Bourses trade mix in late afternoon session

Indian equity markets traded mixed in late afternoon session. Sensex was trading in green, while Nifty was trading in red. Meanwhile, the broader indices, the BSE Mid cap index and Small cap index extended their gains. Traders took note of report that industry body Digital Infrastructure Providers Association (DIPA) has pledged its support to India's digital and telecom transformation under the new government and sought a clear roadmap that would cement the country's lead in digital infrastructure. DIPA said the industry is eager to collaborate with the government and contribute its expertise to drive the country's digital transformation further. On the global front, Asian markets were trading mixed after a jobs report released Friday came in hotter than expected, while the euro fell after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday’s parliamentary election. European markets were trading lower as a snap election call in France sparked wider political concerns and weighed on the euro.

The BSE Sensex is currently trading at 76858.76, up by 165.40 points or 0.22% after trading in a range of 76442.51 and 77079.04. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.77%, while Small cap index was up by 1.24%.

The top gaining sectoral indices on the BSE were Utilities up by 1.65%, Basic Materials up by 1.61%, Realty up by 1.23%, PSU up by 1.17% and Telecom was up by 1.03%, while IT down by 1.41%, TECK down by 1.03% and Auto was down by 0.13% were the few losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 3.56%, Power Grid up by 2.38%, Nestle up by 2.20%, Axis Bank up by 1.79% and NTPC up by 1.47%. On the flip side, Tech Mahindra down by 2.77%, Infosys down by 2.17%, Wipro down by 1.90%, Mahindra & Mahindra down by 1.72% and Bajaj Finance down by 1.03% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest ‘Inflation Expectations Survey of Households (IESH) - May 2024’ has showed that Households’ inflation expectations for the three months and one year ahead periods increased by 20 basis points (bps) and 10 bps, respectively, but remained in single digits, while their perception on current inflation moderated by 10 bps and stood at 8.0 per cent in the latest survey round.

As per the survey report, higher share of respondents expected prices and inflation to rise for all major product groups over the next three months as well as one-year periods, while at the aggregate level, female respondents had marginally lower inflation assessment and expectations than their male counterparts.

The report further noted that among occupation categories, self-employed respondents group expected highest inflation, while for one year horizon, households’ expectations on general prices remained closely aligned with their assessment related to food prices and housing.

Meanwhile, the RBI released the results of May 2024 round of its bi-monthly inflation expectations survey of households on Jun 07, 2024. The survey was conducted during May 2-11, 2024 in 19 major cities, with responses from 5,943 urban households. Female respondents accounted for 52.6 per cent of this sample.

The CNX Nifty is currently trading at 23261.95, down by 28.20 points or 0.12% after trading in a range of 23233.05 and 23411.90. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 3.33%, Ultratech Cement up by 3.19%, Cipla up by 2.56%, Hero MotoCorp up by 2.42% and Nestle up by 2.03%. On the flip side, Tech Mahindra down by 2.98%, Infosys down by 2.26%, Wipro down by 2.12%, Mahindra & Mahindra down by 1.93% and LTIMindtree down by 1.49% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 2.94 points or 0.04% to 6,900.89 and Nikkei 225 was up by 354.23 points or 0.91% to 39,038.16. On the flip side, KOSPI dropped 21.50 points or 0.8% to 2,701.17and Straits Times was down by 4.83 points or 0.15% to 3,325.94.

European markets were trading lower; UK’s FTSE 100 decreased 33.21 points or 0.4% to 8,212.16, France’s CAC fell 142.09 points or 1.78% to 7,859.71 and Germany’s DAX was down by 138.43 points or 0.75% to 18,418.84.