Markets enlarge gains in late afternoon session

The Indian equity benchmarks enlarged their gains in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index were trading above half a percent each. Sentiments remained upbeat after Chief Economic Advisor (CEA) V Anantha Nageswaran said that the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen. He attributed depreciation in rupee and other currencies against the US dollar to the aggressive monetary tightening by the US Federal Reserve. Besides, India and the UK will sign three memorandums of understanding (MoUs), covering market access, health and education. The MoUs are in addition to the ongoing negotiations for a proposed free trade agreement (FTA). In scrip specific, Indusind Bank trading higher after reporting 5% rise in Q1 consolidated net profit.

On the global front, Asian markets were trading mixed with Chinese and Hong Kong markets underperforming on concerns over strict COVID-10 lockdowns and waning confidence in China's property market.  European markets were trading lower weighed by Italian political uncertainty ahead of a key European Central Bank meeting.

The BSE Sensex is currently trading at 55,613.13, up by 215.6 points or 0.39% after trading in a range of 55270.75 and 55626.45. There were 20 stocks advancing against 9 stocks declining on the index, while 1 stock remain unchanged.

The broader indices were trading in green; the BSE Mid cap index gained 0.79%, while Small cap index was up by 0.53%.

The top gaining sectoral indices on the BSE were Telecom up by 1.74%, Capital Goods up by 1.26%, Industrials up by 0.83%, Power up by 0.81% and Oil & Gas was up by 0.70%, while Healthcare down by 0.27% and Consumer Durables was down by 0.20% were the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 7.34%, Bajaj Finance up by 1.84%, Asian Paints up by 1.25%, Axis Bank up by 1.23% and Bajaj Finserv up by 1.15%. On the flip side, Kotak Mahindra Bank down by 1.86%, Dr. Reddy's Lab down by 1.63%, Tech Mahindra down by 1.31%, Reliance Industries down by 0.91% and Ultratech Cement down by 0.50% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1681661 new jobs in the month of May 2022.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 9246 new jobs were created in less than 18 age group category, while 335228 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 432913, 244026, 349260 and 310988 new payrolls, respectively in May.

The CNX Nifty is currently trading at 16,592.15, up by 71.30 points or 0.40% after trading in a range of 16483.90 and 16592.10. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 7.44%, UPL up by 2.27%, Bajaj Finance up by 1.96%, Tata Consumer up by 1.82% and Hindalco up by 1.62%. On the flip side, Kotak Mahindra Bank down by 2.04%, SBI Life down by 1.57%, Dr. Reddy's Lab down by 1.49%, Tech Mahindra down by 1.13% and Reliance Industries down by 0.92% were the top losers.

Asian markets were trading mixed, Hang Seng decreased 315.59 points or 1.51% to 20,574.63, Shanghai Composite declined 32.72 points or 0.99% to 3,272.00, Straits Times trembled 14.88 points or 0.47% to 3,155.41, Jakarta Composite lost 10.61 points or 0.15% to 6,864.13. On the flip side, KOSPI rose 22.31 points or 0.93% to 2,409.16, Nikkei 225 surged 122.74 points or 0.44% to 27,803.00 and Taiwan Weighted was up by 204.48 points or 1.39% to 14,937.70.

European markets were trading lower, UK’s FTSE 100 decreased 41.50 points or 0.57% to 7,222.81, France’s CAC decreased 27.27 points or 0.44% to 6,157.39 and Germany’s DAX was down by 116.92 points or 0.88% to 13,165.06.