Markets sustain gains in late afternoon session

Indian equity markets sustained their gains in late afternoon session as sentiment continued to remain firm in the backdrop of positive global cues. Mahindra & Mahindra, Indusind Bank and Power Grid were the prime gainers among heavy-weights. Traders remained optimistic after private report stated that Finance Minister Nirmala Sitharaman held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India. The Finance Minister spoke about opportunities for companies situated in Silicon Valley and about the government of India's commitment to be a reliable player in the entire semiconductor value chain with dedicated incentive for the sector in mission mode through the Indian Semiconductor Mission.

On the global front, Asian markets were trading mostly in green as traders indulged in bargain hunting after the recent sharp sell-off. They also remained cautious amid lingering concerns about the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week. European markets were trading higher after falling sharply in the previous session on fears of a new Chinese lockdown and rapid interest-rate hikes in the United States.

The BSE Sensex is currently trading at 57194.85, up by 614.96 points or 1.09% after trading in a range of 56904.51 and 57333.49. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.42%, while Small cap index was up by 0.76%.

The top gaining sectoral indices on the BSE were Realty up by 2.64%, Power up by 2.58%, Auto up by 2.47%, Utilities up by 2.41% and Consumer Durables was up by 1.68%, while there were no losers on sectoral indices on the BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 3.87%, Indusind Bank up by 3.08%, Power Grid up by 3.07%, Bajaj Finance up by 2.72% and Titan Company up by 2.69%. On the flip side, TCS down by 0.50% and Asian Paints down by 0.22% were only losers.

Meanwhile, while pitching for collaboration with the US in financial services and emerging technologies, Finance Minister Nirmala Sitharaman has said that financial technology (fintech) represents a unique opportunity for sustainable and inclusive growth.

Finance Minister further noted that with a growth forecast of almost 8 per cent in FY 2023, India is likely to remain the world’s fastest growing major economy over the next few years, driven by the continued expansion of its technology and start-up ecosystems.

Sitharaman invited leading investors to become part of the India growth story, adding that the US-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth.

The CNX Nifty is currently trading at 17159.25, up by 205.30 points or 1.21% after trading in a range of 17064.45 and 17181.85. There were 45 stocks advancing against 5 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 5.34%, Hero MotoCorp up by 4.61%, Bajaj Auto up by 4.14%, Mahindra & Mahindra up by 3.64% and Tata Consumer up by 3.30%. On the flip side, ONGC down by 1.65%, Apollo Hospital down by 1.59%, Hindalco down by 0.54%, TCS down by 0.53% and Asian Paints down by 0.23% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 109.33 points or 0.41% to 26,700.11, Hang Seng increased 65.37 points or 0.33% to 19,934.71, Taiwan Weighted strengthened 23.89 points or 0.14% to 16,644.79, Jakarta Composite soared 16.17 points or 0.22% to 7,232.15 and KOSPI was up by 11.18 points or 0.42% to 2,668.31. On the flip side, Straits Times trembled 8.82 points or 0.26% to 3,330.77 and Shanghai Composite was down by 42.08 points or 1.44% to 2,886.43.

European markets were trading higher, UK’s FTSE 100 increased 41.52 points or 0.56% to 7,422.06, France’s CAC increased 40.79 points or 0.63% to 6,490.17 and Germany’s DAX was up by 150.12 points or 1.08% to 14,074.29.