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Markets trade at day’s high levels in late afternoon session
Jul-26-2024

Indian markets traded at day’s high levels in late afternoon session amid value buying. There were no losing sectoral indices on the BSE. Sentiments got boost as Reserve Bank of India Deputy Governor M Rajeshwar Rao said Indian financial system looks stronger than in the past and the country's economy is an outlier even as strong headwinds globally. Traders took note of report that Reserve Bank of India (RBI) has released draft guidelines proposing banks to assign additional liquidity buffers for accounts having internet and mobile banking (IMB) facilities to stave off any risks during times of stress. 

On the global front, Asian markets were trading mixed as strong U.S. GDP data and cooling inflation suggested a soft landing is in sight for the world's largest economy. European markets were trading higher as strong U.S. GDP growth and signs of cooling inflation paved the way for the Federal Reserve to cut interest rates soon. Earlier this week, a former Fed hawk said waiting for September to cut rates 'unnecessarily increases the risk' of recession.

The BSE Sensex is currently trading at 81146.91, up by 1107.11 points or 1.38% after trading in a range of 80013.60 and 81288.89. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 2.12%, while Small cap index was up by 1.06%.

The top gaining sectoral indices on the BSE were Metal up by 3.25%, Telecom up by 2.96%, TECK up by 2.56%, Basic Materials up by 2.40% and Utilities was up by 2.20%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Adani Ports up by 3.35%, JSW Steel up by 3.28%, Bharti Airtel up by 3.25%, Tata Steel up by 3.24% and Infosys up by 2.94%. On the flip side, Nestle down by 0.70% and Hindustan Unilever down by 0.03% were the only losers.

Meanwhile, calling for synergy within the industry to develop Design Studio with state of art infrastructure and developing globally competitive footwear designs, Union Minister of Commerce and Industry Piyush Goyal has said that the Leather and Footwear Industry should aim for a bigger vision and scale up the Leather and Footwear industry exports to the tune of $50 billion by 2030.

The Minister further encouraged the industry to showcase world class products with a large-scale exhibition, inviting participation from domestic and international brands. He also highlighted the importance of Quality Control Orders (QCOs) for ensuring the quality of the product for the consumer and to promote Make in India brand. 

Besides, he stated that the industry will benefit with the implementation of QCOs in the long- run. To address the concern of the industry in respect of QCOs, the Minister stated that the Government will take all efforts to make the QCO certification procedure smooth and flexible for the industry. He added that micro & small units under MSME continue to be exempted from the preview of QCOs.

The CNX Nifty is currently trading at 24783.60, up by 377.50 points or 1.55% after trading in a range of 24410.90 and 24818.25. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 10.00%, Divi's Lab up by 5.47%, Apollo Hospital up by 4.29%, Wipro up by 3.93% and Adani Enterprises up by 3.72%. On the flip side, ONGC down by 1.35%, Dr. Reddy's Lab down by 0.79% and Nestle down by 0.72% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 48.85 points or 0.67% to 7,289.13, KOSPI increased 21.25 points or 0.78% to 2,731.90, Hang Seng advanced 16.34 points or 0.1% to 17,021.31 and Shanghai Composite was up by 4.16 points or 0.14% to 2,890.90. On the global front, Straits Times fell 3.87 points or 0.11% to 3,426.58, Nikkei 225 slipped 202.1 points or 0.54% to 37,667.41 and Taiwan Weighted was down by 752.63 points or 3.4% to 22,119.21.

European markets were trading higher; UK’s FTSE 100 increased 72.82 points or 0.89% to 8,259.17, France’s CAC rose 71.2 points or 0.96% to 7,498.22 and Germany’s DAX was up by 39.36 points or 0.22% to 18,338.08.
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