Daily market review India

On Tuesday, the Indian equity markets experienced a boost in investor sentiment and posted substantial gains due to an overall improvement in global sentiment. The Finance Ministry's positive outlook, estimating that India's economy would grow by 7% in FY23, also contributed to the positive mood. The Ministry also noted that India's current account deficit would decrease in FY23 and FY24 due to strong services exports, a drop in oil prices, and lower import-intensive consumption demand. The Retirement fund body, EPFO, also reported that India added 1485948 new jobs in January 2023, which further fueled market gains. In contrast, traders disregarded reports on rising retail inflation and slowing economic activity. In the global market, Asian and European markets were trading higher due to reduced concerns about contagion in the banking sector and hopes for a less-aggressive monetary policy by the US Federal Reserve. Finally, the BSE Sensex increased by 0.77% to 58,074.68, and the CNX Nifty was up by 0.70% to 17,107.50, with 18 stocks advancing and 12 stocks declining on the index.

The BSE Midcap index increased by 0.66%, and the Smallcap index rose by 0.50%, leading to a green finish for the broader indices. Consumer Durables, Financial Services, Bankex, Energy, and Capital Goods were the top gaining sectoral indices, while IT, TECK, FMCG, Healthcare, and Realty were the top losing indices on the BSE. Reliance Industries, Bajaj Finance, Titan Company, Axis Bank, and Indusind Bank were the top gainers on the Sensex, and Power Grid Corporation, Hindustan Unilever, Tech Mahindra, TCS, and Infosys were the top losers. Pankaj Chaudhary, Minister of State for Finance, disclosed that the income tax department had raised tax demands of Rs 13,566 crore under the black money law to deal with undisclosed foreign income and assets during the last four financial years. The CNX Nifty traded between 17,127.70 and 17,016.00, and there were 26 advancing stocks versus 24 declining stocks on the index. European markets and Asian markets both traded higher, with the UK's FTSE 100, France's CAC, and Germany's DAX all recording gains. Chinese shares were up, led by defense stocks, while the Japanese market was closed for Vernal Equinox holiday. Investors were waiting for the Fed policy review on Wednesday, hoping for a smaller 25 bps hike in US interest rates, while banking crises swept the United States and Europe.