Indian equity indices continued to witness solid gains and were trading higher by around one and half percent in late morning deals as market participants indulged in enlarging their positions. Falling crude oil prices and firm cues from other Asian markets supported domestic sentiments. Crude oil prices dropped after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran. Further, sentiments were supported by Indian rupee appreciating 56 paise at 94.62 per dollar. All the sectoral indices on the BSE were trading in green led by Realty, Auto, Consumer Disc, Industrials and Consumer Durables.
On the global front, Asian markets were trading higher as President Donald Trump said the Iran deal is now complete. He added the Strait of Hormuz will reopen without a toll system and the U.S. will end its naval blockade of Iran. Back home, in the stock specific development, Atishay surged as the company secured work order worth around Rs 11.16 crore (inclusive of GST) from the Government of West Bengal.
The BSE Sensex is currently trading at 76675.23, up by 1147.28 points or 1.52% after trading in a range of 76524.17 and 76821.07. There were 29 stocks advancing against 1 stock declining on the index.
The top gaining sectoral indices on the BSE were Realty up by 4.09%, Auto up by 3.00%, Consumer Disc up by 2.79%, Industrials up by 2.14% and Consumer Durables up by 2.10%, while there were no losers.
The top gainers on the Sensex were Eternal up by 4.84%, Interglobe Aviation up by 4.32%, Trent up by 4.28%, Maruti Suzuki up by 4.27% and Bajaj Finserv up by 3.81%. On the flip side, NTPC down by 0.68% was the only loser.
Meanwhile, Prime Minister Narendra Modi held bilateral talks with the President of France, Emmanuel Macron at Villa Kerylos at Nice in France, marking the first meeting between the two leaders since the elevation of India-France ties to the level of ‘Special Global Strategic Partnership’ earlier this year. The two leaders held extensive discussions covering diverse aspects of bilateral relations. They expressed satisfaction at the excellent growth and depth of bilateral defence collaboration across all domains and agreed to further intensify it with focus on co-design, co-development and co-production of defence platforms and advanced technologies. Both leaders noted the rich legacy of cooperation in the space sector and discussed furthering collaboration in human spaceflight and space situational awareness. They also discussed ways to expand private sector collaboration in space. In civil nuclear energy, they noted that India’s SHANTI Act creates new opportunities for collaboration, including on small and advanced modular reactors.
Reviewing the progress under the Horizon 2047 Roadmap, both sides also shared concrete ideas to strengthen and diversify bilateral ties in the fields of economic growth, technology and innovation, talent mobility and people-to-people and cultural exchanges. In this context, they noted the steady growth in bilateral trade and agreed to set up a High-level Mechanism to double it within five years. They called for early implementation of the India-EU Free Trade Agreement, which offers a unique opportunity to expand bilateral trade and investment. The leaders also discussed ways to enhance cooperation in the SME, aviation and railway sectors.
Recognizing the key role of innovation and technology in the bilateral relationship, both sides adopted an ‘Innovation Roadmap 2030’ to give the partnership a long-term direction. Both leaders discussed expanding cooperation on Artificial Intelligence and agreed to create a Joint India-France AI Working Group for the purpose. The leaders exchanged perspectives on matters of global importance, including the situation in West Asia and Ukraine. Both leaders reiterated the importance of the India-France Special Global Strategic Partnership in creating further opportunities for the peoples of the two countries and advancing international peace, stability and prosperity.
The CNX Nifty is currently trading at 23964.75, up by 341.85 points or 1.45% after trading in a range of 23927.35 and 24011.40. There were 43 stocks advancing against 7 stocks declining on the index.
The top gainers on Nifty were Eternal up by 4.92%, Shriram Finance up by 4.82%, Maruti Suzuki up by 4.39%, Trent up by 4.27% and Interglobe Aviation up by 4.08%. On the flip side, ONGC down by 0.89%, NTPC down by 0.64%, Cipla down by 0.52%, Bajaj Auto down by 0.48% and Coal India down by 0.30% were the top losers.
All Asian markets were trading higher; Nikkei 225 surged 3139.96 points or 4.76% to 69,160.00, Taiwan Weighted added 1168.8 points or 2.65% to 45,337.84, Jakarta Composite gained 302.07 points or 4.79% to 6,309.73, Shanghai Composite strengthened 49.91 points or 1.24% to 4,081.42, KOSPI increased 381.52 points or 4.7% to 8,505.14, Hang Seng advanced 122.9 points or 0.5% to 24,841.00 and Straits Times rose 52.55 points or 1.05% to 5,078.35.
