Benchmarks continue to trade in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, on the back of falling crude oil prices, slower pace of selling by foreign funds and a steady global market. Traders also took some support with private report stated that the slew of measures announced by Reserve Bank of India (RBI) to enhance foreign exchange inflows should help rupee to outperform its peers in emerging market economies. Some support also came as Commerce and industry minister Piyush Goyal reviewed the progress of the implementation of the PM GatiShakti national master plan, which aims at giving a push to the country's multi-modal infrastructure network. Meanwhile, the commerce ministry has recommended imposition of anti-dumping duty on high-quality glass, used in construction, refrigeration, solar energy and other industries, from Bangladesh and Thailand to guard domestic players from cheap imports.

On the global front, Asian markets are trading mostly in green following the broadly positive cues from Wall Street overnight, as traders digested the latest batch of minutes from the US Fed's latest monetary policy meeting, which showed the central bank remains committed to bringing down inflation. Back home, Coal industry stocks remained in limelight as the Ministry of Coal on Wednesday said that the coal production has gone up by 32.5 per cent approx in June this year and the coal based power generation too has increased in the same period registering growth of approximately 26 per cent.

The BSE Sensex is currently trading at 54080.41, up by 329.44 points or 0.61% after trading in a range of 53980.74 and 54249.74. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.99%, while Small cap index was up by 1.12%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 3.21%, Realty up by 2.15%, Consumer Discretionary up by 1.65%, Auto up by 1.41% and PSU up by 1.35%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Titan Company up by 6.15%, Mahindra & Mahindra up by 2.58%, Asian Paints up by 2.07%, NTPC up by 2.02% and Indusind Bank up by 1.73%. On the flip side, Reliance Industries down by 0.87%, Bajaj Finserv down by 0.76%, Bajaj Finance down by 0.46%, Bharti Airtel down by 0.43% and Axis Bank down by 0.19% were the top losers.

Meanwhile, Finance ministry has released the fourth instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183 crore to 14 states for the current fiscal. The states for which Post Devolution Revenue Deficit Grant has been recommended by the 15th Finance Commission during 2022-23 are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.

The 15th Finance Commission has recommended a total PDRD Grant of Rs 86,201 crore to 14 states for the financial year 2022-23. The grant is released in 12 equated monthly instalments. The ministry said that with the release of the fourth instalment for the month of July 2022, the total amount of PDRD grants released to the states in 2022-23 stands at Rs 28,733.67 crore.

The eligibility of states to receive this grant and the quantum of grant for the period from 2020-21 to 2025-26 was decided by the 15th Finance Commission based on the gap between assessment of revenue and expenditure of the states concerned after taking into account the assessed devolution during this period.
The CNX Nifty is currently trading at 16101.50, up by 111.70 points or 0.70% after trading in a range of 16063.75 and 16139.50. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 6.38%, Mahindra & Mahindra up by 2.62%, Asian Paints up by 1.98%, NTPC up by 1.87% and BPCL up by 1.82%. On the flip side, Reliance Industries down by 0.90%, Bajaj Finserv down by 0.70%, Cipla down by 0.51%, Bajaj Finance down by 0.39% and Bharti Airtel down by 0.35% were the top losers.

Asian markets are trading mostly in green; Jakarta Composite soared 7.99 points or 0.12% to 6,654.40, Straits Times advanced 8.14 points or 0.26% to 3,111.80, Shanghai Composite gained 17.07 points or 0.51% to 3,372.42, KOSPI rose 49.54 points or 2.16% to 2,341.55, Taiwan Weighted strengthened 339.28 points or 2.43% to 14,324.79 and Nikkei 225 surged 383.73 points or 1.47% to 26,491.38.

On the flip side, Hang Seng decreased 87.75 points or 0.41% to 21,498.91.