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Key gauges trim gains in morning deals
Apr-23-2025

Indian equity benchmarks trimmed most of their initial gains but continued to trade in green in morning deals, driven by a sharp rally in global markets and foreign fund inflows. Some support also came as a survey showed India's private sector growth rose to an eight-month high in April fueled by robust demand, particularly a surge in foreign orders for manufactured goods, but business confidence showed some signs of softening. The HSBC flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 60.0, up from 59.5 in March, the strongest pace of combined manufacturing and services growth since August. However, gains remain capped as 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. On the global front, Asian markets are trading higher amid hopes of easing trade tensions between the world's two largest economies and as U.S. President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell. 

The BSE Sensex is currently trading at 79823.62, up by 228.03 points or 0.29% after trading in a range of 79715.05 and 80254.55. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.09%, while Small cap index was down by 0.62%.

The top gaining sectoral indices on the BSE were IT up by 3.30%, TECK up by 2.16%, Realty up by 0.92%, Auto up by 0.90% and Healthcare up by 0.17%, while Consumer Durables down by 1.24%, PSU down by 0.70%, Bankex down by 0.61%, Basic Materials down by 0.55% and Metal down by 0.53% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 6.48%, Tech Mahindra up by 5.28%, Infosys up by 3.23%, Tata Motors up by 2.41% and TCS up by 2.04%. On the flip side, HDFC Bank down by 1.09%, Kotak Mahindra Bank down by 0.81%, Adani Ports &SEZ down by 0.81%, SBI down by 0.78% and Eternal down by 0.74% were the top losers.

Meanwhile, Crisil Intelligence in its latest report has said that 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.

It stated in fiscal 2025, cement demand growth was moderate at 4.5-5.5 per cent owing to a sluggish start to the year because of the general elections, spatially well-distributed monsoon that impacted construction along with high base of past three fiscals. Weak state government spending in the first half also slowed pace of project execution and a slow real estate market impacted urban housing. Infrastructure, which accounts for 29-31 per cent of the domestic cement demand, is expected to remain a key demand driver in the current fiscal too. Within infrastructure, roads have been the largest contributor, followed by railways, irrigation and urban infrastructure.

Sehul Bhatt, Director, Crisil Intelligence, said ‘Notably, budgets of 12 states, accounting for 63-65 per cent of Indian cement demand, reveal a substantial 11 per cent increase in total allocations for the current fiscal. Furthermore, the government’s emphasis on establishing specialised rail corridors for the energy, mineral and cement industries, along with initiatives to promote tourism, is expected to bolster demand. The enhanced investment is expected to stimulate cement demand, driving growth of 7.5-8.5 per cent from the infrastructure sector.’

The CNX Nifty is currently trading at 24218.30, up by 51.05 points or 0.21% after trading in a range of 24189.55 and 24359.30. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 6.41%, Tech Mahindra up by 5.19%, Infosys up by 3.22%, Tata Motors up by 2.40% and Wipro up by 2.16%. On the flip side, Trent down by 1.65%, Shriram Finance down by 1.43%, HDFC Bank down by 1.15%, Eicher Motors down by 1.12% and Adani Ports &Special down by 0.99% were the top losers. 

All Asian markets are trading higher; Nikkei 225 surged 659.16 points or 1.93% to 34,879.76, Taiwan Weighted added 807.37 points or 4.3% to 19,600.80, Hang Seng advanced 519.1 points or 2.35% to 22,081.42, KOSPI increased 37.55 points or 1.51% to 2,524.19, Straits Times rose 38.46 points or 1.01% to 3,833.87, Jakarta Composite gained 84.09 points or 1.29% to 6,622.36 and Shanghai Composite strengthened 1.25 points or 0.04% to 3,301.01.
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