Indian bourses continue to trade in positive territory

Indian equity benchmarks continued their trade in green terrain in afternoon session, supported by buying mainly in Telecom, TECK and IT stocks, coupled with broadly positive global cues. The sentiments remained positive with the India Meteorological Department (IMD) data showing that India received 28% more rainfall than the 50-year average in the week to August 7, easing concerns of drought. Monsoon rains are crucial for farm output and economic growth, as agriculture forms about 15% of India's $2.5-trillion economy. Traders also took a note of Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf’s statement that the removal of some provisions of Article 370 will not only bring in huge trade and business opportunities for both Jammu & Kashmir (J&K) and Ladakh regions but will also help get the troubled region to stand on its feet.

On the global front, Asian markets were trading mostly in green, after Wall Street eked out a gain following volatility fueled by concern about possible fallout from the U.S.-Chinese trade war. Back home, the BSE Sensex is currently trading at 36823.27, up by 132.77 points or 0.36% after trading in a range of 36655.41 and 36903.81. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.34%, while Small cap index was down by 0.08%.

The top gaining sectoral indices on the BSE were Telecom up by 2.25%, TECK up by 1.42%, IT up by 1.35%, Realty up by 0.75% and FMCG was up by 0.52%, while Oil & Gas down by 0.61%, Consumer Durables down by 0.44%, Capital Goods down by 0.42%, Industrials down by 0.30% and Bankex was down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 4.57%, Tata Motors - DVR up by 4.00%, Tata Motors up by 2.56%, Bharti Airtel up by 2.34% and Infosys was up by 1.40%. On the flip side, Tata Steel down by 3.35%, Indusind Bank down by 2.49%, Axis Bank down by 1.90%, ONGC down by 1.49% and Larsen & Toubro was down by 1.17% were the top losers.

Meanwhile, Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf has stated that the removal of some provisions of Article 370 will not only bring in huge trade and business opportunities for both Jammu & Kashmir (J&K) and Ladakh regions but will also help get the troubled region to stand on its feet.

Saraf has stated that this bold step will help to increase trade in sectors like carpets, handicrafts, sports goods, horticulture and food processing. He said that strong efforts from the government, trade and industry including handholding of local businesses is the need of the hour today to further help to push its growth rate and create new jobs and livelihoods in the region.

FIEO President further said that opportunities exist in the other key sectors also including pharmaceuticals, information technology/information technology-enabled services, electronics and leather.

The CNX Nifty is currently trading at 10888.10, up by 32.60 points or 0.30% after trading in a range of 10842.95 and 10915.70. There were 28 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 4.53%, Tata Motors up by 2.56%, Bharti Infratel up by 2.44%, Bharti Airtel up by 2.34% and Hindalco was up by 2.13%. On the flip side, Cipla down by 4.19%, Tata Steel down by 3.47%, Indiabulls Housing Finance down by 2.83%, Indusind Bank down by 2.34% and Axis Bank was down by 2.00% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 188.88 points or 0.73% to 26,185.91, Taiwan Weighted strengthened 108.31 points or 1.04% to 10,494.49, Nikkei 225 surged 76.79 points or 0.37% to 20,593.35, Jakarta Composite soared 58.19 points or 0.94% to 6,262.39, Shanghai Composite gained 27.49 points or 0.99% to 2,796.17 and KOSPI was up by10.90 points or 0.57% to 1,920.61.

On the flip side, Straits Times was down by 13.51 points or 0.42% to 3,171.18.