Benchmarks add gains in morning deals

Indian equity benchmarks added gains in morning deals, led by gains in Capital Goods, Industrials and Realty stocks. Traders took support as Finance Ministry announced the release of an additional installment of tax devolution to states for June 2024, in a move to support state finances and spur economic development. The total amount released to states for June now stands at Rs 1,39,750 crore. Some support also came as foreign institutional investors (FIIs) extended their buying on the second day on June 10 as they bought Indian equities worth Rs 2,572.38 crore. Meanwhile, NITI Aayog under its flagship initiative Atal Innovation Mission (AIM) has launched the ‘AIM – ICDK Water Challenge 4.0’ and the fifth edition of ‘Innovations for You’ handbook, which are aimed at fostering innovation and sustainability in the country. However, gains remain capped as investors remained on sidelines ahead of the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data to be out tomorrow. On the global front, Asian markets are trading mostly in red as investors await the U.S. Federal Reserve's updated projections regarding the timing and frequency of potential rate cuts. 

The BSE Sensex is currently trading at 76678.59, up by 188.51 points or 0.25% after trading in a range of 76296.44 and 76699.41. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.68%, while Small cap index was up by 0.89%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.77%, Industrials up by 1.52%, Realty up by 1.34%, Oil & Gas up by 0.99% and PSU up by 0.92%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.55%, Tata Steel up by 1.44%, Tata Motors up by 1.41%, Ultratech Cement up by 0.98% and Mahindra & Mahindra up by 0.93%. On the flip side, Asian Paints down by 0.86%, Kotak Mahindra Bank down by 0.71%, Bharti Airtel down by 0.45%, ITC down by 0.31% and JSW Steel down by 0.28% were the top losers.

Meanwhile, NITI Aayog under its flagship initiative Atal Innovation Mission (AIM) has launched the ‘AIM – ICDK Water Challenge 4.0’ and the fifth edition of ‘Innovations for You’ handbook, which are aimed at fostering innovation and sustainability in the country.

Atal Innovation Mission (AIM) is the Government of India’s flagship initiative to create and promote a culture of innovation and entrepreneurship across the length and breadth of country. AIM – ICDK Water Challenge 4.0 has been initiated in collaboration with the Innovation Centre Denmark (ICDK) at the Royal Danish Embassy in India. The aim of the initiative is to address critical water-related challenges through inventive solutions.

The selected teams will form the Indian cohort, which will participate in the global Next Generation Digital Action program and engage with young talents from leading universities and innovation hubs in 9 countries (India, Denmark, Ghana, Kenya, Korea, Tanzania, South Africa, Ghana, Colombia, and Mexico).

The focus of the program is to encourage the exploration of sustainability, digital solutions, inclusion, and universal design principles. The participants will have the opportunity to showcase innovations at the Digital Tech Summit scheduled in Copenhagen from October 30th to 31st, 2024 funded by the Government of Denmark.

The CNX Nifty is currently trading at 23307.50, up by 48.30 points or 0.21% after trading in a range of 23206.65 and 23326.25. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were ONGC up by 3.96%, Larsen & Toubro up by 2.50%, Britannia Industries up by 1.55%, Tata Steel up by 1.31% and Tata Motors up by 1.24%. On the flip side, Asian Paints down by 0.90%, BPCL down by 0.79%, Kotak Mahindra Bank down by 0.74%, Dr. Reddy's Lab down by 0.59% and Bharti Airtel down by 0.56% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 306.99 points or 1.7% to 18,059.96, Jakarta Composite plunged 10.76 points or 0.16% to 6,910.79, Shanghai Composite weakened 33.55 points or 1.11% to 3,017.73 and Straits Times fell 7.48 points or 0.23% to 3,314.60.

On the flip side, KOSPI increased 7.59 points or 0.28% to 2,708.76, Nikkei 225 surged 120.04 points or 0.31% to 39,158.20 and Taiwan Weighted added 21.36 points or 0.1% to 21,879.74.