Indices manage to keep heads above water in late morning session

Indian equity benchmarks managed to keep their heads above water in late morning session, with both Sensex and Nifty trading with notable gains. Positive cues from other Asian markets helped key indices to remain in green. Traders were positive, as industry body -- the National Association of Software and Service Companies (Nasscom) has said that India's share in the global engineering and research and development (ER&D) market is likely to grow at a compound annual growth rate (CAGR) of 12-13 per cent to reach $63 billion by 2025. Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave, interact with companies, and how businesses interact. She said ccontactless technologies, analytics, software-led systems are changing how products are designed, redesigned, engineered, and consumed.

On the global front, Asian markets were trading in green, after Malaysia's consumer prices inflation eased in May. The data from the Department of Statistics showed that consumer price inflation eased to 4.4 percent in May from 4.7 percent in April. The annual growth was largely driven by the rise in prices of transport by 26.0 percent. Prices for housing, water, electricity, gas and other fuels rose 3.2 percent. Prices for furnishings, households equipment and routine household maintenance rose 2.1 percent and prices for food and non-alcoholic beverages gained 1.5 percent.

The BSE Sensex is currently trading at 52744.41, up by 45.41 points or 0.09% after trading in a range of 52614.49 and 52899.47. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.92%, while Small cap index was up by 0.58%.

The top gaining sectoral indices on the BSE were Metal up by 3.39%, Basic Materials up by 1.73%, Healthcare up by 1.30%, PSU up by 0.93% and Auto up by 0.90%, while Energy down by 1.86%, Oil & Gas down by 0.90%, Utilities down by 0.75%, Power down by 0.49% and FMCG down by 0.29% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 4.69%, SBI up by 1.56%, Sun Pharma up by 1.55%, Bajaj Finserv up by 1.28% and Maruti Suzuki up by 1.27%. On the flip side, Reliance Industries down by 2.43%, Asian Paints down by 1.48%, Hindustan Unilever down by 1.31%, NTPC down by 0.93% and Kotak Mahindra Bank down by 0.75% were the top losers.

Meanwhile, industry body -- the National Association of Software and Service Companies (Nasscom) has said that India's share in the global engineering and research and development (ER&D) market is likely to grow at a compound annual growth rate (CAGR) of 12-13 per cent to reach $63 billion by 2025. Nasscom President Debjani Ghosh noted that the pandemic has altered the way consumers behave, interact with companies, and how businesses interact. She said ccontactless technologies, analytics, software-led systems are changing how products are designed, redesigned, engineered, and consumed.

Ghosh said ‘...this represents a very unique opportunity for the ER&D companies in India that are primarily focusing on product design and innovation to partner with global enterprises and engineer the future, global megatrends like sustainability, create even more opportunities for product redesign and innovation and that is going to be tremendously important for the future of this industry’.

She said India's share in the global engineering and research and development (ER&D) market is expected to grow at a CAGR of 12-13 per cent to reach $63 billion by 2025 from $31 billion in 2019. She added ‘This growth is being driven by global enterprises across automotive, aerospace, consumer electronics, medical devices, industrial and energy, semiconductor, telecom who are tapping into Indian ER&D's ability to power innovation, drive high impact service delivery by leveraging the think force of the future’.

The CNX Nifty is currently trading at 15810.35, up by 19.90 points or 0.13% after trading in a range of 15772.30 and 15844.45. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 4.52%, JSW Steel up by 3.20%, Hindalco up by 2.70%, Tata Motors up by 1.79% and SBI up by 1.76%. On the flip side, Reliance Industries down by 2.40%, Asian Paints down by 1.46%, Hindustan Unilever down by 1.35%, NTPC down by 1.06% and UPL down by 0.87% were the top losers.

Asian markets were trading in green; Taiwan Weighted strengthened 110.76 points or 0.64% to 17,518.72, Hang Seng increased 347.54 points or 1.2% to 29,230.00, KOSPI rose 16.92 points or 0.51% to 3,303.02, Straits Times advanced 2.23 points or 0.07% to 3,121.85, Shanghai Composite gained 34.89 points or 0.98% to 3,601.54, Jakarta Composite soared 44.74 points or 0.74% to 6,056.80 and Nikkei 225 surged 199.40 points or 0.69% to 29,074.63.