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Positive trade continues over Dalal Street
Jun-02-2023

Positive trade continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty trading higher, aided by positive cues from other Asian markets along with buying at Realty and Metal counters. Sentiments remained optimistic, as G20 Sherpa Amitabh Kant said that India's G20 Presidency will remain focused on economic development issues and endeavour to bring all the member countries, including Russia and China, on board amid the ongoing geo-political uncertainties. The street also took a note of Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal’s statement that fashion trends, product design, innovative packaging, high quality of goods and services and high exports are going to determine India’s success story in the future. 

On the global front, Asian markets were trading in green, after South Korea's gross domestic product was up a seasonally adjusted 0.3 percent on quarter in the first quarter of 2023. That was in line with expectations following the upwardly revised 0.3 percent contraction in the previous three months (originally -0.4 percent). Real gross national income (real GNI) increased by 1.9 percent in the first quarter of 2023 compared to the previous quarter.

The BSE Sensex is currently trading at 62548.87, up by 120.33 points or 0.19% after trading in a range of 62379.86 and 62719.84. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.46%, while Small cap index was up by 0.71%.

The top gaining sectoral indices on the BSE were Realty up by 1.06%, Metal up by 0.99%, Telecom up by 0.91%, Industrials up by 0.65% and Consumer Durables up by 0.64%, while Oil & Gas down by 0.47%, Energy down by 0.30% and TECK down by 0.20% were the few losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 1.21%, Tata Steel up by 1.09%, Bharti Airtel up by 0.95%, Hindustan Unilever up by 0.89% and SBI up by 0.73%. On the flip side, Infosys down by 1.17%, TCS down by 0.37%, Bajaj Finance down by 0.32%, NTPC down by 0.26% and Reliance Industries down by 0.25% were the top losers.

Meanwhile, domestic rating agency Crisil in its latest report has said that Non-Bank Finance Companies-Microfinance Institutions’ (NBFC-MFI) Assets Under Management (AUM) are expected to grow by up to 30 per cent in the current financial year (FY24). 

In a report, Crisil said the NBFC-MFI segment's AUM stood at Rs 1.3 lakh crore at the end of March 2023, and the segment has the highest share in the overall microlending universe which also consists of small finance banks, universal banks and other lenders. The overall AUM is expected to have touched Rs 3.4 lakh crore for the entire microlending universe and the growth in NBFC-MFIs has outpaced the same of other lenders. The growth in the NBFC-MFIs segment has come on the back of pent-up demand for credit and increase in ticket-size of disbursements.

Rating agency further said NBFC-MFIs have been cleaning up their pandemic-impacted loan books through write-offs and sale to asset reconstruction companies through last fiscal. This, coupled with lower slippages in recent originations has helped bring down their stressed assets level. Profitability, which is measured by return on managed assets, is expected to exceed 3 per cent in FY24, versus 1 per cent in FY21 and FY22, and between 1.5-2 per cent in fiscal 2023. With all this in place, the agency expects the credit profiles of micro-financiers to strengthen this fiscal. 

The CNX Nifty is currently trading at 18519.25, up by 31.50 points or 0.17% after trading in a range of 18478.40 and 18573.70. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 3.22%, Hindalco up by 2.34%, Dr. Reddy's Lab up by 1.28%, Titan Co up by 1.14% and Tata Steel up by 0.99%. On the flip side, Infosys down by 1.16%, Eicher Motors down by 1.08%, TCS down by 0.42%, Bajaj Finance down by 0.40% and Reliance Industries down by 0.34% were the top losers.

Asian markets were trading in green; Hang Seng advanced 789.72 points or 4.15% to 19,006.63, Nikkei 225 surged 376.21 points or 1.19% to 31,524.22, Taiwan Weighted added 194.26 points or 1.16% to 16,706.91, KOSPI increased 32.19 points or 1.24% to 2,601.36 and Shanghai Composite strengthened 27.45 points or 0.85% to 3,232.08.
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