Markets extend upward trend in late afternoon session

Indian equity markets extended their upward trend in late afternoon session on account of buying in front line counters. The Sensex and Nifty gaining above 500 and 150 points, respectively. Traders remained optimistic after National Statistical Office (NSO) reported that manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), grew by 13 per cent in June this year due to a low-base effect and good performance by manufacturing, mining and power sectors but the output remained below the pre-pandemic level. Sector wise, auto sector remained in focus, as Auto industry body -- Society of Indian Automobile Manufacturers (SIAM) has said Passenger vehicle wholesales in India increased by 45 per cent to 2,64,442 units in July against 1,82,779 units in the same month last year.

On the global front, all Asian markets were trading lower as a broadly positive week drew to a close with investors pricing in the likelihood that Federal Reserve officials will start withdrawing the vast financial support put in place at the start of the pandemic. European markets were trading higher on optimism over a strong earnings season and steady recovery from the pandemic-led economic downturn.

The BSE Sensex is currently trading at 55,396.52, up by 552.54 points or 1.01% after trading in a range of 54905.49 and 55388.28. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index declined 0.08%, while Small cap index was up by 0.05%.

The top gaining sectoral indices on the BSE were TECK up by 1.79%, IT up by 1.78%, Capital Goods up by 1.75%, Telecom up by 1.51% and Energy was up by 0.86%, while Metal down by 1.03%, Realty down by 0.78%, Utilities down by 0.73%, PSU down by 0.62% and Healthcare was down by 0.56% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 3.25%, Larsen & Toubro up by 3.05%, Bharti Airtel up by 2.05%, Bajaj Auto up by 1.95% and HCL Tech up by 1.84%. On the flip side, Tata Steel down by 1.88%, Power Grid down by 1.71%, NTPC down by 1.39%, Indusind Bank down by 1.11% and Bajaj Finance down by 0.79% were the top losers.

Meanwhile, with an aim to enhance charging infrastructure and facilitate a rapid transition to electric mobility in the country, NITI Aayog has released a handbook to guide state governments and local bodies to frame policies and norms towards setting up charging networks for electric vehicles (EV).

The Handbook for Electric Vehicle Charging Infrastructure Implementation has been jointly developed by NITI Aayog, Ministry of Power (MoP), Department of Science and Technology (DST), Bureau of Energy Efficiency (BEE), and World Resources Institute (WRI) India.

The Handbook provides a systematic and a holistic approach for adoptions by implementing authorities and other stakeholders involved in planning, authorisation and execution of EV charging infrastructure. It presents an overview of the technological and regulatory frameworks and governance structures needed to facilitate EV charging. It focuses on the present needs of charging infrastructure development while considering the evolving nature of the sector.

The CNX Nifty is currently trading at 16520.45, up by 156.05 points or 0.95% after trading in a range of 16376.30 and 16520.70. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Tata Consumer up by 4.22%, TCS up by 3.34%, Larsen & Toubro up by 3.15%, Grasim Industries up by 2.44% and Bharti Airtel up by 2.14%. On the flip side, Eicher Motors down by 2.54%, Tata Steel down by 1.73%, NTPC down by 1.38%, Power Grid down by 1.34% and JSW Steel down by 1.11% were the top losers.

All Asian markets were trading lower, Taiwan Weighted dropped 237.83 points or 1.38% to 16,982.11, Hang Seng decreased 126.20 points or 0.48% to 26,391.62, Nikkei 225 slipped 37.87 points or 0.14% to 27,977.15, KOSPI fell 37.09 points or 1.16% to 3,171.29, Straits Times trembled 20.23 points or 0.64% to 3,162.57, Shanghai Composite declined 8.44 points or 0.24% to 3,516.30 and Jakarta Composite was down by 0.16 points or 0% to 6,139.49.

European markets were trading higher, UK’s FTSE 100 increased 22.58 points or 0.31% to 7,215.81, France’s CAC increased 13.19 points or 0.19% to 6,895.66 and Germany’s DAX was up by 40.32 points or 0.25% to 15,977.83.