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Markets remain in green in late morning deals
Sep-16-2024

Domestic equity markets remained in green in late morning deals on account of buying in NTPC, Kotak Mahindra Bank, Mahindra & Mahindra, Power Grid and JSW Steel companies stocks. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.10-0.20%. There were some encouragement in markets amid growing expectations of interest rate cuts by the Federal Reserve and other central banks. Some support came in as the Reserve Bank of India said India's forex reserves jumped $5.248 billion to a new all-time high of $689.235 billion for the week ended September 6.

On the global front, Asian markets were trading mostly in green ahead of central bank meetings in the U.S., Japan and the U.K. later in the week. Back home,  on the BSE sectoral front, traders were seen pilling up positions in Utilities, Power, Realty, Consumer Durables and Metal, while selling was witnessed in FMCG, Telecom, IT and TECK. 

The BSE Sensex is currently trading at 83051.55, up by 160.61 points or 0.19% after trading in a range of 82904.76 and 83184.34. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.12%, while Small cap index up by 0.20%.

The top gaining sectoral indices on the BSE were Utilities up by 2.11%, Power up by 2.03%, Realty up by 1.35%, Consumer Durables up by 0.64% and Metal up by 0.48%, while FMCG down by 0.32%, Telecom down by 0.32%, IT down by 0.28% and TECK down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.63%, Kotak Mahindra Bank up by 1.27%, Mahindra & Mahindra up by 1.17%, Power Grid up by 1.14% and JSW Steel up by 1.07%. On the flip side, Bajaj Finance down by 2.64%, Hindustan Unilever down by 2.17%, Bajaj Finserv down by 1.99%, Infosys down by 0.43% and Nestle down by 0.18% were the top losers.

Meanwhile, the labour ministry in latest payroll date has said Employees’ State Insurance Corporation (ESIC) recorded a 13.32 per cent increase in subscribers addition to 22.53 lakh in July, 2024 compared to the figure of a year ago.  The latest payroll date showed that 19.88 lakh new subscribers were added in July 2023.

According to it, 56,476 new establishments have been brought under the social security ambit of the ESI Scheme in the month under review. Further, the year-on-year analysis shows a growth of 13.32 per cent in net registrations compared to July 2023. It further showed that out of the total 22.53 lakh employees added during the month, 10.84 lakh employees amounting to around 48 per cent of the total registrations belonged to the age group of up to 25 years.

Also, a gender-wise analysis of the payroll data indicates that net enrolment of female members stood at 4.65 lakh in July. Besides, it stated a total of 71 transgender employees have also got registered under ESI Scheme in the month, which attests the commitment of ESIC to deliver its benefits to every section of the society. The ministry said that the payroll figures are provisional since the data generation is a continuous exercise.  

The CNX Nifty is currently trading at 25,404.35, up by 47.85 points or 0.19% after trading in a range of 25,445.70 and 25,366.00. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 1.29%, Mahindra & Mahindra rose 1.33%, NTPC gained 1.20% Shriram Finance rose 1.10% and L&T up by 1.05%. However, Bajaj Finance fell 2.77%, Hindustan Unilever dropped 2.36%, Bajaj Finserv lost 2.29%, SBI Life Insurance declined 0.99% and  State Bank of India down by 0.35%. 

Asian markets were trading mostly in green; Hang Seng rose 4.44 points or 0.03% to 17,373.53 and Taiwan Weighted was up by 76.93 points or 0.35% to 21,836.58, while Straits Times fell 10.73 points or 0.30% to 3,551.92.
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