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02-Jun-2023 14:52 Hrs IST |
Bourses once again come off from highs in late afternoon session
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<p style="text-align: justify;">Indian markets have once again come off from highs in late afternoon session but traded above neutral lines. Traders continued to take some support with finance ministry's statement that Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. Sector wise, coal sector remains in focused as domestic coal production was 7.10 per cent higher year-on-year at 76.26 million tonne (MT) in May. India had produced 71.21 MT coal during the same month in 2022. Ministry of Coal has achieved a remarkable feat with a substantial surge in overall coal production during May 23, reaching 76.26 MT surpassing May 22 of 71.21 MT, representing an increase of 7.10 per cent.</p><p style="text-align: justify;">On the global front, Asian markets were trading in green ahead of a US jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed. European markets were trading higher after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending for two years, days before the default deadline.</p><p style="text-align: justify;">The BSE Sensex is currently trading at 62490.07, up by 61.53 points or 0.10% after trading in a range of 62379.86 and 62719.84. There were 18 stocks advancing against 11 stocks declining on the index, while 1 stock remained unchanged. </p><p style="text-align: justify;">The broader indices were trading in green; the BSE Mid cap index gained 0.40%, while Small cap index was up by 0.55%.</p><p style="text-align: justify;">The top top gaining sectoral indices on the BSE were Realty up by 1.27%, Telecom up by 0.93%, Metal up by 0.92%, Industrials up by 0.68% and Capital Goods was up by 0.63%, while Oil & Gas down by 0.73%, Energy down by 0.56%, TECK down by 0.43%, IT down by 0.32% and Power was down by 0.11% were the top losing indices on BSE.</p><p style="text-align: justify;">The top gainers on the Sensex were Mahindra & Mahindra up by 1.22%, Maruti Suzuki up by 1.21%, Hindustan Unilever up by 1.20%, Tata Steel up by 0.99% and Titan Company up by 0.97%. On the flip side, Infosys down by 1.41%, TCS down by 0.70%, Wipro down by 0.52%, Indusind Bank down by 0.37% and HCL Tech down by 0.34% were the top losers.</p><p style="text-align: justify;">Meanwhile, highlighting the recently released high GDP growth estimates for FY 2023-24, Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal has said 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. </p><p style="text-align: justify;">The Minister further said that India's transformational journey since 2014 under the leadership of the Prime Minister Narendra Modi is now recognised globally, and drew attention to Morgan Stanley research report which also recognizes how India has emerged as a key driver for Asian and global growth. </p><p style="text-align: justify;">Besides, Piyush Goyal said that the National Education Policy 2020 aims to change the mindset pertaining to education by changing the curriculum and making it more inclusive and dynamic. He said that the Policy encourages critical thinking amongst the students to help them in their career.</p><p style="text-align: justify;">The CNX Nifty is currently trading at 18509.00, up by 21.25 points or 0.11% after trading in a range of 18478.40 and 18573.70. There were 33 stocks advancing against 17 stocks declining on the index.</p><p style="text-align: justify;">The top gainers on Nifty were Apollo Hospital up by 3.26%, Hero MotoCorp up by 3.10%, Hindalco up by 2.49%, Dr. Reddy's Lab up by 1.33% and Maruti Suzuki up by 1.26%. On the flip side, Adani Enterprises down by 2.29%, Infosys down by 1.44%, BPCL down by 0.86%, Eicher Motors down by 0.86% and TCS down by 0.73% were the top losers.</p><p style="text-align: justify;">Asian markets were trading in green, Hang Seng advanced 733.03 points or 3.87% to 18,949.94, 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, Shanghai Composite strengthened 25.44 points or 0.79% to 3,230.07 and Straits Times was up by 7.5 points or 0.24% to 3,166.30.</p><p style="text-align: justify;">European markets were trading higher, UK's FTSE 100 increased 46.72 points or 0.62% to 7,536.99, France's CAC rose 62.45 points or 0.87% to 7,199.88 and Germany's DAX was up by 117.91 points or 0.74% to 15,971.57.</p>
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02-Jun-2023 12:51 Hrs IST |
Positive trade continues over Dalal Street
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<p style="text-align: justify;">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. </p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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%.</p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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). </p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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. </p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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.</p><p style="text-align: justify;">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.</p>
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02-Jun-2023 11:59 Hrs IST |
Markets trade slightly higher in late morning deals
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02-Jun-2023 11:03 Hrs IST |
Benchmarks trade flat in morning deals
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02-Jun-2023 10:09 Hrs IST |
Domestic indices trade higher in early deals
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01-Jun-2023 14:50 Hrs IST |
Bourses trade flat in late afternoon session
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01-Jun-2023 12:53 Hrs IST |
Sensex, Nifty trade higher amid strong manufacturing PMI
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01-Jun-2023 12:02 Hrs IST |
Domestic indices remain in green in late morning session
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01-Jun-2023 11:12 Hrs IST |
Benchmarks continue to trade in green in morning deals
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01-Jun-2023 09:58 Hrs IST |
Markets trade above neutral lines after cautious start
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