Bourses trim gains in late afternoon session

The Indian equity benchmarks trimmed some of their gains in late afternoon session. Speedy selling in banking counters forced the markets to cut gains but buying in auto and IT stocks helped markets to trade in green. Traders continued to take support as India’s direct tax collection soared 16 per cent to touch Rs 4.75 trillion this financial year, showing continuity in revenue growth despite external headwinds. Sector wise, steel sector remained in limelight after India's crude steel production increased by 8.37 per cent in April-June period to 33.63 MT and the momentum is likely to continue in the current quarter as well. On the global front, all Asian markets were trading higher tracking moves on Wall Street as U.S. markets snapped a three-day losing streak. European markets were trading mostly in red with China growth concerns likely to keep metal stocks under pressure. 

The BSE Sensex is currently trading at 65660.12, up by 315.95 points or 0.48% after trading in a range of 65517.57 and 65870.59. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.85%, while Small cap index was up by 0.75%.

The top gaining sectoral indices on the BSE were Telecom up by 1.83%, Capital Goods up by 1.53%, Industrials up by 1.38%, Auto up by 1.18% and FMCG was up by 1.15%, while Metal down by 0.37% and Bankex was down by 0.01% were the only losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.24%, Maruti Suzuki up by 1.68%, ITC up by 1.49%, Power Grid up by 1.44% and Infosys up by 1.44%. On the flip side, Bajaj Finance down by 1.59%, HCL Tech down by 0.97%, Axis Bank down by 0.64%, SBI down by 0.52% and ICICI Bank down by 0.40% were the top losers.

Meanwhile, with an aim to boost the growth of the sector, the toy industry has recommended that the government should resolve a Goods and Services Tax (GST) anomaly and also suggested immediate roll-out of the production linked incentive (PLI) scheme.

Toy Association of India (TAI) Senior Vice-President and Little Genius Toys CEO Naresh Gautam said that besides PLI and GST, the industry has urged for resumption of Credit Linked Capital Subsidy Scheme (CLCSS). He further noted that the PLI is the need of the hour as it would help in tapping huge business opportunities.

Gautam further said that it is a labour intensive sector and support measures by the government would help in creating jobs and increasing exports. Gautam said ‘We train unskilled people for jobs, particularly women workers. We are more competitive than China’.

The CNX Nifty is currently trading at 19446.60, up by 90.70 points or 0.47% after trading in a range of 19406.45 and 19515.10. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.44%, Eicher Motors up by 2.09%, Apollo Hospital up by 1.97%, Maruti Suzuki up by 1.73% and Hindustan Unilever up by 1.54%. On the flip side, UPL down by 2.36%, JSW Steel down by 1.78%, Bajaj Finance down by 1.34%, Hero MotoCorp down by 1.08% and HCL Tech down by 1.02% were the top losers.

All Asian markets were trading higher, Taiwan Weighted added 246.11 points or 1.46% to 16,898.91, Hang Seng advanced 180.11 points or 0.97% to 18,659.83, Jakarta Composite gained 50.36 points or 0.75% to 6,781.40, KOSPI increased 41.79 points or 1.63% to 2,562.49, Shanghai Composite strengthened 17.67 points or 0.55% to 3,221.37, Nikkei 225 surged 13.84 points or 0.04% to 32,203.57 and Straits Times was up by 13.54 points or 0.43% to 3,162.86.

European markets were trading mostly in red, UK’s FTSE 100 decreased 21.95 points or 0.3% to 7,251.84 and Germany’s DAX was down by 1.98 points or 0.01% to 15,671.18. On the flip side, France’s CAC was up by 30.96 points or 0.43% to 7,174.65.