Bourses enter into positive territory in late afternoon session

Indian equity markets have pared all their early losses and entered into positive trajectory in late afternoon session. Both Sensex and Nifty were trading above their crucial 58,700 and 17,450 marks, respectively. Some support came after Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1464782 new jobs in the month of July 2021. Sector wise, sugar sector remains in focused, as the Centre has so far cleared Rs 1,800 crore in subsidy to sugar mills for undertaking a mandated export of 6 million tonnes of the sweetener in the 2020-21 season-ending this month. On the global front, Asian markets were trading mixed amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system. European markets were trading higher helped by a strong debut from Universal Music Group, while the Federal Reserve's policy meeting continues to dominate thinking.

The BSE Sensex is currently trading at 58758.56, up by 267.63 points or 0.46% after trading in a range of 58232.54 and 58818.94. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index gained by 0.32%, while Small cap index was down by 0.29%.

The top gaining sectoral indices on the BSE were Realty up by 2.87%, Metal up by 1.31%, TECK up by 1.28%, IT up by 1.24% and Telecom was up by 0.73%, while Utilities down by 0.87%, Power down by 0.65%, Auto down by 0.54%, Bankex down by 0.30% and Consumer Durables was down by 0.26% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.78%, Bajaj Finance up by 3.51%, Bajaj Finserv up by 2.26%, Infosys up by 1.78% and HCL Tech up by 1.76%. On the flip side, Maruti Suzuki down by 2.61%, Bajaj Auto down by 1.35%, HDFC Bank down by 0.96%, Axis Bank down by 0.74% and ICICI Bank down by 0.57% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1464782 new jobs in the month of July 2021.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Gujarat, Tamil Nadu, Haryana and Delhi.

According to the data report, 8819 new jobs were created in less than 18 age group category, while 327214 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 387916, 205073, 287256 and 248504 new payrolls, respectively in July 2021.

The CNX Nifty is currently trading at 17483.35, up by 86.45 points or 0.50% after trading in a range of 17326.10 and 17503.90. There were 32 stocks advancing against 17 stocks declining on the index, while 1 stock remains unchanged.

The top gainers on Nifty were ONGC up by 4.36%, JSW Steel up by 4.09%, Indusind Bank up by 3.75%, Bajaj Finance up by 3.67% and UPL up by 2.59%. On the flip side, Maruti Suzuki down by 2.58%, BPCL down by 1.67%, Hero MotoCorp down by 1.51%, Bajaj Auto down by 1.42% and HDFC Bank down by 1.00% were the top losers.

Asian markets were trading mixed, Hang Seng increased 122.40 points or 0.51% to 24,221.54 and Straits Times was up by 24.49 points or 0.81% to 3,066.22. On the flip side, Jakarta Composite lost 15.56 points or 0.26% to 6,060.76 and Nikkei 225 was down by 660.34 points or 2.17% to 29,839.71.

European markets were trading higher, UK’s FTSE 100 increased 68.89 points or 1% to 6,972.80, France’s CAC increased 87.44 points or 1.35% to 6,543.25 and Germany’s DAX was up by 215.86 points or 1.43% to 15,347.92.