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Extending their initial gains, Indian equity bourses were trading firm in afternoon deals with frontline gauges recapturing their crucial 15,800 (Nifty) and 52,700 (Sensex) levels on the back of buying by funds and retail investors amid firm cues from the Asian markets. Sentiments were upbeat with private report stating that the business activities across sectors such as auto, consumer goods and electronics, smartphones, ecommerce, hospitality and real estate picked up in June over May, amid falling infections and gradual relaxation of Covid-induced restrictions in various parts of the country. Additional support also came in as a private report stated that Emergency Credit-Linked Guarantee Scheme (ECLGS) of the government could be in for a major scale-up -- to Rs 5 lakh crore from Rs 3 lakh crore at present. Besides, the scope of the scheme is likely to be expanded to include hospitals with a view to ramping up health infra in the country. Global cues too remained supportive as all Asian markets trading higher after U. S. shares hit a record on a bipartisan $579 billion U. S. infrastructure deal that stoked economic optimism.

Back home, stocks from Metal, Basic Materials and Healthcare counters were supporting the markets’ uptrend, while those from Energy, Oil & Gas and Utilities counters were adding to the underlying cautious undertone. The BSE Sensex is currently trading at 52797.15, up by 98.15 points or 0.19% after trading in a range of 52614.49 and 52899.47. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.94%, while Small cap index was up by 0.58%.

The top gaining sectoral indices on the BSE were Metal up by 2.97%, Basic Materials up by 1.50%, Healthcare up by 1.41%, PSU up by 1.15% and Capital Goods was up by 1.13%, while Energy down by 1.91%, Oil & Gas down by 0.87%, Utilities down by 0.78%, Power down by 0.44%, Consumer Durables was down by 0.38% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.97%, SBI up by 2.18%, ICICI Bank up by 1.96%, Axis Bank up by 1.93% and Sun Pharma was up by 1.68%. On the flip side, Reliance Industries down by 2.47%, Asian Paints down by 1.27%, Hindustan Unilever down by 1.17%, NTPC down by 1.06% and Titan Company was down by 0.86% were the top losers.

Meanwhile, asserting that continuous reforms make India a great place to do business, Finance Minister Nirmala Sitharaman has invited global investors to take advantage of the recent FDI reforms, the privatisation policy and the performance linked incentive (PLI) scheme. She said that the fiscal situation is under control and is expected to improve further, and also emphasized the strong fundamental of the economy.

Sitharaman has stated that the fiscal deficit for 2020-21 was at 9.3 percent of the gross domestic product (GDP), lower than 9.5 percent estimated by the finance ministry in the revised Budget estimates. She noted that COVID-19 and its aftermath has shown the Indian economy's resilience, Sitharaman said, adding that the highest ever Goods and Services Tax (GST) collection shows the bright spot and indicates greater formalisation of the economy and tax compliance.

The minister has stated that the country is committed for a long-term relationship with US investors and proposes to meet twice yearly. She added that macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chain are just some of the ways India continues to rise as a global economic powerhouse.

The CNX Nifty is currently trading at 15833.70, up by 43.25 points or 0.27% after trading in a range of 15772.30 and 15844.45. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.94%, Hindalco up by 2.64%, JSW Steel up by 2.54%, SBI up by 2.25% and Axis Bank was up by 2.12%. On the flip side, Reliance Industries down by 2.46%, Asian Paints down by 1.41%, NTPC down by 1.14%, Hindustan Unilever down by 1.12% and UPL was down by 0.99% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 190.95 points or 0.66% to 29,066.18, Taiwan Weighted strengthened 95.03 points or 0.55% to 17,502.99, Straits Times advanced 0.26 points or 0.01% to 3,119.88, KOSPI rose 16.74 points or 0.51% to 3,302.84, Hang Seng increased 399.40 points or 1.38% to 29,281.86, Jakarta Composite soared 51.47 points or 0.86% to 6,063.53 and Shanghai Composite was up by 46.26 points or 1.3% to 3,612.91.

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