Bourses trade higher in early afternoon session

Indian markets continued to trade higher in early afternoon session following positive cues from other Asian markets. Traders took note of report that top U.S. and Chinese officials will sit down in London today for talks aimed at defusing the high-stakes trade dispute between the two superpowers that has widened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply chains. Sentiments remained upbeat as India's extreme poverty rate declined sharply to 5.3 per cent over a decade from 27.1 per cent in 2011-12 even as the World Bank revised upwards its threshold poverty line to $3 per day. On the global front, all Asian markets were trading higher as China's exports increased in May, while imports declined from the last year due to weak domestic demand. Exports grew 4.8 percent on a yearly basis in May. Meanwhile, imports declined by more-than-expected 3.4 percent from the previous year.

The BSE Sensex is currently trading at 82521.64, up by 332.65 points or 0.40% after trading in a range of 82434.77 and 82669.00. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.90%, while Small cap index was up by 1.11%.

The top gaining sectoral indices on the BSE were Utilities up by 1.24%, PSU up by 1.16%, Oil & Gas up by 1.12%, Energy up by 1.05% and Power was up by 1.04%, while Consumer Durables down by 0.09% and Realty down by 0.07% were the only losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 2.93%, Bajaj Finance up by 2.79%, Axis Bank up by 2.19%, Trent up by 1.52% and Bajaj Finserv up by 1.28%. On the flip side, Eternal down by 1.22%, ICICI Bank down by 1.20%, Titan Company down by 0.80%, Ultratech Cement down by 0.43% and Mahindra & Mahindra down by 0.35% were the top losers.

Meanwhile, Agriculture Minister Shivraj Singh Chouhan has said that India will prioritise protecting its farmers' interests while assessing potential gains and losses in the ongoing trade negotiations with the United States over agricultural market access. 

The minister said the negotiators are expected to agree on the framework for the broad contours of the first phase of the bilateral deal, expected to be signed by fall (September-October) 2025. He said ‘the discussions are ongoing between India and the US. One thing is clear, we will protect the interest of our farmers. When we talk about two nations, we need to see the overall trade’.

The minister's comments come as India and the US continue negotiations on expanding agricultural trade, with Washington seeking reduced tariffs and improved market access for its farm products in the Indian market.

According to a NITI Aayog report, ‘Promoting India-US Agricultural Trade under the new US Trade Regime’, the value for US agriculture and allied product exports to India was about $2.22 billion in the triennium ending 2024. In the same period, India exported $5.75 billion worth of agricultural products to the US. India's main agricultural exports to the US include frozen shrimp, basmati rice, spices, processed cereals, and other value-added products.

The CNX Nifty is currently trading at 25109.55, up by 106.50 points or 0.43% after trading in a range of 25077.15 and 25160.10. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 2.89%, Bajaj Finance up by 2.85%, Axis Bank up by 2.29%, JIO Financial Serv. up by 2.23% and Adani Enterprises up by 2.10%. On the flip side, Eternal down by 1.36%, ICICI Bank down by 1.21%, HDFC Life Insurance down by 0.81%, Titan Company down by 0.75% and Mahindra & Mahindra down by 0.50% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 346.96 points or 0.91% to 38,088.57, Hang Seng advanced 253.71 points or 1.06% to 24,046.25, Taiwan Weighted added 129.63 points or 0.59% to 21,790.29, Jakarta Composite gained 44.38 points or 0.62% to 7,113.42, KOSPI increased 43.72 points or 1.53% to 2,855.77, Shanghai Composite strengthened 12.11 points or 0.36% to 3,397.47 and Straits Times was up by 6.55 points or 0.17% to 3,940.84.