Barometer gauges maintain gains

Indian stock markets continued to trade in positive terrain in the afternoon session due to buying in realty, consumer durables and oil & gas stocks. Buying in frontline stocks such as Titan Company, ONGC and Kotak Mahindra Bank were aiding sentiment, while selling in Indusind Bank, Bajaj Auto and Tech Mahindra kept the gains in the markets in check. Sentiments got boost as India’s COVID cases are beginning to decline and several states are announcing a gradual easing of restrictions. Traders seem to have overlooked report that India's services sector activities slumped into contraction territory for the first time in eight months, amid renewed decline in new work intakes due to the escalation of the pandemic and the reintroduction of restrictions. The seasonally adjusted India Services Business Activity Index fell to 46.4 in May, down from 54.0 in April.

On the global front, Asian markets were trading mostly higher optimism over economic rebound after upbeat US manufacturing activity and as the country continues to reopen following increased Covid-19 vaccination rates and relaxed social distancing measures. Back home, on the sectoral front, sugar stocks were in focus as ethanol blending programme advanced to 2023.

The BSE Sensex is currently trading at 52072.86, up by 223.38 points or 0.43% after trading in a range of 52039.18 and 52240.61. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.98%, while Small cap index was up by 1.31%.

The top gaining sectoral indices on the BSE were Realty up by 4.04%, Consumer Durables up by 3.41%, Oil & Gas up by 1.32%, Energy up by 1.20% and Industrials was up by 1.19%, there were no losers on the BSE sectoral front

The top gainers on the Sensex were Titan Company up by 5.46%, ONGC up by 3.23%, Kotak Mahindra Bank up by 1.90%, Axis Bank up by 1.40% and Ultratech Cement was up by 0.94%. On the flip side, Indusind Bank down by 1.56%, Bajaj Auto down by 1.04%, Tech Mahindra down by 0.65%, SBI down by 0.39% and HCL Tech was down by 0.39% were the top losers.

Meanwhile, Minister of State for Finance Anurag Thakur has said that Indian economy is resilient and will rebound in the times ahead based on consistent reforms that have ensured strong fundamentals through these difficult times.

Thakur has pointed out that consistent reforms and strong fundamentals have ensured that India had a swift rebound from a contraction of 24.4 percent in the first quarter to a growth of 1.6 percent in the fourth quarter of FY 2020-21.

On the issue of the gloomy forecast made by the former finance minister, Thakur said ‘while you doubt the resilience of Indian entrepreneurs, small businesses, traders and MSMEs to revive themselves, various international agencies project India to grow by 12.5 per cent in FY 2021-22 making India the only major economy to have a projected double-digit growth.’

The CNX Nifty is currently trading at 15646.60, up by 70.40 points or 0.45% after trading in a range of 15635.30 and 15693.15. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 5.40%, ONGC up by 3.14%, Adani Ports up by 3.03%, Eicher Motors up by 2.21% and Kotak Mahindra Bank was up by 1.91%. On the flip side, Indusind Bank down by 1.56%, Bajaj Auto down by 1.00%, Tech Mahindra down by 0.66%, HCL Tech down by 0.44% and SBI was down by 0.40% were the top losers.

Asian markets were trading mostly higher; Jakarta Composite soared 10.38 points or 0.17% to 6,041.96, Taiwan Weighted strengthened 81.12 points or 0.47% to 17,246.16, KOSPI rose 23.20 points or 0.72% to 3,247.43, Nikkei 225 surged 111.97 points or 0.39% to 29,058.11 and Straits Times was up by 3.66 points or 0.12% to 3,164.70.

On the flip side; Shanghai Composite declined 4.38 points or 0.12% to 3,592.76 and Hang Seng was down by 232.60 points or 0.79% to 29,065.02.