Benchmarks remain in green in morning deals

Indian equity benchmarks remained in green in morning deals, led by gains in Realty, Power and Utilities stocks. Traders took some support with Reserve Bank of India (RBI) Governor Shaktikanta Das’ statement that vegetable rates may ease from September, led by tomato prices, which have started showing signs of correction on the back of increased supply. Some support also came as commerce minister Piyush Goyal said India is hopeful that trade and investment ministers from the world’s 20 biggest economies set to meet in Jaipur will be able to strike a consensus on key areas of trade and investment, although differences persist over the Ukraine war. Sectorally, diamond industry stocks remained in watch as Union minister Piyush Goyal reiterated lab-grown diamonds are the same as that natural ones and added the central government will now include those in Free Trade Agreement talks with other countries. On the global front, Asian markets are trading mostly in green following the broadly positive cues from global markets, as traders reacted to weak US PMI data that raised hopes the US Fed would end its tightening campaign to avert a recession.

The BSE Sensex is currently trading at 65764.75, up by 331.45 points or 0.51% after trading in a range of 65645.56 and 65913.77. There were 29 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.75%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Realty up by 1.17%, Power up by 1.09%, Utilities up by 1.06%, Capital Goods up by 0.96% and Bankex up by 0.88%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Indusind Bank up by 1.95%, Ultratech Cement up by 1.60%, ICICI Bank up by 1.22%, Larsen & Toubro up by 1.15% and Axis Bank up by 1.11%. On the flip side, JIO Financial Services down by 4.99% and NTPC down by 0.02% were the only losers.

Meanwhile, Union Minister of State for External Affairs Rajkumar Ranjan Singh has said that Indian embassies and consulates are well-placed to help the country's businesses explore new markets for exports. He said India's growth and prosperity are intrinsically linked to its ability to tap into global markets and focusing on the incredible products and services that it has to offer.

He stated that India has representation in almost all the countries of the world. He said ‘Our embassies and consulates are equipped with commercial representatives.' He added ‘Trust, quality and assured supply are the key components for the long-term success of any export business.’

Besides, stating that India is looking to increase its exports to $2 trillion by 2030, he said 'Our export target of 2030 will be equivalent to Brazil's or Canada's total GDP today.' He asserted that India will increase its export earnings by more than 2.5 times by the year 2030 compared to what it is at present. Moreover, he said export will have to be a dominant player in India's growth story.

The CNX Nifty is currently trading at 19540.95, up by 96.95 points or 0.50% after trading in a range of 19509.50 and 19584.45. There were 47 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 2.36%, Indusind Bank up by 1.89%, BPCL up by 1.77%, Ultratech Cement up by 1.55% and Adani Ports &SEZ up by 1.50%. On the flip side, JIO Financial Services down by 4.99%, Hindalco down by 0.38%, NTPC down by 0.23% and Divi's Lab down by 0.11% were the few losers.

Asian markets are trading mostly in green; Hang Seng advanced 341.06 points or 1.88% to 18,186.98, Taiwan Weighted added 169.94 points or 1.03% to 16,746.84, Straits Times rose 5.73 points or 0.18% to 3,179.91, Shanghai Composite strengthened 14.48 points or 0.47% to 3,092.88, KOSPI increased 30.25 points or 1.21% to 2,535.75 and Nikkei 225 surged 255.24 points or 0.8% to 32,265.50. On the flip side, Jakarta Composite was down by 3.48 points or 0.05% to 6,917.93.