Bourses continue to trade in positive terrain

Indian stock markets continued their trade in positive terrain in noon session due to buying in realty, auto, and banking stocks. Buying in frontline stocks such as SBI, Maruti Suzuki and NTPC were aiding sentiment, while selling in Ultratech Cement, Asian Paints and Power Grid kept the gains in the markets in check. Sentiments got a boost with Commerce and Industry Minister Piyush Goyal’s statement that the comprehensive trade agreement between India and the UAE will help in creating huge job opportunities and boost growth of the domestic economy. The bilateral pact is expected to increase the bilateral trade in goods to over $100 billion and trade in services to over $15 billion within five years. However, upside remain capped as Reserve Bank of India (RBI) data showed that India’s forex reserves declined by $1.774 billion to $595.954 billion for the week ended May 6 on the back of a fall in the core currency assets. On the global front, Asian markets were trading mixed after shockingly weak data from China underlined the deep damage lockdowns were doing to the world's second-largest economy.

The BSE Sensex is currently trading at 53058.18, up by 264.56 points or 0.50% after trading in a range of 52632.48 and 53428.28. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.65%, while Small cap index was up by 0.32%.

The top gaining sectoral indices on the BSE were Realty up by 1.78%, Auto up by 1.31%, Bankex up by 1.10%, PSU up by 0.88% and Telecom was up by 0.85%, while TECK down by 0.61%, IT down by 0.59%, FMCG down by 0.34%, Oil & Gas down by 0.16% and Consumer Durables was down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.09%, Maruti Suzuki up by 2.05%, NTPC up by 1.46%, Kotak Mahindra Bank up by 1.30% and Indusind Bank was up by 1.27%. On the flip side, Ultratech Cement down by 2.41%, Asian Paints down by 1.85%, Power Grid down by 1.48%, Tech Mahindra down by 1.46% and Dr. Reddy's Lab was down by 1.36% were the top losers.

Meanwhile, Union Tourism and Culture Minister G Kishan Reddy has said that the government is working towards a comprehensive national tourism policy to give an impetus to the tourism industry. He also urged the industry stakeholders to prepare a road map for the development of the cruise tourism industry and asked them to create an action plan on cruise tourism in a mission-mode.

Reddy said the government is taking a slew of initiatives to promote river cruise tourism, which include river front development, increasing the number of cruise ships to 1,000, infrastructure development for water parks, among others. Calling for international cruise operators to invest in the domestic cruise tourism industry, he said that the government will facilitate all that is required to set up business in India. He said ‘we need to concentrate both on domestic and international tourism. This is high time we work together and explore the potential of tourism in the country.’

The minister said that India would be hosting the G23 Summit next year, during which some 120 conferences on different subjects, including on cruise tourism, are expected to be organized across various cities in the country, adding that, ‘we should utilize this opportunity with proper branding.’

The CNX Nifty is currently trading at 15853.25, up by 71.10 points or 0.45% after trading in a range of 15739.65 and 15977.95. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 5.86%, Apollo Hospital up by 3.13%, SBI up by 2.24%, Maruti Suzuki up by 2.10% and Bajaj Auto was up by 1.88%. On the flip side, Shree Cement down by 3.11%, Ultratech Cement down by 2.35%, Grasim Industries down by 1.92%, Asian Paints down by 1.75% and Tata Motors was down by 1.68% were the top losers.

Asian markets were trading mixed; Hang Seng increased 29.70 points or 0.15% to 19,928.47, Nikkei 225 surged 119.40 points or 0.45% to 26,547.05 and Taiwan Weighted was up by 68.50 points or 0.43% to 15,901.04.

On the other hand, Shanghai Composite declined 17.09 points or 0.55% to 3,067.19 and KOSPI was down by 3.58 points or 0.14% to 2,600.66.