Benchmarks continue to trade higher in morning deals

Indian equity benchmarks continued to trade higher in morning deals, amid positive global cues. Sentiments remained up-beat with Commerce & Industry Minister Piyush Goyal’s statement that India-US partnership is at a ‘defining stage’ and the two countries will continue to work towards diversifying and deepening trade and investment ties for mutual growth and prosperity. He said that the bilateral trade between India and US has been the highest in the couple of years and is aimed to increase multifold in the coming years. Some support also came as data available with the depositories showed Foreign portfolio investors (FPIs) continue to be buyers of Indian equities in May and invested Rs 10,850 crore in the last four trading sessions due to the country's stable macroeconomic environment, robust GST collection and better-than-expected corporate quarterly earnings. This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March. On the global front, Asian markets are trading mostly in green as investors braced for a week where U.S. inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar.

The BSE Sensex is currently trading at 61641.03, up by586.74 points or 0.96% after trading in a range of 61166.09 and 61648.64. Therewere 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid capindex rose 0.64%, while Small cap index was up by 0.65%.

The top gaining sectoral indices on the BSE were Realty upby 1.50%, Bankex up by 1.43%, Auto up by 1.25%, FMCG up by 0.77% and ConsumerDurables up by 0.69%, while Telecom down by 0.02% and Energy down by 0.02% werethe top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by5.05%, Bajaj Finance up by 2.48%, Tata Motors up by 2.38%, Kotak Mahindra Bankup by 2.01% and Bajaj Finserv up by 1.87%. On the flip side, Sun Pharma down by0.56%, Larsen & Toubro down by 0.36% and Asian Paints down by 0.07% werethe top losers.

Meanwhile,Commerce & Industry Minister Piyush Goyal has said that India-US partnership is at a ‘defining stage’ and the two countries will continue to work towards diversifying and deepening trade and investment ties for mutual growth and prosperity. He said that the bilateral trade between India and US has been the highest in the couple of years and is aimed to increase multifold in the coming years. 

Goyal has stated that with the increasing eminence and recognition of India across the world, India’s target of $2 trillion exports by the year 2030 is doable. He announced the FTP 2023 in April 2023 and announced the four pillars of the new policy as: incentive to remission, export promotion through collaboration, ease of doing business and emerging areas. He said India’s overall exports, including services and merchandise exports, has already crossed $ 750 billion and is expected to cross $ 760 billion this year.

The minister also cited the examples of many Indian companies operating in the US and vice versa and highlighted how significantly they are contributing to each other’s economy. He also encouraged companies from the US to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia. He said India offers assured prosperity and growth to the US companies with the recent policy reforms undertaken with focus on the fundamental macroeconomic parameters, affordable labour costs, inclusive and sustainable development and increasing ease of doing business.

The top gainers on Nifty were Indusind Bank up by 5.26%,Bajaj Finance up by 2.34%, Tata Motors up by 2.34%, Hindalco up by 2.13% andKotak Mahindra Bank up by 2.03%. On the flip side, Coal India down by 2.91%,Adani Enterprises down by 1.74%, Sun Pharma down by 0.57%, Adani Ports &SEZdown by 0.45% and Dr. Reddy's Lab down by 0.30% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added70.21 points or 0.45% to 15,696.28, Hang Seng advanced 163.75 points or 0.82% to20,213.06, Shanghai Composite strengthened 57.95 points or 1.74% to 3,392.45and KOSPI increased 14.82 points or 0.59% to 2,515.76.

On the flip side, Jakarta Composite plunged 1.29 points or 0.02%to 6,786.34, Straits Times fell 8.49 points or 0.26% to 3,258.14 and Nikkei 225slipped 185.8 points or 0.64% to 28,972.15.