Markets come off from day’s high levels in late afternoon session

The Indian benchmarks came off from day’s high levels in late afternoon session on profit taking. But, markets continued to trade in green. Bajaj twins were the biggest mover, helped the markets to trade higher. Traders took note of report that India's G20 Sherpa Amitabh Kant has asserted that there is no shortage of funds for good startups with strong business models. He said the innovation and startup ecosystem is strongly positioned to find solutions to challenges facing the world today. He advocated a multi-pronged approach of 'fund of funds', credit enhancement schemes, and a sharp focus on good governance for a robust startup ecosystem. In scrip specific, IDFC First Bank remained in limelight after its board of directors has approved the Scheme of Amalgamation of IDFC with itself. The boards of IDFC First Bank and IDFC have approved the reverse merger.

On the global front, Asian markets were trading mixed after the latest business surveys showed global factory activity slumped in June amid rising interest rates. European markets were trading higher with traders hopeful that central banks would not push global economies into recession by raising interest rates too far in their battle against inflation.

The BSE Sensex is currently trading at 65439.00, up by 233.95 points or 0.36% after trading in a range of 65171.06 and 65672.97. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.15%, while Small cap index was up by 0.13%.

The top gaining sectoral indices on the BSE were IT up by 0.59%, Consumer Durables up by 0.34%, TECK up by 0.30%, Bankex up by 0.28% and Utilities was up by 0.27%, while Telecom down by 1.17%, Oil & Gas down by 0.66%, Energy down by 0.65%, Auto down by 0.53% and Realty was down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 7.34%, Bajaj Finserv up by 5.63%, Tech Mahindra up by 2.55%, NTPC up by 1.31% and Titan Company up by 1.06%. On the flip side, Bharti Airtel down by 1.65%, Reliance Industries down by 1.06%, Axis Bank down by 0.89%, Ultratech Cement down by 0.58% and Indusind Bank down by 0.57% were the top losers.

Meanwhile, in order to drive innovation and collaboration in next-generation wireless technology, Union Minister of Communications and Electronics & Information Technology, Ashwini Vaishnaw has unveiled the Bharat 6G Alliance (B6GA), a collaborative platform consisting of public and private companies, academia, research institutions, and Standards development organizations. 

B6GA will forge coalitions and synergies with other 6G Global Alliances, fostering international collaboration and knowledge exchange. The primary objective of B6GA is to understand the business and societal needs of 6G beyond technology requirements, foster consensus on these needs, and promote high-impact open research and development (R&D) initiatives.

One of the key goals of B6GA is to facilitate market access for Indian telecom technology products and services, enabling the country to emerge as a global leader in 6G technology. To achieve this, these efforts shall promote technology ownership and indigenous manufacturing, create a culture of technology co-innovation, reduce imports, boost export opportunities and augment creation of Intellectual Property.

The CNX Nifty is currently trading at 19378.85, up by 56.30 points or 0.29% after trading in a range of 19300.00 and 19434.15. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 7.49%, Bajaj Finserv up by 5.73%, Hero MotoCorp up by 3.03%, Tech Mahindra up by 2.32% and NTPC up by 1.25%. On the flip side, Eicher Motors down by 6.32%, Grasim Industries down by 1.60%, Bharti Airtel down by 1.60%, ONGC down by 1.10% and Reliance Industries down by 1.08% were the top losers.

Asian markets were trading mixed, Hang Seng advanced 109.09 points or 0.56% to 19,415.68, Taiwan Weighted added 56.57 points or 0.33% to 17,140.77 and Shanghai Composite was up by 1.37 points or 0.04% to 3,245.35. On the flip side, Straits Times fell 6.07 points or 0.19% to 3,201.03, KOSPI dropped 9.16 points or 0.35% to 2,593.31, Jakarta Composite plunged 21.07 points or 0.32% to 6,675.65 and Nikkei 225 was down by 330.81 points or 0.99% to 33,422.52.

European markets were trading higher, UK’s FTSE 100 increased 3.81 points or 0.05% to 7,531.07, France’s CAC rose 10.61 points or 0.14% to 7,397.31 and Germany’s DAX was up by 2.23 points or 0.01% to 16,083.27.