Markets trade higher with decent gains in early deals

Defying weak global cues, Indian equity benchmarks made positive start on Friday. Markets are trading higher with decent gains in early deals on the back of value buying in most of the stocks led by NTPC, Bajaj Finserv and Larsen & Toubro. All eyes are on the policy announcements, if any, at the G20 Summit being hosted by India. Traders took encouragement with a private report that Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices. Erratic monsoon rains have ruined some crops of staple food items, prompting the government to subsidise vegetable prices and ban exports of some cereals, providing temporary relief to households. Some optimism also came in as NaBFID Chairman KV Kamath said India’s GDP will likely grow to $25 trillion size in the next 25 years and digital fintech players could contribute to about 25%-30% of the overall growth. 

On the global front, Asian markets are trading lower following the mixed cues from global markets overnight, as the latest batch of upbeat economic data from the U.S. renewed concerns about the outlook for interest rates. Data showing a lower than expected GDP growth in Japan also hurt investor sentiment. Japan's gross domestic product expanded a seasonally adjusted 1.2 percent on quarter in the second quarter of 2023. Further, China reported weak trade figures for August, adding to worries about slowing growth in the world's second-largest economy. Meanwhile, Hong Kong morning trading canceled on black rain storm warning.

The BSE Sensex is currently trading at 66463.78, up by 198.22 points or 0.30% after trading in a range of 66319.01 and 66518.79. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 0.51%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Realty up by 1.39%, Power up by 1.11%, Utilities up by 1.02%, Capital Goods up by 1.01% and Consumer Durables up by 0.95%, while Metal down by 0.19% was the sole losing index on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.22%, NTPC up by 1.86%, Larsen & Toubro up by 1.47%, HCL Technologies up by 1.07% and Bajaj Finance up by 0.80%. On the flip side, ICICI Bank down by 0.12%, JSW Steel down by 0.10%, ITC down by 0.09%, Sun Pharma down by 0.04% and Wipro down by 0.03% were the top losers.

Meanwhile, with the focus being on boosting cooperation in the areas of trade and investment as well as security and defence, India and 10-nation ASEAN have agreed to deepen their comprehensive strategic partnership with concrete actions through practical implementation of the 'Plan of Action' to implement the ASEAN-India partnership for peace, progress and shared prosperity. In a joint statement on maritime cooperation, it was agreed to support India's connectivity initiatives in the region to ensure seamless connectivity in the Indo-Pacific, besides boosting cooperation in a range of areas including blue economy, space and food security among others. 

They reaffirmed the importance of maintaining and promoting peace, stability, maritime safety and security, freedom of navigation and overflight in the region, and other lawful uses of the seas and unimpeded lawful maritime commerce and to promote peaceful resolutions of disputes, in accordance with universally recognised principles of international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). 

The two sides agreed to further strengthen ASEAN-India cooperation on maritime safety and security, promote cooperation in a Blue Economy and develop new and renewable energy including marine-based renewable energy, among others. The Association of Southeast Asian Nations (ASEAN) is considered one of the most influential groupings in the region, and India and several other countries including the US, China, Japan and Australia are its dialogue partners. The 10 member countries of ASEAN are Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.

The CNX Nifty is currently trading at 19781.05, up by 54.00 points or 0.27% after trading in a range of 19727.05 and 19792.95. There were 30 stocks advancing against 19 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were NTPC up by 2.67%, Bajaj Finserv up by 2.43%, Larsen & Toubro up by 1.58%, HCL Technologies up by 1.18% and Power Grid up by 1.07%. On the flip side, Hindalco down by 0.88%, Apollo Hospital down by 0.47%, SBI Life Insurance down by 0.30%, Eicher Motors down by 0.29% and JSW Steel down by 0.27% were the top losers.

Asian markets are trading lower; Nikkei 225 slipped 390.78 points or 1.18% to 32,600.30, Taiwan Weighted lost 33.43 points or 0.2% to 16,585.71, Jakarta Composite plunged 31.58 points or 0.45% to 6,923.23, KOSPI dropped 15.21 points or 0.6% to 2,533.05, Shanghai Composite weakened 13.51 points or 0.43% to 3,108.84 and Straits Times fell 12.86 points or 0.4% to 3,213.73.