Indian equity benchmarks erased all of their initial losses and were trading marginally in green in morning deals, led by gains Metal, Oil & Gas and Energy stocks. Traders took support with the RBI Bulletin stating that strong macroeconomic fundamentals and targeted policy interventions continue to anchor the economy against global headwinds, including rising inflation due to the West Asia crisis and ongoing trade tensions. Some support also came as exchange data showed foreign institutional investors (FIIs) turned net buyers on Friday, purchasing equities worth Rs 887.65 crore. However, gains remain capped amid elevated crude oil prices due to geopolitical uncertainties and caution ahead of the US Federal Reserve's policy decision later this week. On the global front: Asian markets are trading mostly in red following the broadly negative cues from Wall Street on Friday, on rising oil prices and global inflation worries amid uncertainty in the Middle East conflict.
The BSE Sensex is currently trading at 73289.23, up by 165.40 points or 0.23% after trading in a range of 72514.57 and 73491.97. There were 21 stocks advancing against 9 stocks declining on the index.
The top gaining sectoral indices on the BSE were Metal up by 1.48%, Oil & Gas up by 1.04%, Energy up by 1.04%, Healthcare up by 0.94% and Realty up by 0.89%, while IT down by 0.44%, Bankex down by 0.25%, TECK down by 0.16%, FMCG down by 0.11% and Consumer Durables down by 0.06% were the top losing indices on BSE.
The top gainers on the Sensex were Kotak Mahindra Bank up by 2.46%, Adani Ports &SEZ up by 2.46%, Eternal up by 1.51%, Sun Pharma up by 1.26% and Tata Steel up by 1.26%. On the flip side, Infosys down by 1.16%, Hindustan Unilever down by 0.97%, Asian Paints down by 0.97%, HCL Technologies down by 0.52% and Bajaj Finance down by 0.23% were the top losers.
Meanwhile, Commerce and Industry Minister Piyush Goyal has said that German companies are increasingly viewing India as a strategic destination for manufacturing, research and development (R&D), and innovation, while also acknowledging its importance as a major consumer market. The minister was in Germany to discuss measures to enhance bilateral trade and investment cooperation.
Following the completion of his two-day visit to Germany, the he said that he had engaged in several bilateral discussions with representatives from companies including Siemens Healthcare, Bertelsmann Investment, Volkswagen and Skoda. He stated ‘The CEOs echoed one message - German companies no longer see India only as a market, but as their partner, as a base for manufacturing, for research and development, for innovation.’
He said German precision and research, combined with India’s skill and talent to innovate and manufacture for the future, and investing in the India growth story, will change the global perspective and outlook toward India. Currently, around 2,000 German companies are operating in India. Further, he said relations between the two countries open doors not just for trade in goods and services, but also open the door for talent, innovation, co-creating, co-designing, co-developing, and co-manufacturing.
The CNX Nifty is currently trading at 22648.25, up by 48.25 points or 0.21% after trading in a range of 22387.35 and 22706.15. There were 31 stocks advancing against 19 stocks declining on the index.
The top gainers on Nifty were BSE up by 3.91%, Dr. Reddy's Labs. up by 3.58%, JSW Steel up by 2.91%, Adani Ports &SEZ up by 2.54% and Kotak Mahindra Bank up by 2.17%. On the flip side, Shriram Finance down by 4.06%, Tata Consumer Products down by 3.93%, Infosys down by 1.66%, HDFC Life Insurance down by 1.37% and Asian Paints down by 1.00% were the top losers.
Asian markets are trading mostly in red; Nikkei 225 slipped 68.16 points or 0.11% to 62,625.00, Jakarta Composite plunged 55.25 points or 1.02% to 5,384.01, Shanghai Composite weakened 1.78 points or 0.05% to 3,688.70, KOSPI dropped 10.26 points or 0.18% to 5,540.04 and Straits Times fell 21.3 points or 0.39% to 5,400.86.
On the flip side, Hang Seng advanced 146.63 points or 0.63% to 23,240.00.