Markets continue to trade in green in late afternoon session

Key benchmark indices continued to trade in green in late afternoon session following positive European markets cues. The broader indices, the BSE Mid cap index and Small cap index were also trading in green. Traders took support as private report stated that Foreign direct investment (FDI) in India's real estate, fintech, and semiconductor sectors is expected to surge three-fold in the financial year 2024-25. Singapore, a leading investor in these sectors, is likely to play a pivotal role in this projected increase. This significant uptick in investment is anticipated to be driven by enhanced collaboration between India and Singapore, particularly in cutting-edge sectors like artificial intelligence (AI) and semiconductors.

On the global front, Asian markets were trading mixed as investors eagerly awaited earnings from market darling Nvidia, which could affect shares of artificial intelligence and other prominent technology stocks. European markets were trading mostly in green as investors awaited the release of the Federal Reserve's preferred inflation gauge later this week for signals on U.S. interest-rate reductions.

The BSE Sensex is currently trading at 81993.27, up by 281.51 points or 0.34% after trading in a range of 81578.32 and 82039.26. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.21%, while Small cap index was up by 0.08%.

The top gaining sectoral indices on the BSE were TECK up by 1.73%, IT up by 1.68%, Healthcare up by 1.00%, Telecom up by 0.78% and PSU was up by 0.14%, while Realty down by 0.27%, Bankex down by 0.16%, Basic Materials down by 0.15%, Energy down by 0.11% and Capital Goods was down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.63%, Bharti Airtel up by 2.53%, Infosys up by 2.23%, Tech Mahindra up by 1.61% and Sun Pharma up by 1.32%. On the flip side, Maruti Suzuki down by 1.09%, Asian Paints down by 0.98%, Nestle down by 0.83%, Axis Bank down by 0.75% and Titan Company down by 0.39% were the top losers.

Meanwhile, on a day of completion of ten years of successful implementation of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has said that ‘Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities.’ She noted ‘By providing universal, affordable, and formal financial services - including bank accounts, small savings schemes, insurance, and credit - to the previously unbanked, PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade.’

Finance Minister further said that ‘The success of the initiative is reflected in 53 crore people having been brought into the formal banking system through the opening of Jan Dhan Accounts. These bank accounts have garnered a deposit balance of Rs 2.3 lakh crore, and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.’

Meanwhile, PMJDY provides one basic bank account for every unbanked adult. For this account there is no need to maintain any balance and also no charges are levied on this account. In the account, a free of cost RuPay Debit card with in-built accident insurance cover of Rs 2 lakh is also provided to promote digital transactions. PMJDY account holders are also eligible for getting an overdraft of up to Rs 10,000 to cover exigencies.

The CNX Nifty is currently trading at 25118.35, up by 100.60 points or 0.40% after trading in a range of 24964.65 and 25129.60. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were LTIMindtree up by 6.63%, Divi's Lab up by 3.87%, Wipro up by 3.69%, Indusind Bank up by 2.62% and Bharti Airtel up by 2.54%. On the flip side, Maruti Suzuki down by 1.10%, Asian Paints down by 1.01%, Nestle down by 0.93%, Adani Enterprises down by 0.83% and Axis Bank down by 0.80% were the top losers.

Asian markets were trading mixed; Taiwan Weighted added 185.66 points or 0.83% to 22,370.66, Nikkei 225 surged 83.14 points or 0.22% to 38,371.76, Jakarta Composite gained 55.89 points or 0.73% to 7,653.77 and KOSPI was up by 0.58 points or 0.02% to 2,689.83. On the flip side, Straits Times fell 9.89 points or 0.29% to 3,388.58, Shanghai Composite weakened 11.3 points or 0.4% to 2,837.43 and Hang Seng was down by 182.22 points or 1.03% to 17,692.45.

European markets were trading mostly in green; France’s CAC rose 33.06 points or 0.44% to 7,598.84 and Germany’s DAX was up by 113.98 points or 0.61% to 18,795.79. On the flip side, UK’s FTSE 100 was down by 1.48 points or 0.02% to 8,343.98.