Bourses trade at high levels in late afternoon session

Indian equity markets extended their gains and traded at day’s high levels in late afternoon session despite weak trade in European markets. The broader indices, BSE Mid cap index and Small cap index were trading in green. Traders took support as total sown area under kharif crop as on July 08, 2024 stood at 378.72 lakh hactare. In 2023, Kharif crop sowing done in 331.90 lakh hactare area. On the global front, Asian markets were trading mostly in green after Wall Street equities inched higher to close at record peaks overnight ahead of the Federal Reserve Chair's testimony and key U.S. consumer and producer price inflation figures due this week. European markets were trading mostly in red as investors fret about France's uncertain political outlook, the country's economic stability and growth.

The BSE Sensex is currently trading at 80320.23, up by 359.85 points or 0.45% after trading in a range of 79998.56 and 80387.15. There were 20 stocks advancing against 10 stocks declining on the index. 

The broader indices were trading in green; the BSE Mid cap index was up by 0.22%, while Small cap index up by 0.27%.

The top gaining sectoral indices on the BSE were Auto up by 2.04%, Consumer Durables up by 1.57%, FMCG up by 1.12%, Consumer Disc up by 1.05% and Utilities was up by 0.88%, while Telecom down by 0.40%, Oil & Gas down by 0.34%, Energy down by 0.29%, Capital Goods down by 0.21% and Metal was down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 6.64%, Mahindra & Mahindra up by 3.11%, ITC up by 2.09%, Titan Company up by 1.63% and Sun Pharma up by 1.25%. On the flip side, Bajaj Finance down by 0.67%, Reliance Industries down by 0.64%, JSW Steel down by 0.47%, HCL Tech down by 0.40% and Kotak Mahindra Bank down by 0.37% were the top losers.

Meanwhile, the United States (US) State Department Spokesperson Matthew Miller has said that India is a strategic partner with whom it engages in a full and frank dialogue, as Prime Minister Narendra Modi held a bilateral meeting with Russian President Vladimir Putin in Moscow.

Miller said 'I will look to Prime Minister Modi's public remarks to see what he talked about. But as I said, we made quite clear directly with India our concerns about their relationship with Russia. So we would hope India and any other country, when they engage with Russia, would make clear that Russia should respect the UN charter, should respect Ukraine's sovereignty and territorial integrity’.

He noted that India has been stoutly defending its 'special and privileged strategic partnership' with Russia and maintained the momentum in the ties notwithstanding the Ukraine conflict. India has not yet condemned Russia's invasion of Ukraine in 2022 and consistently pitched for a resolution of the conflict through dialogue and diplomacy.

The CNX Nifty is currently trading at 24413.20, up by 92.65 points or 0.38% after trading in a range of 24331.90 and 24437.90. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 6.62%, Mahindra & Mahindra up by 2.96%, ITC up by 2.04%, Britannia Inds up by 1.75% and Titan Company up by 1.56%. On the flip side, ONGC down by 1.02%, Shriram Finance down by 0.91%, BPCL down by 0.78%, Bajaj Finance down by 0.71% and LTIMindtree down by 0.63% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 799.47 points or 1.92% to 41,580.17, Shanghai Composite strengthened 36.92 points or 1.26% to 2,959.37, Taiwan Weighted added 21.93 points or 0.09% to 23,900.08, Straits Times rose 17.75 points or 0.52% to 3,422.22, Jakarta Composite gained 15.8 points or 0.22% to 7,266.78 and KOSPI was up by 9.62 points or 0.34% to 2,867.38. On the flip side, Hang Seng was down by 0.83 points or 0% to 17,523.23.

European markets were trading mostly in red; France’s CAC fell 30.9 points or 0.41% to 7,596.55and Germany’s DAX was down by 20.6 points or 0.11% to 18,451.45. On the flip side, UK’s FTSE 100 was up by 16.21 points or 0.2% to 8,209.70.