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Sensex, Nifty hold gaining momentum in late morning session
Aug-02-2021

Indian equity benchmarks held their gaining momentum in late morning session, with both Sensex and Nifty trading in green terrain. Positive cues from other Asian markets helped key indices to remain higher. Domestic sentiments remained positive, after India's manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months.

On the global front, Asian markets were trading mostly in green, after the manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin showed on Monday with a manufacturing PMI score of 50.3. That's down from 51.3 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 52948.01, up by 361.17 points or 0.69% after trading in a range of 52840.58 and 52976.26. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.04%, while Small cap index was up by 1.05%.

The top gaining sectoral indices on the BSE were Realty up by 4.00%, Energy up by 1.27%, Consumer Durables up by 1.19%, Consumer discretionary up by 1.09% and Oil & Gas up by 1.06%, while there were no losing sectoral indices on the BSE.
 
The top gainers on the Sensex were Titan Co up by 2.02%, Axis Bank up by 1.91%, Indusind Bank up by 1.63%, HDFC up by 1.40% and Reliance Industries up by 1.36%. On the flip side, Tata Steel down by 1.09%, Tech Mahindra down by 0.72%, Power Grid down by 0.38%, Bajaj Finserv down by 0.24% and NTPC down by 0.13% were the top losers.

Meanwhile, with an aim to curtail higher fuel prices, industry chamber PHDCCI has urged the government to bring petroleum products in the ambit of goods and services tax (GST) soon, as high inflation in the fuel products is not only stoking overall prices but also increasing the cost of raw materials for manufactured items.

PHDCCI President Sanjay Aggarwal said the Wholesale Price Index (WPI)-based inflation has been in a double-digit growth trajectory for the past three months, stoked by high prices of fuel and power. He added that high commodity prices are posing a serious challenge to the small businesses to operate in the difficult pandemic times.

Aggarwal noted that these are impacting the cost of production and reducing price-cost margin of the producers and affecting their competitiveness in the domestic and international markets. He said ‘High inflation in the fuel products is not only stoking overall inflation but also increasing the cost of raw materials for manufactured products with its cascading impact’.

The CNX Nifty is currently trading at 15873.50, up by 110.45 points or 0.70% after trading in a range of 15834.65 and 15881.45. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 2.11%, Titan Co up by 2.03%, Grasim Industries up by 1.98%, Axis Bank up by 1.94% and Indian Oil Corp up by 1.89%. On the flip side, UPL down by 2.02%, Tata Steel down by 1.02%, Tech Mahindra down by 0.72%, Power Grid down by 0.44% and Bajaj Finserv down by 0.35% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 237.62 points or 0.92% to 26,198.65, Nikkei 225 surged 531.93 points or 1.95% to 27,815.52, Taiwan Weighted strengthened 154.42 points or 0.9% to 17,401.83, KOSPI rose 17.13 points or 0.53% to 3,219.45, Shanghai Composite gained 50.95 points or 1.5% to 3,448.31 and Jakarta Composite soared 7.08 points or 0.12% to 6,077.12. On the flip side, Straits Times trembled 9.78 points or 0.31% to 3,157.16.
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