Bourses trade at day’s high points in late afternoon session

Indian equity markets traded at day’s high points in late afternoon session amid sharp buying in realty and banking stocks. The overall market breadth was positive as 2399 shares were advancing and 984 were declining, while 140 shares were unchanged on the BSE. Traders took a note of report stating that Reserve Bank of India (RBI) is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. RBI executive director Anil Kumar Sharma said such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted.

On the global front, Asian markets were trading mostly in green. European markets were trading higher after a negative start to the week following remarks from U.S. Federal Reserve Chair Jerome Powell last Friday.

The BSE Sensex is currently trading at 59237.56, up by 1264.94 points or 2.18% after trading in a range of 58245.49 and 59249.20. All 30 stocks were advancing on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.96%, while Small cap index was up by 1.48%.

The top gaining sectoral indices on the BSE were Realty up by 3.57%, Bankex up by 2.70%, Auto up by 2.68%, Power up by 2.62% and Utilities was up by 2.61%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finserv up by 5.32%, Indusind Bank up by 4.06%, Tech Mahindra up by 4.03%, Bajaj Finance up by 3.79% and SBI up by 3.27%, while there were no losers on Sensex.

Meanwhile, highlighting the government’s aim to emerge as a reliable and trusted partner in Global value chains, Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar has said that the Government is laser focused on achieving the target of $300 billion electronic production by 2026. He further said ‘And for this, we have always emphasised on strengthening our domestic manufacturing ecosystem to make India more resilient to supply chain disruptions’.

Chandrasekhar said that it is very timely and will help the Government identify the challenges that are to be met and the strategies that are to be adopted to achieve this target. The Minister said that India has succeeded in systematically building a framework and a strategy that has clearly outlined goals of a $300 billion electronics manufacturing ecosystem with a $120 billion of exports by 2026.

Talking about the journey of Electronics sector in India in last some years, the Minister said ‘electronics in India has travelled a long way since 2014. We were, in 2014, a country that was increasingly dependent not just on petroleum imports but also on Electronics imports. Systematically Prime Minister Shri Narendra Modi over the years has built back an electronics sector.’

The CNX Nifty is currently trading at 17682.60, up by 369.70 points or 2.14% after trading in a range of 17401.50 and 17686.95. All 50 stocks were advancing on the index.

The top gainers on Nifty were Bajaj Finserv up by 5.32%, Indusind Bank up by 4.28%, Tech Mahindra up by 4.09%, Bajaj Finance up by 3.88% and Tata Motors up by 3.44%.

Asian markets were trading mostly in green, Nikkei 225 surged 316.62 points or 1.14% to 28,195.58, Taiwan Weighted strengthened 27.44 points or 0.18% to 14,953.63, Jakarta Composite soared 27.42 points or 0.38% to 7,159.47, KOSPI rose 24.04 points or 0.99% to 2,450.93 and Straits Times was up by 23.95 points or 0.74% to 3,246.21. On the flip side, Shanghai Composite declined 13.51 points or 0.42% to 3,227.22 and Hang Seng was down by 74.19 points or 0.37% to 19,949.03.

European markets were trading higher, UK’s FTSE 100 increased 35.32 points or 0.48% to 7,462.63, France’s CAC increased 62.68 points or 1.01% to 6,284.96 and Germany’s DAX was up by 171.24 points or 1.33% to 13,064.23.