Markets trade higher with gains of around quarter percent

Domestic equity indices traded higher with gains of around quarter a percent in late morning deals on account of buying in Bajaj Finance, Bajaj Finserv and SBI stocks. Meanwhile, broader indices on the BSE were also trading in green. Positive quarterly results from some big companies supported sentiments. Traders got some encouragement with Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy’s statement that some states in India are already in the high-income category in purchasing power parity (PPP) terms, and the country is likely to move to the upper-middle-income country by 2047. On the sectoral front, all sectors on the BSE barring Consumer Durables and Healthcare march higher.

On the global front, Asian markets were trading mostly lower as traders looked ahead to the Bank of Japan's monetary policy meeting later in the week. In the stock specific development, Ipca Laboratories dropped after the company's board of directors approved an acquisition of 33.38 per cent stake in Unichem Laboratories for Rs 1,034 crore from one of its promoter shareholders.

The BSE Sensex is currently trading at 60180.83, up by 124.73 points or 0.21% after trading in a range of 59967.02 and 60210.69. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.14%, while Small cap index up by 0.52%.

The top gaining sectoral indices on the BSE were Utilities up by 1.63%, Power up by 1.63%, PSU up by 1.02%, Oil & Gas up by 0.95% and Realty up by 0.63%, while Consumer Durables down by 1.19% and Healthcare down by 0.13% were the only losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.39%, Bajaj Finserv up by 1.91%, SBI up by 1.86%, Indusind Bank up by 1.72% and Bharti Airtel up by 1.07%. On the flip side, Sun Pharma down by 0.84%, HDFC Bank down by 0.76%, Kotak Mahindra Bank down by 0.63%, HDFC down by 0.60% and Wipro down by 0.46% were the top losers.

Meanwhile, in order to provide products from more than 35 lakh Handloom weavers & 27 lakh Handicraft artisans directly to the consumers while eliminating the middlemen, the Ministry of Textiles has developed an E-Commerce portal for handicrafts and handloom sector.

With the help of this virtual Indian store, the artisans will get remunerated fairly with no middlemen to manipulate prices and city dwelling urban Indians will get access to 100% authentic & best handcrafts products emerging straight from the heart of India. Indiahandmade portal offers a wide range of products, including clothing, home decor, jewellery, accessories, and more. All their products are handmade by skilled artisans, and they pride themselves on offering unique and authentic pieces that showcase India's diverse cultural heritage.

Many of the products sold on the portal are made using eco-friendly and sustainable materials, making them a great choice for those who are conscious about their impact on the environment. Overall, it is a one-stop-shop for all things handmade in India and a great way to discover and support Indian artisans and their crafts. The portal will also provide an opportunity to total 62 lakh weavers and artisans become future e-entrepreneurs. India is well-known for its rich cultural heritage and traditional crafts, which include handloom and handicraft products. Handloom refers to the process of weaving cloth using a manually operated loom, while handicrafts are items made by skilled artisans using traditional techniques.

The CNX Nifty is currently trading at 17782.20, up by 38.80 points or 0.22% after trading in a range of 17716.85 and 17792.10. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.19%, Bajaj Finance up by 2.38%, SBI up by 1.88%, Bajaj Finserv up by 1.87% and Indusind Bank up by 1.73%. On the flip side, HDFC Life Insurance down by 1.60%, UPL down by 1.49%, HDFC Bank down by 0.81%, Sun Pharma down by 0.79% and Kotak Mahindra Bank down by 0.72% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted lost 259.23 points or 1.69% to 15,367.64, Hang Seng declined 416.43 points or 2.09% to 19,543.51, Shanghai Composite weakened 38.64 points or 1.18% to 3,236.77, KOSPI dropped 37.58 points or 1.49% to 2,485.92 and Straits Times fell 24.73 points or 0.74% to 3,299.82. However, Nikkei 225 surged 44.95 points or 0.16% to 28,638.47.