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Markets trade marginally higher in late morning deals
Apr-23-2025

Domestic equity markets were trading marginally higher in late morning deals on account of buying in IT industry related stocks namely HCL Technologies, Tech Mahindra, Infosys and TCS. Positive cues from the global markets supported domestic sentiments. Support also 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. Further, there was some encouragement in markets as 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. 

On the global front, Asian markets were trading higher on optimism that U.S.-China trade tensions could ease. U.S. President Donald Trump indicated that tariffs on Chinese imports would decrease significantly following a deal, though not to zero. Back home, on the BSE sectoral front, traders were seen pilling up positions in IT, TECK, Realty, Auto and Capital Goods, while selling was witnessed in Consumer Durables, Bankex, Oil & Gas, PSU and Telecom. 

The BSE Sensex is currently trading at 79729.62, up by 134.03 points or 0.17% after trading in a range of 79506.90 and 80254.55. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.18%, while Small cap index down by 0.34%.

The top gaining sectoral indices on the BSE were IT up by 3.95%, TECK up by 2.51%, Realty up by 1.25%, Auto up by 1.01% and Capital Goods up by 0.25%, while Consumer Durables down by 1.31%, Bankex down by 0.95%, Oil & Gas down by 0.86%, PSU down by 0.71% and Telecom down by 0.58% were the losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 7.71%, Tech Mahindra up by 4.53%, Infosys up by 4.12%, Tata Motors up by 2.54% and TCS up by 2.28%. On the flip side, HDFC Bank down by 1.59%, Axis Bank down by 1.54%, Kotak Mahindra Bank down by 0.92%, ITC down by 0.88% and Power Grid down by 0.80% were the top losers. 

Meanwhile, Crisil Ratings in its latest report has said that imposition of 12 per cent safeguard duty on certain steel products for 200 days will provide relief to the domestic primary steelmakers grappling under the pressure of low-cost imports. It said the domestic steel realisations were at a 5 per cent premium vis-a-vis imports for most parts of the last two fiscals. This premium was on an uptrend in the last quarter of fiscal 2025, due to healthy domestic demand and in anticipation of the safeguard duty, while global prices continued to decline.

According to the report, the redirection of steel exports from surplus countries such as China, South Korea and Japan had led to an increase in low-cost imports into India, hurting domestic steel realisations, which are influenced by the landed cost of imports. It noted that the landed cost of imports, even post-duty, could decline further, if global steel prices weaken amid persistent oversupply and rising trade protectionism. This could limit the ability of the Indian players to take additional hikes. Net-net, while the imposition of safeguard duty will support the import parity, a complete normalization of price dynamics may take longer. 

The report further said aside from cheaper import prices, domestic prices may be restricted by an expected increase in domestic supply from new capacities. It said after multiple years of limited additions, the industry added 10 million tonnes per annum (MTPA) capacity last fiscal, and another 10-12 MTPA is planned in fiscal 2026. It added that the players are adding these capacities on the back of healthy domestic demand of 9-10 per cent expected for fiscal 2026, on account of continued infrastructure push and robust demand from the building and construction segments.  

The CNX Nifty is currently trading at 24195.95, up by 28.70 points or 0.12% after trading in a range of 24119.95 and 24359.30. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 7.70%, Tech Mahindra up by 4.54%, Infosys up by 4.13%, Wipro up by 3.10% and TCS up by 2.66%. On the flip side, Grasim Industries down by 1.79%, HDFC Bank down by 1.62%, Eicher Motors down by 1.46%, Axis Bank down by 1.45% and JSW Steel down by 1.14% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 516.8 points or 2.34% to 22,079.12, Jakarta Composite gained 78.17 points or 1.18% to 6,616.44, Shanghai Composite strengthened 4.75 points or 0.14% to 3,304.51, Straits Times rose 36.57 points or 0.95% to 3,831.98, KOSPI increased 39.18 points or 1.55% to 2,525.82, Nikkei 225 surged 657.07 points or 1.88% to 34,877.67 and Taiwan Weighted added 770.73 points or 3.94% to 19,564.16. 
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