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Sensex, Nifty make optimistic start on firm global cues; IT, TECK lead gainers
Apr-23-2025

Indian equity benchmarks made an optimistic start on Wednesday tracking overnight gains on Wall Street as well as firm cues from Asian counterparts after US President Donald Trump said tariffs on China would be trimmed down from the current 145 percent rate. Reports also indicate that Treasury Secretary Scott Bessent said he expects the trade dispute between the U.S. and China to de-escalate. Sensex and Nifty are trading in fine-fettle in early deals led by buying in IT, TECK and Realty counters amid ongoing foreign investor inflows. Some optimism came as Finance Minister Nirmala Sitharaman said that India plans to increase the share of the manufacturing sector from 12 per cent to 23 per cent over the next two decades, aiming to create jobs and drive economic growth. 

On the sectoral front, cement sector stocks are in focus as Crisil Intelligence said the cement sector is expected to see a 6.5-7.5 per cent demand growth this fiscal driven by a 10 per cent rise in budgetary allocation for core infrastructure ministries and on expectation that an above-normal monsoon will boost agricultural profitability, in turn lifting rural housing demand. In stocks specific development, HCL Technologies soared on reporting a 8 percent year-on-year rise in quarterly profit.

The BSE Sensex is currently trading at 80190.41, up by 594.82 points or 0.75% after trading in a range of 79945.38 and 80254.55. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.64%, while Small cap index was up by 0.33%.

The top gaining sectoral indices on the BSE were IT up by 3.40%, TECK up by 2.36%, Realty up by 2.02%, Auto up by 1.36% and Capital Goods up by 0.98%, while Consumer Durables down by 0.16% was the sole losing index on BSE.

The top gainers on the Sensex were HCL Technologies up by 7.07%, Tech Mahindra up by 4.19%, Infosys up by 3.63%, Mahindra & Mahindra up by 2.53% and TCS up by 2.22%. On the flip side, Eternal down by 0.44%, Kotak Mahindra Bank down by 0.34%, HDFC Bank down by 0.33%, Bharti Airtel down by 0.32% and Bajaj Finance down by 0.29% were the top losers.

Meanwhile, the International Monetary Fund (IMF) in its World Economic Outlook (WEO) report for April has lowered growth projection for India to 6.2 per cent for the fiscal year 2025-26 (FY26), from earlier estimated rate of 6.5 per cent. The growth of the Indian economy is supported by private consumption, especially in the rural areas but this rate is 0.3 percentage points lower than in the January 2025 WEO estimate, impacted by the trade tensions and global uncertainties.

According to the report, the global growth is projected at 2.8 per cent in 2025, lower by 0.5 percentage points estimated earlier. In 2026, the global economy is estimated to grow at 3 per cent. For advanced economies, the report said that growth under the reference forecast is projected to drop from an estimated 1.8 per cent in 2024 to 1.4 per cent in 2025 and 1.5 per cent in 2026. Growth for 2025 is now projected to be 0.5 percentage point lower relative to that in January 2025 WEO update projections.

The forecasts for 2025 include significant downward revisions for Canada, Japan, the United Kingdom, and the United States and an upward revision for Spain. For the United States, growth is projected to decrease in 2025 to 1.8 per cent, 1 percentage point lower than the rate for 2024 as well as 0.9 percentage point lower than the forecast rate in the January 2025 WEO update.

It said the downward revision is a result of greater policy uncertainty, trade tensions, and a softer demand outlook, given slower-than-anticipated consumption growth. Tariffs are also expected to weigh on growth in 2026, which is projected at 1.7 per cent amid moderate private consumption. After a marked slowdown in 2024, growth in emerging and developing Asia is expected to decline further to 4.5 per cent in 2025 and 4.6 per cent in 2026. Emerging and developing Asia, particularly Association of Southeast Asian Nations (ASEAN) countries, has been among the most affected by the April tariffs.

The CNX Nifty is currently trading at 24340.45, up by 173.20 points or 0.72% after trading in a range of 24264.55 and 24359.30. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 7.10%, Tech Mahindra up by 4.21%, Infosys up by 3.52%, Mahindra & Mahindra up by 2.83% and Wipro up by 2.56%. On the flip side, Eicher Motors down by 0.67%, Trent down by 0.50%, Eternal down by 0.48%, SBI Life Insurance down by 0.46% and Kotak Mahindra Bank down by 0.43% were the top losers.

All Asian markets are trading higher; Taiwan Weighted jumped 731.05 points or 3.89% to 19,524.48, Nikkei 225 surged 728.6 points or 2.13% to 34,949.20, Hang Seng soared 521.82 points or 2.42% to 22,084.14, Jakarta Composite rose 72.72 points or 1.11% to 6,610.99, KOSPI increased 38.90 points or 1.56% to 2,525.54, Straits Times gained 36.98 points or 0.97% to 3,832.39 and Shanghai Composite was up by 1.25 points or 0.04% to 3,301.01.
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