Benchmarks enter into positive territory

Indian benchmarks erased all the losses to turn positive in late afternoon session due to increased buying by funds. Likewise, banking, FMCG and Healthcare have also elevated with gains on their respective front line stocks. Trades found some solace, as NITI Aayog and the International Transport Forum (ITF) of OECD have jointly launched the ‘Decarbonizing Transport in Emerging Economies’ (DTEE) project in India. This five-year project will help India develop a pathway towards a low-carbon transport system through the development of modelling tools and policy scenarios. Traders paid no heed towards International Monetary Fund (IMF) said that GDP growth in India will contract sharply by 4.5 percent in the fiscal year 2020-21 following a longer COVID-19 lockdown period and slower recovery than anticipated in April. Sector wise, metal stocks remained in focus with a private report that Aluminium Association of India (AAI) has approached the ministry of finance and the ministry of commerce and Industry to implement remission of duties or taxes on export products (RoDTEP) scheme, a move aimed to compete and substitute Chinese aluminium exports to major economies in the world.

On the global front, European markets were trading mostly in green as investors studied whether a resurgence in coronavirus infections will sap appetite for riskier assets. Back home, in scrip specific developments, Manappuram Finance surged on planning to raise funds through various options of borrowings and Mahindra Lifespace Developers gained as its JV signs four customers.

The BSE Sensex is currently trading at 35029.11, up by 160.13 points or 0.46% after trading in a range of 34499.78 and 35058.69. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.60%, while Small cap index was up by 0.43%.

The top gaining sectoral indices on the BSE were FMCG up by 1.39%, Bankex up by 1.18%, Healthcare up by 0.95%, Utilities up by 0.68% and Power was up by 0.39%, while IT down by 0.77%, TECK down by 0.67%, Realty down by 0.39%, Metal down by 0.31% and Telecom was down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 3.42%, Bajaj Finance up by 3.22%, Kotak Mahindra Bank up by 2.49%, ICICI Bank up by 1.65% and HDFC Bank up by 1.45%. On the flip side, Asian Paints down by 2.47%, Infosys down by 1.53%, HCL Tech down by 1.43%, Mahindra & Mahindra down by 1.42% and Indusind Bank down by 0.82% were the top losers.

Meanwhile, NITI Aayog and the International Transport Forum (ITF) of OECD have jointly launched the ‘Decarbonizing Transport in Emerging Economies’ (DTEE) project in India. This five-year project will help India develop a pathway towards a low-carbon transport system through the development of modelling tools and policy scenarios.

NITI Aayog CEO Amitabh Kant said decarbonization of the transport sector would create a cleaner, healthier and more affordable future for everyone. The DTEE project would help India translate its climate ambitions into actions. He said the modelling tool and assessment framework would provide a targeted analytical assistance to identify these climate actions and help us draw policies rooted in data analysis and advanced modelling.

Meanwhile, the ITF project team will work in close cooperation and coordination with India’s government agencies, local decision-makers, researchers, experts, and civil society organisations. Stakeholder workshops, training sessions, briefings for policymakers and mitigation action plans will support the development of policies beyond the duration of the project.

The CNX Nifty is currently trading at 10337.95, up by 32.65 points or 0.32% after trading in a range of 10194.50 and 10357.00. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were ITC up by 3.52%, Bajaj Finance up by 3.08%, Hero MotoCorp up by 2.46%, GAIL India up by 2.37% and Kotak Mahindra Bank up by 2.09%. On the flip side, Asian Paints down by 2.76%, Hindalco down by 2.15%, Indian Oil down by 1.89%, Eicher Motors down by 1.84% and Mahindra & Mahindra down by 1.61% were the top losers.

European markets were trading mostly in green, France’s CAC increased 18.14 points or 0.37% to 4,889.50 and Germany’s DAX increased 101.87 points or 0.84% to 12,195.81. On the flip side, UK’s FTSE 100 was down by 0.61 points or 0.01% to 6,123.08.