Indices remain in green in late morning deals

Indian equity indices continued to witness gains and were trading higher by over 0.30 percent in late morning deals owing to buying by funds and retail investors. Meanwhile, broader indices were also trading in green with BSE Small cap index and Mid cap index gaining in the range of 0.15-0.40%. Positive cues from the global markets supported domestic sentiments. Traders were getting encouragement as a private report said that India is set to formally operationalise its trade agreement with the European Free Trade Association (EFTA) bloc on October 1, marking the country’s first-ever trade pact with a European grouping. On the BSE sectoral front, traders were seen pilling up positions Oil & Gas, Energy, Realty, PSU and Metal, while selling was witnessed only in Bankex and Consumer Durables.

On the global front, Asian markets were trading mostly in green following the broadly positive cues from US markets on Friday. Back home, in the stock specific development, Oil India jumped as it confirmed the 'occurrence' of natural gas in a key offshore exploration well drilled in the Andaman basin.

The BSE Sensex is currently trading at 80678.07, up by 251.61 points or 0.31% after trading in a range of 80448.60 and 80851.38. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index up by 0.16%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.77%, Energy up by 1.35%, Realty up by 1.33%, PSU up by 1.19% and Metal up by 0.93%, while Bankex down by 0.10% and Consumer Durables down by 0.06% were the only losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 2.29%, Eternal up by 1.71%, Sun Pharma up by 1.70%, Titan up by 1.54% and Power Grid up by 1.35%. On the flip side, Axis Bank down by 2.06%, Maruti Suzuki down by 1.17%, Adani Ports down by 0.55%, Larsen & Toubro down by 0.50% and HCL Technologies down by 0.31% were the top losers.

Meanwhile, the Indian government has signed Memoranda of Understandings (MoUs) worth Rs 1,02,046.89 crore, with 26 overseas and domestic firms for investments in India's food processing sector. Besides, these MoUs are expected to generate direct employment for over 64,000 people and create indirect opportunities for more than 10 lakh individuals. The companies that signed MoUs include Reliance Consumer Products, The Coca-Cola System in India, Gujarat Cooperative Milk Marketing Federation (Amul), Fair Exports (India) (Lulu Group), Nestle India, Tata Consumer Products, Carlsberg India and many other.

The pledged investments have span across diverse segments, such as meat and poultry, dairy, packaged foods, spices and condiments, alcoholic and non-alcoholic beverages, edible oils, fruits and vegetables, and ready-to-eat products. Further, the MoUs have attracted investments across multiple states, including Gujarat, Maharashtra, Uttar Pradesh, Punjab, Bihar, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Madhya Pradesh, Odisha, Rajasthan, West Bengal, Assam, Chhattisgarh, Uttarakhand, Jammu & Kashmir, and the north-eastern region.

The national investment promotion and facilitation partner - Invest India has assisted the Ministry of Food Processing Industries in signing these MoUs. Meanwhile, emphasizing the significance of the development, the government has indicated that the MoUs have laid a strong foundation for sustainable growth, innovation, and international collaboration, further consolidating India's leadership in shaping the future of global food systems. It noted that the ministry, in partnership with Invest India, will continue to work closely with industry stakeholders to facilitate these investments and ensure their effective implementation.

The CNX Nifty is currently trading at 24734.15, up by 79.45 points or 0.32% after trading in a range of 24668.15 and 24791.30. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 2.42%, Bharat Electronics up by 2.30%, Sun Pharma up by 1.70%, Eternal up by 1.68% and Titan up by 1.55%. On the flip side, Axis Bank down by 2.03%, Maruti Suzuki down by 1.42%, Tata Consumer down by 0.99%, Eicher Motors down by 0.54% and Adani Ports down by 0.50% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 47.62 points or 0.58% to 8,146.95, Shanghai Composite strengthened 48.68 points or 1.27% to 3,876.79, KOSPI increased 50.81 points or 1.48% to 3,436.86, Hang Seng advanced 542.8 points or 2.08% to 26,671.00 and Straits Times rose 9.45 points or 0.22% to 4,275.43. However, Nikkei 225 slipped 422.99 points or 0.93% to 44,932.00.