Indices extend gaining rally

Extending their gaining rally, Indian equity benchmarks remained strong in late morning session, on the back of positive cues from other Asian markets. Domestic sentiments got boost, after PM Modi said ‘India is headed for robust economic growth. We have the world's fastest-growing Startup Ecosystem.’ Besides, with an aim to reduce imports of the country, the commerce ministry has made a case for encouraging domestic manufacturing of 102 items like chemicals, electronic products and insulin injection as their share in the country’s total imports are high. Meanwhile, RBI modified norms for banks to claim the amount of interest subvention provided to farmers under the short-term crop loan scheme through Kisan Credit Card (KCC) during the last fiscal.

On the global front, Asian markets were trading in green, after industrial production in South Korea was up a seasonally adjusted 1.3 percent on month in March. That exceeded expectations for a decline of 0.2 percent following the downwardly revised 0.3 percent increase in February. On a yearly basis, industrial production climbed 3.7 percent - missing forecasts for an increase of 4.0 percent following the downwardly revised 6.3 percent increase in the previous month (originally 6.4 percent).

The BSE Sensex is currently trading at 57900.06, up by 379.00 points or 0.66% after trading in a range of 57544.48 and 57918.08. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index was up by 0.43%.

The top gaining sectoral indices on the BSE were Realty up by 1.03%, Healthcare up by 0.80%, Metal up by 0.64%, Basic Materials up by 0.55% and FMCG up by 0.53%, while PSU down by 0.38%, Energy down by 0.36%, Oil & Gas down by 0.36% and Capital Goods down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.48%, Dr. Reddy's Lab up by 2.33%, Kotak Mahindra Bank up by 2.21%, HDFC Bank up by 2.18% and HDFC up by 2.06%. On the flip side, Axis Bank down by 4.22%, Wipro down by 1.60%, Power Grid down by 1.44%, NTPC down by 1.06% and Tech Mahindra down by 0.28% were the top losers.

Meanwhile, Union Minister for micro, small, and medium enterprises (MSMEs) Narayan Rane has launched the revamped Sustainable (ZED) Certification Scheme to facilitate MSMEs to adopt Zero Defect Zero Effect practices and become energy efficient while improving quality through increased compliance with manufacturing processes. 

MSMEs certified under the scheme would be eligible for concession in banks' processing fees and rate of interest along with preference in lending. The revamped scheme has also trimmed the parameters required to be met for the certification to 20 from 50 in the erstwhile scheme.

MSMEs can reduce wastages substantially, increase productivity, enhance environmental consciousness, save energy, optimally use natural resources, expand their markets, etc. through the ZED certification scheme, a part of the MSME Champions scheme. The ZED certification scheme will be beneficial towards improving quality, increasing manufacturing output and profits and controlling the detrimental impact on the environment.

The CNX Nifty is currently trading at 17351.50, up by 106.45 points or 0.62% after trading in a range of 17240.20 and 17357.75. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.26%, Sun Pharma up by 2.38%, Tata Consumer Products up by 2.32%, Dr. Reddy's Lab up by 2.25% and HDFC Bank up by 2.18%. On the flip side, Axis Bank down by 4.23%, SBI Life Insurance down by 1.77%, Wipro down by 1.65%, Adani Ports & SEZ down by 1.50% and Coal India down by 1.50% were the top losers.

Asian markets were trading in green; Taiwan Weighted strengthened 147.06 points or 0.9% to 16,566.44, KOSPI rose 27.98 points or 1.05% to 2,695.47, Straits Times advanced 27.04 points or 0.81% to 3,362.13, Shanghai Composite gained 11.06 points or 0.37% to 2,986.54 and Hang Seng increased 410.13 points or 2.02% to 20,686.30.