Indian equity benchmarks erased initial losses and were trading in green in morning deals, led by gains in Metal, Power and Utilities stocks. Traders took support with the report stated that India and the United States signed a strategic agreement on critical minerals and rare earths, deepening cooperation in securing supply chains for key resources essential to semiconductors, electric vehicles, clean energy and defence technologies, amid growing global concerns over dependence on China-dominated supplies. Some support also came as Commerce and Industry Minister Piyush Goyal stated that officials of India and Canada are negotiating the proposed free trade agreement with full sincerity, and the talks could even be concluded before the end of this year. On the global front, Asian markets were trading mixed as investors react to renewed U.S.-Iran tensions and lingering uncertainty surrounding the strategic Strait of Hormuz.
The BSE Sensex is currently trading at 76119.42, up by 109.72 points or 0.14% after trading in a range of 75797.01 and 76144.55. There were 19 stocks advancing against 11 stocks declining on the index.
The top gaining sectoral indices on the BSE were Metal up by 3.02%, Power up by 2.27%, Utilities up by 2.17%, Capital Goods up by 1.53% and Basic Materials up by 1.52%, while Energy down by 0.67%, Oil & Gas down by 0.50%, IT down by 0.17%, Healthcare down by 0.15% and TECK down by 0.02% were the top losing indices on BSE.
The top gainers on the Sensex were Tata Steel up by 3.73%, Eternal up by 2.02%, Power Grid Corporation up by 1.86%, NTPC up by 1.75% and Tech Mahindra up by 1.09%. On the flip side, ITC down by 2.63%, HDFC Bank down by 1.76%, Infosys down by 0.84%, Bharat Electronics down by 0.49% and TCS down by 0.38% were the top losers.
Meanwhile, amid increasing concerns about China’s controls on rare earth exports and strategic metals vital to global technology supply chains, India and the US have firmed up a key framework for cooperation in ensuring steady supplies of critical minerals. On the sidelines of the Quad foreign ministers’ meeting, the framework on securing supplies of mining and processing of critical minerals was signed.
External Affairs Minister S Jaishankar described the development as ‘very timely and significant’. He stated ‘This framework aims to deepen our cooperation across the entire critical minerals and rare earth supply chain, including mining, processing, recycling and related investment.’ Further, he said the framework is expected to boost resilient and diversified supply chains, help finance projects, and ensure effective management of critical minerals and rare earths.
He said ‘It is one more sign of how close our cooperation has been in a world where there are so many challenges but also so many opportunities’. Besides, US Secretary of State Marco Rubio underlined the strategic partnership between the US and India, emphasizing its significance for the national interests of both nations. He stated ‘We are two countries that have strategic interests in ensuring reliable long-term access to critical minerals and supply chains that are important for our innovation economy.’
The CNX Nifty is currently trading at 23963.40, up by 49.70 points or 0.21% after trading in a range of 23868.50 and 23971.00. There were 33 stocks advancing against 17 stocks declining on the index.
The top gainers on Nifty were Hindalco up by 4.29%, Tata Steel up by 3.89%, JSW Steel up by 2.50%, Eternal up by 2.16% and Power Grid Corporation up by 1.91%. On the flip side, ONGC down by 3.29%, ITC down by 2.70%, Coal India down by 2.53%, HDFC Bank down by 1.77% and HDFC Life Insurance down by 0.82% were the top losers.
Asian markets were trading mixed; Nikkei 225 surged 268.91 points or 0.41% to 65,265.00, Taiwan Weighted added 736.84 points or 1.66% to 44,262.21 and KOSPI increased 294.85 points or 3.53% to 8,342.36.
On the flip side, Hang Seng declined 203.45 points or 0.8% to 25,396.00 and Shanghai Composite weakened 43.5 points or 1.06% to 4,101.87.
