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Indian equity markets continued to trade with gains in noon trade on account of buying in frontline blue chip counters. Traders took solace with private report stating that the easing of restrictions on economic activity coupled with the increasing focus on ramping up operations and sales by businesses is having a positive impact on the hiring of fresher’s. However, upside remain capped as foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 866.26 crore on July 29, as per provisional exchange data. On the sectoral front, fertilizer stocks were in focus as China asked some key fertilizer firms to suspend exports to the world. Some of China's key fertilizer companies said they would temporarily suspend exports to assure supplies in the domestic market.

On the global front, Asian markets were trading mostly lower as traders weighed signs of a slowdown ahead for megacap technology companies and risks from China’s regulatory crackdown. Back home,  BSE Sensex is currently trading at 52764.07, up by 111.00 points or 0.21% after trading in a range of 52555.39 and 52799.67. 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 0.81%, while Small cap index was up by 0.82%.

The top gaining sectoral indices on the BSE were Auto up by 1.56%, Utilities up by 1.27%, Industrials up by 1.21%, Power up by 1.02% and Consumer Discretionary was up by 0.82%, while Telecom down by 0.40% and Bankex down by 0.31% were the only losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 8.49%, Mahindra & Mahindra up by 3.20%, HCL Tech up by 3.20%, Power Grid up by 2.48% and Bajaj Auto was up by 2.18%. On the flip side, SBI down by 2.21%, Bajaj Finserv down by 2.07%, Bajaj Finance down by 1.87%, Bharti Airtel down by 1.15% and ICICI Bank was down by 1.11% were the top losers.

Meanwhile, MSME Minister Narayan Rane said that the government has provided with guarantee support amounting to Rs 1.65 lakh crore to 1.09 crore MSME borrowers under the Emergency Credit Line Guarantee Scheme (ECLGS). ECLGS was announced as part of the Aatmanirbhar Bharat Package 2020 with an aim to help MSMEs/small businesses meet their operational liabilities and resume business in view of the distress caused by the pandemic.

Under the scheme, MLIs (Member Lending Institutions) are provided a 100 percent guarantee against any losses suffered due to non-repayment of ECLGS funding by borrowers. The overall cap of admissible guarantee of ECLGS was raised from Rs 3 lakh crore to Rs 4.5 lakh crore on June 28, 2021.

The government has announced that MSME dues should be cleared by government agencies and central public sector enterprises (CPSEs) within 45 days. Since May 2020 and up to July 26, 2021, pending payments of Rs 55,863.30 crore have been made to MSMEs.

The CNX Nifty is currently trading at 15811.45, up by 33.00 points or 0.21% after trading in a range of 15744.85 and 15823.25. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 8.59%, Adani Ports up by 3.80%, HCL Tech up by 3.24%, Mahindra & Mahindra up by 3.19% and Power Grid was up by 2.27%. On the flip side, UPL down by 3.44%, SBI down by 2.13%, Bajaj Finserv down by 2.11%, Bajaj Finance down by 2.01% and SBI Life Insurance was down by 1.85% were the top losers.

Asian markets were trading mostly lower; Shanghai Composite declined 17.58 points or 0.52% to 3,394.14, Taiwan Weighted dropped 155.40 points or 0.89% to 17,247.41, Nikkei 225 slipped 498.83 points or 1.8% to 27,283.59, Hang Seng decreased 500.44 points or 1.9% to 25,814.88 and KOSPI was down by 40.33 points or 1.24% to 3,202.32. On the flip side, Jakarta Composite soared 16.17 points or 0.26% to 6,136.90 and Straits Times was up by 0.65 points or 0.02% to 3,181.26.

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