Domestic indices come off day's highs in late morning deals

Domestic equity indices came off day's highs and are trading slightly in green in late morning deals on account of profit booking. Meanwhile, the broader markets were facing the heat of selling; the BSE mid-cap index declined by 1.16 per cent and the small-cap index was down 1.46 per cent. Traders were cautious amid uncertainty over U.S. President Donald Trump’s trade tariffs. Market participants overlooked report that IMF said that the Indian financial system has become more resilient and diverse, driven by rapid economic growth and withstood the pandemic well. On the BSE sectoral front, traders were seen pilling up positions in IT, TECK and Bankex, while selling was witnessed in Telecom, Consumer Durables, Oil & Gas, Energy and Metal. 

On the global front, Asian markets were trading mostly in green following the broadly positive cues from Wall Street overnight. Back home, in the stock specific development, Punjab & Sind Bank advanced after it fixed the floor price of Rs 40.38 per share to raise funds via Qualified Institutional Placement (QIP).

The BSE Sensex is currently trading at 78004.53, up by 20.15 points or 0.03% after trading in a range of 77952.03 and 78741.69. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.16%, while Small cap index down by 1.46%.

The few gaining sectoral indices on the BSE were IT up by 0.87%, TECK up by 0.44% and Bankex up by 0.01%, while Telecom down by 1.75%, Consumer Durables down by 1.62%, Oil & Gas down by 1.56%, Energy down by 1.51% and Metal down by 1.27% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 3.18%, Bajaj Finserv up by 2.08%, HCL Technologies up by 1.84%, HDFC Bank up by 1.74% and Infosys up by 1.74%. On the flip side, Eternal down by 4.67%, Indusind Bank down by 3.89%, Adani Ports down by 2.07%, Nestle down by 1.42% and Mahindra & Mahindra down by 1.29% were the top losers.

Meanwhile, the India Solar Manufacturing Association (ISMA) has asked the government to include solar cells and modules in the proposed free trade agreement (FTA) between India and the US to eliminate duties on these products. In its recommendations to the government on the ongoing India-US trade agreement talks, ISMA in a letter to the New and Renewable Energy Ministry has requested to facilitate zero-duty trade between India and the US on solar cells and modules.  

The body has also requested for zero-duty trade of polysilicon, ingots, and wafers between India and the US, saying it will support India's entry into manufacturing of upstream segments. It said there should also be zero-duty imports of capital goods and equipment used in PV manufacturing industry from the United States and additional incentives for US fabricators to set up manufacturing bases in India.

ISMA said India's solar manufacturing industry stands at the threshold of becoming a global leader. It noted that with the right trade architecture in place, supported by disciplined policy continuity and robust safeguards, the proposed bilateral trade agreement with the United States could mark a defining moment in India's Industrial and clean energy journey. 

The CNX Nifty is currently trading at 23662.80, up by 4.45 points or 0.02% after trading in a range of 23646.40 and 23869.60. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Ultratech Cement up by 3.16%, Bajaj Finserv up by 2.14%, HDFC Bank up by 1.81%, HCL Technologies up by 1.81% and Infosys up by 1.65%. On the flip side, Indusind Bank down by 4.03%, Dr. Reddy's Lab down by 2.99%, Adani Ports down by 2.14%, Adani Enterprises down by 1.79% and Shriram Finance down by 1.79% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite strengthened 3.06 points or 0.09% to 3,373.09, Straits Times rose 40.31 points or 1.01% to 3,976.64, Jakarta Composite gained 65.01 points or 1.04% to 6,226.23, Nikkei 225 surged 211.38 points or 0.56% to 37,819.87 and Taiwan Weighted added 166.55 points or 0.75% to 22,273.19. However, Hang Seng declined 449.2 points or 1.92% to 23,456.36 and KOSPI dropped 14.92 points or 0.57% to 2,617.15.