Domestic equity indices trade higher in early deals

Indian equity markets have made a positive start and are trading in green in early deals on Tuesday on firm cues from the US markets overnight. Meanwhile, broader indices are also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.15-0.60%. Sentiments got boost as Fed Chair Jerome Powell said that the central bank will not wait until inflation hits 2% to cut interest rates. Further, support also came as foreign institutional investors (FIIs) purchased shares worth Rs 2,684.78 crore on July 15. Meanwhile, traders took note of report that the Agriculture Ministry data showed farmers in India have sown Kharif crops across 575.13 lakh hectares so far this year, as against 521.25 lakh hectares in the same period of last year. On the BSE sectoral front, traders were seen pilling up positions in Telecom, Realty, TECK, IT and Metal, while selling was witnessed only in Bankex and Capital Goods.

On the global front, Asian markets are trading mostly in red with investors weighing the implications of a potential Trump presidency on China. The US markets ended higher on Monday as comments from the Federal Reserve fueled expectations of further rate cuts this year. Back home, in the stock specific development, Hatsun Agro Products zoomed after company reported a strong performance for the first quarter ending June 30, 2024.

The BSE Sensex is currently trading at 80802.80, up by 137.94 points or 0.17% after trading in a range of 80708.78 and 80850.41. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.16%, while Small cap index up by 0.59%.

The top gaining sectoral indices on the BSE were Telecom up by 1.45%, Realty up by 1.14%, TECK up by 1.06%, IT up by 0.74% and Metal up by 0.61%, while Bankex down by 0.15% and Capital Goods down by 0.02% were the few losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 2.03%, Infosys up by 1.41%, Hindustan Unilever up by 1.14%, Tech Mahindra up by 1.09% and Tata Steel up by 0.87%. On the flip side, Kotak Mahindra Bank down by 0.95%, Larsen & Toubro down by 0.68%, Bajaj Finance down by 0.65%, Reliance Industries down by 0.61% and Indusind Bank down by 0.45% were the top losers.

Meanwhile, the commerce and industry ministry has said that Commerce and Industry Minister Piyush Goyal has held discussions with potential investors in Zurich and informed them about huge investment opportunities in India. The minister is in Switzerland regarding implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA).

On March 10, India and EFTA signed a free trade agreement under which New Delhi received an investment commitment of $100 bn in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

The commerce and industry ministry said Goyal engaged in a series of meetings, highlighting India's growth story and met leading business figures and potential investors, including representatives from MSC Cargo. It said they discussed potential collaborations and investment opportunities in various sectors, aiming to attract investments and foster partnerships to support India's growth and development. 

The minister also met senior officials from Zurich Airport, including Chairman of the Board of Directors, Zurich Airport, Josef Felder. It added ‘They explored opportunities for collaboration in enhancing airport infrastructure and advancing ancillary air services in India. The discussions centred on leveraging best practices and innovations to significantly improve the Indian aviation sector.’

The CNX Nifty is currently trading at 24631.80, up by 45.10 points or 0.18% after trading in a range of 24599.75 and 24650.05. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were BPCL up by 2.18%, Coal India up by 2.16%, Bharti Airtel up by 1.92%, ONGC up by 1.52% and Infosys up by 1.40%. On the flip side, Shriram Finance down by 1.17%, SBI Life down by 1.08%, Kotak Mahindra Bank down by 0.83%, Larsen & Toubro down by 0.72% and Reliance Industries down by 0.66% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 245.98 points or 1.38% to 17,769.96, Jakarta Composite plunged 35.47 points or 0.49% to 7,243.39, Shanghai Composite weakened 6.16 points or 0.21% to 2,967.85 and Straits Times fell 9.16 points or 0.26% to 3,490.73. However, KOSPI increased 5.76 points or 0.2% to 2,866.68, Nikkei 225 surged 92 points or 0.22% to 41,282.68 and Taiwan Weighted added 68.25 points or 0.29% to 23,947.61.