Bourses trim some gains in late afternoon session

Indian equity markets trimmed most of their gains in late afternoon session amid some profit booking. Traders avoided to take risk ahead of the CPI inflation and IIP data to be announced post market hours today. Also, the May US inflation data and rate-setting decision would be keenly watched by global investors. Sector wise, steel sector remained in focused as the rating agency -- India Ratings and Research (Ind-Ra) in its latest report has said that the steel demand is expected to grow in the range of 9-12 per cent during the ongoing 2024-25 fiscal. On the global front, Asian markets were trading mixed as investors awaited key U.S. inflation data as well as a Federal Reserve policy decision later in the day for additional clues on the outlook for interest rates. European markets were trading higher ahead of the release of key U.S. inflation data and the Federal Reserve's interest-rate decision due later in the day. Meanwhile, the U.K. economy stagnated in April as growth in services output was offset by falls in both production and construction output. 

The BSE Sensex is currently trading at 76698.46, up by 241.87 points or 0.32% after trading in a range of 76553.53 and 77050.53. 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 1.04%, while Small cap index was up by 0.90%.

The top gaining sectoral indices on the BSE were Power up by 1.26%, PSU up by 1.24%, Energy up by 1.20%, Utilities up by 1.14% and Industrials was up by 1.14%, while FMCG down by 0.40% and Realty was down by 0.26% were the losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.67%, Tech Mahindra up by 1.50%, Bajaj Finance up by 1.41%, NTPC up by 1.12% and Bharti Airtel up by 1.04%. On the flip side, Hindustan Unilever down by 1.14%, Mahindra & Mahindra down by 0.84%, Titan Company down by 0.80%, Infosys down by 0.59% and TCS down by 0.30% were the top losers.

Meanwhile, after taking charge of the Ministry of Commerce and Industry for a second consecutive term, Union Minister Piyush Goyal has highlighted the achievements of his previous term, citing the boost in overall exports from India, signing of various Free Trade Agreements (FTAs), significant inflow of Foreign Direct Investment (FDI) into the country, etc. 

Union Minister also emphasized the importance of continued collaboration and directed that a series of meetings must be scheduled in the coming days to delve into the details of various policies and action items that have to be finalized. With a renewed commitment to driving economic growth and fostering international trade, the Minister expressed hope to lead the Ministry of Commerce and Industry towards new heights, ensuring that India's progress remains steadfast and inclusive.

Further, Goyal encouraged the officers of the Ministry to make Quality the mantra to ensure India’s progress. He noted that the timely sharing of data and transparency in exports and imports will encourage investors to invest more confidently. He said that India is positioned in a sweet spot and it is the right time to convert challenges into opportunities.

The CNX Nifty is currently trading at 23351.70, up by 86.85 points or 0.37% after trading in a range of 23295.95 and 23441.95. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Coal India up by 2.76%, Power Grid up by 2.72%, Eicher Motors up by 2.00%, LTIMindtree up by 1.83% and SBI Life up by 1.74%. On the flip side, Britannia down by 1.49%, Hindustan Unilever down by 1.11%, Mahindra & Mahindra down by 0.94%, Tata Consumer down by 0.92% and Titan Company down by 0.83% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 256.84 points or 1.16% to 22,048.96, KOSPI increased 22.85 points or 0.84% to 2,728.17, Shanghai Composite strengthened 9.42 points or 0.31% to 3,037.47 and Straits Times was up by 1.97 points or 0.06% to 3,311.18. On the flip side, Jakarta Composite plunged 18.25 points or 0.27% to 6,837.44, Hang Seng declined 238.5 points or 1.33% to 17,937.84 and Nikkei 225 was down by 258.08 points or 0.66% to 38,876.71.

European markets were trading higher; UK’s FTSE 100 increased 64.84 points or 0.8% to 8,212.65, France’s CAC rose 27.88 points or 0.36% to 7,817.09 and Germany’s DAX was up by 98.26 points or 0.53% to 18,468.20.