Domestic indices continue to trade in green in afternoon session

Domestic equity indices continued to trade in green in afternoon session amid firm cues from the global markets. Buying in Kotak Mahindra, Bharti Airtel, Mahindra & Mahindra, Adani Ports and NTPC helped the markets to trade in green. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.35-.075%. There was some optimism in markets as Finance Minister Nirmala Sitharaman said the Union government is implementing various schemes to encourage the growth and development of MSME (Micro, Small and Medium Enterprises) sector across the country. Traders took note of a private report that Private credit deployments are likely to surpass the $10 billion mark in 2024. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies.

On the global front, Asian markets were trading in green following positive cues from the US markets overnight. Back home, all the BSE sectoral indices traded in green led by Healthcare, Consumer Durables, Telecom, Metal and Consumer Disc. Shares of electric vehicle manufacturers were in focus after the government launched the PM E-drive scheme, to replace the FAME-2 scheme that was launched to promote the adoption of electric vehicles in the country. The PM E-drive and the earlier FAME-2 schemes provide incentives for buyers of electric vehicles.

The BSE Sensex is currently trading at 81665.53, up by 142.37 points or 0.17% after trading in a range of 81534.29 and 81986.86. 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 0.74%, while Small cap index up by 0.39%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.99%, Consumer Durables up by 0.95%, Telecom up by 0.90%, Metal up by 0.72% and Consumer Disc up by 0.71%, while there were no losers.  

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.44%, Bharti Airtel up by 1.29%, Mahindra & Mahindra up by 1.26%, Adani Ports up by 1.07% and NTPC up by 0.82%. On the flip side, Nestle down by 0.73%, TCS down by 0.72%, Tata Motors down by 0.68%, ITC down by 0.63% and ICICI Bank down by 0.49% were the top losers.

Meanwhile, the Minister for Road Transport and Highways Nitin Gadkari has said that the Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance. He acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India.

The minister said ‘as a distributor of automobiles, you play a pivotal role in the government mission of ‘make in India’ and contribute significantly to realising our vision of self reliant India.’ Stating that the government deeply values the role that FADA and its members play in driving the growth of the Indian economy, he said ‘I want to assure you of the government support to auto retail sector in every possible way.’

Gadkari said the auto retail sector is a major pillar of India's economy, contributing sustainably to GDP, with annual revenue of around Rs 40,000 crore and contributing Rs 95,000 crore in various taxes and levies to both the central and the state governments. Its influence extends beyond the automotive sphere to sectors like finance, insurance and all creating a multiplier action across the economy.  The government's vision for the future of mobility is one of sustainability, innovations and safety. He said ‘we are working towards making into a global leader in green mobility solution.’ He added that FADA's focus on environmentally friendly dealership practices as well as the scrappage policy aligns with this vision.

The CNX Nifty is currently trading at 24992.50, up by 74.05 points or 0.30% after trading in a range of 24941.45 and 25072.55. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 2.52%, Shriram Finance up by 2.11%, Hero MotoCorp up by 1.91%, Wipro up by 1.47% and Kotak Mahindra Bank up by 1.44%. On the flip side, Tata Motors down by 0.82%, Nestle down by 0.76%, ITC down by 0.65%, TCS down by 0.58% and ICICI Bank down by 0.44% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 185.67 points or 1.09% to 17,294.38, Jakarta Composite gained 50.52 points or 0.65% to 7,811.48, Shanghai Composite strengthened 2.53 points or 0.09% to 2,724.33, Straits Times rose 15.76 points or 0.45% to 3,546.93, KOSPI increased 47.76 points or 1.9% to 2,561.13, Nikkei 225 surged 1213.5 points or 3.29% to 36,833.27 and Taiwan Weighted added 622.25 points or 2.87% to 21,653.25.