Bourses trade in green in late afternoon session

In volatile trading session, Indian equity markets traded in green in late afternoon session led by gains in Reliance Industries and SBI. The broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent. Traders took note of report that the Reserve Bank of India’s governor Shaktikanta Das has said RBI’s focus is now on enhancing capacity in artificial intelligence (AI) and machine learning (ML) techniques. On the global front, Asian markets were trading mostly in green as traders awaited a key U.S. inflation reading later in the day that could influence the Federal Reserve's decision on when to begin cutting interest rates. European markets were trading mostly in green as investors reacted to stronger-than-expected U.K. GDP figures and awaited a key U.S. inflation reading later in the day for clues on when interest rates may be cut.

The BSE Sensex is currently trading at 79443.63, up by 200.45 points or 0.25% after trading in a range of 79079.59 and 79671.58. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.57%, while Small cap index was up by 0.76%.

The top gaining sectoral indices on the BSE were Energy up by 2.14%, Oil & Gas up by 1.99%, Realty up by 1.11%, Healthcare up by 0.93% and PSU was up by 0.89%, while Bankex down by 0.50%, Capital Goods down by 0.14% and Industrials was down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 3.10%, Tata Motors up by 2.54%, SBI up by 1.41%, NTPC up by 1.35% and Asian Paints up by 1.27%. On the flip side, Indusind Bank down by 2.00%, ICICI Bank down by 1.40%, Axis Bank down by 1.20%, Bharti Airtel down by 1.00% and Kotak Mahindra Bank down by 0.88% were the top losers.

Meanwhile, in a significant move to protect domestic industries, India has imposed anti-dumping duties on three Chinese products, including hydraulic rock breakers and tin plates. The duties aim to counteract the adverse effects of cheap imports on local manufacturers.

The commerce ministry's directorate general of trade remedies (DGTR) initiated investigations following complaints from domestic players about the influx of these low-cost goods. Concluding that the dumping was harming local industries, the DGTR recommended the imposition of these duties. Consequently, the department of revenue has notified the duties in three separate communications, with the levies ranging from 4.55% to 162.5% of the CIF value in US dollars for hydraulic rock breakers, also affecting imports from Korea. These measures will remain effective for five years unless otherwise revoked or amended.

India has also imposed duties on other Chinese imports, including 'Easy open ends of tin plate' and 'Telescopic Channel Drawer Slider,' highlighting the government's commitment to fair trade practices under WTO guidelines.

The CNX Nifty is currently trading at 24096.50, up by 52.00 points or 0.22% after trading in a range of 24009.15 and 24174.00. There were 26 stocks advancing against 23 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Reliance Industries up by 2.97%, ONGC up by 2.69%, Dr. Reddy's Lab up by 2.63%, Tata Motors up by 2.43% and Hero MotoCorp up by 1.75%. On the flip side, Indusind Bank down by 2.07%, ICICI Bank down by 1.53%, Bharti Airtel down by 1.41%, Axis Bank down by 1.26% and Kotak Mahindra Bank down by 0.96% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 241.54 points or 0.61% to 39,583.08, Taiwan Weighted added 126.27 points or 0.55% to 23,032.25, Jakarta Composite gained 103.43 points or 1.48% to 7,071.38, Shanghai Composite strengthened 21.55 points or 0.73% to 2,967.40, KOSPI increased 13.76 points or 0.49% to 2,797.82 and Hang Seng was up by 2.14 points or 0.01% to 17,718.61. On the flip side, Straits Times was down by 9.69 points or 0.29% to 3,333.66.

European markets were trading mostly in green; UK’s FTSE 100 increased 35.34 points or 0.43% to 8,215.02 and Germany’s DAX was up by 105.7 points or 0.58% to 18,316.25. On the flip side, France’s CAC was down by 23.53 points or 0.31% to 7,507.19.