Indian equity markets trade higher in late afternoon session

Indian equity markets were trading higher in late afternoon session despite weak cues from European markets. Traders were seen pilling up position in Power, Utilities, Bankex, Capital Goods and Energy, while selling was witnessed Metal, Realty, Basic Materials, Auto and Consumer Disc. The sentiments were supported by Indian rupee appreciating 9 paise at 78.94 per dollar. Further, sentiments got some support as the government has decided to give marketing freedom to domestic crude oil producers, allowing them to sell oil to whosoever they want. However, the session was weak for broader indices which were trading with loss in the range of 0.30-0.50%. On the global front, Asian markets were trading mostly in red as investors weighed worries over an economic slowdown against improved Chinese data. European markets were trading lower after global central bank chiefs said bringing down high inflation around the world will be painful and even dent economic growth. Back home, in stock specific development, Escorts Kubota fell amid concerns over delay in near-term demand momentum due to sustained raw material cost inflation.

The BSE Sensex is currently trading at 53252.56, up by 225.59 points or 0.43% after trading in a range of 52890.79 and 53377.54. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.53%, while Small cap index down by 0.34%.

The gaining sectoral indices on the BSE were Power up by 1.06%, Utilities up by 0.88%, Bankex up by 0.85%, Capital Goods up by 0.31% and Energy up by 0.19%, while Metal down by 1.75%, Realty down by 1.20%, Basic Materials down by 0.83%, Auto down by 0.61% and Consumer Disc down by 0.51% were the losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 1.60%, SBI up by 1.34%, Kotak Mahindra Bank up by 1.26%, ICICI Bank up by 1.08% and Larsen & Toubro up by 1.03%. On the flip side, Tata Steel down by 1.55%, Tech Mahindra down by 1.49%, HCL Tech. down by 1.48%, Sun Pharma Inds. down by 1.34% and Bajaj Finance down by 1.27% were the top losers.

Meanwhile, NITI Aayog in its latest report titled ‘Harnessing Green Hydrogen: Opportunities for Deep Decarbonisation in India’ has said that the green hydrogen can substantially spur industrial decarbonisation and economic growth for India in the coming decades. The report provides a pathway to accelerate the emergence of a green hydrogen economy, which is critical for India to achieve its net-zero ambitions by 2070.

The report, co-authored by NITI Aayog and RMI, also underscored that green hydrogen will be crucial for achieving decarbonisation of harder-to-abate sectors such as, fertilisers, refining, methanol, maritime shipping, iron & steel and transport.

The report further said that with emerging global momentum on hydrogen, India can situate this decarbonisation opportunity not just within the context of a low-carbon economy but also as an enabler of energy security and economic development for the nation.

According to the report, near-term policy measures can bring down the current costs of green hydrogen to make it competitive with the existing grey hydrogen (hydrogen produced by natural gas) prices. Medium-term price targets should be set to guide the industry towards making green hydrogen the most competitive form of hydrogen.

The CNX Nifty is currently trading at 15839.75, up by 40.65 points or 0.26% after trading in a range of 15734.15 and 15890.00. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were SBI Life Insuran up by 2.28%, HDFC Life Insurance up by 1.76%, Axis Bank up by 1.70%, SBI up by 1.47% and Kotak Mahindra Bank up by 1.24%. On the flip side, Bajaj Auto down by 3.79%, Cipla down by 3.18%, Eicher Motors down by 2.89%, Coal India down by 2.12% and BPCL down by 2.07% were the top losers.

Asian markets were mostly trading in red; Jakarta Composite fell 30.77 points or 0.44% to 6,911.58, Hang Seng dropped 137.10 points or 0.62 % to 21,859.79, Straits Times trembled 22.31 points or 0.71% to 3,112.56, KOSPI fell 45.35 points or 1.91% to 2,332.64, Taiwan Weighted dropped 414.40 points or 2.72% to 14,825.73 and Nikkei 225 slipped 411.56 points or 1.54% to 26,393.04. On the flip side, Shanghai Composite gained 37.10 points or 1.10% to 3,398.62.

European markets were trading lower, UK’s FTSE 100 decreased 115.2 points or 1.55% to 7,199.19, France’s CAC decreased 121.76 points or 2.03% to 5,908.44 and Germany’s DAX was down by 241.19 points or 1.87% to 12,759.93.