Domestic equity markets made a positive start and were trading with solid gains in early deals on Wednesday as market participants indulged in increasing their positions. Heavy buying in index heavyweights, namely Reliance Industries, Tata Consultancy Services, Infosys and ICICI Bank, helped both the Sensex and the Nifty reclaim their psychological levels of 74,600 and 23,100, respectively. Sentiments got boost as External Affairs Minister S Jaishankar, US Secretary of State Marco Rubio and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met in Mumbai in a trilateral format to discuss regional energy security and advance shared economic priorities. Meanwhile, Marco Rubio said India-US Trade Deal Is ‘Incredibly Close’.
On the global front, Asian markets were trading mostly higher in early deals as crude oil-linked inflation concerns eased following reports of a possible peace deal between the U.S. and Iran, mediated by Pakistan and Qatar that satisfies the needs of both the warring nations.
The BSE Sensex is currently trading at 74665.02, up by 812.12 points or 1.10% after trading in a range of 74149.89 and 74665.02. There were 24 stocks advancing against 6 stocks declining on the index.
The top gaining sectoral indices on the BSE were IT up by 2.42%, TECK up by 2.17%, Telecom up by 1.08%, Realty up by 0.97% and Energy up by 0.97%, while Capital Goods down by 0.51%, Industrials down by 0.32% and Power down by 0.12% were the few losing indices on BSE.
The top gainers on the Sensex were Infosys up by 2.48%, Ultratech Cement up by 2.14%, TCS up by 1.96%, Reliance Industries up by 1.39% and ICICI Bank up by 1.15%. On the flip side, Bajaj Finance down by 2.61%, Bajaj Finserv down by 0.75%, HDFC Bank down by 0.12%, Maruti Suzuki India down by 0.10% and Interglobe Aviation down by 0.01% were the top losers.
Meanwhile, Highlighting India’s growth trajectory, Defence Minister Rajnath Singh has said that India contributes more than 16% to global economic growth and is growing at approximately 7.8%, even as several major economies face a slowdown due to the conflict in West Asia. The minister, who is in Tajikistan on a two-day official visit to attend a meeting of the Shanghai Cooperation Organisation (SCO), made these remarks while addressing the Indian diaspora.
Referring to the changing global trade landscape, the minister said India has entered into free trade agreements with 38 countries, opening new markets for Indian manufacturers and producers. He said the India-UK and India-EU trade agreements, which are expected to eliminate tariffs on 99% of Indian exports, would strengthen the country’s trade prospects and global economic partnerships. Guided by the philosophy of Vasudhaiva Kutumbakam, India aspires to become a nation that combines prosperity, knowledge & strength with a commitment to global peace and the well-being of humanity. He emphasised that India’s economic transformation, reform-driven governance, technological advancement and growing global stature under Prime Minister Narendra Modi’s leadership are paving the way towards the realisation of this vision.
On the transformation in governance and policymaking over the last decade, Singh stated that ‘India has moved from an era of ‘policy paralysis’ to a ‘reform express’ driven by a clear policy direction. For us, reforms are not a compulsion; they are a conviction.’ He noted that the current account deficit, which exceeded 4% of GDP 12-13 years ago, declined to 0.61% in the previous financial year. India’s foreign exchange reserves have crossed $700 billion, while the banking system is in its strongest-ever position.
Highlighting India’s progress in defence manufacturing, he said that defence exports have reached a record Rs 38,424 crore, with defence production surging to Rs 1.80 lakh crore. He underlined that the number of start-ups has grown from a few hundred before 2014 to more than 2.5 lakh, and nearly half of these start-ups originate from smaller cities and towns, while more than 45% have at least one woman director or partner. He said that affordable mobile data and wider connectivity have enabled more Indians to access opportunities, encouraging innovation, nurturing new talent and generating fresh solutions. He also highlighted the impact of inclusive development, stating that approximately 25 crore people have been lifted out of poverty over the past decade.
The CNX Nifty is currently trading at 23115.65, up by 226.70 points or 0.99% after trading in a range of 22976.15 and 23118.45. There were 35 stocks advancing against 15 stocks declining on the index.
The top gainers on Nifty were Infosys up by 2.14%, ICICI Bank up by 1.81%, HCL Technologies up by 1.64%, Ultratech Cement up by 1.62% and Power Grid up by 1.26%. On the flip side, SBI Life Insurance down by 2.11%, Bajaj Finserv down by 0.71%, Grasim Industries down by 0.49%, Asian Paints down by 0.44% and Trent down by 0.40% were the top losers.
Asian markets were trading mostly in green; Nikkei 225 surged 607.58 points or 0.95% to 64,683.00, Taiwan Weighted added 638.28 points or 1.38% to 46,931.21, KOSPI increased 140.66 points or 2.53% to 5,693.40 and Straits Times rose 17.2 points or 0.32% to 5,452.51. However, Jakarta Composite plunged 62.5 points or 1.18% to 5,216.39, Shanghai Composite weakened 11.42 points or 0.31% to 3,723.95 and Hang Seng declined 84.74 points or 0.36% to 23,783.00.
