Bourses trade at day’s high levels in late afternoon session

Indian equity markets traded at day’s high levels in late afternoon session amid value buying. The broader indices, the BSE Mid cap index and Small cap index traded with healthy gains. Investors were braced for RBI rate decision due on tomorrow.  Traders took note of report that BJP on its way to historic win in Haryana. Meanwhile, Union Minister Piyush Goyal has said that India and the UAE will set up a food corridor with an expected investment of $2 billion which will cater to the UAE market and beyond and help Indian farmers earn higher income and create more jobs. Goyal said that a small working group comprising central government, state governments involved and the UAE has also been set up to take forward the establishment of food corridor between the two countries on a mission mode basis.

On the global front, Asian markets were trading mostly in red after a Federal Reserve official urged a cautious path on interest-rate cuts. Investors looked ahead of key U.S. inflation readings and the release of the Fed's latest meeting minutes this week for additional clues on the Fed's rate trajectory. European markets were trading lower amid lingering Middle East concerns and reduced expectations of Federal Reserve interest-rate cuts.

The BSE Sensex is currently trading at 81738.15, up by 688.15 points or 0.85% after trading in a range of 80813.07 and 81763.28. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.50%, while Small cap index was up by 2.09%.

The top gaining sectoral indices on the BSE were Capital Goods up by 2.46%, Industrials up by 2.37%, Power up by 2.17%, Utilities up by 2.13% and Telecom was up by 1.95%, while Metal was down by 1.06% were the only losing indices on BSE.

The top gainers on the Sensex were Adani Ports up by 4.96%, Mahindra & Mahindra up by 3.03%, HDFC Bank up by 2.18%, Reliance Industries up by 1.84% and Ultratech Cement up by 1.72%. On the flip side, Tata Steel down by 2.74%, Titan Company down by 2.05%, Bajaj Finserv down by 1.99%, JSW Steel down by 1.65% and Tata Motors down by 1.37% were the top losers.

Meanwhile, emphasizing India’s significant progress in green shipping and energy transition, Union Minister of New and Renewable Energy, Pralhad Joshi has said ‘India stands as a global voice of reason in its commitment to the pursuit of a sustainable energy future that aligns with our growth ambitions and environmental responsibilities'.

The Minister also highlighted India’s energy transition and noted that India has achieved significant milestones in its shift to renewable energy. He said ‘India is the only G20 country to have met its climate targets ahead of schedule, despite having the lowest per capita emissions among G20 nations.’ Besides, he emphasized that energy security and access remain paramount for India, but this has never hindered the nation’s commitment to energy transition on both national and global scales.

Further, Joshi emphasized the crucial role of the maritime sector in global trade and its impact on greenhouse gas emissions. He said ‘As we progress towards achieving net-zero emissions, the necessity for sustainable maritime transport has become very important. India is making significant strides in the green shipping sector, driven by government initiatives, technological advancements, and international collaborations.’

The Minister detailed how Indian shipyards are being modernized and older dockyards are being evaluated for reopening to expand green shipbuilding capacity. He noted ‘India is becoming a promising hub for green shipbuilding,’ citing the government’s strong emphasis on alternative fuels and renewable energy sources like biofuels and wind power. India is upgrading its port infrastructure to support green shipping fuels and vessels using hybrid models, with the goal of ranking among the top five shipbuilding nations by 2047.

The CNX Nifty is currently trading at 25033.70, up by 237.95 points or 0.96% after trading in a range of 24756.80 and 25044.00. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Trent up by 7.61%, Adani Ports up by 4.62%, Bharat Electronics up by 4.19%, Adani Enterprises up by 4.04% and Mahindra & Mahindra up by 2.97%. On the flip side, SBI Life down by 2.98%, Tata Steel down by 2.90%, Titan Company down by 2.12%, Bajaj Finserv down by 1.94% and JSW Steel down by 1.69% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 2172.99 points or 10.38% to 20,926.79, Nikkei 225 slipped 395.2 points or 1.01% to 38,937.54, Taiwan Weighted lost 91.17 points or 0.4% to 22,611.39, Straits Times fell 17.2 points or 0.48% to 3,581.99 and KOSPI was down by 16.02 points or 0.62% to 2,594.36. On the flip side, Jakarta Composite gained 60.43 points or 0.81% to 7,564.57 and Shanghai Composite was up by 153.28 points or 4.39% to 3,489.78.

European markets were trading lower; UK’s FTSE 100 decreased 104.35 points or 1.26% to 8,199.27, France’s CAC fell 82.49 points or 1.09% to 7,493.53 and Germany’s DAX was down by 144.01 points or 0.75% to 18,960.09.