Bourses trade at day’s high points in late afternoon session

Indian equity markets traded at day’s high points in late afternoon session supported by steady buying in FMCG sector. The broader indices, the BSE Mid cap index and Small cap index were trading above half a percent. Traders took note of report that government will review the just introduced windfall tax on domestically produced crude oil and fuel exports every two weeks based on foreign currency rates and international oil prices, but no levels have been fixed for its recall. Sector wise, steel industry remained in focused, as in line with the government's COP26 commitments, the Ministry of Steel has asked the stakeholders to develop a time-bound action plan to lower emissions in the steel industry.

On the global front, Asian markets were trading mixed as inflation worries persisted and fresh rounds of mass COVID-19 testing in parts of eastern China added to worries about slowing global growth. European markets were trading higher though overall trading activity remained muted due to a U.S. market holiday.

The BSE Sensex is currently trading at 53,172.69, up by 264.76 points or 0.50% after trading in a range of 52674.81 and 53113.81. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.55%, while Small cap index was up by 0.54%.

The top gaining sectoral indices on the BSE were FMCG up by 2.00%, Consumer Durables up by 0.77%, Power up by 0.67%, Telecom up by 0.66% and Bankex was up by 0.63%, while Metal down by 1.86%, IT down by 0.54%, Oil & Gas down by 0.52%, Energy down by 0.50% and TECK was down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.80%, Hindustan Unilever up by 2.69%, ITC up by 2.51%, Power Grid up by 1.94% and ICICI Bank up by 1.70%. On the flip side, Tata Steel down by 2.73%, TCS down by 2.24%, Mahindra & Mahindra down by 1.52%, Tech Mahindra down by 1.05% and Kotak Mahindra Bank down by 0.34% were the top losers.

Meanwhile, with an aim to provide necessary support to Project Sponsoring Authorities in transaction of PPP projects, the Department of Economic Affairs (DEA), Ministry of Finance has empaneled 12 Transaction Advisers for Public Private Partnership (PPP) Projects.

To create an enabling environment for stepping up of private investment in Infrastructure and to cater State Governments demand, the TA panel is made available to all Central Ministries, State Governments, Statutory Bodies, Public Sector Enterprises (PSE) and other such undertakings within the purview of Ministries/ Departments of Government of India and State Governments either undertaking or intending to undertake PPP transactions.

As per the notification released by the Ministry of Finance, the Panel will help to make the process of appointment of transaction advisors/consultant effective by ensuring transparency and accountability through clear definition of the processes, role and responsibilities of the agencies and the private sector, leading to preparation of bankable PPP projects.

The CNX Nifty is currently trading at 15,811.90, up by 59.85 points or 0.38% after trading in a range of 15661.80 and 15797.45. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 2.82%, Hindustan Unilever up by 2.73%, ITC up by 2.55%, Britannia up by 1.97% and Power Grid up by 1.91%. On the flip side, JSW Steel down by 4.77%, ONGC down by 4.43%, Tata Steel down by 2.72%, TCS down by 2.24% and Cipla down by 1.64% were the top losers.

Asian markets were trading mixed, Jakarta Composite lost 155.16 points or 2.28% to 6,639.17, Taiwan Weighted dropped 126.02 points or 0.88% to 14,217.06, Hang Seng decreased 29.44 points or 0.13% to 21,830.35 and KOSPI was down by 5.08 points or 0.22% to 2,300.34. On the flip side, Shanghai Composite gained 17.79 points or 0.53% to 3,405.43, Straits Times advanced 23.94 points or 0.77% to 3,119.53 and Nikkei 225 was up by 218.19 points or 0.84% to 26,153.81.

European markets were trading higher, UK’s FTSE 100 increased 67.45 points or 0.94% to 7,236.10, France’s CAC increased 36.68 points or 0.62% to 5,967.74 and Germany’s DAX was up by 21.86 points or 0.17% to 12,834.89.