Domestic indices remain in green in late morning deals

Domestic equity indices remained in green in late morning deals on account of buying in Bajaj Finserv, Bajaj Finance, Tech Mahindra, HCL and Tech Mahindra companies stocks. Falling crude oil prices supported domestic sentiments. There were some encouragement in the markets as the government approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. However, broader indices traded lower with BSE Mid cap index and Small cap index falling in the range of 0.50-0.80%. On the BSE sectoral front, traders were seen pilling up positions in IT, TECK, Bankex and FMCG, while selling was witnessed in Metal, Power, Utilities, Basic Materials and PSU. 

On the global front, Asian markets were trading mostly in red following negatives cues from the US markets overnight. Back home in the stock specific developments, Genus Power Infrastructures surged after it secured orders worth Rs 4,469 crore. Reliance Industries in focus as the company is holding its AGM for FY24, today. 

The BSE Sensex is currently trading at 81955.55, up by 169.99 points or 0.21% after trading in a range of 81682.78 and 82058.16. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.52%, while Small cap index was down by 0.76%.

The top gaining sectoral indices on the BSE were IT up by 0.32%, TECK up by 0.24%, Bankex up by 0.16% and FMCG up by 0.10%, while Metal down by 1.08%, Power down by 1.07%, Utilities down by 1.04%, Basic Materials down by 0.97% and PSU down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.46%, Bajaj Finance up by 2.32%, HCL up by 1.46%, Tech Mahindra up by 0.73% and Hindustan Unilever up by 0.64%. On the flip side, Power Grid down by 1.41%, Tata Steel down by 0.85%, JSW Steel down by 0.84%, Ultratech Cement down by 0.79% and Mahindra & Mahindra down by 0.75% were the top losers.

Meanwhile, Union Minister of State for Commerce & Industry Jitin Prasada has said India’s emergence as a premier, cost-effective healthcare destination and a global leader in pharmaceuticals. Prasada urged the pharma industry to increase exports and seize emerging opportunities for growth. He said that India is already recognized as the ‘pharmacy of the world’.

He stated ‘It’s extremely important that we focus not only on our strengths in the generic sector but also ensure our backward and forward linkages.’ He urged the industry to focus on innovation, and quality and work with the world market.  

He said ‘International competitiveness will be very important. It is important to keep abreast of new developments and good manufacturing practices.’ He also noted that the Government has come up with many schemes like the PLI for APIs and for medical devices.

The CNX Nifty is currently trading at 25093.30, up by 40.95 points or 0.16% after trading in a range of 25017.50 and 25117.95. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 2.54%, Bajaj Finance up by 2.20%, HCL up by 1.44%, Bajaj Auto up by 1.29% and Wipro up by 1.20%. On the flip side, Hindalco down by 1.57%, Grasim Industries down by 1.51%, Coal India down by 1.46%, Power Grid down by 1.41% and Dr. Reddy's Lab down by 1.08% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 115.62 points or 0.66% to 17,576.83, Shanghai Composite weakened 12.81 points or 0.45% to 2,824.62, KOSPI dropped 20.83 points or 0.78% to 2,669.00, Nikkei 225 slipped 40.31 points or 0.11% to 38,331.45 and Taiwan Weighted lost 165.45 points or 0.75% to 22,205.21. However, Jakarta Composite gained 37.63 points or 0.49% to 7,696.51 and Straits Times rose 11.49 points or 0.34% to 3,402.52.