Sensex, Nifty back in green in late morning session

Indian equity benchmarks came back in green terrain during late morning session, with both Sensex and Nifty trading higher with notable gains. Positive cues from other Asian markets helped key indices to trade in green. Traders were positive, amid reports that foreign portfolio investors (FPI) have pumped in a net Rs 7,245 crore into the Indian capital markets in August so far amid positive sentiments due to an improving macroeconomic environment. Besides, Union Finance Minister Nirmala Sitharaman said the micro, small and medium enterprises (MSMEs) are the backbone of the economy, and the Narendra Modi government has given the sector its rightful place.

On the global front, Asian markets were trading mostly in green, after the manufacturing sector in Japan continued to expand in August, albeit at a slower rate, the latest survey from Jibun Bank showed on Monday with a manufacturing PMI score of 52.4. That's down from 53.0 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 55512.34, up by 183.02 points or 0.33% after trading in a range of 55240.29 and 55781.17. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.72%, while Small cap index was down by 1.44%.

The top gaining sectoral indices on the BSE were IT up by 1.45%, TECK up by 1.39%, Energy up by 0.38%, Oil & Gas up by 0.28% and FMCG up by 0.07%, while Basic Materials down by 1.53%, Metal down by 1.10%, Consumer Durables down by 1.04%, Realty down by 1.00% and PSU down by 0.86% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 3.20%, TCS up by 3.09%, Tech Mahindra up by 2.03%, Bajaj Finserv up by 1.86% and Bajaj Finance up by 1.45%. On the flip side, Ultratech Cement down by 2.16%, Tata Steel down by 2.10%, Power Grid down by 1.29%, Indusind Bank down by 1.01% and Titan Co down by 0.89% were the top losers.

Meanwhile, commerce ministry said the export of products like rice, meat, cereals and dairy items in the APEDA basket increased 44.3 per cent to $4.81 billion during April-June 2021. Products in the Agricultural and Processed Food Products Export Development Authority (APEDA) basket are fruits and vegetables; cereal preparations and miscellaneous processed items; meat, dairy and poultry products; rice; and other cereals.

As per the data, exports of fresh fruits and vegetables increased by 9.1 per cent to $637 million during April-June this fiscal. Similarly, shipments of cereal preparations and miscellaneous processed items; and meat, dairy and poultry products grew by 69.6 per cent to $527.7 million and 111 per cent to $1.02 billion, respectively, during the period. Rice exports rose 25.3 per cent to $2.4 billion and the outbound shipments of other cereals jumped to $231.4 million in April-June.

The ministry said ‘the rise in export of agricultural and processed food products is the outcome of various initiatives taken for the export promotion of agricultural and processed food products such as organising B2B exhibitions in different countries, exploring new potential markets through product-specific and general marketing campaigns by the active involvement of Indian Embassies’.

The CNX Nifty is currently trading at 16477.45, up by 26.95 points or 0.16% after trading in a range of 16395.70 and 16592.50. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were HCL Tech up by 3.22%, TCS up by 2.87%, Tech Mahindra up by 2.00%, Bajaj Finserv up by 1.82% and Hindalco up by 1.47%. On the flip side, Ultratech Cement down by 2.25%, Tata Steel down by 2.07%, Grasim Industries down by 1.92%, Tata Motors down by 1.64% and Power Grid down by 1.54% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 449.99 points or 1.81% to 25169.45, Nikkei 225 surged 516.91points or 1.91% to 27193.1, Shanghai Composite gained 34.40 points or 1.00% to 3436.8, KOSPI rose 47.77 points or 1.56% to 3086.81, Taiwan Weighted strengthened 428.95 points or 2.62% to 16459.13 and Jakarta Composite soared 56.07 points or 0.93% to 6037.7. On the flip side, Straits Times trembled 0.29 points or 0.01% to 3116.31.