Bourses enlarge gains in late afternoon session

Indian equity markets enlarged their gains in late afternoon session, supported by heavyweights like Mahindra & Mahindra, Bajaj Finserv and HDFC Bank. Traders found support after Reserve Bank of India (RBI) Governor Shaktikanta Das has said India is unlikely to be impacted by any adverse developments in Taiwan. He said Taiwan accounts for only 0.7 per cent of India's overall trade. There are tensions between Taiwan and China, triggered by US House Speaker Nancy Pelosi's visit to the island nation which Beijing views as a breakaway province. On the global front, Asian markets were trading mixed after strong US jobs data cleared the way for more interest rate hikes and Chinese exports rose by double digits. European markets were trading higher lifted by cyclical and growth stocks, after clocking falls in the previous week when a strong U.S. jobs report rekindled bets of another aggressive rate hike by the Federal Reserve. Back home, Among individual stocks, State Bank of India (SBI) dropped after It has reported marginal fall of 0.15% in its consolidated net profit at Rs 7528.25 crore for first quarter ended June 30, 2022 as compared to Rs 7539.22 crore for the same quarter in the previous year.

The BSE Sensex is currently trading at 58836.02, up by 448.09 points or 0.77% after trading in a range of 58266.65 and 58934.90. 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 0.31%, while Small cap index was up by 0.34%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.84%, Power up by 1.39%, Metal up by 1.23%, Utilities up by 1.12% and Auto was up by 1.11%, while IT down by 0.12%, PSU down by 0.11% and Telecom was down by 0.04% were the few losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 3.13%, Bajaj Finserv up by 2.81%, HDFC Bank up by 2.49%, Larsen & Toubro up by 2.13% and NTPC up by 1.99%. On the flip side, SBI down by 2.38%, Ultratech Cement down by 1.59%, Nestle down by 1.13%, Wipro down by 0.94% and Power Grid down by 0.72% were the top losers.

Meanwhile, stressing on a ‘Whole of Govt’ approach to boost exports, Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Piyush Goyal has said that this would require exporters, EPCs, Govt Agencies & Indian Missions abroad to work together.

Besides, recognizing the crucial role played by EPCs and Industry, Goyal remarked that EPCs & Industry Associations are key to realise ‘Local goes Global: India makes for the World’. The minister highlighted various initiatives, saying that with Gati Shakti, government is improving connectivity and logistics.

Goyal further noted that the Government is also negotiating to sign more FTAs with important trade partners. This will have a direct impact in providing a level playing field in international markets, he added. He emphasized that everybody will have to work hard to achieve true potential of India in terms of global trade.  Besides, Union Minister for Commerce & Industry also appealed to representatives from the industry to take advantage of PM Gati Shakti, PLI, NSWS, EoDB reforms to improve export competitiveness.

The CNX Nifty is currently trading at 17526.40, up by 128.90 points or 0.74% after trading in a range of 17359.75 and 17548.80. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 3.26%, Coal India up by 3.07%, Bajaj Finserv up by 3.01%, HDFC Bank up by 2.42% and NTPC up by 2.38%. On the flip side, BPCL down by 3.46%, SBI down by 2.39%, Ultratech Cement down by 1.49%, Nestle down by 1.36% and Britannia down by 1.30% were the top losers.

Asian markets were trading mixed, Hang Seng decreased 163.14 points or 0.81% to 20,038.80, Straits Times trembled 16.60 points or 0.51% to 3,266.28, Jakarta Composite lost 16.02 points or 0.23% to 7,068.64 and Taiwan Weighted was down by 15.63 points or 0.1% to 15,020.41. On the flip side, KOSPI rose 2.30 points or 0.09% to 2,493.10, Shanghai Composite gained 9.90 points or 0.31% to 3,236.93 and Nikkei 225 was up by 73.37 points or 0.26% to 28,249.24.

European markets were trading higher, UK’s FTSE 100 increased 17.97 points or 0.24% to 7,457.71, France’s CAC increased 41.57 points or 0.64% to 6,513.92 and Germany’s DAX was up by 94.22 points or 0.69% to 13,668.15.