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Indian stock markets continued to trade in positive terrain in the noon session due to buying in Consumer Durables, Realty and Telecom stocks. Buying in frontline stocks such as Bajaj Finance, Sun Pharma and Bajaj Finserv were aiding sentiment, while selling in Asian Paints, Power Grid and Bajaj Auto kept the gains in the markets in check. Traders were taking solace with Commerce and Industry Minister Piyush Goyal's statement that India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America. He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years. However, upside remain capped as finance ministry stated that India’s external debt rose modestly by 2.1 per cent year-on-year to $570 billion as of March-end 2021, notwithstanding the COVID-19 pandemic. It said reserves to external debt ratio, however, increased to 101.2 per cent from 85.6 per cent during the same period, thereby consolidating the country’s position as a net creditor to the world. On the global front, Asain markets were trading mostly higher as Evergrande Group announced that it would sell its stake in Shengjing Bank to repay its 10 billion yuan ($1.6 billion) debt to a lender based in northeastern China.

The BSE Sensex is currently trading at 59491.76, up by 78.49 points or 0.13% after trading in a range of 59228.22 and 59557.24. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.57%, while Small cap index was up by 0.73%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.58%, Realty up by 1.40%, Telecom up by 0.83%, Healthcare up by 0.68% and Industrials was up by 0.42%, while Energy down by 0.31%, Oil & Gas down by 0.27%, Auto down by 0.22%, IT down by 0.12% and PSU was down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.78%, Sun Pharma up by 1.76%, Bajaj Finserv up by 1.50%, Titan Company up by 1.43% and HDFC was up by 1.24%. On the flip side, Asian Paints down by 2.62%, Power Grid down by 2.49%, Bajaj Auto down by 1.61%, Tech Mahindra down by 0.82% and SBI was down by 0.80% were the top losers.

Meanwhile, Union Minister for Heavy Industries Mahendra Nath Pandey has said that India would become a manufacturing hub and the automotive sector will play a major role in making the country a $5 trillion economy. He said the government is very much focused on the development of electric mobility and the project work undertaken by the Automotive Research Association of India (ARAI) to establish components and systems for electric vehicles (EVs) is a big step towards the future.

Pandey said several businesses including the automotive industry took a hit during the pandemic but now it is recovering. Research work, manufacturing, and acquisition for EV components like charging points, batteries, fuses, bio-gas resources, and other parts will be supported by the government. He believed that the progress in the sector will also give rise to employment generation among the youth and the government's vision of 'Atmanirbhar Bharat' will be fulfilled.

The minister noted that the Union Cabinet has approved Rs 26,800-crore Production Linked Incentive (PLI) scheme for the auto sector focused on promoting the manufacturing of EVs and hydrogen-fuel vehicles.

The CNX Nifty is currently trading at 17719.95, up by 8.65 points or 0.05% after trading in a range of 17658.45 and 17742.15. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Sun Pharma  up by 1.85%, Bajaj Finance up by 1.80%, Bajaj Finserv up by 1.48%, Titan Company up by 1.37% and HDFC was up by 1.25%. On the flip side, Asian Paints down by 2.65%, Power Grid Corp down by 2.44%, Bajaj Auto down by 1.67%, Indian Oil Corporation down by 1.65% and Eicher Motors was down by 1.49% were the top losers.

Asian markets were trading mostly higher; KOSPI rose 8.94 points or 0.29% to 3,069.21, Taiwan Weighted strengthened 79.31 points or 0.47% to 16,934.77, Shanghai Composite gained 34.51 points or 0.98% to 3,570.80, Jakarta Composite soared 67.67 points or 1.1% to 6,230.22 and Straits Times was up by 16.63 points or 0.54% to 3,090.94.

On the flip side; Nikkei 225 slipped 91.63 points or 0.31% to 29,452.66 and Hang Seng decreased 70.60 points or 0.29% to 24,592.90.

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