Bourses maintain upbeat mood in afternoon deals

Indian equity indices maintained their upbeat mood in early afternoon session, as buying momentum in the equities persisted. Domestic sentiments remained buoyant with Union Minister Parshottam Rupala’s statement that the Centre was making concerted efforts to double the income of farmers by 2022 and asked scientists, and others concerned to tackle the challenges being faced by the agriculture sector. He opined that scientists, environmental and agricultural experts must have a global outlook and local approach to combat the challenges in agricultural and environmental sectors. Traders were also getting support with Railway and Coal minister Piyush Goyal’s statement that the government is thinking of 360 degree solutions in terms of setting things in order for infrastructure sector. Besides, positive global cues together with heavy buying appeared in Realty, Auto, and Industrials stocks, too added some thrust on the street. Broader indices too equally participated in the gains, with both mid cap and small cap indices were trading up by over 0.85%. In scrip specific development, Reliance Industries was trading in green with its JV signing an agreement with Andhra Pradesh government to invest in creating marketing infrastructure for natural gas from KG basin.

Asian markets were trading mostly in green, after Wall Street rallied as investors looked ahead to the US Federal Reserve chairman’s congressional testimony this week for insights into its economic outlook. Back home, the BSE Sensex is currently trading at 34390.43, up by 248.28 points or 0.73% after trading in a range of 34225.72 and 34435.06. There were 21 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.91%, while Small cap index was up by 0.88%.

The top gaining sectoral indices on the BSE were Realty up by 2.22%, Auto up by 1.74%, Industrials up by 1.66%, Capital Goods up by 1.58% and Oil & Gas up by 1.22%, while IT down by 0.70% and TECK down by 0.38% were the only losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.93%, Tata Motors - DVR up by 2.70%, Indusind Bank up by 2.61%, Adani Ports & SEZ up by 2.33% and Larsen & Toubro up by 2.08%. On the flip side, Sun Pharma down by 1.41%, TCS down by 1.10%, Infosys down by 0.93%, Dr. Reddy’s Lab down by 0.78% and SBI down by 0.47% were the top losers.

Meanwhile, New & Renewable Energy Secretary Anand Kumar has expressed confidence that India would achieve renewable energy (RE) target of 175 gigawatt (GW) of installed capacity well before 2022 for which bidding process would be completed on time. He also said that International Solar Alliance (ISA) shall help mobilize enough funds for solar energy projects. He added that over the years the renewable energy has become cheaper and is set to replace conventional energy, which is a healthy development. 

Kumar has pointed out that the country has one of the fastest growing renewable energy programmes in the world. He also said that Prime Minister wants India to emerge as the innovation hub for which they have to start thinking and supporting about the new ideas for renewable sources particularly in solar energy with the objective of making energy available to common man at an affordable prices.

The Secretary further said that the ISA is an excellent idea which helps millions of people to provide universal energy excess. He noted that the ISA is conceived as a coalition of solar resource rich countries to address their special energy needs and to provide a platform to collaborate on addressing the identified gaps through a common, agreed approach. He added that it has the backing of around 121 countries rich in solar energy.

The CNX Nifty is currently trading at 10565.70, up by 74.65 points or 0.71% after trading in a range of 10520.20 and 10578.70. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 2.93%, Indusind Bank up by 2.48%, BPCL up by 2.43%, Adani Ports & SEZ up by 2.19% and Indian Oil Corp. up by 2.14%. On the flip side, Sun Pharma down by 1.47%, TCS down by 1.00%, Infosys down by 0.96%, Tech Mahindra down by 0.89% and Dr. Reddy’s Lab down by 0.73% were the top losers.

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 1.22 points or 0.07% to 1,862.72, KOSPI Index rose 6.13 points or 0.25% to 2,457.65, Shanghai Composite surged 37.49 points or 1.14% to 3,326.52, Taiwan Weighted was up by 42.15 points or 0.39% to 10,836.70, Hang Seng increased 210.61 points or 0.67% to 31,477.78 and Nikkei 225 rose 260.85 points or 1.19% to 22,153.63.

On the flip side, Jakarta Composite was down by 15.77 points or 0.24% to 6,604.03.