Bourses trade in in green in late afternoon session

Indian equity markets traded in green in late afternoon session on account of buying in front line counters. Traders took note of report that government has hiked Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2024-25. This move aimed to ensure remunerative prices to the growers for their produce. The MSP of paddy (Common) has been raised by Rs 117 to Rs 2,300 per quintal. Jowar, Bajra, Ragi and Maize’s MSP have been increased to Rs 3371 (Jowar Hybrid) - 3421 (Jowar Maldandi), Rs 2625, Rs 4290 and Rs 2225 per quintal respectively. On the global front, Asian markets were trading mixed as France's political crisis fueled jitters and investors look ahead to a slew of central bank rate decisions. European markets were trading mostly in red ahead of the Bank of England's rate decision later in the day. The BoE is widely expected to hold its interest rate at 5.25 percent for the seventh straight session despite inflation hitting the 2 percent target in May. 

The BSE Sensex is currently trading at 77538.24, up by 200.65 points or 0.26% after trading in a range of 77100.36 and 77643.09. There were 14 stocks advancing against 15 stocks declining on the index, while 1 stock remained unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.36%, while Small cap index was up by 0.86%.

The top gaining sectoral indices on the BSE were Basic Materials up by 1.83%, Metal up by 1.79%, Energy up by 1.04%, Realty up by 1.00% and Oil & Gas was up by 0.88%, while Auto down by 0.61%, Telecom down by 0.44%, PSU down by 0.24%, Healthcare down by 0.23% and Power was down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 1.81%, Reliance Industries up by 1.41%, Kotak Mahindra Bank up by 1.28%, Tata Steel up by 1.17% and Hindustan Unilever up by 1.00%. On the flip side, Sun Pharma down by 1.94%, Mahindra & Mahindra down by 1.87%, Wipro down by 1.27%, Bharti Airtel down by 0.99% and NTPC down by 0.94% were the top losers.

Meanwhile, India has been ranked 63rd on a global Energy Transition Index released by the World Economic Forum (WEF), which said the country has shown significant improvement across energy equity, security and sustainability. European nations dominated the top ranks with Sweden topping the index, followed by Denmark, Finland, Switzerland and France in the top five. China was ranked 20th. The improvement shown by India and some other developing countries such as China and Brazil assume significance as 83 per cent of countries have moved backwards from last year in at least one of the three energy system performance dimensions -- security, equity and sustainability.

Taking note of various initiatives taken in India, the WEF said the country is leading the way in creating outcomes that can be replicated elsewhere. It said the governments can also consider creating awareness and policy interventions, such as guidelines for energy-efficient built infrastructure and incentives for retrofitting, to shape an enabling environment for accelerated adoption. 

On the role of China and India, the WEF said that with roughly a third of the global population, these two countries will play a critical role. Both have experienced progress in renewable energy buildout, energy access improvements and energy security. However, it said the phase-down trajectory of coal will be a major driver of emissions. Additionally, these countries are in a strong position for green tech manufacturing.

The WEF also lauded the strides made by India in its clean energy infrastructure, with renewable energy and biomass comprising 42 per cent of its power generation capacity, making it the fourth-largest renewables market globally. With annual investments nearing $10 billion, India is driving the adoption of electric vehicles (EVs) and the production of green hydrogen. However, it said the significant dependence on coal in both China and India continues to be a major factor in their emission intensity.

The CNX Nifty is currently trading at 23583.55, up by 67.55 points or 0.29% after trading in a range of 23442.60 and 23624.00. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 2.36%, Grasim Industries up by 2.10%, JSW Steel up by 1.91%, Adani Ports up by 1.67% and BPCL up by 1.57%. On the flip side, Hero MotoCorp down by 2.52%, Mahindra & Mahindra down by 1.99%, Sun Pharma down by 1.93%, Wipro down by 1.31% and NTPC down by 0.99% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 115.4 points or 0.49% to 23,324.94, Jakarta Composite gained 62.94 points or 0.93% to 6,789.86, Nikkei 225 surged 44.9 points or 0.12% to 38,615.66 and KOSPI was up by 13.26 points or 0.47% to 2,810.59. On the flip side, Shanghai Composite weakened 8.29 points or 0.28% to 3,009.76, Straits Times fell 9.1 points or 0.28% to 3,294.90 and Hang Seng was down by 88.86 points or 0.48% to 18,341.53.

European markets were trading mostly in red; France’s CAC fell 58.6 points or 0.77% to 7,570.20 and Germany’s DAX was down by 64.06 points or 0.35% to 18,067.91. On the flip side, UK’s FTSE 100 was up by 13.82 points or 0.17% to 8,205.11.