Domestic bourses continued to trade in fine contour on continued buying by funds and retail investors amid strong global cues after the US Federal Reserve hinted that it may begin scaling down asset purchases in November and complete the process by mid-2022. Sentiments were also upbeat as Commerce and Industry Minister Piyush Goyal stated that India and the UAE have formally launched negotiations for a free trade agreement and the first round of talks will begin from September 23 with an aim to conclude it by end-December, a move aimed at boosting trade and investments between the countries. On the global front, Asian markets were trading mostly higher as China Evergrande Group unit’s statement of a negotiated coupon payment eased fears about risk contagion of the developer’s debt crisis.
Back home, all sectoral indices were trading firm and Realty was the top gainer on BSE, up by around 5% followed by Bankex and Energy indices. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices trading up by over 1% each. Overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 2098: 1020; while 164 shares remained unchanged.
The BSE Sensex is currently trading at 59696.34, up by 769.01 points or 1.31% after trading in a range of 59243.15 and 59715.59. There were 25 stocks advancing against 5 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 1.13%, while Small cap index was up by 1.08%.
The top gaining sectoral indices on the BSE were Realty up by 4.90%, Bankex up by 2.03%, Energy up by 1.59%, Consumer Durables up by 1.55% and Industrials was up by 1.46%, while there were no losing sectoral indices on the BSE.
The top gainers on the Sensex were Bajaj Finserv up by 6.05%, Axis Bank up by 3.09%, Larsen & Toubro up by 2.84%, Bajaj Finance up by 2.54% and SBI was up by 2.21%. On the flip side, Dr. Reddy's Lab down by 0.80%, TCS down by 0.23%, Ultratech Cement down by 0.22%, ITC down by 0.21% and Sun Pharma was down by 0.01% were the top losers.
Meanwhile, road transport and highways Minister Nitin Gadkari has said that India is committed to an eminently achievable clean energy-based economy, through an annual road-map for production, supply of ethanol till 2025-26, and systems for its countrywide marketing. He said the country will soon have a policy for flex-fuel engines and this policy will encourage automobile manufacturers to produce such engines.
The minister further said India is shifting its public transport fleet to green fuels like bio-CNG, ethanol, methanol, electricity and green hydrogen, which will also provide citizens some respite from surging petrol prices. He pointed out that India is one of the fastest-growing economies leading through sustainable and climate-neutral development. While the government is focusing to create an investor-friendly ecosystem to promote domestic manufacturing, he said ‘parallelly we are also giving importance to infrastructure development’. As expected, he said India is gaining good momentum in the electric vehicle (EV) ecosystem.
Gadkari further said his ministry is also planning to run a railway, metro, and long-run intercity buses on green hydrogen. He noted that both battery electric vehicle and fuel cell vehicle technologies are complementary to each other and are all set to overtake fossil-run automotive by 2050 in the country. He added that India's fuel energy security can be well supported by the agriculture sector as it provides opportunities for concepts such as waste to wealth and waste to energy, ultimately leading to the benefit of all.
The CNX Nifty is currently trading at 17765.75, up by 219.10 points or 1.25% after trading in a range of 17646.55 and 17773.70. There were 39 stocks advancing against 11 stocks declining on the index.
The top gainers on Nifty were Bajaj Finserv up by 5.92%, Coal India up by 3.21%, Axis Bank up by 2.99%, Larsen & Toubro up by 2.72% and Tata Motors was up by 2.71%. On the flip side, Dr. Reddy's Lab down by 0.85%, HDFC Life Insurance down by 0.84%, Shree Cement down by 0.61%, BPCL down by 0.35% and ITC was down by 0.35% were the top losers.
Asian markets were trading mostly higher; Hang Seng increased 176.05 points or 0.73% to 24,397.59, Jakarta Composite soared 26.05 points or 0.43% to 6,134.32, Shanghai Composite gained 8.89 points or 0.25% to 3,637.38, Taiwan Weighted strengthened 152.40 points or 0.9% to 17,078.22 and Straits Times advanced 37.74 points or 1.24% to 3,085.79.
On the other hand; KOSPI was down by 16.79 points or 0.53% to 3,123.72.
