Bourses trade in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session despite negative cues from global markets. The broader indices, the BSE Mid cap index and Small cap index traded with gains of over a percent. Investors overlooked the private report that India’s retail inflation based on the Consumer Price Index (CPI) likely rose to a three-month high in May, primarily on account of rise in prices of vegetables and pulses. On the global front, Asian markets were trading mostly in red as gains by far-right in voting for the European Parliament added uncertainty to EU's political landscape and investors awaited key U.S. inflation data and the outcome of the Federal Reserve's policy meeting. European markets were trading mostly in red as unemployment rate ticked up to 4.4 percent from 4.3 percent in the three months to April, the highest rate since September 2021 but wage growth jumped to 5.9 percent, raising concerns that higher wages can feed into consumer prices and potentially stall the central bank's progress with inflation.

The BSE Sensex is currently trading at 76704.26, up by 214.18 points or 0.28% after trading in a range of 76296.44 and 76860.53. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.09%, while Small cap index was up by 1.18%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.11%, Telecom up by 2.02%, Capital Goods up by 1.93%, Industrials up by 1.81% and PSU was up by 1.49%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.34%, Maruti Suzuki up by 1.71%, Tata Motors up by 1.56%, Ultratech Cement up by 1.34% and Tech Mahindra up by 1.25%. On the flip side, Kotak Mahindra Bank down by 1.05%, Asian Paints down by 0.85%, ITC down by 0.54%, Reliance Industries down by 0.49% and Sun Pharma down by 0.39% were the top losers.

Meanwhile, in order to meet the housing requirements arising out of the increase in the number of eligible families, the Government has decided in the cabinet meeting to provide assistance to 3 crore additional rural and urban households for the construction of houses under Pradhan Mantri Awas Yojana (PMAY).

The Government of India is implementing Pradhan Mantri Awas Yojana since 2015-16 to provide assistance to the eligible rural and urban households for construction of houses with basic amenities. Under PMAY, total 4.21 crore houses have been completed for the eligible poor families under the housing schemes in the last 10 years. 

All the houses constructed under PMAY are provided the other basic amenities such as Household Toilets, LPG connection, Electricity connection, Functional Household Tap Connection etc. through convergence with other schemes of Central Government and State Governments.

The CNX Nifty is currently trading at 23333.50, up by 74.30 points or 0.32% after trading in a range of 23206.65 and 23389.45. There were 34 stocks advancing against 15 stocks declining on the index, while 1 stock remain unchanged. 

The top gainers on Nifty were ONGC up by 5.54%, Larsen & Toubro up by 2.26%, Adani Ports up by 1.87%, Tata Motors up by 1.54% and Hero MotoCorp up by 1.53%. On the flip side, Kotak Mahindra Bank down by 1.04%, Dr. Reddy's Lab down by 1.04%, Asian Paints down by 0.90%, Reliance Industries down by 0.72% and ITC down by 0.60% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 190.61 points or 1.05% to 18,176.34, Taiwan Weighted lost 66.26 points or 0.3% to 21,792.12, Jakarta Composite plunged 41.56 points or 0.6% to 6,879.99, Shanghai Composite weakened 23.23 points or 0.77% to 3,028.05 and Straits Times was down by 15.69 points or 0.47% to 3,306.39. On the flip side, KOSPI increased 4.15 points or 0.15% to 2,705.32 and Nikkei 225 was up by 96.63 points or 0.25% to 39,134.79.

European markets were trading mostly in red; UK’s FTSE 100 decreased 16.36 points or 0.2% to 8,212.12 and Germany’s DAX was down by 20.84 points or 0.11% to 18,474.05. On the flip side, France’s CAC was up by 3.19 points or 0.04% to 7,897.17.