Bourses trade with healthy gains in late afternoon session

Indian equity markets continued to trade with healthy gains in late afternoon session amid value buying. Besides, U.S. recession fears faded away. Domestic investors were hoping that RBI's monetary policy committee is expected to keep the repo rate unchanged at 6.5 per cent. The committee’s decision will be announced on August 8. Some support came as Labour Ministry has said that retail inflation for industrial workers slipped to 3.67 per cent in June 2024 from 3.86 per cent in the previous month this year mainly due to lower prices of certain food items. On the global front, all Asian markets were trading higher with Japanese shares reversing early losses after a central bank official played down the prospect of an immediate hike in interest rates. European markets were trading higher as a slew of upbeat corporate earnings lifted sentiment, although gains were tempered after heavyweight Novo Nordisk missed estimates for its second-quarter operating profit.

The BSE Sensex is currently trading at 79415.90, up by 822.83 points or 1.05% after trading in a range of 79106.20 and 79639.20. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 2.39%, while Small cap index was up by 2.20%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 3.67%, Energy up by 3.26%, Metal up by 3.09%, PSU up by 3.00% and Industrials was up by 2.63%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Adani Ports up by 3.10%, Power Grid up by 3.08%, JSW Steel up by 2.44%, Tata Steel up by 2.06% and Infosys up by 2.03%. On the flip side, Indusind Bank down by 2.62%, Asian Paints down by 0.44%, Titan Company down by 0.19%, Bharti Airtel down by 0.16% and Kotak Mahindra Bank down by 0.09% were the top losers.

Meanwhile, in order to bolster employment generation, the Union Minister of Labour & Employment and Youth Affairs & Sports, Mansukh Mandaviya has suggested expeditious implementation of the Employment-Linked Incentive (ELI) Scheme announced in Union Budget 2024-25 in a mission mode. 

The Minister also emphasized the importance of a robust mechanism to ensure that the benefits of the ELI Scheme reach the true beneficiaries. He said 'It is imperative that our efforts are directed towards creating a sustainable and inclusive employment ecosystem. The ELI Scheme is designed to facilitate job creation, and provide incentives to employers and employees.' 

Further, Union Minister asked the officers to carry out an extensive outreach and awareness campaign to educate people, especially the intended beneficiaries, about the benefits of the ELI Scheme. Meanwhile, the ELI Scheme aims to create over 2 crore jobs in the country in a period of 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihood.

Three schemes for ‘Employment Linked Incentive’ were announced in Union Budget 2024-25 as part of Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore. The Ministry of Labour and Employment is in the process of finalising the details of above schemes along with their implementation plan.

The CNX Nifty is currently trading at 24283.35, up by 290.80 points or 1.21% after trading in a range of 24184.90 and 24337.70. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were ONGC up by 7.14%, Coal India up by 6.05%, Adani Enterprises up by 3.43%, Power Grid up by 3.10% and Adani Ports up by 3.02%. On the flip side, Indusind Bank down by 2.71%, Eicher Motors down by 0.97%, Britannia down by 0.48%, Asian Paints down by 0.41% and Titan Company down by 0.23% were the top losers.

All Asian markets were trading higher; Shanghai Composite strengthened 2.55 points or 0.09% to 2,869.83, Straits Times rose 50.94 points or 1.59% to 3,249.38, KOSPI increased 46.26 points or 1.8% to 2,568.41, Hang Seng advanced 230.52 points or 1.37% to 16,877.86, Jakarta Composite gained 77.2 points or 1.08% to 7,206.42, Taiwan Weighted added 794.26 points or 3.73% to 21,295.28 and Nikkei 225 was up by 414.16 points or 1.18% to 35,089.62.

European markets were trading higher; UK’s FTSE 100 increased 60.64 points or 0.76% to 8,087.33, France’s CAC rose 92.73 points or 1.3% to 7,222.77 and Germany’s DAX was up by 195.8 points or 1.13% to 17,550.12.