Sensex, Nifty turn green in early afternoon deals

Staging a sharp recovery, Indian equity markets turned green in early afternoon deals, with both Sensex and Nifty holding heads just above their respective neutral lines, on the back of heavy buying at IT and TECK counters, despite negative cues from other Asian markets. Traders were optimistic, as India and New Zealand elevated their bilateral relationship to a 'Strategic Partnership' and adopted the 'India-New Zealand Strategic Partnership: Roadmap to 2030', setting out an ambitious framework to deepen cooperation across trade, agriculture, security, innovation and people-to-people ties over the next four years.

On the global front, Asian markets were trading mostly in red, on renewed geopolitical tension in the Middle East after reports of U.S.-Iran airstrikes and Tehran's closure of the critical Strait of Hormuz, which will raise global inflationary pressures amid spiking crude oil prices. The latest escalation also delays the broader resolution to the conflict.

The BSE Sensex is currently trading at 77627.52, up by 58.13 points or 0.07% after trading in a range of 76857.43 and 77637.09. There were 12 stocks advancing against 18 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 4.02%, TECK up by 2.16%, Consumer Durables up by 0.75% and Utilities up by 0.14%, while Realty down by 1.17%, Metal down by 1.06%, Telecom down by 0.84%, Capital Goods down by 0.82% and Basic Materials down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 6.08%, HCL Technologies up by 5.92%, Infosys up by 3.93%, Tech Mahindra up by 3.92% and NTPC up by 1.51%. On the flip side, Tata Steel down by 2.12%, Interglobe Aviation down by 2.04%, Bajaj Finserv down by 1.25%, Bharat Electronics down by 1.16% and Maruti Suzuki India down by 1.00% were the top losers.

Meanwhile, the government and Industry stakeholders have held discussions on achieving the $150 billion electronics exports target by 2030. Discussions took place during a Chintan Shivir attended by senior representatives from the Centre, state governments, industry and Export Promotion Councils to discuss opportunities and challenges facing the country's electronics sector. 

Commerce Secretary Rajesh Agrawal said that the global electronics industry is increasingly driven by global value chains, and India's policy framework must provide the predictability and stability required for these value chains to expand their presence in the country.

Agrawal observed that manufacturing for the domestic market requires a different policy approach than export-oriented production. According to him, the Chintan Shivir had been convened to facilitate constructive discussions and develop tangible, balanced and actionable policy recommendations that are equitable for all stakeholders.

Besides, participants emphasised the importance of integrating MSMEs into global value chains, which account for nearly 90 per cent of global electronics trade, to enable them to scale as suppliers to large manufacturers. Discussions also focused on harmonisation of HS Codes and closer coordination with Customs authorities to minimise product misclassification and facilitate smoother exports.

The CNX Nifty is currently trading at 24212.10, up by 5.20 points or 0.02% after trading in a range of 24000.20 and 24213.10. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were TCS up by 6.08%, HCL Technologies up by 5.87%, Tech Mahindra up by 4.08%, Infosys up by 4.06% and Wipro up by 2.27%. On the flip side, Tata Steel down by 2.19%, Interglobe Aviation down by 2.06%, JSW Steel down by 1.40%, Grasim Industries down by 1.38% and Tata Consumer Prod. down by 1.29% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 5 points or 0.08% to 5,919.36, KOSPI dropped 669.01 points or 9.83% to 6,806.93, Nikkei 225 slipped 1198.73 points or 1.78% to 67,359.00, Straits Times fell 15.79 points or 0.29% to 5,453.50 and Shanghai Composite weakened 82.63 points or 2.11% to 3,913.53, while Taiwan Weighted added 25.91 points or 0.06% to 45,380.52 and Hang Seng advanced 10.88 points or 0.05% to 24,186.00.