by 2.67%, Larsen & Toubro up by 2.34% and Axis Bank up by 2.09%. On the flip side, HCL Tech down by 1.61%, Eternal down by 0.81%, Bajaj Finance down by 0.61%, Nestle down by 0.58% and Ultratech Cement down by 0.27% were the top losers.

Meanwhile, amid ongoing trade tensions, Union Minister Nitin Gadkari has said that India will have to increase its exports and reduce imports to emerge as a stronger nation in the global community. 

While addressing an international conference on Vision 2047 Prosperous and Great Bharat, Minister also suggested that the imposition of reciprocal tariffs by the US was a blessing in disguise for India as newer markets are now opening up for the domestic industry.

Gadkari highlighted the sugar industry's recent order from the US as an example of how India can benefit from global trade dynamics. The Indian sugar industry received an order of 1,000 containers from the US. The minister further said that these are the ways if someone faces a loss, someone else profits. It is a plain case of demand and supply.

The CNX Nifty is currently trading at 24321.30, up by 281.95 points or 1.17% after trading in a range of 24054.05 and 24336.20. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 4.59%, Bharat Electronics up by 3.06%, Sun Pharma up by 2.81%, Tata Steel up by 2.53% and JSW Steel up by 2.51%. On the flip side, Shriram Finance down by 4.26%, HCL Tech down by 1.55%, Eternal down by 0.84%, Bajaj Finance down by 0.69% and Nestle down by 0.54% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 161.68 points or 0.81% to 20,034.41, Nikkei 225 surged 134.25 points or 0.37% to 35,839.99, Hang Seng advanced 54.35 points or 0.25% to 22,035.09, Jakarta Composite gained 52.98 points or 0.79% to 6,731.90 and KOSPI was up by 2.56 points or 0.1% to 2,548.86. On the flip side, Shanghai Composite weakened 4.73 points or 0.14% to 3,290.33 and Straits Times was down by 14.52 points or 0.38% to 3,809.26.