Indices maintain gains in late morning deals

Domestic equity indices maintained their gains in late morning deals as market participants continued to build their positions. Hectic buying in Bharti Airtel, Eternal, Sun Pharma, Asian Paints and Bajaj Finserv helped both the Sensex and Nifty trade above their psychological levels of 77,000 and 24,000, respectively. Sentiments were further supported by Indian rupee appreciating 10 paise to 95.38 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. On the BSE sectoral front, traders were seen piling up positions in Realty, Consumer Durables, Telecom, Healthcare and FMCG, while selling was witnessed only in IT and Metal. 

On the global front, Asian markets were trading mixed as traders assessed rising tensions between the U.S. and Iran. Back home, shares of electronic manufacturing services (EMS) companies, namely Dixon Technologies (India), Syrma SGS Technology, Amber Enterprises and PG Electroplast, were in focus after the government extended customs duty concessions on a range of machinery and components used in electronics manufacturing until March 31, 2029.

The BSE Sensex is currently trading at 77076.84, up by 573.24 points or 0.75% after trading in a range of 76576.14 and 77326.65. There were 19 stocks advancing against 11 stocks declining on the index.

The top gaining sectoral indices on the BSE were Realty up by 2.53%, Consumer Durables up by 1.57%, Telecom up by 1.37%, Healthcare up by 1.32% and FMCG up by 1.17%, while IT down by 0.58% and Metal down by 0.26% were the only losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.25%, Eternal up by 2.46%, Sun Pharma up by 2.17%, Asian Paints up by 1.62% and Bajaj Finserv up by 1.54%. On the flip side, Infosys down by 1.98%, TCS down by 1.19%, NTPC down by 0.99%, Bajaj Finance down by 0.91% and Tata Steel down by 0.61% were the top losers.

Meanwhile, India and the Maldives have concluded negotiations for a bilateral investment treaty (BIT), and the text is undergoing legal scrubbing before the deal is signed. The two countries are also accelerating negotiations for a proposed free trade agreement (FTA) to further strengthen economic ties. The developments followed bilateral talks between Maldives' Minister of Economic Development, Transport and Trade, Mohamed Saeed, and India's Minister of Commerce and Industry, Piyush Goyal, during Minister Saeed's official visit to India.

In a trade agreement, two countries either significantly reduce or eliminate import duties on a wide range of goods traded between them, thereby facilitating greater trade. Both sides have reaffirmed their commitment to expediting the signing of the treaty and the proposed Free Trade Agreement (FTA). The two ministers also discussed ways to deepen cooperation in sectors including tourism, startups, digital payments and MSMEs.

A BIT is designed to promote and protect investments in each other's countries. India has recently implemented similar agreements with countries like Israel and the United Arab Emirates (UAE). The India-Maldives agreement is expected to pave the way for increased bilateral investments between the two countries. Between April 2000 and March 2026, India received foreign direct investment (FDI) worth $12.65 million from the Maldives. Meanwhile, bilateral trade between India and the Maldives increased 13.5% year-on-year to $771.76 million in FY26, comprising exports of $458.71 million and imports of about $313 million, compared with $690 million in FY25.

The CNX Nifty is currently trading at 24039.70, up by 157.65 points or 0.66% after trading in a range of 23927.70 and 24134.70. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.38%, Eternal up by 2.44%, Max Healthcare up by 2.29%, Sun Pharma up by 2.19% and Tata Consumer up by 1.80%. On the flip side, Dr. Reddy's down by 5.73%, Infosys down by 1.95%, Hindalco Industries down by 1.42%, TCS down by 1.13% and NTPC down by 0.96% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 1274.95 points or 1.91% to 68,094.00, Jakarta Composite gained 12.33 points or 0.21% to 5,885.70, Shanghai Composite strengthened 27.03 points or 0.68% to 3,997.91, KOSPI increased 38.75 points or 0.53% to 7,285.54. However, Taiwan Weighted lost 193.55 points or 0.43% to 45,540.86, Hang Seng declined 203.46 points or 0.84% to 23,996.00 and Straits Times rose 49.69 points or 0.93% to 5,419.26.