Indian equity benchmarks erased most of their initial gains but were trading in green in late morning deals, supported by positive global cues and buying in IT stocks. Optimism over a potential US-India trade deal also bolstered investor sentiment. Traders took some support with Defence Minister Rajnath Singh’s statement 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. However, gains remain capped as some concern came with exchange data showed foreign institutional investors (FIIs) turned net sellers on Monday, offloading equities worth Rs 1,148.64 crore. Oil prices were also in focus after Brent crude futures rose more than a per cent to $110 a barrel, with investors wary of disruptions to Red Sea shipping and threats to oil infrastructure in Saudi Arabia.
Both Sensex and Nifty were trading higher in late morning deals, but the indices showed a divergence in gains. The BSE Sensex was trading with gains of over 0.50%, supported by gains in select heavyweight stocks from sectors such as IT, TECK and Oil & Gas stocks. The Nifty 50 was trading with gains of around 0.40% on account of buying in index heavyweights, namely Infosys, TCS and Tech Mahindra. On the global front, Asian markets were trading mostly in green after reports suggested that a new peace proposal put forward by Qatar and Pakistan has received positive responses from Washington and Tehran, raising hopes that a breakthrough to halt the war could be announced possibly this week.
The BSE Sensex is currently trading at 74237.69, up by 384.79 points or 0.52% after trading in a range of 74070.54 and 74682.19. There were 14 stocks advancing against 16 stocks declining on the index.
The top gaining sectoral indices on the BSE were IT up by 2.25%, TECK up by 1.76%, Oil & Gas up by 0.50%, Energy up by 0.48% and Bankex up by 0.02%, while Capital Goods down by 1.70%, Industrials down by 1.44%, Power down by 1.21%, Consumer discretionary down by 1.21% and Auto down by 1.15% were the top losing indices on BSE.
The top gainers on the Sensex were Infosys up by 3.36%, TCS up by 2.09%, Tech Mahindra up by 2.05%, Ultratech Cement up by 2.02% and HCL Technologies up by 2.00%. On the flip side, Bajaj Finance down by 2.13%, Eternal down by 1.70%, Mahindra & Mahindra down by 1.45%, Bajaj Finserv down by 1.40% and Interglobe Aviation down by 1.16% were the top losers.
Meanwhile, The Engineering Export Promotion Council (EEPC) Chairman Pankaj Chadha has said that India’s engineering exports are expected to touch an all-time high of $150 billion in the current fiscal (FY27).
The figure is a significant jump from last fiscal's exports which stood at $122 billion. Pankaj Chadha stated that shipments are recording healthy growth in markets such as the US.
In April-September of current fiscal, the exports rose by about 20 per cent to $70.87 billion. He added that increasing exports in sectors like iron and steel and their products and machinery would help shipments.
The CNX Nifty is currently trading at 22971.15, up by 82.20 points or 0.36% after trading in a range of 22922.45 and 23120.90. There were 20 stocks advancing against 30 stocks declining on the index.
The top gainers on Nifty were Infosys up by 3.18%, Ultratech Cement up by 2.25%, Tech Mahindra up by 2.22%, TCS up by 2.18% and HCL Technologies up by 1.87%. On the flip side, Bajaj Finance down by 2.36%, Bajaj Finserv down by 1.65%, Eicher Motors down by 1.64%, Eternal down by 1.50% and Bajaj Auto down by 1.38% were the top losers.
Asian markets were trading mostly in green; Nikkei 225 surged 669.58 points or 1.04% to 64,745.00, Taiwan Weighted added 420.32 points or 0.91% to 46,713.25, Shanghai Composite weakened 18.38 points or 0.49% to 3,716.99, KOSPI increased 145.12 points or 2.61% to 5,697.86 and Straits Times rose 48.38 points or 0.9% to 5,452.40. On the flip side, Hang Seng declined 111.74 points or 0.47% to 23,756.00 and Jakarta Composite plunged 44.53 points or 0.85% to 5,234.36.
