Bourses extend gains in early afternoon session

Indian markets extended their gains in early afternoon session following positive cues from other Asian markets. Traders were hoping that consumer inflation rate in India, likely to decline in May due to favourable base and an easing in food prices. India’s consumer inflation data is going to be out tomorrow. Meanwhile, traders took note of report that Commerce and Industry Minister Piyush Goyal has said that the proposed bilateral trade agreement between India and the US will provide both the countries with an opportunity to expand and strengthen trade ties. He stated ‘We believe it’s an opportunity for us to expand our bilateral trade and strengthen our partnership.’

On the global front, Asian markets were trading mostly in green as investors cheered a new agreement between the US and China aimed at easing trade tensions. Meanwhile, South Korea's unemployment rate remained stable at a low level in May, reflecting strong labor market conditions. The unemployment rate held steady at seasonally adjusted 2.7 percent in May.

The BSE Sensex is currently trading at 82735.26, up by 343.54 points or 0.42% after trading in a range of 82308.91 and 82746.56. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.26%, while Small cap index was up by 0.60%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.30%, Energy up by 1.94%, Metal up by 0.76%, Telecom up by 0.72% and Healthcare was up by 0.71%, while FMCG down by 0.22%, Power down by 0.06% and Capital Goods was down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 1.62%, Eternal up by 1.21%, Tech Mahindra up by 1.15%, HCL Tech. up by 1.00% and Tata Motors up by 0.98%. On the flip side, Power Grid Corp down by 1.23%, Adani Ports &Special down by 0.87%, Maruti Suzuki down by 0.38%, Bajaj Finance down by 0.34% and Hindustan Unilever down by 0.23% were the top losers.

Meanwhile, highlighting India’s transformative growth story and vast opportunities for collaboration, Union Minister of Commerce and Industry, Piyush Goyal has invited the Swiss business community to be active partners in India’s journey towards becoming a $30-35 trillion economy by 2047. In a symbolic gesture of partnership, Minister proposed the creation of a dedicated Swiss Enclave in India - a zone tailored for Swiss businesses - to provide comfort and a sense of home for Swiss enterprises looking to establish a base in India.

Goyal further highlighted India’s remarkable transformation - from a $270 billion economy 30 years ago to a $4 trillion economy today - and its ambition to grow further to $30-35 trillion as the nation approaches 100 years of independence. He noted India’s youthful demographic with an average age of 28.4 years and emphasized that the nation will continue to remain young and vibrant for decades to come. Goyal underlined the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination. He said ‘Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner.’

Besides, referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a ‘Trust and Efficiency Partnership’ - a relationship built on mutual confidence and complementarity. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation.

The CNX Nifty is currently trading at 25214.80, up by 110.55 points or 0.44% after trading in a range of 25081.30 and 25220.40. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were ONGC up by 1.99%, Reliance Industries up by 1.66%, Hero MotoCorp up by 1.61%, Coal India up by 1.39% and Tech Mahindra up by 1.35%. On the flip side, Power Grid down by 1.25%, Adani Ports down by 0.85%, Tata Consumer down by 0.42%, Adani Enterprises down by 0.41% and Shriram Finance down by 0.35% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 237.58 points or 0.97% to 24,400.45, Taiwan Weighted added 227.96 points or 1.01% to 22,470.10, Nikkei 225 surged 209.68 points or 0.55% to 38,421.19, KOSPI increased 35.19 points or 1.21% to 2,907.04 and Shanghai Composite was up by 18.69 points or 0.55% to 3,403.51. On the flip side, Straits Times fell 19.69 points or 0.5% to 3,914.11 and Jakarta Composite was down by 20.21 points or 0.28% to 7,210.54.