Equity markets add gains in late afternoon session

Indian equity markets added gains in late afternoon session on account of buying in front line counters. Traders took note of private report that Monetary Policy Committee (MPC) is likely to maintain its GDP growth forecast similar to the levels in June policy at 9.5 percent with risks broadly balanced amid improving agri output, strong rural demand (even though not fully insulated) and better adapted firms, stable financial conditions and global growth spill overs and new risks in the form of delta variant or third wave/slower vaccination drive. However, the broader indices, BSE Mid cap index and Small cap index were trading in red. Sector wise, aviation sector remained in focus, as Minister of State in the Ministry of Civil Aviation, Vijay Kumar Singh has said that Airports Authority of India (AAI) has taken up development programme to spend around Rs 25,000 crore in next 4-5 years for expansion and modification of existing terminals, new terminals, expansion or strengthening of existing runways, aprons, Airport Navigation Services (ANS), control towers, technical blocks, etc. to meet the expected growth in the aviation sector.

On the global front, Asian markets were trading mostly in red as the latest private payrolls data from the U.S. disappointed and China's state media once again took aim at the video game sector, calling for higher taxes on the gaming industry. However, European markets were trading mostly in green, as strong earnings from Novo Nordisk and Siemens helped outweigh weakness in miners and banking shares, with investors eyeing a policy decision from the Bank of England later in the day.

The BSE Sensex is currently trading at 54,576.68, up by 206.91 points or 0.38% after trading in a range of 54230.89 and 54706.94. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.35%, while Small cap index was down by 0.60%.

The top gaining sectoral indices on the BSE were Telecom up by 4.44%, TECK up by 1.28%, Energy up by 1.15%, IT up by 0.83% and Metal was up by 0.58%, while Realty down by 1.59%, PSU down by 1.01%, Utilities down by 0.70%, Power down by 0.56%, Consumer Discretionary down by 0.53% were the losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 6.24%, ITC up by 2.97%, Tech Mahindra up by 2.69%, HCL Tech up by 2.64% and Kotak Mahindra Bank up by 2.14%. On the flip side, SBI down by 2.96%, Indusind Bank down by 2.25%, Bajaj Finance down by 1.57%, Bajaj Finserv down by 1.14% and Asian Paints down by 1.06% were the top losers.

Meanwhile, minister of State in the Ministry of Civil Aviation, Vijay Kumar Singh has said that Airports Authority of India (AAI) has taken up development programme to spend around Rs 25,000 crore in next 4-5 years for expansion and modification of existing terminals, new terminals, expansion or strengthening of existing runways, aprons, Airport Navigation Services (ANS), control towers, technical blocks, etc. to meet the expected growth in the aviation sector.

The government has taken several measures for reforms in the Civil Aviation sector of the country by providing top-class infrastructure and facilities. He further informed that the government has accorded 'in-principle' approval for setting up 21 Greenfield Airports across the country.

The minister stated that the government is promoting private investments in existing and new airports through the public-private partnership (PPP) and under Regional Connectivity Scheme (RCS) - Ude Desh ka Aam Nagrik (UDAN), as of July 27, 2021, 359 routes have commenced connecting 59 unserved and underserved airports, including 2 water aerodromes and 5 heliports.

The CNX Nifty is currently trading at 16,308.45, up by 49.65 points or 0.31% after trading in a range of 16210.30 and 16348.15. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 6.06%, Eicher Motors up by 3.24%, ITC up by 3.21%, Tech Mahindra up by 2.71% and HCL Tech up by 2.70%. On the flip side, SBI down by 3.04%, Indusind Bank down by 2.32%, Indian Oil down by 1.66%, Bajaj Finance down by 1.61% and UPL down by 1.31% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 221.86 points or 0.84% to 26,204.69, Taiwan Weighted dropped 20.77 points or 0.12% to 17,603.12, Shanghai Composite declined 10.67 points or 0.31% to 3,466.55, Straits Times trembled 10.65 points or 0.33% to 3,172.25 and KOSPI was down by 4.25 points or 0.13% to 3,276.13. On the flip side, Jakarta Composite soared 46.38 points or 0.75% to 6,205.42 and Nikkei 225 was up by 144.04 points or 0.52% to 27,728.12.

European markets were trading mostly in green, France’s CAC increased 34.08 points or 0.51% to 6,780.31 and Germany’s DAX was up by 23.77 points or 0.15% to 15,715.90. On the flip side, UK’s FTSE 100 was down by1.48 points or 0.02% to 7,122.38.