Bourses turn positive in late afternoon session

The Indian equity benchmarks wiped out all their losses and turned positive in late afternoon session amid supportive cues from European markets. The broader indices, the BSE Mid cap index and Small cap index traded with gains of above half percent each. Traders took note of report that Prime Minister Narendra Modi said their aim is to make India a global growth engine and that the country will soon emerge as an economic powerhouse of the world. On the global front, Asian markets were trading mostly in green as investors welcomed improved industrial data from China. European markets were trading higher after data showed that China's industrial profits surged 17.2 percent from a year earlier in August, compared with a 6.7 percent decline in July and June's fall of 8.3 percent.

The BSE Sensex is currently trading at 66051.59, up by 106.12 points or 0.16% after trading in a range of 65549.96 and 66119.57. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.69%, while Small cap index was up by 0.62%.

The gaining sectoral indices on the BSE were Capital Goods up by 1.14%, Healthcare up by 1.06%, Industrials up by 1.00%, Telecom up by 0.68% and FMCG was up by 0.57%, while Consumer Durables down by 0.73%, Oil & Gas down by 0.41%, Auto down by 0.20%, Utilities down by 0.08% and Bankex was down by 0.07% were the losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.08%, Sun Pharma up by 1.36%, ITC up by 1.24%, Axis Bank up by 0.88% and Reliance Industries up by 0.87%. On the flip side, Titan Company down by 1.97%, Nestle down by 0.83%, Bajaj Finance down by 0.80%, HDFC Bank down by 0.69% and NTPC down by 0.65% were the top losers.

Meanwhile, the various Ministries/ Departments of Government of India have accepted more than 10,000 claims of the Micro, Small and Medium Enterprises (MSMEs) under Vivad se Vishwas - I scheme aimed at providing relief to MSMEs for the COVID-19 Pandemic period. This has led to grant of more than Rs 256 crore to MSMEs and increased flow of bank credit through freeing up of guarantees.

The highest relief of Rs 116.47 crore has been granted by the Ministry of Petroleum and Natural Gas (MoPNG). This includes the claims settled and amount paid by the agencies under the administrative control of the MoPNG.

The Vivad se Vishwas I - Relief for MSMEs scheme was announced by the Union Finance Minister in the Budget Speech 2023-24. The scheme was launched by Ministry of Finance through Government e-Marketplace (GeM) portal on April 17, 2023.  The last date for submission of claims for relief, on the GeM portal, under the scheme was July 31, 2023.  GeM had developed a dedicated portal for the purpose of this scheme.

The CNX Nifty is currently trading at 19692.60, up by 27.90 points or 0.14% after trading in a range of 19554.00 and 19715.15. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 2.05%, Coal India up by 1.39%, LTIMindtree up by 1.28%, ITC up by 1.20% and Sun Pharma up by 1.19%. On the flip side, Titan Company down by 2.04%, Grasim Industries down by 1.59%, BPCL down by 0.90%, Bajaj Finance down by 0.82% and Nestle down by 0.82% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 144.97 points or 0.82% to 17,611.87, Nikkei 225 surged 56.85 points or 0.18% to 32,371.90, Taiwan Weighted added 34.29 points or 0.21% to 16,310.36, Jakarta Composite gained 18.18 points or 0.26% to 6,941.98, Shanghai Composite strengthened 5.05 points or 0.16% to 3,107.32 and KOSPI was up by 2.10 points or 0.09% to 2,465.07. On the flip side, Straits Times was down by19.45 points or 0.61% to 3,195.62.

European markets were trading higher; UK’s FTSE 100 increased 9.35 points or 0.12% to 7,635.07, France’s CAC rose 24.89 points or 0.35% to 7,098.91 and Germany’s DAX was up by 27.17 points or 0.18% to 15,283.04.