Bourses trade mix in late afternoon session

Indian equity markets traded mixed in late afternoon session. Sensex traded in red, while Nifty continued to trade in green.  Globally investors are now focusing on the upcoming U.S. Federal Reserve policy meeting minutes and Chair Jerome Powell’s address later this week for indications on future rate cuts. Traders took note of report that Union minister Dharmendra Pradhan has emphasised the need to enhance exports from eastern India and sought cooperation from the state governments in the region. He also underscored the government's commitment to ensuring the region benefits from various free trade agreements under the export promotion policy.

On the global front, Asian markets were trading mostly in red as investors awaited cues on future rate cuts in the U.S. European markets were trading higher amid signs of easing Middle East tensions and growing expectations of a Fed rate cut in September.

The BSE Sensex is currently trading at 80785.21, down by 17.65 points or 0.02% after trading in a range of 80626.38 and 80897.09. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.24%, while Small cap index was up by 0.79%.

The top gaining sectoral indices on the BSE were FMCG up by 1.46%, Consumer Durables up by 1.35%, Healthcare up by 0.83%, Metal up by 0.74% and Telecom was up by 0.66%, while Realty down by 1.36%, Bankex down by 0.65%, Power down by 0.14%, IT down by 0.08% and PSU was down by 0.04% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 2.50%, ITC up by 1.80%, Asian Paints up by 1.51%, Hindustan Unilever up by 1.48% and Bajaj Finserv up by 1.27%. On the flip side, Ultratech Cement down by 1.67%, Tata Steel down by 1.20%, ICICI Bank down by 1.05%, SBI down by 0.99% and HDFC Bank down by 0.98% were the top losers.

Meanwhile, during the interaction with the beneficiaries of the Production Linked Incentive (PLI) Scheme for MMF Apparel, fabrics and technical textiles, Union Minister of Textiles Giriraj Singh has assured that the Government is dedicated to support the growth and innovation within the textile sector.

The participants showcased the ongoing commitment, successes, experiences, feedback, and challenges of the Schemes.  Future strategies and enhancements to further strengthen the scheme’s effectiveness were also discussed. The Minister praised the participants for their engagement and contributions. 

He further said ‘The feedback and ideas shared during this session are invaluable, our continued success in the textile sector relies on collaborative efforts and open communication. I am encouraged by the dedication of PLI Scheme participants and their commitment to advancing our industry.’ Besides, the Minister assured the participants of continued support from the Ministry. He also urged the participants to expedite grounding their investment. 

The CNX Nifty is currently trading at 24740.35, up by 41.50 points or 0.17% after trading in a range of 24654.50 and 24753.95. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 3.64%, Titan Company up by 2.54%, SBI Life up by 2.24%, Hindalco up by 1.91% and ITC up by 1.82%. On the flip side, Ultratech Cement down by 1.34%, Tata Steel down by 1.09%, SBI down by 0.99%, ICICI Bank down by 0.97% and HDFC Bank down by 0.95% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted lost 191.21 points or 0.86% to 22,237.89, Hang Seng declined 120.07 points or 0.69% to 17,391.01, Nikkei 225 slipped 111.12 points or 0.29% to 37,951.80, Shanghai Composite weakened 10.08 points or 0.35% to 2,856.58 and Straits Times was down by 1.5 points or 0.04% to 3,368.81. On the flip side, KOSPI increased 4.50 points or 0.17% to 2,701.13 and Jakarta Composite was up by 25.09 points or 0.33% to 7,559.08.

European markets were trading higher; UK’s FTSE 100 increased 7.74 points or 0.09% to 8,281.06, France’s CAC rose 16.44 points or 0.22% to 7,502.17 and Germany’s DAX was up by 41.75 points or 0.23% to 18,399.27.