Bourses continue to trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session led by gains in oil & gas sector’s stocks. As for broader indices, the BSE Mid cap index traded in green, while Small cap index traded in red. Support came in as Global rating agency Moody’s has raised India’s Gross Domestic Product (GDP) growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds. On the global front, Asian markets were trading mostly in green following US gains and ahead of a Chinese legislative session where Beijing's annual growth target and other key policies will be announced. European markets were trading lower as investors remained cautious ahead of European Central Bank's monetary policy meeting later in the week, while strength in technology stocks partially offset losses in other sub-indexes.

The BSE Sensex is currently trading at 73942.63, up by 136.48 points or 0.18% after trading in a range of 73747.01 and 73990.13. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.30%, while Small cap index was down by 0.64%.

The top gaining sectoral indices on the BSE were Power up by 2.21%, Oil & Gas up by 2.05%, Utilities up by 1.88%, Energy up by 1.87% and PSU was up by 1.82%, while IT down by 0.72%, Consumer Durables down by 0.65%, FMCG down by 0.46%, TECK down by 0.46% and Healthcare was down by 0.41% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 4.01%, Power Grid up by 3.00%, Reliance Industries up by 1.37%, Axis Bank up by 0.86% and ICICI Bank up by 0.74%. On the flip side, JSW Steel down by 2.06%, Mahindra & Mahindra down by 1.84%, Ultratech Cement down by 1.11%, Titan Company down by 1.02% and Infosys down by 1.00% were the top losers.

Meanwhile, with an aim to promote innovations in critical and strategic defence technologies, the government has launched Acing Development of Innovative Technologies with iDEX (ADITI) scheme. Under the scheme, start-ups are eligible to receive grant-in-aid of up to Rs 25 crore for their research, development, and innovation endeavours in defence technology. 

The ADITI scheme worth Rs 750 crore for the period 2023-24 to 2025-26 falls under the iDEX (Innovations for Defence Excellence) framework of Department of Defence Production (DDP), Ministry of Defence. It aims to develop about 30 deep-tech critical and strategic technologies in the proposed timeframe. 

The scheme also envisages to create a ‘Technology Watch Tool’ to bridge the gap between the expectations and requirements of the modern Armed Forces and the capabilities of the defence innovation ecosystem. In the first edition of ADITI, 17 challenges - Indian Army (3), Indian Navy (5), Indian Air Force (5) and Defence Space Agency (4) - have been launched.

The launch of the ADITI Scheme underscores the Government's unwavering commitment to promote innovation, entrepreneurship, and self-reliance in defence production. This initiative is poised to accelerate India's journey towards becoming a global leader in defence technology and innovation, ensuring the nation's security and sovereignty in the years to come.

The CNX Nifty is currently trading at 22420.35, up by 41.95 points or 0.19% after trading in a range of 22358.30 and 22440.90. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were NTPC up by 4.07%, Power Grid up by 3.05%, HDFC Life Insurance up by 3.04%, ONGC up by 2.65% and BPCL up by 2.42%. On the flip side, Eicher Motors down by 2.60%, JSW Steel down by 2.18%, SBI Life down by 2.17%, Mahindra & Mahindra down by 1.69% and Apollo Hospital down by 1.55% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 369.38 points or 1.91% to 19,305.31, Nikkei 225 surged 198.41 points or 0.49% to 40,109.23, KOSPI increased 31.91 points or 1.19% to 2,674.27, Shanghai Composite strengthened 12.29 points or 0.4% to 3,039.31 and Hang Seng was up by 6.53 points or 0.04% to 16,595.97. On the flip side, Straits Times fell 12.2 points or 0.39% to 3,123.56 and Jakarta Composite was down by 29.48 points or 0.4% to 7,282.43.

European markets were trading lower; UK’s FTSE 100 decreased 21.22 points or 0.28% to 7,661.28, France’s CAC fell 11.68 points or 0.15% to 7,922.49 and Germany’s DAX was down by 9.23 points or 0.05% to 17,725.84.