Markets trade slightly in green in late afternoon session on Monday

Indian equity markets were trading slightly in green in late afternoon session on Monday led by power, utilities and auto stocks. Sentiments were optimistic on report that foreign portfolio investors (FPI) remained net investors in Indian markets in the first half of August, pumping in Rs 28,203 crore in debt and equities on net basis in the period. Further, some support also came in with Commerce and Industry Minister Piyush Goyal’s statement that India will take equal and proportional measures to protect domestic manufacturing if other countries continue imposing restrictions or barriers on Indian goods. Telecom stocks were in limelight as the Supreme Court dismissed public interest litigation seeking immediate arrangement for recovery of the adjusted gross revenue dues, saying it is already looking into the matter. On the global front, Asian markets were trading mostly in green with reports that China's central bank has injected liquidity into the financial system bolstered sentiments. European markets were trading slightly higher despite geopolitical tensions and concerns over the spread of the coronavirus on investors’ radar.

Back home, the BSE Sensex is currently trading at 37901.36, up by 24.02 points or 0.06% after trading in a range of 37734.14 and 38119.38. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index up by 0.85%.

The top gaining sectoral indices on the BSE were Power up by 3.37%, Utilities up by 3.01%, Auto up by 2.40% and Metal up by 2.19%, while, Energy down by 0.64%, Bankex down by 0.12% and Telecom down by 0.09% were the few losing indices on BSE.

The top gainers on the Sensex were NTPC up by 8.37%, Bajaj Auto up by 3.59%, Power Grid up by 3.14%, ONGC up by 2.98% and Tech Mahindra up by 2.66%. On the flip side, SBI down by 1.65%, Reliance Industries down by 0.90%, Bharti Airtel down by 0.76%, HDFC Bank down by 0.67% and Axis Bank down by 0.62% were the top losers.

Meanwhile, expressing optimism, Telecom Equipment Manufacturers Association of India (TEMA) has said that the Prime Minister's vision around building national infrastructure pipeline projects will boost employment and create new opportunities.

TEMA views announcements as a signal from the PM for the industry to enhance its participation in the development of National Infrastructure. Besides, TEMA Chairman Ravi Sharma said the industry is bullish about the thrust given to promoting the domestic industry to make India' Aatmanirbhar.'

Further, Sharma noted that support in terms of reduced levies to the local manufacturers and special provisions to upskill the talent that has come back to the country during COVID should be taken up on priority.

The CNX Nifty is currently trading at 11204.75, up by 26.35 points or 0.24% after trading in a range of 11144.50 and 11248.90. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were NTPC up by 8.43%, Eicher Motors up by 4.97%, Zee Entertainment up by 4.84%, Hero MotoCorp up by 3.93% and Bajaj Auto up by 3.66%. On the flip side, SBI down by 1.68%, Grasim Industries down by 1.22%, Reliance Industries down by 0.86%, Axis Bank down by 0.77% and Bharti Airtel down by 0.74% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite gained 78.70 points or 2.34% to 3,438.80, Taiwan Weighted strengthened 160.65 points or 1.26% to 12,956.11 and Hang Seng was up by 164.33 points or 0.65% to 25,347.34. On the other hand, Nikkei 225 slipped 192.61 points or 0.83% to 23,096.75 and Straits Times was down by 6.84 points or 0.26% to 2,574.48.

European markets were trading slightly higher; UK’s FTSE 100 added 0.09 points or 1.84% to 6,071.94, France’s CAC gained 2.49 points or 0.05% to 4,965.42 and Germany’s DAX was up by 0.7 points or 0.01% to 12,902.04.