Bourses trade in green in late afternoon session

Key benchmark indices traded in green in late afternoon session led by gains in Bajaj Finance, Larsen & Toubro and Tata Steel. Investors eyeing India's GDP data due later in a day. Traders took note of report that Finance minister Nirmala Sitharaman said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023. She said the Enforcement Directorate has investigated around 1,105 bank fraud cases, which resulted in the attachment of Rs 64,920 crore worth of proceeds of crime. As of December 2023, assets amounting to Rs 15,183 crore have been restituted to the Public Sector Banks (PSBs). On the global front, Asian markets were trading mixed even as a downward revision to U.S. first-quarter GDP data revived hopes for Fed rate cuts this year. European markets were trading mostly in green despite data showed consumer prices in the country rose at a faster rate this month due to higher energy prices.

The BSE Sensex is currently trading at 74031.73, up by 146.13 points or 0.20% after trading in a range of 73955.69 and 74478.89. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.01%, while Small cap index was up by 0.63%.

The top gaining sectoral indices on the BSE were Utilities up by 2.79%, Power up by 2.37%, Realty up by 1.85%, Metal up by 1.48% and Basic Materials was up by 1.10%, while Healthcare down by 0.86%, TECK down by 0.34%, Auto down by 0.26%, FMCG down by 0.23% and Consumer Discretionary was down by 0.20% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.90%, Larsen & Toubro up by 1.50%, Tata Steel up by 1.40%, HDFC Bank up by 1.02% and Ultratech Cement up by 0.96%. On the flip side, Bharti Airtel down by 1.99%, Maruti Suzuki down by 1.60%, Kotak Mahindra Bank down by 1.35%, Nestle down by 1.22% and TCS down by 1.20% were the top losers.

Meanwhile, reflecting the growing industrial and residential power consumption coupled with weather-related loads, India's power sector has met a record maximum power demand of 250 GW on May 30, 2024. Moreover, all India non-solar demand met has also touched an all time high of 234.3 GW on May 29. Northern region also achieved a record demand met on May 30, reaching an all-time high of 86.7 GW, while the Western region also touched its maximum demand met of 74.8 GW.

According to the Ministry of Power, all-India thermal generation hit an all-time high, achieving a peak of 176 GW (ex-bus), especially during non-solar hours.  A key contributor in this has been strategic implementation of Section-11, which facilitated the maximization of generation from imported coal based plants as well as gas based plants. This surge further underscores the significant capacity and operational efficiency of India's thermal power plants, which continue to be a backbone of the nation's energy mix.

The ministry noted that support from Renewable energy sources especially solar during solar hours and wind during non solar hours is also very significant in meeting the demand. These achievements are a testament to the coordinated efforts of various stakeholders in the power sector, including government agencies, power generation companies, and grid operators. As per the Ministry, their commitment to enhancing generation capacity, optimizing resource allocation, and implementing policies has been instrumental in meeting the country's energy needs.

The CNX Nifty is currently trading at 22523.35, up by 34.70 points or 0.15% after trading in a range of 22495.85 and 22653.75. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 6.62%, Adani Ports up by 4.15%, Coal India up by 1.83%, Bajaj Finance up by 1.81% and Larsen & Toubro up by 1.49%. On the flip side, Divi's Lab down by 2.36%, Bharti Airtel down by 1.97%, Maruti Suzuki down by 1.75%, Grasim Industries down by 1.43% and Kotak Mahindra Bank down by 1.43% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 190.26 points or 0.9% to 21,174.22, Hang Seng declined 150.58 points or 0.83% to 18,079.61, Jakarta Composite plunged 45.23 points or 0.65% to 6,988.91 and Shanghai Composite was down by 4.87 points or 0.16% to 3,086.81. On the flip side, KOSPI increased 1.08 points or 0.04% to 2,636.52, Straits Times rose 9.08 points or 0.27% to 3,332.46 and Nikkei 225 surged was up by points or 1.13% to 38,487.90.

European markets were trading mostly in green; UK’s FTSE 100 increased 26.44 points or 0.32% to 8,257.49 and France’s CAC was up by 2.35 points or 0.03% to 7,980.86. On the flip side, Germany’s DAX was down by 5.2 points or 0.03% to 18,491.59.