Benchmarks continue to trade in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, led by gains in Banking, TECK and IT stocks. Traders took some support with Commerce and Industry Minister Piyush Goyal’s statement that many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses. He expressed confidence that the development is going to be a ‘very game-changing’ dimension to India's international trade. Traders took a note of Amish Mehta's, CEO of Crisil, statement that the Indian economy is expected to show resilience on the back of sustained domestic demand and consumption. He added that the agency expects GDP growth in the upcoming fiscal to moderate to 6.8 per cent. Investors also awaited the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data to be out later in the day. On the global front, Asian markets are trading mostly in green even as a cautious undertone prevailed ahead of crucial U.S. inflation data due out later in the day that could influence the timing of the Federal Reserve's pivot to monetary easing. 

The BSE Sensex is currently trading at 73891.06, up by 388.42 points or 0.53% after trading in a range of 73461.89 and 74004.16. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 0.48%, while Small cap index was down by 1.23%.

The top gaining sectoral indices on the BSE were Bankex up by 0.64%, TECK up by 0.61%, IT up by 0.54%, Oil & Gas up by 0.44% and Energy up by 0.36%, while Realty down by 2.33%, FMCG down by 1.12%, Utilities down by 1.05%, Power down by 1.05% and Metal down by 0.91% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 2.27%, TCS up by 1.92%, Reliance Industries up by 1.15%, Infosys up by 0.78% and Maruti Suzuki up by 0.77%. On the flip side, ITC down by 1.98%, Nestle down by 1.25%, NTPC down by 0.93%, JSW Steel down by 0.89% and Hindustan Unilever down by 0.79% were the top losers.

Meanwhile, the Chemicals and Fertilisers ministry said that the Department of Pharmaceuticals has revamped a scheme which entails financial assistance to drug companies to help them upgrade their facilities to produce medicines conforming to global standards.

The ministry said as per the revamped Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS), the government has expanded the scope of the initiative beyond MSMEs to include any pharmaceutical manufacturing unit with a turnover of less than Rs 500 crore that requires technology and quality upgradation. It added preference however remains for MSMEs, supporting smaller players in achieving high-quality manufacturing standards.

It stated the revamped scheme also introduces more flexible financing options, emphasising subsidies on reimbursement basis, over traditional credit-linked approach. This flexibility is designed to diversify the financing options of the participating units, facilitating a more widespread adoption of the scheme. Besides, in alignment with revised Schedule-M and WHO-GMP standards, it sated the scheme now supports a broader range of technological upgrades. It said eligible activities include improvements such as HVAC systems, water and steam utilities, testing laboratories, stability chambers, clean room facilities, effluent treatment, waste management etc. ensuring comprehensive support for participating units.

The CNX Nifty is currently trading at 22411.50, up by 78.85 points or 0.35% after trading in a range of 22315.00 and 22452.55. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were HDFC Bank up by 2.16%, TCS up by 1.91%, Eicher Motors up by 1.22%, HDFC Life Insurance up by 1.07% and Reliance Industries up by 0.95%. On the flip side, Cipla down by 2.10%, ITC down by 1.95%, Nestle down by 1.27%, Bajaj Auto down by 1.00% and JSW Steel down by 0.95% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 142.89 points or 0.72% to 19,868.97, Hang Seng advanced 282.64 points or 1.68% to 16,870.21, Straits Times rose 10.11 points or 0.32% to 3,148.53 and KOSPI increased 12.07 points or 0.45% to 2,671.91.

On the flip side, Shanghai Composite weakened 14.34 points or 0.47% to 3,054.12 and Nikkei 225 slipped 166.39 points or 0.43% to 38,654.10.