Bourses touch new all-time high levels in late afternoon session

Indian equity markets touched new all-time high levels in late afternoon session, as traders went for value buying. Metal and banking counters were on the priority list of the buyers. Traders took support as World Bank President Ajay Banga said that “India is doing a lot of things which are helping it to stay ahead in times of a global slowdown. One thing that is in India’s favour is the very high percentage of GDP that comes domestically. India has come out strong from the challenges posed by the pandemic but the momentum needs to be maintained.” Meanwhile, the Monsoon session of Parliament commenced today and it will continue till August 17, 2023. There will be total 17 sittings during this session of the Parliament.   

On the global front, Asian markets were trading mostly in red amid traders remained cautiously optimistic because of an improving outlook for interest rates. Though the US Fed is still widely expected to raise rates by another quarter point next week, traders are hopeful it is nearing the end of its interest rate hikes. European markets were trading higher as investors assessed mixed earnings from companies in the region, although semiconductor stocks saw a heavy selloff after Taiwanese chipmaker TSMC delivered a downbeat sales forecast.

The BSE Sensex is currently trading at 67492.50, up by 395.06 points or 0.59% after trading in a range of 66831.38 and 67504.20. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.02%, while Small cap index was up by 0.26%.

The top gaining sectoral indices on the BSE were FMCG up by 1.32%, Bankex up by 1.29%, Healthcare up by 0.94%, Energy up by 0.64% and Oil & Gas was up by 0.61%, while IT down by 0.93%, TECK down by 0.65%, Power down by 0.53%, Consumer Durables down by 0.48% and Capital Goods was down by 0.46% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 2.52%, Kotak Mahindra Bank up by 2.40%, ICICI Bank up by 2.15%, Sun Pharma up by 1.63% and SBI up by 1.49%. On the flip side, Infosys down by 1.89%, Ultratech Cement down by 1.40%, HCL Tech down by 1.24% and Bajaj Finserv down by 0.65% were the top losers.

Meanwhile, highlighting the transformative potential of the Indian EV industry and its positive impact on both the economy and the environment, NITI Aayog Vice Chairman Suman Bery has emphasized the role of electric mobility in accelerating India’s economic growth along low-carbon pathways and facilitating the nation's net-zero vision for 2070.

In conference on E-Mobility organized by NITI Aayog and supported by WRI India and Asian Development Bank, Amitabh Kant, India's G20 Sherpa, also underscored the need to sustain the momentum of electric mobility in India. He emphasized the seven Cs framework for EVs envisioned by the Prime Minister- Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge. 

Further, Kant urged for the electrification of 100% of 2-wheelers and 3-wheelers, and 65-70% of buses by 2030. To achieve this vision, he stressed the importance of a low-cost financing framework, a robust charging infrastructure, and collaborative efforts among central, state, and city authorities, all underpinned by a consistent policy framework.

The CNX Nifty is currently trading at 19952.55, up by 119.40 points or 0.60% after trading in a range of 19758.40 and 19958.80. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were ITC up by 2.52%, Kotak Mahindra Bank up by 2.35%, Dr. Reddy's Lab up by 2.31%, ICICI Bank up by 2.14% and Sun Pharma up by 1.65%. On the flip side, Infosys down by 1.96%, Ultratech Cement down by 1.42%, HCL Tech down by 1.33% and Bajaj Finserv down by 0.66% were the top losers.

Asian markets were trading mostly in red, Nikkei 225 slipped 405.51 points or 1.25% to 32,490.52, Shanghai Composite weakened 29.32 points or 0.93% to 3,169.52, Hang Seng declined 24.29 points or 0.13% to 18,928.02, KOSPI dropped 8.01 points or 0.31% to 2,600.23 and Straits Times was down by 7.24 points or 0.22% to 3,268.00. On the flip side, Jakarta Composite gained 27.56 points or 0.4% to 6,857.76 and Taiwan Weighted was up by 48.45 points or 0.28% to 17,164.89.

European markets were trading higher, UK’s FTSE 100 increased 55.16 points or 0.72% to 7,643.36, France’s CAC rose 31.1 points or 0.42% to 7,358.04 and Germany’s DAX was up by 59.96 points or 0.37% to 16,168.89.