Markets trade near day’s high points in late afternoon session

Indian equity markets traded near day’s high points in late afternoon session. On the Sensex pack, NTPC, State Bank of India (SBI) and Power Grid Corporation of India were the top gainers in the late afternoon trade. On the other hand, Ultratech Cement, Sun Pharmaceutical Industries and IndusInd Bank were among the laggards. Traders found support after Union Commerce and Industry Minister Piyush Goyal has said that the Omicron will be a short-term disruption for businesses but supply chains and industrial activities will continue at full speed. Besides, India’s exports surged 37 percent on an annual basis to $37.29 billion in December 2021, the highest-ever monthly figure, on the back of healthy performance by sectors like engineering, textiles and chemicals, even as the trade deficit widened to $21.99 billion.

On the global front, Asian markets were trading mostly in green following a strong lead from yet another record on Wall Street that was fuelled by easing concerns about Omicron and remaining optimism about the economic recovery. European markets were trading higher continuing the positive start to the New Year on hopes of a steady economic recovery despite a surge in Covid-19 cases.

The BSE Sensex is currently trading at 59610.22, up by 427.00 points or 0.72% after trading in a range of 59084.40 and 59644.25. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.15%, while Small cap index was up by 0.10%.

The top gaining sectoral indices on the BSE were PSU up by 1.43%, Power up by 1.20%, Utilities up by 1.15%, Energy up by 1.08% and Bankex was up by 1.05%, while Metal down by 0.90%, Realty down by 0.74%, Healthcare down by 0.67%, Basic Materials down by 0.23% and Auto was down by 0.20% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 4.84%, Power Grid up by 2.46%, SBI up by 2.29%, TCS up by 1.66% and Hindustan Unilever up by 1.53%. On the flip side, Sun Pharma down by 1.21%, Indusind Bank down by 1.07%, Ultratech Cement down by 0.86%, Infosys down by 0.56% and Dr. Reddy's Lab down by 0.25% were the top losers.

Meanwhile, in a big relief, Union Commerce and Industry Minister Piyush Goyal has said that the Omicron will be a short-term disruption for businesses but supply chains and industrial activities will continue at full speed.

While highlighting India’s exports which surged 37 percent on an annual basis to $37.29 billion in December 2021, the highest-ever monthly figure, Goyal called this achievement 'historic' and attributed it to the leadership of Prime Minister Narendra Modi. He also congratulated all the Export Promotion Councils (EPC), exporters, and Indian Embassy officials all across the globe for contributing to this historic achievement.

Goyal commended the performance of Uttar Pradesh's performance and said Uttar Pradesh has been the best-performing state in exports. Further, the minister is hopeful that India will launch trade negotiations with Britain this month and hope to conclude an interim trade deal by March 2022. Goyal said that India will also launch trade negotiations with Canada and Israel soon.

The CNX Nifty is currently trading at 17733.00, up by 107.30 points or 0.61% after trading in a range of 17593.55 and 17743.95. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were NTPC up by 4.76%, ONGC up by 2.83%, Power Grid up by 2.54%, SBI up by 2.38% and TCS up by 1.76%. On the flip side, Tata Motors down by 2.03%, Shree Cement down by 1.80%, Tata Consumer down by 1.68%, Coal India down by 1.48% and Sun Pharma down by 1.43% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 510.08 points or 1.77% to 29,301.79, Taiwan Weighted strengthened 255.84 points or 1.4% to 18,526.35, Straits Times advanced 45.31 points or 1.45% to 3,179.56, Jakarta Composite soared 30.06 points or 0.45% to 6,695.37, Hang Seng increased 15.09 points or 0.06% to 23,289.84 and KOSPI was up by 0.47 points or 0.02% to 2,989.24. On the flip side, Shanghai Composite was down by 7.45 points or 0.2% to 3,632.33.

European markets were trading higher, UK’s FTSE 100 increased 97.39 points or 1.32% to 7,481.93, France’s CAC increased 53.92 points or 0.75% to 7,271.14 and Germany’s DAX was up by 29.02 points or 0.18% to 16,049.75.