Benchmarks continue to trade higher in morning deals

Indian equity benchmarks continued to trade higher in morning deals, led by gains in Telecom, PSU and Industrials stocks amid largely positive signals from global markets. Sentiments remained positive with Reserve Bank of India Governor Shaktikanta Das’ statement that slowing global growth is reason for concern, a cause of worry but India is better placed to deal with various geopolitical challenges. He said the country's monetary policy must remain actively disinflationary despite the recent sharp fall in core inflation. Traders took a note of NITI Aayog Vice Chairman Suman Bery’s statement that the cooperation between India and Singapore in the field of green finance has a promising future and asserted that the two countries can work within the framework laid out in the G20 New Delhi Leaders' Declaration on sustainable finance. On the global front, Asian markets are trading mostly in green as robust labor market data offered the latest evidence of U.S. economic strength despite the fact that it could prompt the Federal Reserve hold off on lowering its key policy rate.

The BSE Sensex is currently trading at 71876.33, up by 689.47 points or 0.97% after trading in a range of 71649.88 and 71895.64. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.17%, while Small cap index was up by 1.19%.

The top gaining sectoral indices on the BSE were Telecom up by 1.78%, PSU up by 1.50%, Industrials up by 1.35%, Metal up by 1.28% and TECK up by 1.25%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.52%, Axis Bank up by 2.54%, ICICI Bank up by 2.26%, Tech Mahindra up by 2.10% and NTPC up by 1.80%. On the flip side, Indusind Bank down by 2.21%, Power Grid Corporation down by 0.17%, Hindustan Unilever down by 0.11% and Reliance Industries down by 0.05% were the top losers.

Meanwhile, with an aim to provide information for aspiring exporters, the commerce ministry will launch an online platform in the next 2-3 months. This will provide all relevant information, including details about custom duties, for aspiring exporters. 

Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements.

Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

The CNX Nifty is currently trading at 21662.05, up by 199.80 points or 0.93% after trading in a range of 21597.30 and 21670.60. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.39%, Axis Bank up by 2.51%, ONGC up by 2.35%, ICICI Bank up by 2.34% and Coal India up by 1.93%. On the flip side, Indusind Bank down by 2.50%, Hero MotoCorp down by 0.32%, Hindustan Unilever down by 0.20%, HCL Technologies down by 0.18% and Reliance Industries down by 0.10% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 443.74 points or 2.58% to 17,671.53, Straits Times rose 10.09 points or 0.32% to 3,149.87, KOSPI increased 15.95 points or 0.65% to 2,455.99, Jakarta Composite gained 8.48 points or 0.12% to 7,261.45 and Nikkei 225 surged 368.42 points or 1.04% to 35,834.59.

On the flip side, Hang Seng declined 30.4 points or 0.2% to 15,361.39 and Shanghai Composite weakened 13.49 points or 0.48% to 2,832.29.