Sensex, Nifty stage recovery in early noon deals

Trimming some of their losses, Indian equity benchmarks staged some recovery in early afternoon deals, despite negative cues from other Asian markets. Gains garnered by majors like Bharti Airtel, Indusind Bank and NTPC helped indices to mark recovery. The street took a note of Finance Minister Nirmala Sitharaman’s statement that digital public infrastructure has allowed India to make optimum use of taxpayers' money. Sitharaman said today in India the government is able to send most of the benefits directly to the bank accounts of citizens. Meanwhile, Union Minister Jitendra Singh has expressed need for a mechanism to be put in place to follow up the progress of Startups as their number have risen to more than a lakh. He said that this is the age of innovation and ideas.

On the global front, Asian markets were trading in red, after overall consumer prices in Japan were up 3.2 percent on year in May. That was well shy of estimates for 4.1 percent and down from 3.5 percent in April. On a monthly basis, consumer prices rose 0.1 percent - slowing from 0.6 percent a month earlier.

Back home, on the sectoral front, electrical appliances companies stocks were in watch, as the government is planning to bring all electrical appliances intended for household and commercial applications under the mandatory quality norms. The move is aimed at containing the import of sub-standard goods and boosting the domestic industry.

The BSE Sensex is currently trading at 63137.83, down by 101.06 points or 0.16% after trading in a range of 62874.12 and 63185.61. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.88%, while Small cap index was down by 0.62%.

The only gaining sectoral index on the BSE was Telecom up by 0.16%, while Consumer Durables down by 1.66%, Metal down by 1.10%, Power down by 0.88%, Oil & Gas down by 0.86% and Capital Goods down by 0.83% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.89%, Indusind Bank up by 1.47%, NTPC up by 1.38%, Asian Paints up by 1.12% and HDFC up by 0.84%. On the flip side, Tata Motors down by 1.74%, Titan Company down by 1.01%, Power Grid Corporation of India down by 0.93%, Tata Steel down by 0.90% and Larsen & Toubro down by 0.89% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has said digital public infrastructure has allowed India to make optimum use of taxpayers' money. She said 'today in India the government is able to send most of the benefits directly to the bank accounts of citizens'.

The minister said in India, digital public infrastructure has brought in greater efficiency in government system, better utilisation of funding for those women who so need it. She said the performance of bank accounts in which women were given loan assistance are doing ‘very well’. 

Sitharaman stated that after the introduction of Digital Public Infrastructure, the government was able to save Rs 1 lakh crore in just one of the provinces in India through DBT (direct benefit transfer). She added that it has helped cut down on leakage in fund transfer to beneficiaries of government schemes.

The CNX Nifty is currently trading at 18717.95, down by 53.30 points or 0.28% after trading in a range of 18647.10 and 18756.40. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 1.83%, Indusind Bank up by 1.57%, NTPC up by 1.36%, Dr Reddy's Laboratories up by 1.24% and Asian Paints up by 1.07%. On the flip side, Adani Enterprises down by 5.43%, Dr Reddy's Laboratories down by 3.67%, Hindalco down by 2.15%, BPCL down by 1.91% and Tata Motors down by 1.75% were the top losers.

Asian markets were trading in red; Nikkei 225 slipped 483.34 points or 1.47% to 32,781.54, Hang Seng declined 354.79 points or 1.88% to 18,863.56, KOSPI dropped 23.6 points or 0.92% to 2,570.10, Straits Times fell 18.95 points or 0.59% to 3,203.48 and Jakarta Composite plunged 7.45 points or 0.11% to 6,644.81.