Benchmarks continue trading in green in late noon session

Indian equity markets continue to trade in green in late noon deal on fresh buying by funds and retail investors. Sentiment got boost after the Union Cabinet approved a higher increase in the basic pay of government employees. Some support also came from Reserve Bank of India’s, Financial Stability Report (FSR) stating that despite global uncertainties, banking sector issues, the economy stands out in terms of growth as compared to other emerging markets and the Indian financial system remains stable. On the global front, Asian stock markets rallied on Wednesday amid optimism that policy makers will introduce measures to limit the economic fallout from UK exit from European Union. Back home, Economic Affairs Secretary Shaktikanta Das said that India is posed for a “big leap” in growth which could touch 8 percent in the current fiscal on the back of normal monsoon.

In scrip specific development, Hero MotoCorp was trading higher on BSE hopes that demand for vehicles post the approval of the seventh pay commission will increase.

The BSE Sensex is currently trading at 26645.01, up by 120.46 points or 0.45% after trading in a range of 26606.31 and 26700.77. There were 24 stocks advancing against 5 stocks declining on the index while 1 stock remained unchanged.

The broader indices were trading in green; the BSE Mid cap index was up by 0.83%, while Small cap index added 1.14%.

The top gaining sectoral indices on the BSE were Realty up by 3.64%, Auto up by 1.26%, Power up by 1.18%, Metal up by 1.02%, Capital Goods up by 0.73%, while FMCG down by 0.27% was the lone losing index on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 3.06%, NTPC up by 1.76%, Asian Paints up by 1.47%, Tata Steel up by 1.33% and Power Grid Corpn. up by 1.32%. On the flip side, ITC down by 0.80%, Coal India down by 0.78%, Hindustan Unilever down by 0.76%, HDFC Bank down by 0.16% and Axis Bank down by 0.12% were the top losers.

Meanwhile, Employees Provident Fund Organization (EPFO) in its vision document aiming an ambitious target of covering all the workers in the country under provident fund (PF), pension and life insurance by 2030. The vision document also talks about the online services for all EPFO benefits with modern technology and best service delivery practices. EPFO prepared a vision document which mentioned the objectives such as universal social security coverage on mandatory basis by way of provident fund, pension and life insurance for all workers of the country.

Accordingly, the Central Provident Fund Commissioner (CPFC) V P Joy called a meeting with EPF officers Association and All India EPF Staff Federation to discuss the Vision 2030. The meeting assumed significance as is talked about identifying the essential organizational changes which are needed to achieve Vision 2030. Commenting on the same, Joy said that there is an urgent need to bring significant improvement in the working of the EPF offices and to bring an attitudinal change in the employees to deal with issues relating to EPF subscribers. 

The CNX Nifty is currently trading at 8174.30, up by 46.45 points or 0.57% after trading in a range of 8157.65 and 8186.55. There were 44 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Bosch up by 4.79%, Hero MotoCorp increase by 3.36%, Hindalco move up by 2.16%, NTPC up by 1.82% and Bharti Infratel up by 1.76%. On the flip side, Coal India down by 0.99%, Ultratech Cement decrease by 0.76%, ITC down decline 0.75%, Hindustan Unilever down by 0.70% and HDFC Bank down by 0.22% were the top losers.

Asian market were trading in green, FTSE Bursa Malaysia KLCI increased 7.97 points or 0.49% to 1,642.01, Shanghai Composite jumped 14.82 points or 0.51% to 2,927.37, KOSPI Index gained by 20.14 points or 1.04% to 1,956.36, Jakarta Composite surged 71.33 points or 1.46% to 4,953.50, Taiwan Weighted increased 81.05 points or 0.95% to 8,586.56, Hang Seng added 170.39 points or 0.84% to 20,342.85, Nikkei 225 was up by 243.69 points or 1.59% to 15,566.83.