Equity indices added some more points in late afternoon session, with the Sensex and Nifty gaining above 245 and 70 points, respectively. Traders took support after chief economic advisor K V Subramanian said inflation would likely come in at below the 6% mark in July itself but could stay at an elevated level of over 5% for some time. Sector wise, real estate sector remained in focus, as Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra has said that the real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal (Q1FY22) and its contribution to the country's Gross domestic product (GDP) is expected to reach 10 percent by 2025 from the current 7 percent. On the global front, Asian markets were trading mostly in red. European markets were trading mostly in red with investors focusing on a fresh reversal of market sentiment in China, a deluge in earnings from some of the region’s big names as well as important growth data.
The BSE Sensex is currently trading at 52901.38, up by 248.31 points or 0.47% after trading in a range of 52555.39 and 52905.01. 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 0.92%, while Small cap index was up by 0.99%.
The top gaining sectoral indices on the BSE were Healthcare up by 2.27%, Industrials up by 1.42%, Realty up by 1.38%, Auto up by 1.34% and Utilities was up by 1.18%.
The top gainers on the Sensex were Tech Mahindra up by 8.28%, Sun Pharma up by 7.22%, HCL Tech up by 3.11%, Dr. Reddy's Lab up by 2.43% and Mahindra & Mahindra up by 2.28%. On the flip side, Bajaj Finserv down by 2.00%, SBI down by 1.94%, Bajaj Finance down by 1.85%, ICICI Bank down by 0.93% and Nestle down by 0.89% were the top losers.
Meanwhile, Ministry of Micro, Small & Medium Enterprises in its latest report has said that the COVID-19 epidemic has temporarily affected various sectors including Micro, Small and Medium Enterprises in the country.
According to the report, economic activity contracted due to the strict lockdown measures imposed by the Government. The report further said that this contraction has also had impact on the MSME sector.
Studies have been conducted by National Small Industries Corporation (NSIC) and Khadi and Village Industries Commission (KVIC) to assess the impact of COVID-19 Pandemic on MSMEs including units set up under Prime Minister’s Employment Generation Programme (PMEGP).
The CNX Nifty is currently trading at 15854.15, up by 75.70 points or 0.48% after trading in a range of 15744.85 and 15858.35. There were 34 stocks advancing against 16 stocks declining on the index.
The top gainers on Nifty were Tech Mahindra up by 7.95%, Sun Pharma up by 7.72%, Cipla up by 3.86%, Adani Ports up by 3.52% and HCL Tech up by 3.02%. On the flip side, Bajaj Finserv down by 2.03%, SBI Life down by 1.98%, SBI down by 1.94%, Bajaj Finance down by 1.84% and UPL down by 1.36% were the top losers.
Asian markets were trading mostly in red, Nikkei 225 slipped 498.83 points or 1.8% to 27,283.59, Hang Seng decreased 354.29 points or 1.35% to 25,961.03, Taiwan Weighted dropped 155.40 points or 0.89% to 17,247.41, Jakarta Composite lost 50.69 points or 0.83% to 6,070.04, KOSPI fell 40.33 points or 1.24% to 3,202.32 and Shanghai Composite was down by 14.36 points or 0.42% to 3,397.36. On the flip side, Straits Times was up by 4.80 points or 0.15% to 3,185.41.
European markets were trading mostly in red, UK’s FTSE 100 decreased 38.31 points or 0.54% to 7,040.11and Germany’s DAX was down by 117.57 points or 0.75% to 15,522.90. On the flip side, France’s CAC was up by 3.72 points or 0.06% to 6,637.49.