Indian equity markets have made positive start and were trading higher by around half percent in early deals on Wednesday on account of firm cues from global market and falling crude oil prices. Sentiments got boost after U.S. Defense Secretary Pete Hegseth said the U.S. ceasefire with Iran remained in place, easing fears that the region would return to full-scale war after attacks on the United Arab Emirates this week. Further, support also came in as External Affairs Minister S Jaishankar has said that India and Jamaica have agreed to strengthen trade linkages and explore cooperation for recruitment and mobility of skilled professionals, including healthcare workers and teachers. On the BSE sectoral front, traders were seen piling up position in Telecom, Auto, Bankex, IT and TECK, while selling was witnessed in Power, Industrials, Utilities, Capital Goods and FMCG.
On the global front, Asian markets were trading higher following positive cues from the U.S. markets overnight. Back home, in the stock specific development, KEC International surged as the company secured new orders of Rs 1,002 crore across various businesses.
The BSE Sensex is currently trading at 77376.19, up by 358.40 points or 0.47% after trading in a range of 77357.44 and 77675.01. There were 26 stocks advancing against 4 stocks declining on the index.
The top gaining sectoral indices on the BSE were Telecom up by 1.79%, Auto up by 1.44%, Bankex up by 1.24%, IT up by 1.13% and TECK up by 1.09%, while Power down by 0.74%, Industrials down by 0.41%, Utilities down by 0.34%, Capital Goods down by 0.05% and FMCG down by 0.04% were the top losing indices on BSE.
The top gainers on the Sensex were Interglobe Aviation up by 3.05%, Mahindra & Mahindra up by 2.46%, Bajaj Finance up by 1.88%, Trent up by 1.81% and Bajaj Finserv up by 1.62%. On the flip side, Larsen & Toubro down by 2.99%, Hindustan Unilever down by 1.09%, NTPC down by 0.39% and Power Grid down by 0.36% were the few losers.
Meanwhile, Moody's Ratings in a report on emerging market has said that India has been the most resilient large emerging market economy since 2020, and its large forex reserves have played a key role in curbing currency fluctuations and sustaining investor confidence during global shocks. According to the report, India is well-positioned to handle future shocks on account of monetary policy frameworks are clear and predictable, inflation expectations are well anchored, and exchange rates can adjust when needed.
It stated ‘India's reliance on domestic funding is balanced by deep local markets and sizeable reserves... Nevertheless, India's relatively high debt burden and weak fiscal balance limit the amount of space available to respond to successive shocks.’ It noted India had made key policy choices that bolstered stability even before the recent period of stress.
Further it said that many major emerging-market sovereigns have absorbed a series of major global shocks over the past five years without sharp increase in risk premia or a loss of market access. This reflects sustained improvements in policy frameworks and the buildup of buffers, as well as particularly supportive external conditions.
The CNX Nifty is currently trading at 24154.00, up by 121.20 points or 0.50% after trading in a range of 24150.75 and 24250.85. There were 44 stocks advancing against 6 stocks declining on the index.
The top gainers on Nifty were Interglobe Aviation up by 3.12%, Mahindra & Mahindra up by 2.46%, Shriram Finance up by 1.91%, Bajaj Finance up by 1.87% and Adani Enterprises up by 1.86%. On the flip side, Larsen & Toubro down by 3.12%, Hindustan Unilever down by 1.09%, ONGC down by 0.74%, Power Grid down by 0.52% and NTPC down by 0.38% were the top losers.
All Asian markets were trading higher; Taiwan Weighted added 303.63 points or 0.74% to 41,072.92, Jakarta Composite gained 50.78 points or 0.72% to 7,107.89, Shanghai Composite strengthened 52.26 points or 1.27% to 4,164.42, KOSPI increased 462.83 points or 6.25% to 7,399.82, Hang Seng advanced 191.39 points or 0.73% to 26,090.00 and Straits Times rose 2.9 points or 0.06% to 4,923.51.
