Sensex, Nifty near day’s high points

Firm buying help Indian equity benchmarks to scale day’s high points in early afternoon deals, with both Sensex and Nifty holding gains of around 0.40% each. Heavy buying at Utilities and Power counters aided sentiments, despite mixed cues from other Asian markets. Traders remained optimistic, amid reports that foreign Portfolio Investors (FPIs) have infused close to Rs 8,400 crore in Indian equities so far this month primarily due to uncertainty in the global markets, economic concerns in China, and stability of the domestic economy. Some relief came with another report stating that India is using all multilateral and bilateral platforms including G20 to flag concerns with regard to non-tariff barriers (NTBs) which are impacting the free flow of trade.

On the global front, Asian markets were trading mixed, after Taiwan's economy expanded less than initially estimated in the second quarter after remaining in contraction for the previous three quarters.  The latest estimate by the Directorate General of Budget, Accounting, and Statistics revealed that gross domestic product advanced 1.36 percent year-over-year in the second quarter, reversing a revised 3.31 percent fall in the previous quarter. 

The BSE Sensex is currently trading at 65194.36, up by 245.70 points or 0.38% after trading in a range of 64852.70 and 65218.36. There were 27 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.75%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Utilities up by 2.01%, Power up by 1.82%, Metal up by 1.16%, Healthcare up by 0.71% and TECK up by 0.70%, while there were no losing sectoral index on the BSE

The top gainers on the Sensex were Bajaj Finance up by 2.60%, Power Grid Corporation of India up by 2.33%, Bajaj Finserv up by 1.58%, NTPC up by 1.44% and Bharti Airtel up by 1.36%. On the flip side, Reliance Industries down by 1.16%, Mahindra & Mahindra down by 0.60%, Maruti Suzuki down by 0.27% and Larsen & Toubro down by 0.22% were the top losers.

Meanwhile, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has said that the government has set itself a target of raising the country's port capacity to more than 10,000 Million Ton Per Annum (MTPA) from the current 2,600 MTPA by 2047. he also said the government will soon set up a Bureau of Port Security to upgrade security across all ports in the country. 

Sonowal said the country's maritime sector is poised for substantial growth with over Rs 10 lakh crore worth of investment opportunities identified, with the opportunity to generate employment for over 15 lakh youths. In alignment with this vision, the role of private players is being progressively augmented, with public-private partnership (PPP) terminals currently handling about 50 per cent of the cargo at major ports and efforts underway to raise their share to approximately 85 per cent in the coming decades.

The minister stated that the government is working with a focus to enhance cargo movement on India's national waterways, which witnessed a 16 per cent year-on-year increase in the last fiscal year. He added that ambitious targets have been set to achieve a substantial quantum of 500 MTPA by 2047, underlining the government's commitment to leveraging the maritime sector as a catalyst for comprehensive national growth.

The CNX Nifty is currently trading at 19379.60, up by 69.45 points or 0.36% after trading in a range of 19296.30 and 19388.40. There were 45 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Adani Ports and Special Economic Zone up by 2.60%, Bajaj Finance up by 2.53%, Adani Enterprises up by 2.18%, Power Grid Corporation of India up by 2.14% and Hindalco up by 2.09%. On the flip side, Reliance Industries down by 1.18%, Mahindra & Mahindra down by 0.71%, Larsen & Toubro down by 0.28%, Britannia down by 0.24% and Maruti Suzuki down by 0.15% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 114.88 points or 0.36% to 31,565.64, Jakarta Composite gained 18.93 points or 0.28% to 6,878.84, KOSPI increased 4.3 points or 0.17% to 2,508.80 and Taiwan Weighted added 0.18 points or 0% to 16,381.49, while Straits Times fell 22.38 points or 0.71% to 3,151.55, Shanghai Composite weakened 29.82 points or 0.95% to 3,102.13 and Hang Seng declined 326.51 points or 1.82% to 17,624.34.