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Indian equities continued to trade in green in the afternoon session in line with global peers as Asian markets were trading mostly in the green zone. Sentiments got support as private report stated that the economy is likely to register a 9.5 per cent growth this fiscal over 7.3 per cent contraction last year, as the ongoing recovery is faster and more credible than earlier foreseen. However, upside remain capped as Foreign Institutional Investors (FII) have been net sellers of domestic stocks for 5 consecutive days now. FIIs sold Rs 2,459 crore worth of equities on Monday. Domestic Institutional Investors, however, were net buyers of stocks worth Rs 2,390 crore. Meanwhile, Union Minister for Road Transport and Highways Nitin Gadkari stated that the country imports petrol and diesel worth Rs 8 lakh crore and it will increase to Rs 25 lakh crore in the next five years if the trend of its utilisation continues.

On the global front, Asian stocks trading mostly higher as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China's property sector hit Hong Kong and mainland markets. Back home, Securities and Exchange Board of India has approved the initial public offerings (IPOs) of seven companies including One 97 Communications, the owner of finetch firm Paytm, Anand Rathi Wealth, Tarson Products and PB Fintech. ESAF Small Finance Bank, Sapphire Foods, and HP Adhesives also received the capital markets regulator’s nod for their public offerings.

The BSE Sensex is currently trading at 61015.55, up by 48.50 points or 0.08% after trading in a range of 60791.29 and 61404.87. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.17%, while Small cap index was up by 1.63%.

The top gaining sectoral indices on the BSE were Realty up by 2.62%, Consumer Durables up by 1.84%, Basic Materials up by 1.53%, Consumer Discretionary up by 1.19% and PSU was up by 1.15%, while Bankex was down by 0.24% was the only losing index on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.62%, SBI up by 2.14%, Tata Steel up by 1.80%, Titan Company up by 1.77% and Ultratech Cement was up by 1.57%. On the flip side, Indusind Bank down by 1.73%, Axis Bank down by 1.54%, ICICI Bank down by 1.18%, Hindustan Unilever down by 0.89% and Kotak Mahindra Bank was down by 0.85% were the top losers.

Meanwhile, Union Minister Piyush Goyal has called for developing 100 Indian textile machinery champions recognized across the world and reducing import dependence of the textile machinery in India by concerted effort between the textile engineering industry and the government together. He also asked textile machinery manufacturers to get out of the command-and-control mindset and work through plug and play to make the textile sector vibrant in name and spirit.

Goyal said that the National Capital Goods Policy is a manufacturing sector policy devised by the Government of India aimed at increasing the production of capital goods from the 2014-15 value of about $31 billion to $101 billion by 2025. He urged the textile industry to focus on speed, skill, and scale and get into an innovative partnership. He said India should look to become a global player in producing textiles machinery, producing at scale, producing with quality and quantity the machinery of choice that the world requires.

The minister said that focus on quality will help to capture bigger markets and higher productivity. He also expressed hope that a modern and upgraded textile machinery ecosystem would have a cascading impact on unorganized Indian textile industry. He said this will set the momentum for continuous advancement and innovation resulting in ever-evolving and enhancing competitive capabilities along the value chain.

The CNX Nifty is currently trading at 18160.45, up by 35.05 points or 0.19% after trading in a range of 18099.30 and 18265.20. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.28%, SBI Life Insurance up by 3.02%, Grasim Industries up by 2.99%, Tech Mahindra up by 2.61% and SBI was up by 2.10%. On the flip side, Indusind Bank down by 1.83%, Axis Bank down by 1.49%, ICICI Bank down by 1.19%, Adani Ports down by 0.97% and Hindustan Unilever was down by 0.95% were the top losers.

Asian markets were trading mostly higher; Jakarta Composite soared 0.59 points or 6640.05% to 39.00, KOSPI rose 28.54 points or 0.94% to 3,049.08, Taiwan Weighted strengthened 140.10 points or 0.83% to 17,034.34, Straits Times advanced 1.20 points or 0.04% to 3,203.06 and Nikkei 225 was up by 505.60 points or 1.77% to 29,106.01.

On the other hand; Hang Seng decreased 186.69 points or 0.71% to 25,945.34 and Shanghai Composite was down by 0.24 points or 3612.83% to 8.60.

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