Domestic indices trade in green in late morning deals

Domestic equity indices traded in green with marginal gains in late morning deals on account of buying in Infosys, HDFC Bank, Larsen & Toubro companies' stocks. Positive cues from the global markets supported domestic sentiments. There were some encouragement in the markets with the India Meteorological Department’s (IMD) statement that after an uneven run in June, the southwest monsoon is expected to become vigorous in July with all-India average rain across the country predicted at 106 per cent of the long-period average (LPA), which is above normal. However, gains were limited as a surge in crude oil prices to a two-month high revived concerns about inflation and interest rates. 

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Back home, traders were seen pilling up positions in Realty, IT, TECK, Energy and Oil & Gas, while selling was witnessed in Bankex, FMCG, Consumer Durables and Auto. In the stock specific development, DCX Systems jumped on securing a contract worth Rs 1,250 crore from Larsen & Toubro.

The BSE Sensex is currently trading at 79609.00, up by 132.81 points or 0.17% after trading in a range of 79236.74 and 79855.87. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.01%, while Small cap index up by 0.51%.

The top gaining sectoral indices on the BSE were Realty up by 1.53%, IT up by 1.33%, TECK up by 0.99%, Energy up by 0.89% and Oil & Gas up by 0.89%, while Bankex down by 0.54%, FMCG down by 0.27%, Consumer Durables down by 0.22% and Auto down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.90%, Larsen & Toubro up by 1.44%, Power Grid up by 1.09%, HDFC Bank up by 1.06% and HCL up by 1.04%. On the flip side, Kotak Mahindra Bank down by 1.70%, Bajaj Finance down by 1.51%, ICICI Bank down by 1.35%, Tata Motors down by 1.06% and Indusind Bank down by 0.98% were the top losers.

Meanwhile, India's power consumption rose by nearly 9 per cent to 152.38 billion units (BU) in June 2024 as compared to the year-ago period mainly due to scorching heat which forced excessive use of cooling appliances like air conditioners and desert coolers. In June 2023, the power consumption stood at 140.27 BU.

The highest supply in a day (peak power demand met) also rose to 245.41 GW in June 2024 against 223.29 GW in the year-ago month. The peak power demand was recorded at 224.10 GW in June 2023. The peak power demand touched an all-time high of 250.20 GW in May 2024. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023. 

Earlier this year, the power ministry projected a peak power demand of 235 GW during daytime and 225 GW during evening hours for May and 240 GW during daytime and 235 GW during evening hours for June 2024. The ministry also estimated that peak power demand may hit 260 GW this summer. 

The CNX Nifty is currently trading at 24177.40, up by 35.45 points or 0.15% after trading in a range of 24073.65 and 24236.35. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Wipro up by 2.27%, Infosys up by 1.87%, Coal India up by 1.79%, Hindalco up by 1.69% and LTIMindtree up by 1.61%. On the flip side, Shriram Finance down by 2.36%, Kotak Mahindra Bank down by 1.71%, Bajaj Finance down by 1.54%, ICICI Bank down by 1.35% and Tata Motors down by 1.12% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 67.89 points or 0.38% to 17,786.50, Jakarta Composite gained 10.73 points or 0.15% to 7,150.36, Shanghai Composite strengthened 5.97 points or 0.2% to 3,000.70, Straits Times rose 21.34 points or 0.64% to 3,359.91 and Nikkei 225 surged 431.38 points or 1.09% to 40,062.44. However, Taiwan Weighted lost 152.92 points or 0.66% to 22,905.65 and KOSPI dropped 19.78 points or 0.71% to 2,784.53.