The domestic equity barometers extended gains in mid-morning trade. The Nifty climbed above the 22,250 mark. Metal shares gained after declining in the past three trading sessions. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 363.41 points or 0.50% to 73,307.09. The Nifty 50 index added 139.30 points or 0.63% to 22,287.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.87% while the S&P BSE Small-Cap index gained 1.14%.
The market breadth was strong. On the BSE, 2,551 shares rose and 1,049 shares fell. A total of 147 shares were unchanged.
Economy:
The International Monetary Fund raised India?s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.
Politics:
India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.
Buzzing Index:
The Nifty Metal index rose 1.48% to 8,982.70. The index declined 1.64% in past three trading sessions.
Vedanta (up 2.55%), Hindalco Industries (up 2.1%), Jindal Steel & Power (up 1.82%), Hindustan Copper (up 1.8%), Tata Steel (up 1.62%), National Aluminium Company (up 1.07%), Hindustan Zinc (up 0.97%), Welspun Corp (up 0.97%), JSW Steel (up 0.92%) and Steel Authority of India (up 0.84%) advanced.
Stocks in Spotlight:
Hathway Cable & Datacom jumped 5.54% after the cable TV & fiber internet provider reported consolidated net profit of Rs 34.57 crore in Q4 FY24 as against net loss of Rs 14.62 crore posted in Q4 FY23. Revenue from operations rose 7.35% year on year (YoY) to Rs 493.37 crore in the quarter ended 31 March 2024.
Sterling Tools surged 6.15% after the company announced the signing of a memorandum of understanding (MoU) with South Korea?s Yongin Electronics Company for setting up new greenfield manufacturing facility for EV components.
Indian Overseas Bank (IOB) added 1.50% after the bank informed that its board will meet on Monday, 22 April 2024, to consider raising funds for financial year 2024-2025 through various modes.
Global Markets:
Asian stocks edged higher as investors will assess Australia?s unemployment rate, which is one of the metrics the country?s central bank weighs when considering monetary policy.
US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.
The U.S. economy grew ?slightly? over the past six weeks while price increases moved at a ?modest? pace and employment showed ?slight? gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.
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