Indian equity markets trade higher with gains over half percent

Indian equity markets continued to trade firm in afternoon session, tracking gains in Realty, Consumer Durables, PSU and metal stocks amid a firm trend in global markets. There was broad based buying witnessed in the markets and apart from the blue chips, the broader markets were also trading higher. Sentiment got boost, as per the latest ASSOCHAM- D&B Small Business Confidence Index, with pick-up in demand, as many as 80 per cent of the Small and Medium Enterprises (SMEs) anticipate increase in their domestic order book in third quarter of calendar year, sequential improvement of five percentage points from the second quarter, leading to rise in the sales revenue. On the global front, Asian markets were mostly trading higher following the broadly positive cues from US markets overnight, as traders indulged in picking up stocks at a bargain after stocks in the region mostly fell for an eighth straight session. Back home, stock specific development, NHPC climbed after it signed a pact with Bharat Electronics to set up a large capacity solar equipment manufacturing facility.

The BSE Sensex is currently trading at 59401.24, up by 315.81 points or 0.53% after trading in a range of 59197.82 and 59469.24. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.86%, while Small cap index up by 0.83%.

The gaining sectoral indices on the BSE were Realty up by 2.07%, Consumer Durables up by 1.32%, PSU up by 1.31%, Metal up by 1.13% and Bankex up by 0.94%, while IT down by 0.03% and TECK down by 0.01% were the losing indices on BSE.

The top gainers on the Sensex were SBI up by 1.17%, Kotak Mahindra Bank up by 1.16%, Titan Co up by 1.04%, HDFC up by 1.02% and Maruti Suzuki up by 0.94%. On the flip side, HCL Tech. down by 0.41%, TCS down by 0.32%, Bajaj Finance down by 0.22%, Power Grid Corp down by 0.22% and Infosys down by 0.13% were the top losers.

Meanwhile, RBI Monetary Policy Committee (MPC) Member Ashima Goyal has said that eight years of systemic economic reforms under the Modi government have increased India's macroeconomic stability and its capacity to withstand any external shocks. She said appropriate countercyclical macroeconomic policy with continuing supply-side improvements has enabled a growth recovery that is among the best in the world.

Goyal stated that after 8 years of systemic reforms, the economy has been able to ride out more severe global shocks with macroeconomic stability, a healthy financial sector, food security and a government and industry that have learnt to work together. On the credibility crisis of India's official numbers on a range of subjects, she said the criticisms are largely erroneous.

She further said that a major upgradation in GDP measurement towards international practices and use of online databases was attacked and temporary teething problems were blown-up. She added that presently, there is no dichotomy between high-frequency data and the GDP numbers.

The CNX Nifty is currently trading at 17700.25, up by 95.30 points or 0.54% after trading in a range of 17637.70 and 17716.35. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were UPL up by 1.89%, Shree Cement up by 1.77%, Hindalco up by 1.70%, BPCL up by 1.44% and Grasim Industries up by 1.40%. On the flip side, Adani Ports &Special down by 0.64%, Cipla down by 0.48%, TCS down by 0.37%, HCL Tech. down by 0.35% and NTPC down by 0.34% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite surged 13.06 points or 0.41% to 3,228.26, Hang Seng rose 429.49 points or 2.23% to 19,698.23, Nikkei 225 gained 165.54 points or 0.58% to 28,479.01, Taiwan Weighted strengthened 130.85 points or 0.87% to 15,200.04, KOSPI rose 29.81 points or 1.22% to 2,477.26 and Straits Times advanced 15.24 points or 0.47% to 3,249.09.  On the flip side, Jakarta Composite lost 37.36 points or 0.52% to 7,157.35.