Bourses trade near day’s high points; Reliance Industries jumps above 5.50%

Indian equity benchmarks traded near day’s high points in late afternoon session, led by gains in index heavyweights like Reliance Industries, Infosys, ITC and Kotak Mahindra Bank. The overall market breadth was positive as 2019 shares were advancing while 1226 were declining on the BSE. Traders took support after Foreign Secretary Harsh Vardhan Shringla has stated that the Indian economy has returned to the high growth path and the country’s economy grew at a record 20.1 percent year-on-year in April-June quarter (Q1FY22), helped by a low base of the year-ago period coupled with improved manufacturing in spite of a devastating second wave of Covid-19 cases.

On the global front, Asian markets were trading mixed, as inflation concerns and worries about fresh lockdowns in Europe offset optimism over data pointing to strength in the world's largest economy. European markets were trading higher despite a surge in coronavirus infections, and soaring inflation, hitting households in Germany. Back home, Nifty Bank, a key driver to the Nifty50, slipped 104.80 points or 0.28 per cent to 37,337.15 level. The banking index is mainly dragged by ICICI Bank and IndusInd Bank.

The BSE Sensex is currently trading at 58,855.15, up by 479.73 points or 0.82% after trading in a range of 58143.86 and 58807.67. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.22%, while Small cap index was up by 0.60%.

The top gaining sectoral indices on the BSE were Energy up by 4.20%, Healthcare up by 1.08%, Oil & Gas up by 0.93%, Telecom up by 0.81% and TECK was up by 0.75%, while Auto down by 0.56%, PSU down by 0.52%, Capital Goods down by 0.45%, Bankex down by 0.38% and Industrials was down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 5.83%, Infosys up by 1.36%, ITC up by 1.32%, Tech Mahindra up by 1.06% and Kotak Mahindra Bank up by 0.85%. On the flip side, NTPC down by 1.37%, Maruti Suzuki down by 1.22%, Hindustan Unilever down by 1.12%, ICICI Bank down by 1.08% and Indusind Bank down by 1.02% were the top losers.

Meanwhile, underlining goals of promoting the three Ts - Trade, Tourism and Technology, Foreign Secretary Harsh Vardhan Shringla has said that the government has set an ambitious target of $400 billion exports for financial year 2021-22.

Shringla also highlighted that the Indian economy has returned to the high growth path and the country’s economy grew at a record 20.1 percent year-on-year in April-June quarter (Q1FY22), helped by a low base of the year-ago period coupled with improved manufacturing in spite of a devastating second wave of Covid-19 cases.

Emphasising the recovering of India's economic growth trajectory despite challenging times, the foreign secretary said, ‘That India would have a role in world affairs little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a distant dream. Independence, the trauma of Partition, and the struggles of emerging nationhood were in the future.’ Noting India's key role in world affairs, he said that the post- Coronavirus pandemic economy will differ significantly from the present one.

The CNX Nifty is currently trading at 17,544.70, up by 129.65 points or 0.74% after trading in a range of 17351.70 and 17540.80. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 5.79%, ITC up by 1.43%, Divi's Lab up by 1.41%, Infosys up by 1.29% and Tech Mahindra up by 1.16%. On the flip side, Indian Oil down by 1.57%, NTPC down by 1.37%, Britannia down by 1.33%, Maruti Suzuki down by 1.33% and ICICI Bank down by 1.22% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 196.62 points or 0.67% to 29,499.28, Hang Seng increased 54.66 points or 0.22% to 24,740.16, Jakarta Composite soared 16.07 points or 0.24% to 6,699.35 and Taiwan Weighted was up by 11.67 points or 0.07% to 17,654.19. On the flip side, Straits Times trembled 5.47 points or 0.17% to 3,221.68, Shanghai Composite declined 8.52 points or 0.24% to 3,584.18 and KOSPI was down by 14.02 points or 0.47% to 2,980.27.

European markets were trading higher, UK’s FTSE 100 increased 7.67 points or 0.11% to 7,293.99, France’s CAC increased 27.79 points or 0.39% to 7,070.02 and Germany’s DAX was up by 62.22 points or 0.39% to 15,940.61.