Bourses extend gains in late afternoon session

Indian equity markets extended their gains in late afternoon session, tracing positive cues from European markets. Traders took support as Ministry of Commerce and Industry in its latest data has showed that India’s trade with Kuwait has surged remarkably, with Indian exports to the Gulf nation reaching an impressive $2.10 billion in the fiscal year 2023-24. The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the $1.56 billion reported in the previous fiscal year. On the global front, Asian markets are trading mostly in red due to lingering worries about U.S. and Chinese growth. Responding to Friday's weak jobs data, U.S. Treasury Secretary Janet Yellen said that the U.S. economy remains strong and that recent months of cooler jobs data is a signal of a soft landing, not a recession. European markets were trading higher tracking gains in U.S. index futures.

The BSE Sensex is currently trading at 81379.76, up by 195.83 points or 0.24% after trading in a range of 80895.05 and 81547.07. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.54%, while Small cap index was down by 0.93%.

The top gaining sectoral indices on the BSE were FMCG up by 1.53%, Bankex up by 0.70% and Consumer Durables was up by 0.25%, while Oil & Gas down by 1.95%, PSU down by 1.61%, Energy down by 1.58%, Metal down by 1.14% and Power was down by 0.84% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 3.11%, ITC up by 2.03%, ICICI Bank up by 1.79%, Indusind Bank up by 1.10% and Kotak Mahindra Bank up by 0.97%. On the flip side, Tech Mahindra down by 2.09%, NTPC down by 2.01%, Tata Motors down by 1.62%, Tata Steel down by 1.26% and Power Grid Corp down by 1.02% were the top losers.

Meanwhile, Emphasizing the increasing consumption and importance of man-made fibres and technical textiles in all spaces of life, at both a global and domestic level, Union Minister of Textiles, Giriraj Singh has expressed confidence that India’s technical textile exports will cross the target of $10 billion set for 2030. 

The Union Minister further stated that the Government is fully dedicated in the development of the technical textiles industry of India and has taken various steps such as launch of National Technical Textiles Mission (NTTM), PLI Scheme for MMF Fabric, Apparel and Technical Textiles. Highlighting the key initiatives taken under the NTTM mission, the Union Minister stated that 156 research projects have been sanctioned including development of carbon fibres and support to start-ups under different areas of technical textiles. He emphasized on the potential of Meditech, especially hygiene products as a major contributor in achieving this target.

Besides, he displayed confidence in the ability of the local industry, government and stakeholders in the development of High-Performance Fibres that have huge applications in different field including aerospace, automobile and construction. Union Minister reiterated the complete support of the government to become a global leader and the largest manufacturer and market of technical textiles.

The CNX Nifty is currently trading at 24885.35, up by 33.20 points or 0.13% after trading in a range of 24753.15 and 24938.60. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 3.06%, ITC up by 2.02%, Shriram Finance up by 1.97%, ICICI Bank up by 1.78% and Britannia up by 1.68%. On the flip side, ONGC down by 4.13%, Tech Mahindra down by 2.17%, Hindalco down by 1.97%, NTPC down by 1.87% and Tata Motors down by 1.70% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 290.75 points or 1.38% to 21,144.44, Hang Seng declined 247.34 points or 1.44% to 17,196.96, Nikkei 225 slipped 175.72 points or 0.49% to 36,215.75, Jakarta Composite plunged 42.06 points or 0.55% to 7,679.79, Shanghai Composite weakened 29.32 points or 1.07% to 2,736.49 and KOSPI was down by 8.35 points or 0.33% to 2,535.93. On the flip side, Straits Times was up by 44.49 points or 1.29% to 3,498.96.

European markets were trading higher; UK’s FTSE 100 increased 40.55 points or 0.5% to 8,222.02, France’s CAC rose 41.12 points or 0.56% to 7,393.42 and Germany’s DAX was up by 108.54 points or 0.59% to 18,410.44.