Indian equity markets continued to trade in green in the late afternoon session on account of buying in front line counters. The broader indices, BSE Mid cap index and Small cap index are also trading in green. Traders remain energized with Chief Economist of the International Monetary Fund (IMF) Gita Gopinath’s statement that the Reserve Bank of India (RBI)’s quantitative easing measures are a welcome move. Gopinath also said that this fiscal stance is also appropriate for India overall and that it is good that support isn’t being pulled back. She added there is evidence of normalisation of economic activities in India. Traders overlooked International Monetary Fund (IMF) has said India's debt-to-GDP ratio increased from 74 percent to 90 percent during the COVID-19 pandemic, noting that it expects this to drop down to 80 percent as a result of the country's economic recovery.
On the global front, Asian markets were trading mostly in green getting a boost from signs the Federal Reserve was in no hurry to remove stimulus as the Biden administration eased its stance on corporate tax hikes. European markets were trading higher, as equities across the globe continue to benefit from the reopening of economies, fiscal stimulus and loose monetary policy.
The BSE Sensex is currently trading at 49944.19, up by 282.43 points or 0.57% after trading in a range of 49801.71 and 50118.08. There were 21 stocks advancing against 9 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 0.92%, while Small cap index was up by 1.09%.
The top gaining sectoral indices on the BSE were Metal up by 5.56%, Basic Materials up by 3.38%, Consumer Durables up by 2.75%, Industrials up by 1.39% and Realty was up by 1.30%, while Power down by 0.71% and Utilities was down by 0.43% were the only losing indices on BSE.
The top gainers on the Sensex were Titan Company up by 4.18%, Tech Mahindra up by 2.64%, Ultratech Cement up by 2.47%, Larsen & Toubro up by 1.77% and HDFC up by 1.34%. On the flip side, Bajaj Auto down by 0.84%, Power Grid down by 0.52%, Bajaj Finance down by 0.42%, NTPC down by 0.24% and Sun Pharma down by 0.21% were the top losers.
Meanwhile, taking another important step towards the vision of 'Atmanirbhar Bharat', the Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for White Goods (Air Conditioners and LED Lights) with a budgetary outlay of Rs. 6,238 crore.
The prime objective of the PLI scheme is to make manufacturing in India globally competitive by removing sectoral disabilities, creating economies of scale and ensuring efficiencies. It is designed to create complete component ecosystem in India and make India an integral part of the global supply chains. The scheme is expected to attract global investments, generate large scale employment opportunities and enhance exports substantially.
The PLI Scheme for White Goods shall extend an incentive of 4% to 6% on incremental sales of goods manufactured in India for a period of five years to companies engaged in manufacturing of Air Conditioners and LED Lights.
The CNX Nifty is currently trading at 14946.20, up by 127.15 points or 0.86% after trading in a range of 14864.55 and 14984.15. There were 41 stocks advancing against 9 stocks declining on the index.
The top gainers on Nifty were JSW Steel up by 11.76%, Tata Steel up by 6.57%, Shree Cement up by 4.86%, Hindalco up by 4.57% and Titan Company up by 4.20%. On the flip side, Bajaj Auto down by 0.67%, SBI Life down by 0.58%, Bajaj Finance down by 0.46%, Power Grid down by 0.45% and NTPC down by 0.19% were the top losers.
Asian markets were trading mostly in green, Hang Seng increased 360.51 points or 1.26% to 29,035.31, Taiwan Weighted strengthened 111.08 points or 0.66% to 16,926.44, Jakarta Composite soared 25.48 points or 0.42% to 6,062.10, KOSPI rose 5.85 points or 0.19% to 3,143.26 and Shanghai Composite was up by 2.92 points or 0.08% to 3,482.55. On the flip side, Straits Times trembled 4.18 points or 0.13% to 3,191.58 and Nikkei 225 was down by 21.81 points or 0.07% to 29,708.98.
European markets were trading higher, UK’s FTSE 100 increased 25.67 points or 0.37% to 6,910.99, France’s CAC increased 27.14 points or 0.44% to 6,157.80 and Germany’s DAX was up by 48.77 points or 0.32% to 15,225.13.