Bourses continue to trade in green in late afternoon session

Indian markets continued their up move in late afternoon session, as traders continued to take support from positive macro-economic data -- inflation and industrial growth. Traders took note of Commerce and Industry Minister Piyush Goyal has said that India and the UAE look to more than double non-oil bilateral trade to $100 billion by 2030. At present, the non-oil bilateral trade stands at $48 billion. Meanwhile, the United Arab Emirates (UAE), with which India implemented a comprehensive free trade agreement in May last year, has emerged as the fourth largest investor in India during 2022-23. In the last fiscal, foreign direct investment (FDI) from the UAE to India jumped over three-fold to $3.35 billion from $1.03 billion in 2021-22.

On the global front, Asian markets were trading mostly in green as China's central bank lowered a short-term lending rate for the first time in 10 months. European markets were trading higher as investors braced for the latest meeting of the U.S. Federal Reserve, which begins Tuesday. 

The BSE Sensex is currently trading at 63045.50, up by 320.79 points or 0.51% after trading in a range of 62777.04 and 63135.98. There were 20 stocks advancing against 8 stocks declining on the index, while 2 stocks remain unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.86%, while Small cap index was up by 0.70%.

The top gaining sectoral indices on the BSE were Realty up by 1.75%, Telecom up by 1.62%, Consumer Durables up by 1.56%, FMCG up by 1.25% and Metal was up by 0.95%, while Utilities down by 0.05%, was the losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 1.99%, Titan Company up by 1.76%, ITC up by 1.74%, Tata Steel up by 1.46% and Reliance Industries up by 1.28%. On the flip side, Kotak Mahindra Bank down by 1.08%, Mahindra & Mahindra down by 0.82%, HCL Tech down by 0.76%, SBI down by 0.60% and Bharti Airtel down by 0.25% were the top losers.

Meanwhile, the Union Government has released 3rd installment of tax devolution to State Governments amounting to Rs 1,18,280 crore on June 12, 2023, as against normal monthly devolution of Rs 59,140 crore.

One advance installment in addition to the regular installment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes.

As per the notification released by the Ministry of Finance, Uttar Pradesh and Bihar received the maximum installment of Rs 21,218 crore and Rs 11,897 crore respectively, followed Madhya Pradesh (Rs 9,285 crore), West Bengal (Rs 8,898 crore), Maharashtra (Rs 7,472 crore) and Rajasthan (Rs 7,128 crore).

The CNX Nifty is currently trading at 18692.60, up by 91.10 points or 0.49% after trading in a range of 18631.80 and 18718.40. There were 34 stocks advancing against 15 stocks declining on the index, while 1 stock remain unchanged.

The top gainers on Nifty were Tata Consumer up by 2.17%, Asian Paints up by 1.99%, Titan Company up by 1.81%, ITC up by 1.76% and Cipla up by 1.52%. On the flip side, Kotak Mahindra Bank down by 1.18%, Mahindra & Mahindra down by 0.83%, Adani Enterprises down by 0.75%, HCL Tech down by 0.75% and SBI down by 0.64% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 584.65 points or 1.77% to 33,018.65, Taiwan Weighted added 261.23 points or 1.52% to 17,216.60, Hang Seng advanced 117.11 points or 0.6% to 19,521.42, KOSPI increased 8.6 points or 0.33% to 2,637.95 and Shanghai Composite was up by 4.84 points or 0.15% to 3,233.67. On the flip side, Jakarta Composite plunged 1.55 points or 0.02% to 6,720.82 and Straits Times was down by 4.47 points or 0.14% to 3,191.60.

European markets were trading higher, UK’s FTSE 100 increased 13.04 points or 0.17% to 7,583.73, France’s CAC rose 33.47 points or 0.46% to 7,283.82 and Germany’s DAX was up by 53.95 points or 0.33% to 16,151.82.