Indian equity benchmarks continued to trade in green terrain in late morning deals, with both Sensex and Nifty adding some gains. Domestic sentiments were positive, amid reports that exporters urged the government to provide support measures in the next foreign trade policy (FTP), being formulated by the commerce ministry, to boost the country's outbound shipments. Different suggestions were made by representatives of different export promotion councils during their meeting with the commerce ministry. On the global front, Asian markets were trading in red, after South Korea's unemployment rate rose to a 21-year high in January. The data from Statistics Korea showed that the jobless rate rose to a seasonally adjusted 5.4 percent in January from 4.5 percent in December. This was the highest rate since 1999. In the same month last year, the unemployment rate was 3.9 percent. On an unadjusted basis, the unemployment rate increased to 5.7 percent in January from 4.1 percent in the previous month.
The BSE Sensex is currently trading at 51697.77, up by 166.25 points or 0.32% after trading in a range of 51492.95 and 51804.58. There were 14 stocks advancing against 16 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.23%, while Small cap index was up by 0.52%.
The top gaining sectoral indices on the BSE were Bankex up by 0.98%, IT up by 0.84%, Realty up by 0.69%, TECK up by 0.64% and Industrials up by 0.55%, while FMCG down by 0.99%, Metal down by 0.99%, Oil & Gas down by 0.90%, Telecom down by 0.65% and Consumer Durables down by 0.58% were the top losing indices on BSE.
The top gainers on the Sensex were Indusind Bank up by 3.43%, HDFC up by 1.67%, Axis Bank up by 1.47%, Infosys up by 1.32% and Tech Mahindra up by 1.20%. On the flip side, ITC down by 2.91%, ONGC down by 1.86%, NTPC down by 1.85%, Sun Pharma down by 1.69% and Bharti Airtel down by 0.91% were the top losers.
Meanwhile, Union Minister Nitin Gadkari has said that the government will adopt an integrated approach and come out with a policy to make India self-reliant in the area of advanced battery technologies to power electric vehicles (EVs) and other applications. Pitching for an integrated approach for developing indigenous fuel cells in the field of electric vehicles, he said India today stands at the cusp of becoming the world leader in this field as well as automobile manufacturing.
He said ‘So far work is happening in silos in the area of alternative fuel. We will now work in an integrated and concerted manner bringing together the best technologies. We will also focus on economic viability...We need a policy in this regard and for it we have decided to take an integrated approach’. He said scientists, academia and industry can together harness green hydrogen-based energy through water, for it being a cost effective and easily available mode in the country. He indicated towards the lowering costs of solar power in India, which can help energise other modes of fuels. He added that vast scope is there in the area of Lithium-ion battery too despite countries like China dominating in the sector. About 81 per cent of Lithium-ion battery components are available locally and India stands a very good chance for value addition at lower costs.
Stressing the need for advanced and concerted planning, the minister said this is one area where there is good scope for becoming the world leader as the automobile sector which has a turnover of Rs 4.5 lakh crore is set to take it to Rs 10 lakh crore in future. The resultant employment generation will be huge and vehicle scrapping policy under which initially one crore vehicles will go for scrapping will result in availability of cheaper aluminium, copper, rubber, steel and other products which will reduce the price of the components. After going through the presentations from different organisations on different technologies including Lithium-ion, metal-ion, Sodium Sulphur, Hydrogen, Iron Sulphur, Polymer Electrolyte Membrane Cell System, ZincGel, etc, Gadkari said, economic viability is the basis of any successful technology.
The CNX Nifty is currently trading at 15214.60, up by 41.30 points or 0.27% after trading in a range of 15157.75 and 15243.50. There were 21 stocks advancing against 29 stocks declining on the index.
The top gainers on Nifty were Indusind Bank up by 3.40%, Adani Ports & SEZ up by 2.78%, HDFC up by 1.53%, Axis Bank up by 1.49% and Infosys up by 1.38%. On the flip side, ITC down by 2.94%, Coal India down by 2.22%, NTPC down by 1.85%, Sun Pharma down by 1.76% and ONGC down by 1.76% were the top losers.
Asian markets were trading in red; Nikkei 225 slipped 108.01 points or 0.37% to 29,454.92.
