Local equities trade flat with positive bias

Indian equity benchmarks erased initial losses and were trading flat with positive bias in morning deals, tracking positive cues from Asian markets. Investors took comfort from resilient corporate earnings. Traders were optimistic with Economic Affairs Secretary Anuradha Thakur’s statement that private sector investment is witnessing steady and sustained growth, supported by the government’s continued focus on capital expenditure. However, gains remained capped as investors tracked global cues and developments around crude oil prices.

The BSE Sensex was trading marginally higher, led by buying in IT, consumer durables and realty stocks. Titan Company emerged as the top gainer on the BSE after reporting a 63% year-on-year jump in first-quarter profit. Similarly, the Nifty 50 was also managed to keep their heads above water, supported by foreign fund buying. 

On the global front, Asian markets are trading mostly in green following the broadly positive cues from Wall Street on Friday, amid easing concerns about an imminent interest-rate hike by the US Fed after reported showed an unexpectedly modest decrease in U.S. employment in the month of July.  

The BSE Sensex is currently trading at 78581.34, up by 82.17 points or 0.10% after trading in a range of 78298.92 and 78676.98. There were 12 stocks advancing against 18 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 1.22%, Consumer Durables up by 0.87%, Realty up by 0.72%, TECK up by 0.64% and Metal up by 0.63%, while PSU down by 0.38%, Utilities down by 0.33%, Bankex down by 0.24%, Power down by 0.13% and Energy down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 2.47%, Tata Steel up by 1.70%, Infosys up by 1.27%, HCL Technologies up by 0.69% and Tech Mahindra up by 0.40%. On the flip side, NTPC down by 1.13%, Kotak Mahindra Bank down by 0.98%, Bharti Airtel down by 0.87%, Eternal down by 0.78% and Power Grid down by 0.74% were the top losers.

Meanwhile, Economic Affairs Secretary Anuradha Thakur has said that private sector investment is witnessing steady and sustained growth, supported by the government’s continued focus on capital expenditure. Quoting a recent analysis, she said it shows that private sector investment, which the CII 2023 survey had indicated green shoots were emerging, now exhibits that private investment is moving at a steady and stable pace upwards.

She said public capex has increased over five times in the last decade, from Rs 2 lakh crore in 2014-15 to Rs 10.7 lakh crore in 2025-26. The government has projected public capital expenditure at Rs 12.2 lakh crore for the current fiscal in the Budget. She said ‘Various indicators have shown, including the number of projects off-take, number of projects which are stalling, which is apparently at a decade low, which is a good thing. Public investment continues to play a catalytic role by crowding in private investment.’

She pointed out India's long-term growth will be determined by how effectively public and private capital is deployed to create productive assets, globally competitive industries, quality jobs and transformative innovations. She added ‘Equally important is improving access to finance, particularly for micro, small and medium enterprises, which remain the backbone for manufacturing.’

Besides, talking about the global economy, she said it is navigating a period of extraordinary uncertainty. she said geopolitical tensions, energy market volatility, fragmented trade patterns, and technological disruptions are all reshaping the global landscape. Against this backdrop, she said ‘We see that India continued to stand as a place for growth and stability over the past three years; the economy has grown at an average rate of 7 per cent while preserving macroeconomic stability’.

The CNX Nifty is currently trading at 24592.55, up by 21.90 points or 0.09% after trading in a range of 24511.10 and 24620.95. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 2.71%, Tata Steel up by 1.78%, Tech Mahindra up by 1.60%, Infosys up by 1.54% and Grasim Industries up by 0.98%. On the flip side, HDFC Life Insurance down by 1.12%, State Bank Of India down by 0.85%, Adani Enterprises down by 0.75%, Adani Ports &Special down by 0.72% and Bharti Airtel down by 0.69% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 1178.29 points or 1.8% to 66,785.00, Taiwan Weighted added 623.48 points or 1.41% to 44,849.39, Shanghai Composite strengthened 7.87 points or 0.2% to 3,947.91, Hang Seng advanced 189.97 points or 0.73% to 25,858.00 and Straits Times rose 59.44 points or 1.04% to 5,698.43.

On the flip side, Jakarta Composite plunged 26.42 points or 0.41% to 6,383.23 and KOSPI dropped 24.56 points or 0.39% to 6,234.21.