Indices add more points in late morning deals

Domestic equity indices added more points and were trading higher by over 0.75 percent in late morning deals on account of buying by funds and retail investors. Falling crude oil prices and positive cues from the global markets supported domestic sentiments. Sentiments got boost as U.S. President Donald Trump signaled the conflict with Iran could be nearing its end. Sentiments were further supported by Indian rupee appreciating 13 paise to 92.07 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Besides, there was encouragement in markets as union minister of state for commerce & industry and electronics & information technology Jitin Prasada said the free trade agreements (FTA) signed by India and the strong domestic consumption market offer significant opportunities for micro, small and medium enterprises (MSMEs).

On the global front, Asian markets were trading higher following the positive cues from US markets overnight. Back home, on the BSE sectoral front, traders were seen piling up positions in Auto, Consumer Durables, Bankex, Power and Consumer Discretionary, while selling was witnessed in TECK, IT and Oil & Gas.

The BSE Sensex is currently trading at 78181.09, up by 614.93 points or 0.79% after trading in a range of 77745.47 and 78526.25. There were 22 stocks advancing against 8 stocks declining on the index.

The top gaining sectoral indices on the BSE were Auto up by 2.22%, Consumer Durables up by 1.97%, Bankex up by 1.64%, Power up by 1.60% and Consumer Discretionary up by 1.53%, while TECK down by 0.69%, IT down by 0.65% and Oil & Gas down by 0.07% were few losing indices on BSE.

The top gainers on the Sensex were Interglobe Aviation up by 3.96%, Mahindra & Mahindra up by 2.34%, Asian Paints up by 2.26%, ICICI Bank up by 2.25% and Axis Bank up by 1.92%. On the flip side, Infosys down by 1.45%, Eternal down by 1.07%, Tech Mahindra down by 0.90%, TCS down by 0.70% and Bharti Airtel down by 0.65% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that India’s Free Trade Agreements (FTAs) are creating new opportunities for the pharmaceutical, healthcare and medical technology sectors, while enabling the country to strengthen its position in global trade. He said in the recent years, India has finalised FTAs with the UK, Mauritius, Australia, the US, European Union, four-nation bloc EFTA, Oman, the UAE and New Zealand. He noted that while the pacts with Mauritius, Australia, the UAE and EFTA are implemented, the remaining are likely to come into force soon. As a result, nearly two-thirds of global trade is now open to India.  

He said that these agreements provide India with preferential access compared to many other countries, with lower duties and expanded market opportunities, thereby opening new avenues to enhance trade. He said the scale of India’s trade with the world in the pharmaceutical and healthcare sectors is now greater than ever before. He suggested the industry to focus on taking greater advantage of these pacts and developing a strong healthcare ecosystem. He said ‘we need to develop a comprehensive, holistic and integrated healthcare system’. He added that FTA negotiations with the Gulf Cooperation Council and Eurasia are progressing well.  

Highlighting the importance of digital health and emerging technologies, he said that Artificial Intelligence and digital health integration are receiving increasing global attention. He said that Artificial Intelligence should not be viewed with apprehension but should instead be adopted as an enabling technology. He noted that India possesses the talent to develop advanced applied technologies and AI-driven solutions. These technologies can be used to promote telemedicine and improve diagnostics, helping to deliver better healthcare services to India’s population of 1.4 billion people.

The CNX Nifty is currently trading at 24229.00, up by 200.95 points or 0.84% after trading in a range of 24079.95 and 24303.80. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 6.56%, Interglobe Aviation up by 3.85%, Eicher Motors up by 3.15%, Tata Motors Passenger Vehicles up by 2.68% and Dr. Reddy's Lab up by 2.34%. On the flip side, Infosys down by 1.52%, Eternal down by 1.02%, Tech Mahindra down by 0.91%, TCS down by 0.70% and Bharti Airtel down by 0.64% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 1457.28 points or 2.76% to 54,186.00, Taiwan Weighted added 661.45 points or 2.06% to 32,771.87, Jakarta Composite gained 52.15 points or 0.71% to 7,389.52, Shanghai Composite strengthened 21.25 points or 0.52% to 4,117.85, KOSPI increased 283.71 points or 5.4% to 5,535.58, Hang Seng advanced 506.54 points or 1.99% to 25,915.00 and Straits Times rose 72.22 points or 1.52% to 4,828.83.