Daily market review India

Indian stock markets initially started negatively on Wednesday due to concerns over the rising cost of raw materials and a stronger dollar, which impacted emerging markets like India. However, there was robust buying in utilities, power and capital goods stocks that enabled markets to erase initial losses and end the day positively. Moody’s Analytics mentioned that India’s domestic economy is the primary growth engine, and the slowdown will only be temporary. Finance Ministry data indicated a rise of 133% in the collection of cess and surcharges levied by the Central government between 2017-18 and 2022-23. Globally, Asian markets closed mostly lower, and European markets traded in the red. Power industry stocks were in the limelight, and sugar stocks were in focus. The BSE Sensex rose 0.21% to 60,348.09, while the CNX Nifty rose 0.24% to 17,754.40. The top gainers were Indusind Bank, Mahindra & Mahindra, and Larsen & Toubro. The BSE Midcap index rose 0.61%, while the Smallcap index rose 0.28%. Finally, the thermal power sector outlook was revised to stable from negative, driven by strong demand growth and the realization of dues from discoms under LPS (late payment surcharge) scheme.