Indices continue witness gains in late morning deals

Domestic equity indices continued to witness gains and were trading higher by over half percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.30-0.50%. Positive cues from global markets and fresh foreign fund inflows drove the Indian equity markets higher. The sentiments were further supported by Indian rupee appreciating 6 paise at 90.14 per dollar. On the BSE sectoral front, traders were seen piling up positions in Auto, Energy, Telecom, Healthcare and Industrials, while selling was witnessed only in Metal and Basic Materials. 

On the global front, Asian markets were trading mostly in green following positive cues from the US markets over night.  Japan equities and bond yields jumped after the central bank raised its policy rate to a three-decade high. The decision comes as inflation has stayed above its target levels for nearly four years now. The Bank of Japan raised benchmark rates by 25 basis points to 0.75%, their highest level since 1995. Back home, in the stock specific development, Biocon rose on receiving an Establishment Inspection Report from the USFDA for its New Jersey facility.

The BSE Sensex is currently trading at 84929.22, up by 447.41 points or 0.53% after trading in a range of 84734.96 and 85067.50. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.31%, while Small cap index up by 0.47%.

The top gaining sectoral indices on the BSE were Auto up by 0.88%, Energy up by 0.82%, Telecom up by 0.81%, Healthcare up by 0.74%, Industrials up by 0.69% while, Metal down by 0.36% and Basic Materials down by 0.05% were the only losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 1.82%, Tata MotorsPassenger up by 1.50%, Bharat Electronics up by 1.32%, Infosys up by 1.31% and Larsen & Toubro up by 1.19%. On the flip side, HCL Technologies down by 1.02%, NTPC down by 0.22%, ICICI Bank down by 0.15%, Bharti Airtel down by 0.08% and SBI down by 0.06% were the top losers. 

Meanwhile, Indian and Netherlands have discussed a range of bilateral security and defence issues including priority areas for co-development & co-production of defence equipment. Both sides have reaffirmed their commitment to enhance military-to-military cooperation with a focus on developing defence cooperation as a key pillar of the Strategic Partnership. The discussion took place between Raksha Mantri Rajnath Singh and Netherlands’ Foreign Minister David Van Weel in New Delhi. The talks highlighted the shared commitment of both countries to a free, open, inclusive, and rule-based Indo-Pacific region.

The Ministers emphasised on the need for a closer defence partnership and connecting the defence industries from both nations, especially in the field of niche technology. Both countries intend to explore the possibilities of defence cooperation in identified areas for the mutual benefit by developing a Defence Industrial Roadmap for technology collaboration, co-production and co-development of platforms & equipment. Further, Indian Defence Secretary Rajesh Kumar Singh and Ambassador of the Netherlands to India Marisa Gerards have exchanged a Letter of Intent on Defence Cooperation.

In FY 2024-25, the total merchandise trade between India and Netherlands stood at $27.758 billion, accounting for 2.40% of India’s total merchandise trade. During the period, the Netherlands was India’s tenth largest merchandise trading partner in the world and second largest in European Union. Moreover, the country had a trade surplus of $17.769 billion with the Netherlands in the same period.

The CNX Nifty is currently trading at 25946.70, up by 131.15 points or 0.51% after trading in a range of 25880.45 and 25979.25. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Max Healthcare up by 2.01%, Reliance Industries up by 1.79%, Bharat Electronics up by 1.68%, Tata MotorsPassenger up by 1.56% and Infosys up by 1.30%. On the flip side, Shriram Finance down by 1.09%, HCL Technologies down by 1.08%, Hindalco down by 0.81%, Coal India down by 0.25% and Adani Enterprises down by 0.17% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 614.5 points or 1.25% to 49,616.00, Taiwan Weighted added 227.82 points or 0.82% to 27,696.35, Shanghai Composite strengthened 15.82 points or 0.41% to 3,892.19, KOSPI increased 36.72 points or 0.91% to 4,031.23, Hang Seng advanced 212.87 points or 0.83% to 25,711.00 and Straits Times rose 6.33 points or 0.14% to 4,576.94. However, Jakarta Composite plunged 49.53 points or 0.58% to 8,568.67.