Bourses continue to trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session. Buying in IT and metal stocks helped markets to trade above neutral lines, while heavy volatility in banking counters forced the markets to trade with marginal gains. Investors preferred to play safe ahead of India’s CPI and IIP data later in day.  Traders took note of State Bank of India (SBI) in its ‘Ecowrap’ research report has said that domestic Gross domestic product (GDP) growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. On the global front, Asian markets were trading mostly in green despite growth worries lingered, and investors looked for cues from key central bank meetings due later in the week.  European markets were trading higher amid expectations of a pause from the U.S. Federal Reserve when it announces its interest rate decision on Wednesday. 

The BSE Sensex is currently trading at 62708.75, up by 83.12 points or 0.13% after trading in a range of 62615.20 and 62801.68. There were 18 stocks advancing against 11 stocks declining on the index, while 1 stock remain unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.37%, while Small cap index was up by 0.52%.

The top gaining sectoral indices on the BSE were IT up by 1.45%, TECK up by 1.35%, Realty up by 1.13%, Oil & Gas up by 0.71% and Telecom was up by 0.59%, while Capital Goods down by 0.45%, Bankex down by 0.15%, Power down by 0.08% and Industrials was down by 0.02% were the few losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 2.37%, Infosys up by 2.25%, NTPC up by 1.64%, TCS up by 1.04% and Tech Mahindra up by 0.89%. On the flip side, Power Grid down by 1.10%, Titan Company down by 0.99%, Larsen & Toubro down by 0.96%, Maruti Suzuki down by 0.87% and HDFC Bank down by 0.59% were the top losers.

Meanwhile, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that technology and policy initiatives of the Government serve as enablers to empower businesspersons for faster growth and development. While stressing upon inclusive development and creation of opportunities for all those left behind so that everyone can participate in the making of developed India, he said that the entire country is looking towards a prosperous future with a better world for children. 

Goyal further said that India is respected and recognized the world over and is being watched in its journey towards a developed and prosperous nation. He said that the world is expecting India to drive the economic growth and turn this century into India’s century.  The Minister also said that economic growth compounds itself and there has been 10x economic growth in the last 25 years. Goyal said that the demographic dividend and strong fundamentals of the economy will drive the growth in the Amrit Kaal.

Besides, the Minister highlighted that India is the fastest growing large economy in the world with inflation under control during the last 9 years and said that the Government under the leadership of the Prime Minister had mandated the Reserve Bank of India (RBI) to keep inflation in check. The Minister cited the examples of a strong and resilient banking system enabling large loans as well as MUDRA Loans, high rate of digital transactions with Unified Payment Interface (UPI) system, significant growth in overall exports over the years, high remittance, continuous growth of Foreign Direct Investment (FDI), robust stock markets, food security, etc. to showcase the development journey that India is undergoing.

The CNX Nifty is currently trading at 18596.80, up by 33.40 points or 0.18% after trading in a range of 18559.75 and 18633.60. There were 33 stocks advancing against 16 stocks declining on the index, while 1 stock remain unchanged.

The top gainers on Nifty were HCL Tech up by 2.45%, BPCL up by 2.27%, Infosys up by 2.26%, NTPC up by 1.70% and Adani Enterprises up by 1.31%. On the flip side, Power Grid down by 1.12%, Larsen & Toubro down by 0.97%, Cipla down by 0.95%, Maruti Suzuki down by 0.91% and Titan Company down by 0.90% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 168.83 points or 0.52% to 32,434.00, Taiwan Weighted added 68.97 points or 0.41% to 16,955.37, Jakarta Composite gained 18.09 points or 0.27% to 6,712.11, Hang Seng advanced 14.36 points or 0.07% to 19,404.31 and Straits Times was up by 7.78 points or 0.24% to 3,194.75. On the flip side, Shanghai Composite weakened 2.58 points or 0.08% to 3,228.83 and KOSPI was down by 11.81 points or 0.45% to 2,629.35.

European markets were trading higher, UK’s FTSE 100 increased 24.04 points or 0.32% to 7,586.40, France’s CAC rose 58.72 points or 0.81% to 7,271.86 and Germany’s DAX was up by 158.42 points or 0.98% to 16,108.26.