Domestic equity indices remained in the green and were trading higher by around quarter percent in late morning deals. There was encouragement in markets 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. However, gains were capped amid uncertainty over the U.S.-Iran deal. On the BSE sectoral front, buying was observed in Utilities, Power, Metal, Capital Goods and Realty, whereas Oil & Gas, Energy and Healthcare witnessed selling pressure.
On the global front, Asian markets were trading mostly in green despite investors assessed the latest military operations against Iran. The U.S. military carried out new strikes in Iran on Tuesday, hurting hopes over the weekend that the United States and Iran would reach an agreement to end the war. Back home, in the stock specific development, Saatvik Green Energy surged as the company received and accepted an order aggregating to Rs 171.45 crore from one renowned Independent Power producer/EPC Player for supply of solar PV modules.
The BSE Sensex is currently trading at 76186.99, up by 177.29 points or 0.23% after trading in a range of 75797.01 and 76224.68. There were 23 stocks advancing against 7 stocks declining on the index.
The top gaining sectoral indices on the BSE were Utilities up by 2.36%, Power up by 2.32%, Metal up by 2.28%, Capital Goods up by 1.55% and Realty up by 1.17%, while Oil & Gas down by 0.45%, Energy down by 0.44% and Healthcare down by 0.04% were the top losing indices on BSE.
The top gainers on the Sensex were Tata Steel up by 2.76%, Power Grid up by 1.93%, Eternal up by 1.58%, NTPC up by 1.43% and Asian Paints up by 1.40%. On the flip side, ITC down by 2.70%, HDFC Bank down by 1.68%, Infosys down by 0.49%, Hindustan Unilever down by 0.46% and Bharat Electronics down by 0.20% were the top losers.
Meanwhile, M Nagaraju, the secretary of the department of financial services under the finance ministry, has said that India’s banking system, including both public and private sector banks, is doing very well with an annual growth rate of 15.90 per cent, which is the highest ever in Indian history. The Non-Performing Asset (NPA) ratio across the Indian banking system has dropped to 0.40 per cent, which is lower compared to the previous tally, reflecting the sector's health and efficiency.
The secretary said banks now have a strong capital base, while lower NPAs are a key factor behind the robustness of the banking system. He said the government, under Prime Minister Narendra Modi, has launched a trade guarantee programme worth Rs 2.25 lakh-crore to support businesses, especially MSMEs impacted by the West Asia crisis.
Highlighting financial inclusion measures, he said several social security schemes have benefited millions of people over the past 12 years. Under the Pradhan Mantri Jan Dhan Yojana (PMJDY), a total of 58 crore accounts has been opened over its 12 years of implementation and 32 crore of those accounts belong to women. He said that 56 crore loans have been sanctioned under the flagship Mudra Yojana during the same period, of which 67 per cent have gone to women. He urged people to take bank loans to set up ventures and ensure timely repayment to become eligible for larger credit facilities.
The CNX Nifty is currently trading at 23974.65, up by 60.95 points or 0.25% after trading in a range of 23868.50 and 23981.25. There were 34 stocks advancing against 16 stocks declining on the index.
The top gainers on Nifty were Hindalco up by 4.09%, Tata Steel up by 2.75%, Tata MotorsPassenger up by 2.02%, Power Grid up by 1.98% and Bajaj Auto up by 1.71%. On the flip side, ONGC down by 3.70%, ITC down by 2.64%, HDFC Bank down by 1.71%, Coal India down by 1.28% and Max Healthcare down by 0.91% were the top losers.
Asian markets were trading mostly in green; Nikkei 225 surged 337.91 points or 0.52% to 65,334.00, Taiwan Weighted added 731.43 points or 1.65% to 44,256.80 and KOSPI increased 221.87 points or 2.68% to 8,269.38. However, Shanghai Composite weakened 63.56 points or 1.56% to 4,081.81 and Hang Seng declined 273.45 points or 1.08% to 25,326.00.
