Key gauges add some gains in morning deals

Indian equity benchmarks added some gains in morning deals, as retail inflation eased to a nearly six-year low of 3.16 per cent in April, creating enough room for the Reserve Bank to go for another round of rate cut in the June monetary policy review. Also, a cooling US April inflation data added to the positive trend in the equity markets. Traders took a note of report that India has ‘only’ reserved its right under WTO norms to impose retaliatory duties on certain American products over the US' steel and aluminum tariffs and it may choose to resolve the issue through the ongoing bilateral trade agreement (BTA) negotiations between the two countries. Traders overlooked exchange data showed Foreign institutional investors (FIIs) offloaded equities worth Rs 476.86 crore on a net basis on Tuesday. On the global front, Asian markets were trading mostly in green as a cautious sense of relief spread through regional markets after the US and China agreed to a 90-day pause in their trade war. 

The BSE Sensex is currently trading at 81620.54, up by 472.32 points or 0.58% after trading in a range of 81184.89 and 81691.87. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.96%, while Small cap index was up by 1.20%.

The top gaining sectoral indices on the BSE were Metal up by 2.59%, Realty up by 2.04%, Industrials up by 1.51%, Basic Materials up by 1.37% and Capital Goods up by 1.35%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Tata Steel up by 4.78%, Bharti Airtel up by 1.76%, Eternal up by 1.55%, Mahindra & Mahindra up by 1.51% and Tech Mahindra up by 1.48%. On the flip side, Asian Paints down by 1.40%, Tata Motors down by 0.58%, Hindustan Unilever down by 0.46%, Nestle down by 0.06% and Kotak Mahindra Bank down by 0.06% were the top losers.

Meanwhile, the Gem and Jewellery Export Promotion Council (GJEPC) data has shown that India's overall gems and jewellery exports dipped by 4.62 per cent to $2,037.06 million in April, as compared to the same month of the previous financial year. As per the data, country's total gems and jewellery exports stood at $2,135.7 million in the same month of the previous year.

According to the GJEPC data, country’s overall exports of 'Cut and Polished' diamonds has declined by 6.12 per cent to $1,108.74 million in April as compared to $1,180.99 million in the same period a year ago. Besides, the total gold jewellery shipment has witnessed a dip of 5.41 per cent at $684.51 million during the month under review, as compared to $723.63 million for the same period of the previous year. Further, during the month of April the Silver jewellery exports were also declined by 12.03 per cent at $38.3 million.

In contrast, the exports of 'Coloured Gemstones' have witnessed a growth of 11.95 per cent at $27.76 million as compared to $24.8 million in the same period of the previous year. Meanwhile, the Gross export of 'Polished Lab Grown Diamonds' in April was almost flat with a growth of just 0.41 per cent at $110.74 million, over $110.29 million in the same month of FY25.

The CNX Nifty is currently trading at 24766.75, up by 188.40 points or 0.77% after trading in a range of 24581.75 and 24767.30. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 4.75%, Shriram Finance up by 3.16%, Hindalco up by 2.55%, JSW Steel up by 2.17% and Coal India up by 1.90%. On the flip side, Asian Paints down by 1.35%, Cipla down by 1.01%, Hindustan Unilever down by 0.40%, Tata Motors down by 0.38% and Hero MotoCorp down by 0.31% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 391.61 points or 1.84% to 21,721.75, Hang Seng advanced 329.84 points or 1.41% to 23,438.11, KOSPI increased 32.10 points or 1.23% to 2,640.52, Jakarta Composite gained 114.22 points or 1.67% to 6,947.02 and Shanghai Composite strengthened 6.3 points or 0.19% to 3,381.17.

On the flip side, Straits Times fell 11.63 points or 0.3% to 3,869.42 and Nikkei 225 slipped 147.1 points or 0.39% to 38,036.16.