Benchmarks trade marginally higher in morning deals

In a highly volatile trade, Indian equity benchmarks were trading marginally higher in morning deals, led by gains in Power and Utilities stocks. Traders took support with Industry body PHDCCI’s statement that enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. Some support also came as Union MSME minister Narayan Rane has urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy. He said immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country. Besides, exchange data showed Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,833.13 crore. However, gains remain capped as traders restrained from taking any long position ahead of upcoming macro-economic data. Investors also await more of financial results from India Inc for domestic cues, with Asian Paints, Eicher Motors, Deepak Nitrite, Siemens and Dr Lal Pathlabs due to post their earnings later in the day. 

On the global front, Asian markets are trading mostly in red as investors failed to cheer signs of easing inflationary pressure in the U.S. after data showed consumer prices in April rose at a slower-than-expected pace. The Labor Department's Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared with expectations of a 5% increase, raising hopes that the Federal Reserve's interest rate hiking cycle is close to an end. 

The BSE Sensex is currently trading at 61983.20, up by 43.00 points or 0.07% after trading in a range of 61868.89 and 62168.22. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.53%, while Small cap index was up by 0.79%.

The top gaining sectoral indices on the BSE were Power up by 1.08%, Utilities up by 0.91%, PSU up by 0.81%, Oil & Gas up by 0.60% and Energy up by 0.52%, while Capital Goods down by 1.69%, Industrials down by 0.73%, Metal down by 0.55% and Healthcare down by 0.47% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.11%, NTPC up by 1.33%, HCL Technologies up by 0.78%, SBI up by 0.73% and Ultratech Cement up by 0.71%. On the flip side, Larsen & Toubro down by 4.58%, Bharti Airtel down by 1.01%, ITC down by 0.42% and Tata Steel down by 0.05% were the top losers.

Meanwhile, Union MSME minister Narayan Rane has urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy. He made the remarks at 'GIC 23 Intergovernmental Connect' organised by Inventivepreneur Chamber of Commerce and Industry (ICCI) in association with the Ministry of Micro, Small & Medium Enterprises (MSME).

The minister said ‘from 10th largest in 2014, India today is 5th largest economy. Only Japan and Germany are ahead of us. We will become the 3rd largest by 2030 as envisioned by our prime minister.’ He said that immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country.

He further stated that the country will see various industrial parks across various locations and the investors can explore business opportunities in this area. He also said the industry must identify areas where imports are happening and start producing such products to check inbound shipments.

The CNX Nifty is currently trading at 18336.90, up by 21.80 points or 0.12% after trading in a range of 18289.35 and 18389.70. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.64%, Indusind Bank up by 2.02%, Adani Ports & SEZ up by 1.25%, NTPC up by 1.16% and HCL Technologies up by 1.01%. On the flip side, Dr. Reddy's Lab down by 6.47%, Larsen & Toubro down by 4.50%, Hindalco down by 3.18%, Bharti Airtel down by 0.93% and Cipla down by 0.42% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 114.54 points or 0.73% to 15,527.22, Hang Seng declined 40.37 points or 0.2% to 19,721.83, Shanghai Composite weakened 3.6 points or 0.11% to 3,315.55, Jakarta Composite plunged 76.95 points or 1.13% to 6,734.96, Straits Times fell 13.31 points or 0.41% to 3,228.98 and Nikkei 225 slipped 21.63 points or 0.07% to 29,100.55. On the flip side, KOSPI increased 6.27 points or 0.25% to 2,502.78.