Bourses continue to move forward in late afternoon session

Indian equity markets continued to move forward in late afternoon session on sustained buying activities in index heavyweights, viz Tech Mahindra, Axis Bank, Titan Company among others. The broader indices, the BSE Mid cap index and Small cap index were also trading with hefty gains. Traders took support, as emphasizing India as a land of opportunities and a potential market for the business community in the US, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047.

On the global front, all Asian markets were trading higher led by gains in technology and mining, amidst a positive global market sentiment ahead of the crucial inflation data from the U.S. on Tuesday. European markets were trading higher amidst an improved risk-on sentiment globally. Markets are expected to price in the anticipated decline in consumer price inflation in the U.S. in August to 8.1 percent, from 8.5 percent in the month of July, rejuvenating hopes of a pause in aggressive central bank monetary policy action.

The BSE Sensex is currently trading at 60248.35, up by 455.21 points or 0.76% after trading in a range of 59912.29 and 60284.55. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.90%, while Small cap index was up by 1.09%.

The top gaining sectoral indices on the BSE were IT up by 1.65%, TECK up by 1.47%, Basic Materials up by 1.43%, Realty up by 1.40% and Consumer Durables was up by 1.34%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.59%, Axis Bank up by 2.48%, Titan Company up by 2.14%, Infosys up by 1.93% and Reliance Industries up by 1.59%. On the flip side, Indusind Bank down by 0.44%, Maruti Suzuki down by 0.34%, HDFC down by 0.10%, Mahindra & Mahindra down by 0.03% and Asian Paints down by 0.01% were the top losers.

Meanwhile, emphasizing India as a land of opportunities and a potential market for the business community in the US, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047.

The Minister further noted that conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system.  He added that politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other.

Besides, Goyal said that the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, taking India into the league of developed nations.

The CNX Nifty is currently trading at 17964.20, up by 130.85 points or 0.73% after trading in a range of 17889.15 and 17980.55. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 3.32%, Tech Mahindra up by 2.48%, Axis Bank up by 2.29%, Divi's Lab up by 2.14% and Titan Company up by 2.03%. On the flip side, Coal India down by 2.44%, Shree Cement down by 1.31%, Indusind Bank down by 0.42%, Maruti Suzuki down by 0.32% and JSW Steel down by 0.30% were the top losers.

All Asian markets were trading higher, Hang Seng increased 507.63 points or 2.69% to 19,362.25, Nikkei 225 surged 327.36 points or 1.16% to 28,542.11, Taiwan Weighted strengthened 224.01 points or 1.54% to 14,807.43, Shanghai Composite gained 26.46 points or 0.82% to 3,262.05, Straits Times advanced 15.28 points or 0.47% to 3,278.23, Jakarta Composite soared 11.80 points or 0.16% to 7,254.46 and KOSPI was up by 7.82 points or 0.33% to 2,384.28.

European markets were trading higher, UK’s FTSE 100 increased 83.91 points or 1.14% to 7,434.98, France’s CAC increased 79.08 points or 1.27% to 6,291.41 and Germany’s DAX was up by 206.10 points or 1.57% to 13,294.31.