Domestic equity barometers trim some gains on profit booking

The domestic equity barometers trimmed some their gains in late afternoon session as traders opted to book profit at higher levels. However, Sensex and Nifty were trading higher with gains around half percent amid positive cues from European markets. All the sectoral indices on the BSE were trading in green led by Realty, Consumer Durables, PSU and Metal. Sentiments remained up-beat on report that S&P Global Ratings said India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness. On the global front, Asian markets were trading mostly higher ahead of the Jackson Hole symposium in the United States, while Hong Kong’s session resumed in the afternoon after trading was halted due to a typhoon warning. European markets were trading higher amid investors await the minutes of the ECB's last policy meeting later in the day and a key speech by Federal Reserve Chair Jerome Powell on Friday for clues about the monetary policy outlook.

Back home, metal stocks were in action after Union Minister of State for Steel and Rural Development, Faggan Singh Kulaste has said that mineral and metal sector has played a key role in the development of the country and will transform India from a developing to a developed country. Stock specific development, Share price of New Delhi Television (NDTV) hit the upper circuit limit on the BSE for the second consecutive day on Thursday after Adani Group announced that it would acquire a majority stake in the news channel company.

The BSE Sensex is currently trading at 59352.33, up by 266.90 points or 0.45% after trading in a range of 59197.82 and 59484.35. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.92%, while Small cap index up by 0.73%.

The gaining sectoral indices on the BSE were Realty up by 2.42%, Consumer Durables up by 1.69%, PSU up by 1.31%, Consumer Disc up by 0.92% and Metal up by 0.91%, while there were no losers on the sectoral indices.

The top gainers on the Sensex were Tech Mahindra up by 1.56%, Titan up by 1.41%, SBI up by 1.20%, Kotak Mahindra Bank up by 1.18% and Maruti Suzuki up by 1.15%. On the flip side, Bajaj Finance down by 0.83%, NTPC down by 0.47%, TCS down by 0.47%, Power Grid Corp down by 0.39% and Infosys down by 0.10% were the top losers.

Meanwhile, Union Minister of State for Steel and Rural Development, Faggan Singh Kulaste has said that mineral and metal sector has played a key role in the development of the country and will transform India from a developing to a developed country.

The Minister further said that the sector should be more innovative, competitive and research friendly to enhance its capability of production of minerals and metals to meet the country’s needs as well as to export them. Kulaste said natural resources and their maximum possible exploration without harming the environment will be the key factors for march towards development.

The minister also noted that steel sector is playing a major role for the infrastructural development in every sector in the country. He underlined various programs like PLI Scheme, FDI etc. introduced by the Ministry of Steel to encourage the players of the sector.

The CNX Nifty is currently trading at 17683.35, up by 78.40 points or 0.45% after trading in a range of 17637.70 and 17726.50. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Shree Cement up by 2.33%, Hindalco up by 1.76%, Eicher Motors up by 1.75%, HDFC Life Insurance up by 1.68% and Tech Mahindra up by 1.56%. On the flip side, Adani Ports &Special down by 1.11%, Bajaj Finance down by 0.81%, Cipla down by 0.70%, NTPC down by 0.56% and TCS down by 0.47% were the top losers.

Asian markets were trading mostly in green; Hang Seng rose 699.64 points or 3.63% to 19,968.38, Shanghai Composite surged 31.05 points or 0.97% to 3,246.25, 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 17.67 points or 0.55% to 3,251.15.  On the flip side, Jakarta Composite declined 20.50 points or 0.28% to 7,174.21.

European markets were trading higher, UK’s FTSE 100 rose 51.36 points or 0.69% to 7,523.35, France’s CAC gained 43.62 points or 0.68% to 6,429.26 and Germany’s DAX was up by 96.34 points or 0.74% to 13,317.86.