Domestic indices trade marginally higher in late morning deals

Markets were trading marginally higher in late morning deals on Tuesday amid firm trend in global markets. Meanwhile, broader indices on the BSE outperformed their large peers and were trading with gains in range of 0.50-0.65%. Traders were getting some encouragement as India Ratings said with falling trade deficit, India's current account deficit is likely to narrow to around $10 billion or 1 per cent of GDP in the April-June quarter of the ongoing fiscal. The country's current account deficit (CAD) stood at $18 billion or 2.1 per cent in the corresponding period of the previous fiscal. On the sectoral front, traders were seen pilling up position in Realty, Utilities, Metal, Power and Capital Goods, while selling was witnessed in FMCG, Telecom and TECK.

On the global front, Asian markets were treading higher, following positive cues from US markets overnight, as traders welcomed China's announcement of a slew of measures over the weekend to bolster the country's equity market as well as fuel an increase in spending and drive economic growth. Back home, in the stock specific development, PG Electroplast surged after the company announced opening of the qualified institutional placement (QIP) issue. The consumer electronics company proposed to raise around Rs 500 crore through QIP.   

The BSE Sensex is currently trading at 65049.16, up by 52.56 points or 0.08% after trading in a range of 64994.97 and 65229.03. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.50%, while Small cap index up by 0.64%.

The top gaining sectoral indices on the BSE were Realty up by 1.56%, Utilities up by 1.07%, Metal up by 0.84%, Power up by 0.79% and Capital Goods up by 0.50%, while FMCG down by 0.12%, Telecom down by 0.02% and TECK down by 0.01% were the few losing indices on BSE.

The top gainers on the Sensex were JIO Financial up by 2.95%, Tech Mahindra up by 1.56%, Power Grid up by 1.49%, JSW Steel up by 1.34% and Tata Steel up by 1.02%. On the flip side, Bharti Airtel down by 1.59%, Indusind Bank down by 0.96%, Axis Bank down by 0.85%, Reliance Industries down by 0.82% and Hindustan Unilever down by 0.38% were the top losers.

Meanwhile, Union Minister for Labour and Employment Bhupender Yadav has said that more than 1.5 crore jobs have been created in nine organised sectors, including information technology, manufacturing, trade, transport, education, hospitality and medical sector, besides agriculture during the Modi government's tenure.

Yadav said along with the expansion of manufacturing capacities in the country, the registration of new industries and enrolment of new members in the Employees' Provident Fund Organisation (EPFO) has increased, which shows a positive growth rate of employment. He noted that nine years ago, India used to be among the five most fragile economies in the world, but now under the leadership of Prime Minister Narendra Modi, India has become one of the five largest economies in the world.

The minister also informed that 29 crore workers from the unorganised sector, including those from remote villages, have been registered on the government's 'e-Shram' portal within the last one year. He added that this portal is helping in the financial inclusion of unorganised sector workers by including them in the formal economy and giving benefits of social security schemes.

The CNX Nifty is currently trading at 19332.75, up by 26.70 points or 0.14% after trading in a range of 19313.65 and 19377.90. There were 36 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were JIO Financial up by 2.96%, Adani Enterprises up by 2.08%, Hindalco up by 1.95%, UPL up by 1.68% and Tech Mahindra up by 1.53%. On the flip side, Bharti Airtel down by 1.60%, Indusind Bank down by 0.97%, Reliance Industries down by 0.85%, Axis Bank down by 0.84% and Dr. Reddy's Lab down by 0.57% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 384.98 points or 2.08% to 18,515.72, Taiwan Weighted added 114.39 points or 0.69% to 16,623.65, Straits Times rose 11.46 points or 0.36% to 3,225.14, Shanghai Composite strengthened 39.94 points or 1.27% to 3,138.58, Jakarta Composite gained 30.55 points or 0.44% to 6,952.28, KOSPI increased 9.76 points or 0.38% to 2,553.17 and Nikkei 225 surged 28.7 points or 0.09% to 32,198.69.