Benchmarks trade with minor cuts; consumer durables advance

The benchmark indices continued to trade with small losses in morning trade. The Nifty traded below the 22,450 mark. Consumer durables shares rallied for the seventh day in a row.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 129.23 points or 0.17% to 73,887.8. The Nifty 50 index shed 36.60 points or 0.16% to 22,425.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index gained 0.75%.

The market breadth was strong. On the BSE, 2,481 shares rose and 969 shares fell. A total of 145 shares were unchanged.

Economy:

The seasonally adjusted HSBC India manufacturing purchasing managers index (PMI) climbed to a 16-year high of 59.1 in March, from 56.9 in February.

The notable improvement in operating conditions reflected stronger growth of new orders, output and input stocks as well as renewed job creation.

The HSBC India PMI climbed to a 16-year high on the back of the strongest increases in output and new orders since October 2020, parallel to the second-sharpest upturn in input inventories in the history of the survey. Employment returned to positive territory and firms scaled up buying levels. There was a mild pick-up in cost pressures during March, but customer retention remained a priority for goods producers who raised their charges to the least extent in over a year, the press release stated.

Buzzing Index:

The Nifty Consumer Durables index gained 1.91% to 33,139.20. The index jumped 6.60% in the seven trading session.

Voltas (up 5.07%), Kajaria Ceramics (up 3.58%), Crompton Greaves Consumer Electricals (up 3.5%), Havells India (up 2.35%), Blue Star (up 2.19%), Dixon Technologies (India) (up 2.01%), Century Plyboards (India) (up 1.82%), Kalyan Jewellers India (up 1.55%), Amber Enterprises India (up 1.31%) and Rajesh Exports (up 1.12%) advanced.

On the other hand, Cera Sanitaryware (down 0.4%) edged lower.

Stocks in Spotlight:

Ashok Leyland rose 0.09%. The company said that its total vehicle sales have declined by 4% to 22,866 units in March 2024 as compared with 23,926 units in March 2023.

Bank of Maharashtra shed 0.12%. The Bank of Maharashtra said that it has appointed Subhasish Roy as chief risk officer for a period of 3 years on contractual basis with effect from 1 April 2024.

Bajaj Auto added 1.57% after the company reported 25% increase in total auto sales to 3,65,904 units in March 2024 as compared with 2,91,567 sold in March 2023.

Aditya Birla Fashion & Retail (ABFRL) surged 14.17% after the companys board has authorized the management to evaluate vertical demerger of Madura Fashion & Lifestyle business from the company into a separate listed company.

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