Bourses trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session tracking positive cues from European markets. Traders found some support as Commerce and Industry minister Piyush Goyal has exuded confidence that during this fiscal, the country's goods and services export numbers will be at the same level; as it was last year despite slowdown and uncertainties in the global trade. He also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit. However, the broader indices, the BSE Mid cap index and Small cap index traded with hefty losses. On the global front, Asian markets were trading mixed following sluggish overnight cues from Wall Street and Europe. European markets were trading higher with support from strong corporate earnings, while investors awaited key U.S. inflation data for more clues on the Federal Reserve's interest rate-cut trajectory. 

The BSE Sensex is currently trading at 73679.37, up by 176.73 points or 0.24% after trading in a range of 73342.12 and 74004.16. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 1.35%, while Small cap index was down by 2.07%.

The few gaining sectoral indices on the BSE were TECK up by 0.58%, IT up by 0.46% and Bankex was up by 0.02%, while Realty down by 3.77%, Basic Materials down by 1.74%, Industrials down by 1.71%, PSU down by 1.70% and Utilities was down by 1.59% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 2.50%, TCS up by 1.77%, Maruti Suzuki up by 0.98%, Infosys up by 0.87% and Reliance Industries up by 0.68%. On the flip side, SBI down by 1.67%, ITC down by 1.56%, JSW Steel down by 1.50%, Nestle down by 1.24% and Tata Motors down by 1.20% were the top losers.

Meanwhile, reiterating the government's commitment to driving reforms in the telecom sector to create a conducive environment for investment and innovation, the Telecommunications Minister Ashwini Vaishnaw has unveiled telecom reforms including the policy on Spectrum Regulatory Sandbox that holds the potential of advancing India's telecommunications landscape and fostering global collaboration in the field. 

Minister also announced a complete abolition of Wireless Operating License (WOL) that further simplifies the licensing processes in telecom. Further, the Minister pointed out that the implementation of regulatory sandboxes to streamline equipment testing procedures will go a long way in fostering innovation and ease of access. 

Besides, Ashwini Vaishnaw said that the removal of the wireless operating license requirement, reflects ongoing reforms to facilitate technological progress. He also called for upscaling the India Mobile Congress (IMC) 2024 by involving many more Tech-companies, Tech Universities and creating awareness among students about evolving technologies.

The CNX Nifty is currently trading at 22350.10, up by 17.45 points or 0.08% after trading in a range of 22256.00 and 22452.55. There were 11 stocks advancing against 38 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were HDFC Bank up by 2.17%, TCS up by 1.71%, LTIMindtree up by 1.54%, Maruti Suzuki up by 1.02% and Infosys up by 0.75%. On the flip side, Cipla down by 2.79%, Grasim Industries down by 2.72%, Adani Enterprises down by 2.26%, Bajaj Auto down by 1.97% and SBI down by 1.84% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 505.93 points or 2.96% to 17,093.50, Taiwan Weighted added 188.47 points or 0.95% to 19,914.55, KOSPI increased 21.97 points or 0.82% to 2,681.81and Straits Times was up by 2.03 points or 0.06% to 3,140.45. On the flip side, Shanghai Composite weakened 12.52 points or 0.41% to 3,055.94 and Nikkei 225 was down by 22.98 points or 0.06% to 38,797.51. 

European markets were trading higher; UK’s FTSE 100 increased 65.06 points or 0.84% to 7,734.29, France’s CAC rose 7.43 points or 0.09% to 8,027.16 and Germany’s DAX was up by 55.75 points or 0.31% to 17,802.02.