Equity markets trade slightly in green in late afternoon session

Indian equity markets entered into positive territory and were trading marginally in green in late afternoon session. Traders took support as Icra pegged the contraction in the economy at 7.8 per cent for 2020-21. Before the GDP numbers for Q2 were out, it had predicted the fall in the economy at 11 per cent. It said improving economic fundamentals, a bright outlook for the rabi season, and the visibility of vaccine availability are expected to strengthen demand. Traders took note of Finance minister Nirmala Sitharaman’s statement that strong decisions taken by the Modi government have ensured steady flow of foreign direct investment (FDI) into the country which is far greater than what comparable economies have attracted during the pandemic. Sector wise, Oil and Gas sector remained in focus, as Petroleum Minister Dharmendra Pradhan said the government has planned a $60-billion investment for creating gas infrastructure in the country till 2024, and gas' share in the energy mix is expected to rise to 15 percent by 2030.   

On the global front, Asian markets were trading mostly in red as investors tracked US stimulus talks with lawmakers appearing to finally be closing on a deal. However, European markets were trading higher as British and European leaders strike pessimistic tones about the prospect of agreeing to a post-Brexit trade deal.

The BSE Sensex is currently trading at 46912.67, up by 22.33 points or 0.05% after trading in a range of 46630.31 and 47026.02. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.19%, while Small cap index was down by 0.11%.

The top gaining sectoral indices on the BSE were IT up by 2.25%, TECK up by 1.79%, Consumer Durables up by 0.74%, Capital Goods up by 0.74% and Healthcare was up by 0.52%, while Telecom down by 1.01%, Oil & Gas down by 0.80%, Energy down by 0.56%, Bankex down by 0.50% and PSU was down by 0.50% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.86%, HCL Tech up by 2.35%, Bajaj Auto up by 2.02%, TCS up by 1.95% and Asian Paints up by 1.75%. On the flip side, Indusind Bank down by 2.93%, ONGC down by 2.36%, HDFC down by 1.80%, HDFC Bank down by 1.60% and Maruti Suzuki down by 1.14% were the top losers.

Meanwhile, terming sustainability as an important element of decision-making both in the government and the corporate sector of the country, the Commerce and Industry Minister Piyush Goyal has said that sustainable development will further enhance the scale and speed of growth in the years to come.

The Commerce and Industry Minister further said the present situation provides a unique opportunity to redesign, reinvent and realign various practices and processes. He also noted that under the mission of 'Aatmanirbhar Bharat', India is progressing rapidly to become a hub of manufacturing and expand its role in the global economy.

Besides, the Minister said that this is not possible without strengthening the ecosystem of MSMEs. Goyal also said ''India is going through a series of radical reforms which is changing our mindset to alleviate our actions, ambition and aims.''

The CNX Nifty is currently trading at 13752.20, up by 11.50 points or 0.08% after trading in a range of 13658.60 and 13771.45. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Infosys up by 2.89%, Dr. Reddys Lab up by 2.64%, HCL Tech up by 2.46%, Wipro up by 2.24% and Bajaj Auto up by 2.06%. On the flip side, Indusind Bank down by 2.95%, ONGC down by 2.32%, HDFC down by 1.73%, HDFC Bank down by 1.58% and Indian Oil down by 1.31% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 179.78 points or 0.67% to 26,498.60, Nikkei 225 slipped 43.28 points or 0.16% to 26,763.39, Shanghai Composite declined 9.97 points or 0.29% to 3,394.90, Jakarta Composite lost 9.06 points or 0.15% to 6,104.32, Taiwan Weighted dropped 8.97 points or 0.06% to 14,249.96 and Straits Times was down by 6.27 points or 0.22% to 2,851.75. On the flip side, KOSPI was up by 1.75 points or 0.06% to 2,772.18.

European markets were trading higher, UK’s FTSE 100 increased 33.90 points or 0.52% to 6,584.96, France’s CAC increased 14.14 points or 0.25% to 5,563.60 and Germany’s DAX was up by 35.04 points or 0.26% to 13,702.29.