Domestic equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. Hectic buying in stocks of Hindustan Unilever, Trent, ICICI Bank, Kotak Mahindra Bank, and ITC helped the Sensex and Nifty trade above their psychological levels of 74,400 and 23,350, respectively. Sentiments were supported by Indian rupee appreciating 15 paise at 95.26 per dollar. Besides, support also came in markets as Senior Economic Adviser Agrim Kaushal said that India's exports have witnessed consistent growth in recent years, driven by supportive government policies, improved digital infrastructure, better logistics and trade reforms.
On the global front, Asian markets were trading mostly in red as traders were cautious after the U.S. launched self-defense strikes against Iran, in retaliation for the downing of a helicopter a day earlier. Back home, on the BSE sectoral front, traders were seen pining up positions in FMCG, Healthcare, Consumer Durables, Bankex and Consumer Disc, while selling was witnessed in Telecom, Metal, Power, Capital Goods and Basic Materials.
The BSE Sensex is currently trading at 74433.34, up by 514.58 points or 0.70% after trading in a range of 73897.83 and 74458.45. There were 21 stocks advancing against 9 stocks declining on the index.
The top gaining sectoral indices on the BSE were FMCG up by 1.48%, Healthcare up by 0.71%, Consumer Durables up by 0.57%, Bankex up by 0.24% and Consumer Disc up by 0.13%, while Telecom down by 1.36%, Metal down by 0.89%, Power down by 0.30%, Capital Goods down by 0.28% and Basic Materials down by 0.28% were the top losing indices on BSE.
The top gainers on the Sensex were Hindustan Unilever up by 2.73%, Trent up by 2.13%, ICICI Bank up by 1.91%, Kotak Mahindra Bank up by 1.81% and ITC up by 1.46%. On the flip side, Infosys down by 2.14%, Tata Steel down by 0.86%, Ultratech Cement down by 0.62%, Eternal down by 0.43% and Mahindra & Mahindra down by 0.33% were the top losers.
Meanwhile, the Central Government has made an interim allocation of Rs 95,692 crore under the newly introduced VB-G RAM G scheme for a seamless transition. The Union Rural Development Minister Shivraj Singh Chouhan has noted that the interim allocation had been made as the draft rules of the new scheme were still being finalised and to ensure that rural employment and development activities continue uninterrupted after June 30.
The Rural Development Ministry highlighted that Uttar Pradesh has been allotted the highest interim allocation of Rs 9,721.48 crore, followed by West Bengal at Rs 8,508 crore, Tamil Nadu at Rs 7,585.49 crore, Rajasthan at Rs 7,581.87 crore, Andhra Pradesh at Rs 7,707.21 crore and Bihar at Rs 6,715.83 crore. The total allocation for states stands at Rs 92,550.17 crore, while Union territories have been allocated Rs 1,291.52 crore. An additional Rs 1,850.62 crore has been earmarked for central administration and social audits, taking the total to Rs 95,692.31 crore. The Chouhan noted that after adding the mandatory state contribution, the total annual outlay under the scheme would be around Rs 1.51 lakh crore.
Moreover, he pointed out that no state's allocation had been reduced and the interim allocation had been worked out on the basis of expenditure under the MGNREGA scheme in the previous year. He added that 26 states have completed the procedural requirements necessary for implementing the new scheme, while four states -- Jharkhand, Karnataka, Telangana and Mizoram -- are yet to complete all formalities. Further, the states have been asked to notify the state scheme, declare peak agricultural seasons, frame state rules, complete e-KYC of beneficiaries and undertake awareness and capacity-building exercises at district and block levels.
The CNX Nifty is currently trading at 23378.35, up by 136.25 points or 0.59% after trading in a range of 23217.30 and 23388.90. There were 31 stocks advancing against 19 stocks declining on the index.
The top gainers on Nifty were Hindustan Unilever up by 2.74%, Nestle up by 2.39%, Trent up by 2.21%, ICICI Bank up by 1.94% and Kotak Mahindra Bank up by 1.81%. On the flip side, Hindalco down by 2.99%, Infosys down by 2.03%, Tata Steel down by 0.90%, Coal India down by 0.84% and Ultratech Cement down by 0.64% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 1510.63 points or 2.31% to 63,906.00, Taiwan Weighted lost 1477 points or 3.3% to 43,227.44, Shanghai Composite weakened 40.16 points or 1% to 3,969.87, KOSPI dropped 543.46 points or 6.71% to 7,553.47, Hang Seng declined 321.9 points or 1.31% to 24,244.00 and Straits Times fell 61.64 points or 1.23% to 4,961.61. However, Jakarta Composite gained 134.58 points or 2.29% to 5,881.23.
