Markets enlarge gains in late afternoon session

The Indian equity benchmarks extended their gains in late afternoon session. Traders were seen piling up positions in Bankex, IT and Metal sectors. Investors took support after private report stated that a healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand. Besides, the government expects vegetable prices to start cooling off from next month with the advent of new crops in the market, but rising crude oil prices is a concern even though it is still within the tolerable zone of $90 a barrel. On the global front, Asian markets were trading mixed following the mixed cues from Wall Street on Friday, as traders remained cautious and restrained from making any significant moves after upbeat US data raised fears the US Fed will hold interest rates higher for longer to control inflation. European markets were trading higher after four sessions of losses, as energy stocks rose tracking global crude prices higher and Danish drugmaker Novo Nordisk led gains in healthcare stocks. 

The BSE Sensex is currently trading at 65250.87, up by 302.21 points or 0.47% after trading in a range of 64852.70 and 65314.95. There were 27 stocks advancing against 4 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 0.59%.

The top gaining sectoral indices on the BSE were Utilities up by 2.16%, Power up by 1.95%, Metal up by 1.07%, TECK up by 0.96% and Realty was up by 0.88%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.81%, Power Grid up by 2.58%, Bharti Airtel up by 1.86%, Indusind Bank up by 1.64% and Bajaj Finserv up by 1.26%. On the flip side, Reliance Industries down by 1.19%, Mahindra & Mahindra down by 0.75%, Maruti Suzuki down by 0.30% and SBI down by 0.08% were the only losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1788652 new jobs in the month of June 2023 as against revised figure of 1387034 in May 2023.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 9001 new jobs were created in less than 18 age group category, while 380818 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 430620, 248203, 373597 and 346413 new payrolls, respectively in June.

The CNX Nifty is currently trading at 19399.05, up by 88.90 points or 0.46% after trading in a range of 19296.30 and 19415.10. There were 41 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 2.88%, Adani Ports up by 2.88%, Bajaj Finance up by 2.75%, Power Grid up by 2.43% and Hindalco up by 2.13%. On the flip side, Reliance Industries down by 1.19%, Mahindra & Mahindra down by 0.74%, BPCL down by 0.27%, Britannia down by 0.24% and SBI Life down by 0.19% 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 8.15 points or 0.12% to 6,868.06, KOSPI increased 4.3 points or 0.17% to 2,508.80 and Taiwan Weighted was up by 0.18 points to 16,381.49. On the flip side, Straits Times fell 17.54 points or 0.56% to 3,156.39, Shanghai Composite weakened 38.97 points or 1.26% to 3,092.98 and Hang Seng was down by 327.56 points or 1.86% to 17,623.29.

European markets were trading higher, UK’s FTSE 100 increased 30.9 points or 0.42% to 7,293.33, France’s CAC rose 75.38 points or 1.04% to 7,239.49 and Germany’s DAX was up by 100.59 points or 0.64% to 15,674.85.