Bourses remain in green in late afternoon session

Indian equity markets continued to trade in green in late afternoon session. As for broader indices, the BSE Mid cap index and Small cap index traded in green. Investors continued to take support as Fitch Ratings has raised India's Gross Domestic Product (GDP) growth forecast for current fiscal (FY25) to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. On the global front, Asian markets were trading mostly in green after a rally in several technology shares drove Wall Street to another record high overnight. European markets were trading higher ahead of survey results from Germany and final inflation data from the euro area due later in the day.

The BSE Sensex is currently trading at 77260.56, up by 267.79 points or 0.35% after trading in a range of 77071.44 and 77366.77. 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 0.30%, while Small cap index was up by 0.88%.

The top gaining sectoral indices on the BSE were Realty up by 1.29%, Consumer Durables up by 1.28%, Utilities up by 0.99%, PSU up by 0.90% and Industrials was up by 0.83%, while Healthcare down by 0.56%, Oil & Gas down by 0.19%, Energy down by 0.11%, Metal down by 0.06% and FMCG was down by 0.04% were the losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 3.00%, Wipro up by 2.92%, Titan Company up by 1.78%, Mahindra & Mahindra up by 1.55% and ICICI Bank up by 1.14%. On the flip side, Maruti Suzuki down by 2.17%, Ultratech Cement down by 1.24%, Tata Steel down by 1.23%, Tata Motors down by 0.69% and TCS down by 0.44% were the top losers.

Meanwhile, with an aim to catalyze innovation and technological advancement in the telecommunications sector, the Department of Telecommunications (DoT) has unveiled two proposals - 5G Intelligent Village and Quantum Encryption Algorithm (QEA). These initiatives underscore DoT’s commitment to fostering indigenous R&D, promoting IP creation, and achieving inclusive digital growth across India. These proposals shall be funded under Telecom Technology Development Fund (TTDF) scheme of the DoT and represent pivotal steps towards harnessing advanced technologies for societal benefit and reinforcing India’s leadership in telecommunications innovation.

The 5G Intelligent Village Initiative responds to the pressing need for equitable technological advancement by harnessing the transformative power of 5G technology to uplift rural communities. The Call for Proposals-‘From Connectivity Gaps to Smart Solutions: Designing 5G Networks for Rural Innovation- 5G Intelligent Villages’- aim to addresses critical pillars such as agriculture, education, healthcare, governance, and sustainability. 

The call for proposals is for developing an India specific Quantum Encryption Algorithm (QEA) that will represent a cutting-edge approach to securing digital communication channels by leveraging the principles of quantum mechanics. The algorithm should ensure Unparalleled Security; Advanced Encryption Capabilities; Ultrafast and Efficient Encryption etc.

The CNX Nifty is currently trading at 23539.65, up by 74.05 points or 0.32% after trading in a range of 23499.70 and 23579.05. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 3.00%, Wipro up by 2.92%, Shriram Finance up by 2.78%, Titan Company up by 1.69% and Adani Enterprises up by 1.52%. On the flip side, Maruti Suzuki down by 2.18%, Dr. Reddy's Lab down by 1.48%, Ultratech Cement down by 1.21%, Tata Steel down by 1.19% and Hero MotoCorp down by 1.09% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 379.67 points or 0.99% to 38,482.11, Taiwan Weighted added 260.9 points or 1.15% to 22,757.43, KOSPI increased 19.82 points or 0.72% to 2,763.92, Shanghai Composite strengthened 14.36 points or 0.47% to 3,030.25 and Straits Times was up by 3.8 points or 0.12% to 3,301.35. On the flip side, Hang Seng was down by 20.57 points or 0.11% to 17,915.55.

European markets were trading higher; UK’s FTSE 100 increased 32.11 points or 0.39% to 8,174.26, France’s CAC rose 13.38 points or 0.18% to 7,584.95 and Germany’s DAX was up by 34.82 points or 0.19% to 18,103.03.