Domestic indices trim some gains in late morning deals

Domestic equity indices trimmed some of their gains but continued to trade higher with gains of over half percent in late morning deals. Hectic buying in ICICI Bank, Axis Bank, Tech Mahindra and Bharti Airtel supported the markets to trade higher. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.95-1.05%. Traders were getting some encouragement with report that the cooperation between India and Singapore in the field of green finance has a promising future, NITI Aayog Vice Chairman Suman Bery has said, asserting that the two countries can work within the framework laid out in the G20 New Delhi Leaders' Declaration on sustainable finance. Meanwhile, the commerce ministry said that it will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters.

On the global front, Asian markets were trading mixed despite positive cues from US markets overnight. Back home, all the sectoral indices on the BSE were trading higher led by Telecom, PSU, Industrials, Metal and Capital Goods. 

The BSE Sensex is currently trading at 71622.50, up by 435.64 points or 0.61% after trading in a range of 71576.93 and 71895.64. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.05%, while Small cap index up by 0.96%.

The top gaining sectoral indices on the BSE were Telecom up by 1.60%, PSU up by 1.47%, Industrials up by 1.30%, Metal up by 1.21%, Capital Goods up by 1.16%, while there were no losers. 

The top gainers on the Sensex were Bharti Airtel up by 3.63%, Axis Bank up by 2.48%, Tech Mahindra up by 1.95%, Tata Steel up by 1.91% and ICICI Bank up by 1.73%. On the flip side, Indusind Bank down by 3.08%, Reliance Industries down by 0.58%, HCL down by 0.36%, Power Grid down by 0.30% and Sun Pharma down by 0.21% were the top losers.

Meanwhile, the Union Minister for Textiles, Commerce and Industry and Consumer Affairs, Food and Public Distribution, Piyush Goyal, has approved 11 project proposals related to technical textiles worth nearly Rs 103 crore. These project proposals include nine R&D projects, one project on machine development and one project on equipment development.

Goyal emphasised on the need for enhancement of collaborative efforts among the government and industry to enhance indigenous development of technical textiles products. The projects cover different application areas of technical textiles including 2 projects of Protech, 2 Meditech, 2 Mobiltech, 1 Buildtech, 2 Smart Textiles and 1 project of Sustainable Textiles.

The minister reviewed the progress of different components of the National Technical Textiles Mission including review of sanctioned R&D products and status of applications under General Guidelines for Enabling of Academic Institutes in Technical Textiles Education in India (Round- II). He also reviewed implementation of Quality Control Orders issued by the Ministry of Textiles, patents guidelines of R&D, Outreach activities and events under NTTM, amongst others.

The CNX Nifty is currently trading at 21597.50, up by 135.25 points or 0.63% after trading in a range of 21575.00 and 21670.60. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.80%, ONGC up by 2.48%, Axis Bank up by 2.48%, Tata Steel up by 2.06% and Britannia up by 1.93%. On the flip side, Indusind Bank down by 3.13%, Reliance Industries down by 0.53%, HCL down by 0.47%, Sun Pharma down by 0.34% and Hero MotoCorp down by 0.30% were the top losers.

Asian markets were trading mixed; Hang Seng declined 531.29 points or 3.07% to 17,278.37, Nikkei 225 slipped 520.08 points or 1.64% to 31,239.80, Taiwan Weighted lost 65.43 points or 0.4% to 16,491.88 and Straits Times fell 26.07 points or 0.81% to 3,182.79. However, KOSPI increased 2.10 points or 0.09% to 2,465.07, Shanghai Composite strengthened 3.16 points or 0.1% to 3,110.48 and Jakarta Composite gained 5.48 points or 0.08% to 6,966.94.