Domestic equity indices trade flat with positive bias in late morning deals

Domestic equity indices traded flat with positive bias in late morning deals on account of buying in Tech Mahindra, Tata Motors, Ultratech Cement, Bharat Electronics and HCL Technologies companies’ stocks. Positive cues from the other Asian markets and falling U.S. Treasury yields supported domestic sentiments. The sentiments were further supported by Indian rupee appreciating 7 paise to 85.59 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. On the BSE sectoral front, traders were seen pilling up positions in IT, TECK, Basic Materials, Metal and Industrials, while selling was witnessed in Realty, Telecom and Bankex and Consumer discretionary.

On the global front, Asian markets were trading mostly in green amid investors awaited further details on the U.S.-China trade talks, which were slated to continue for a second day. Back home, in the stock specific development, Jindal Saw surged after board of directors approved three investment proposals.

The BSE Sensex is currently trading at 82458.33, up by 13.12 points or 0.02% after trading in a range of 82240.40 and 82680.79. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.29%, while Small cap index up by 0.36%.

The top gaining sectoral indices on the BSE were IT up by 1.47%, TECK up by 0.96%, Basic Materials up by 0.79%, Metal up by 0.73% and Industrials up by 0.50%, while Realty down by 0.34%, Telecom down by 0.25%, Bankex down by 0.12%, Consumer Disc down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.49%, Tata Motors up by 1.63%, Ultratech Cement up by 1.45%, Bharat Electronics up by 1.43% and HCL Technologies up by 1.30%. On the flip side, ICICI Bank down by 1.04%, Eternal down by 1.01%, Bajaj Finserv down by 0.98%, Asian Paints down by 0.97% and Trent down by 0.61% were the top losers.

Meanwhile, the commerce and industry ministry has said that Commerce and Industry Minister Piyush Goyal will meet Swiss and Swedish business leaders this week and discuss ways to boost trade and investments. Goyal is visiting Switzerland and Sweden from June 9 to 13.

The ministry said the visit is commencing from Bern in Switzerland, where the minister will engage with global CEOs and industry figures to explore avenues for enhanced bilateral trade and investment. He will hold discussions with companies from sectors, including pharma and life sciences, precision engineering, amid high-tech manufacturing.

He will also discuss potential opportunities arising from the India-EFTA Trade and Economic Partnership Agreement. In Sweden, he will co-chair the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with Benjamin Dousa, Minister for Foreign Trade of Sweden. Further, the commerce and industry ministry said companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB are among those with a significant presence or interest in enhancing ties with India.

The CNX Nifty is currently trading at 25126.85, up by 23.65 points or 0.09% after trading in a range of 25055.45 and 25199.30. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 4.17%, Tech Mahindra up by 2.46%, Tata Motors up by 1.69%, Ultratech Cement up by 1.58% and Bharat Electronics up by 1.39%. On the flip side, Bajaj Finserv down by 1.02%, Asian Paints down by 0.99%, ICICI Bank down by 0.96%, Eternal down by 0.95% and SBI Life down by 0.94% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 49.92 points or 0.21% to 24,231.35, Jakarta Composite gained 85.36 points or 1.19% to 7,198.79, KOSPI increased 1.81 points or 0.06% to 2,857.58, Nikkei 225 surged 193.91 points or 0.51% to 38,282.48 and Taiwan Weighted added 459.35 points or 2.06% to 22,249.64. However, Shanghai Composite weakened 3.76 points or 0.11% to 3,396.01 and Straits Times fell 5.42 points or 0.14% to 3,930.90.