Local equity benchmarks trimmed some of their gains in late afternoon session. Traders were seen piling up positions in Bankex, Power and Basic Materials sectors while selling was witnessed in IT, TECK and Auto sectors’ stocks. Some comfort came as the restrictions on mobility eased, the unemployment rate came further down to 7.3% for the week ended July 4 from 8.72% in the previous week and 9.35% for the week ended June 20. Traders took note of report that government has decided not to impose anti-dumping on imports of certain copper products, used in the electrical industry, from China, Thailand, Korea and three other countries. On the global front, Asian markets were trading mixed as oil prices surged higher after a meeting of oil producing nations was postponed. European markets were trading lower after three sessions of gains as gloomy trading in Asia and an unexpected drop in German industrial orders offset a jump in commodity stocks.
The BSE Sensex is currently trading at 53,027.69, up by 147.69 points or 0.28% after trading in a range of 52805.88 and 53129.37. There were 16 stocks advancing against 14 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 0.66%, while Small cap index was up by 0.38%.
The top gaining sectoral indices on the BSE were Bankex up by 1.56%, Power up by 0.81%, Basic Materials up by 0.75%, Capital Goods up by 0.65% and Oil & Gas was up by 0.54%, while IT down by 0.82%, TECK down by 0.66%, Auto down by 0.58%, Healthcare down by 0.35% and FMCG was down by 0.21% were the top losing indices on BSE.
The top gainers on the Sensex were Ultratech Cement up by 3.26%, HDFC Bank up by 2.94%, Bajaj Finance up by 2.91%, Bajaj Finserv up by 2.18% and Kotak Mahindra Bank up by 1.35%. On the flip side, Tech Mahindra down by 1.88%, TCS down by 1.46%, NTPC down by 1.01%, Nestle down by 0.88% and Hindustan Unilever down by 0.65% were the top losers.
Meanwhile, with an aim to digitize the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiencies in logistics and enhance value for consumers, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has initiated a project on Open Network for Digital Commerce (ONDC).
The task has been assigned to Quality Council of India (QCI). ONDC aims at promoting open networks developed on open sourced methodology, using open specifications and open network protocols independent of any specific platform.
As per the notification released by Ministry of Commerce & Industry, an advisory council has been constituted to advise the Government on measures needed to design and accelerate adoption of ONDC.
The CNX Nifty is currently trading at 15,862.55, up by 28.20 points or 0.18% after trading in a range of 15808.70 and 15914.20. There were 27 stocks advancing against 23 stocks declining on the index.
The top gainers on Nifty were Ultratech Cement up by 3.42%, Bajaj Finance up by 2.94%, HDFC Bank up by 2.91%, Shree Cement up by 2.35% and Bajaj Finserv up by 2.10%. On the flip side, Tata Motors down by 2.70%, Tech Mahindra down by 1.85%, TCS down by 1.43%, NTPC down by 0.93% and Nestle down by 0.92% were the top losers.
Asian markets were trading mixed, Straits Times advanced 47.99 points or 1.53% to 3,189.01, Nikkei 225 surged 45.02 points or 0.16% to 28,643.21, Jakarta Composite soared 41.50 points or 0.69% to 6,047.11 and KOSPI was up by 12.00 points or 0.36% to 3,305.21. On the flip side, Shanghai Composite declined 4.06 points or 0.11% to 3,530.26, Taiwan Weighted dropped 6.26 points or 0.03% to 17,913.07 and Hang Seng was down by 70.64 points or 0.25% to 28,072.86.
European markets were trading lower, UK’s FTSE 100 decreased 13.62 points or 0.19% to 7,151.29, France’s CAC decreased 25.41 points or 0.39% to 6,542.13 and Germany’s DAX was down by 70.26 points or 0.45% to 15,591.71.