Indian equity benchmarks held their notable gains in late morning session, with both Sensex and Nifty trading in green. Positive cues from other Asian markets helped key indices to remain higher. Traders were positive, after the government has identified a host of customs exemptions for review and has invited suggestions from trade and industry bodies on the same. Importers, exporters, domestic industry, and trade associations are invited to give views on the subject for consideration by the government by August 10 on the 'MyGov.in' portal. Besides, capital markets regulator Sebi came out with a new framework with regard to valuation of securities, having multiple put options, held by mutual funds.
On the global front, Asian markets were trading in green, after the total value of core machine orders in Japan climbed a seasonally adjusted 7.8 percent on month in May, the Cabinet Office said on Monday - standing at 865.7 billion yen. That exceeded expectations for an increase of 2.6 percent following the 0.6 percent increase in April. On a yearly basis, core machine orders jumped 12.2 percent - again beating forecasts for 6.3 percent after rising 6.5 percent in the previous month.
The BSE Sensex is currently trading at 52640.90, up by 254.71 points or 0.49% after trading in a range of 52568.92 and 52700.51. There were 22 stocks advancing against 8 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.71%, while Small cap index was up by 1.09%.
The top gaining sectoral indices on the BSE were Realty up by 3.80%, Basic Materials up by 1.40%, Metal up by 1.08%, Bankex up by 0.82% and Energy up by 0.79%, while Power down by 0.11% and Telecom down by 0.03% were the only losing indices on BSE.
The top gainers on the Sensex were Ultratech Cement up by 2.63%, SBI up by 1.40%, ICICI Bank up by 1.34%, Tata Steel up by 1.19% and Reliance Industries up by 1.09%. On the flip side, Bajaj Finserv down by 0.55%, Bharti Airtel down by 0.47%, HDFC Bank down by 0.26%, Hindustan Unilever down by 0.25% and Power Grid down by 0.13% were the top losers.
Meanwhile, the Confederation of Indian Industry (CII) in its latest survey report stated that India’s economy is expected to see a swift recovery from the impact of the second wave of COVID-19 as lockdowns were largely designed to limit social gatherings and did not affect economic activities much. About 60 per cent of Chief Executive Officers (CEOs) participating in the survey expect that the recovery in sales of their companies would be better than that in the first wave of the pandemic.
CII Director General Chandrajit Banerjee said ‘CII CEOs poll of 119 top corporates indicate swifter economic recovery from the impact of the second wave. The deadly second wave has not affected much of the economic activities as lockdowns were largely designed to limit social gathering and this has helped limit the impact of the second wave on economic growth when compared to the first wave’.
The survey noted that vaccination holds the key to mitigating the impact of the second wave on economic activity and boosting consumer sentiment. It said over 60 per cent of the corporate leaders confirmed that their firms were compelled to scale back operations during the second wave. As per the survey, about 81 per cent of the respondents expected that the second wave in India would not have an adverse impact on the exports for their sectors in the first half of the current year than the comparable period of 2019-20. It also said ‘the buoyant external demand is buttressed by large-scale global stimulus and the fast pace of vaccination coverage across key global economies’.
The CNX Nifty is currently trading at 15771.55, up by 81.75 points or 0.52% after trading in a range of 15746.55 and 15789.20. There were 39 stocks advancing against 11 stocks declining on the index.
The top gainers on Nifty were Shree Cement up by 2.81%, Ultratech Cement up by 2.59%, JSW Steel up by 2.52%, Tata Consumer Products up by 2.14% and Grasim Industries up by 1.78%. On the flip side, Bajaj Finserv down by 0.69%, Bharti Airtel down by 0.59%, BPCL down by 0.48%, Hindustan Unilever down by 0.40% and Adani Ports & SEZ down by 0.40% were the top losers.
Asian markets were trading in green; Hang Seng increased 185.82 points or 0.68% to 27,530.36, Nikkei 225 surged 617.54 points or 2.21% to 28,557.96, KOSPI rose 29.17 points or 0.91% to 3,247.12, Shanghai Composite gained 32.84 points or 0.93% to 3,556.93, Straits Times advanced 7.94 points or 0.25% to 3,139.34, Taiwan Weighted strengthened 160.81 points or 0.91% to 17,822.29 and Jakarta Composite soared 49.19 points or 0.81% to 6,089.03.