Domestic indices recover from day's lows

Domestic equity indices recovered from low points of day and were trading slightly in green in late morning deals on account of buying by funds and retail investors. Buying in Asian Paints, Trent, Adani Ports, Tata Steel and SBI companies’ stocks helped the markets to recover from low points. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.20-0.40%. Traders were getting encouragement as NITI Aayog member Arvind Virmani has said India is set to become the fourth largest economy in the world by overtaking Japan by the end of 2025. On the BSE sectoral front, traders were seen pilling up positions in Telecom, Industrials, Realty, Capital Goods and Consumer Durables, while selling was witnessed in Auto, Utilities, IT, Energy and Oil & Gas. 

On the global front, Asian markets were trading mostly in red as investors continued to assess global trade climate after U.S. President Donald Trump deferred 50% tariffs on European Union imports. Back home, in the stock specific development, KEC International soared on healthy Q4 results.

The BSE Sensex is currently trading at 82270.18, up by 93.73 points or 0.11% after trading in a range of 81261.96 and 82294.38. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index up by 0.40%.

The top gaining sectoral indices on the BSE were Telecom up by 0.78%, Industrials up by 0.63%, Realty up by 0.58%, Capital Goods up by 0.54% and Consumer Durables up by 0.42%, while Auto down by 0.30%, Utilities down by 0.23%, IT down by 0.20%, Energy down by 0.15% and Oil & Gas down by 0.12% were the losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 0.93%, Trent up by 0.89%, Adani Ports up by 0.77%, Tata Steel up by 0.65% and SBI up by 0.61%. On the flip side, Ultratech Cement down by 1.90%, NTPC down by 1.05%, Mahindra & Mahindra down by 0.61%, Tata Motors down by 0.58% and Eternal down by 0.44% were the top losers.

Meanwhile, the Confederation of Indian Industry (CII), in collaboration with Kearney, has released a report indicating India's mining and construction equipment sector is likely to reach $45 billion in another five years. It added that currently the sector is valued at $16 billion and is projected to grow at a 19 per cent CAGR, unlocking a $45 billion opportunity by 2030. CII, in collaboration with Kearney, has come out with a Vision Report for Making India a Global Manufacturing Hub in the Mining and Construction Equipment Sector. The report presents a bold Vision 2030 to position India as a global leader in mining and construction equipment (MCE) sector and outlines an action plan.

India is now the fastest-growing MCE market among the top six global economies, surpassing even the US, Germany and Japan. The CII in its report has emphasized the contribution of the mining and construction sector in global infrastructure, energy, and industrial growth highlighting that the sector commands a $18 trillion global market and contributes 16 per cent to global GDP. Meanwhile, highlighting importance of the sector, it added that sector contributes 22 per cent to the Indian GDP, supporting over 70 million jobs. The also added that India is the fastest-growing market among the top six global MCE markets, with a CAGR of 12 per cent over the past five years. It pointed out that India's rapid growth is positioning it as a key player in the global MCE landscape.

As per the report, the expansion of the MCE sector is projected to contribute over $100 billion to India's economy by FY30, adding 20 million jobs directly or indirectly. This impact is driven by the growth of upstream and downstream industries, job creation and a boost to tax revenues. Moreover, to realise the full potential of Vision 2030, the report recommended structural and policy initiatives, institutionalising governance via a single nodal agency, Production Linked Incentive (PLI) scheme tailored for MCE, accelerating MCE exports through FTAs, establishing mutual recognition arrangements for Indian certification standards, promoting technology adoption and automation, rationalising tax and import duties among others.

The CNX Nifty is currently trading at 25012.55, up by 11.40 points or 0.05% after trading in a range of 24737.70 and 25013.65. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 2.89%, Asian Paints up by 0.95%, Trent up by 0.90%, Nestle up by 0.88% and Adani Ports up by 0.81%. On the flip side, Ultratech Cement down by 1.55%, Grasim Industries down by 1.19%, NTPC down by 1.16%, JSW Steel down by 0.88% and Tata Consumer down by 0.57% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 54.42 points or 0.23% to 23,227.91, Jakarta Composite plunged 3.64 points or 0.05% to 7,184.71, Shanghai Composite weakened 9.48 points or 0.28% to 3,337.36, KOSPI dropped 13.49 points or 0.51% to 2,630.91 and Taiwan Weighted lost 191.82 points or 0.9% to 21,344.75. However, Straits Times rose 6.26 points or 0.16% to 3,881.86 and Nikkei 225 surged 231.47 points or 0.61% to 37,763.00.