Indices trade with gains of over quarter percent in late morning deals

Domestic equity indices traded with gains of over quarter a percent in late morning deals as market participants indulged in enlarging their positions. Buying in Bharti Airtel, Power Grid, Mahindra & Mahindra, NTPC and Tata Steel helped the markets to trade higher. Positive cues from the other Asian markets supported domestic sentiments. Support came in markets as Fitch affirmed India's long-term foreign currency issuer rating at 'BBB-' with a stable outlook, citing a strong medium-term growth outlook. Most of the sectoral indices on BSE were trading in green, with only exception of FMCG counter. Stocks from Healthcare, Realty, Telecom, Utilities and PSU counters were the prominent gainers. 

On the global front, Asian markets were trading in green as U.S. economic data such as initial jobless claims and a stronger second-quarter GDP number helped calm recessionary fears. Back home, ITI surged as the company has bagged its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of Electronic Voting Machines after the successful demonstration to the SEC at Kolkata.

The BSE Sensex is currently trading at 82360.62, up by 226.01 points or 0.28% after trading in a range of 82276.45 and 82637.03. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.67%, while Small cap index up by 0.45%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.04%, Realty up by 1.03%, Telecom up by 0.94%, Utilities up by 0.83% and PSU up by 0.67%, while FMCG down by 0.01% was the only losing index on BSE.

The top gainers on the Sensex were Power Grid up by 1.97%, Bharti Airtel up by 1.89%, Mahindra & Mahindra up by 1.18%, NTPC up by 1.09% and Tata Steel up by 1.01%. On the flip side, Tata Motors down by 0.88%, Reliance Industries down by 0.49%, Adani Ports down by 0.46%, ITC down by 0.30% and Nestle down by 0.27% were the top losers.

Meanwhile, Industry body Automotive Tyre Manufacturers Association (ATMA) has said that tyre exports from India grew 17 per cent year-on-year to reach Rs 6,219 crore in the first quarter of the current fiscal (Q1FY25) with the US emerging as the biggest market. ATMA said citing data just released by the Ministry of Commerce 'Tyre exports from India recouped in the first quarter of FY25, increasing by 17 per cent YoY. Tyre exports had declined by 14 per cent in the corresponding quarter in the previous year'.

It stated during Q1FY25, the US was the largest export destination for Indian manufactured tyres accounting for 17 per cent share. Other large export destinations included Brazil, Germany, France and Italy. Indian manufactured tyres are being exported to over 170 countries in the world.

ATMA Chairman Arnab Banerjee said sustained focus on R&D and development of advanced technology products aided by competitive pricing and branding efforts helped Indian tyre manufacturers drive growth in exports despite a challenging environment. He said improving demand prospects in key export destinations and expected monetary easing also helped growth.

He added the rise in exports is a testament to the Indian tyre industry's enhanced integration with global supply chains. He stated ‘The globally aligned regulatory environment in the country for manufacturing of tyres also augurs well for increasing the addressable market for Indian manufactured tyres.’

The CNX Nifty is currently trading at 25224.90, up by 72.95 points or 0.29% after trading in a range of 25199.40 and 25258.80. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 1.93%, Bharti Airtel up by 1.91%, Power Grid up by 1.91%, Hero MotoCorp up by 1.87% and Cipla up by 1.25%. On the flip side, Tata Motors down by 1.04%, LTIMindtree down by 0.61%, Reliance Industries down by 0.57%, Hindalco down by 0.54% and Adani Ports down by 0.50% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 313.68 points or 1.73% to 18,100.00, Jakarta Composite gained 31.38 points or 0.41% to 7,658.98, Shanghai Composite strengthened 37.78 points or 1.32% to 2,860.89, Straits Times rose 18.75 points or 0.55% to 3,423.22, KOSPI increased 18.18 points or 0.68% to 2,680.46, Nikkei 225 surged 159.54 points or 0.41% to 38,522.07 and Taiwan Weighted added 81.68 points or 0.37% to 22,283.53.