Indices trim gains; trade in fine fettle

Indian equity benchmarks trimmed some of their gains in early afternoon deals but remained in green terrain, with both Sensex and Nifty holding gains of 0.50% each, aided by positive cues from other Asian markets. Traders remained optimistic as Prime Minister Narendra Modi said that India is a global bright spot, a powerhouse of growth and innovation. Besides, highlighting the fast progress made by India in green and clean energy sector, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri has said that India's energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in the coming years. 

On the global front, Asian markets were trading mostly in green, after South Korea posted a current account surplus of $4.81 billion in August, up from $3.58 billion in July. The goods account recorded a $5.06 billion surplus, while the services account posted a $1.60 billion deficit owing to a deficit in the travel account. The primary income account recorded a $1.47 billion surplus due to an increase in interest income. The secondary income account recorded a $0.12 billion deficit.

The BSE Sensex is currently trading at 66410.70, up by 331.34 points or 0.50% after trading in a range of 66299.79 and 66592.16. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.80%, while Small cap index was up by 0.99%.

The top gaining sectoral indices on the BSE were Realty up by 1.48%, Basic Materials up by 1.30%, Telecom up by 1.19%, Healthcare up by 0.94% and Utilities up by 0.92%, while IT down by 0.13% and TECK down by 0.13% were the only losing indices on BSE.

The top gainers on the Sensex were Wipro up by 3.28%, Ultratech Cement up by 2.14%, Hindustan Unilever up by 1.62%, Kotak Mahindra Bank up by 1.13% and Bajaj Finance up by 0.95%. On the flip side, Infosys down by 0.54%, TCS down by 0.39%, Tech Mahindra down by 0.24%, Indusind Bank down by 0.17% and HCL Tech. down by 0.11% were the top losers.

Meanwhile, Telecom Minister Ashwini Vaishnaw has said that investment by telecom companies under the production-linked incentive (PLI) scheme has crossed the halfway mark of Rs 2,419 crore, resulting in the employment of 17,753 people. The government shortlisted 42 companies in October 2022 that committed a total investment of Rs 4,115 crore and are likely to generate additional sales of Rs 2.45 lakh crore and employ over 44,000 people during the six-year scheme period ending 2025-26.

The minister said telecom equipment was being imported into the country for a long time, and it was unimaginable to manufacture and export telecom equipment from the country. Today, telecom equipment manufactured in India is exported to many countries, such as the US, European countries and Japan. He said ‘these are highly developed countries and we feel proud that our products are accepted as high quality in these countries. We should continuously strive to maintain the quality of the products.’

Vaishnaw has noted that that 5G was launched last year, and within a year, Bharat has become the third largest ecosystem for 5G in the world. The speed at which things were done is a matter of great pride. ITU has accepted our inputs in the standardisation of 6G. This process will be further strengthened in the coming years. He said ‘we are working towards positioning in India as a leading standard and IT contributor to the 6G journey.’

The CNX Nifty is currently trading at 19788.45, up by 98.60 points or 0.50% after trading in a range of 19756.95 and 19839.20. There were 41 stocks advancing against 8 stocks declining, while 1 stock remained unchanged on the index.

The top gainers on Nifty were Wipro up by 3.31%, Grasim Industries up by 2.62%, Ultratech Cement up by 2.13%, Dr. Reddy's Lab up by 1.67% and Hindustan Unilever up by 1.66%. On the flip side, Infosys down by 0.68%, TCS down by 0.47%, Coal India down by 0.45%, SBI Life Insurance down by 0.16% and HCL Tech down by 0.15% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 267.54 points or 1.49% to 17,932.27, Taiwan Weighted added 151.46 points or 0.91% to 16,672.03, Jakarta Composite gained 30.4 points or 0.44% to 6,952.59, Shanghai Composite strengthened 3.72 points or 0.12% to 3,078.96, KOSPI increased 47.50 points or 1.94% to 2,450.08 and Nikkei 225 surged 189.98 points or 0.59% to 31,936.51, while Straits Times fell 8.41 points or 0.26% to 3,190.66.