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Indian equity markets maintained their upward momentum in the noon session, following gains in metal, telecom and basic materials stocks. Healthy buying was observed in blue-chip stocks like Reliance Industries, HCL Tech and Kotak Mahindra Bank. Sentiments were upbeat as S&P Global in a report said India’s Services PMI rose to 57.2 in August from July’s 4-month low of 55.5, on stronger expansion in new work intakes, upturn in business activity, and the sharpest rise in employment for over 14 years. Additional support came as foreign investors have pumped in a little over Rs 51,200 crore into the Indian equity markets in August, making it the highest inflow in 20 months, amid improving risk sentiment and stabilisation in oil prices. In scrip specific developments, Maximus International hits new 52-week high as its arm enters into agreement with NLFL and Suzlon Energy freezes at 20% upper circuit on heavy volumes. On the global front, Asian markets were trading mixed after Wall Street ended last week lower and China tightened anti-virus controls curbs in some big cities.

The BSE Sensex is currently trading at 59238.45, up by 435.12 points or 0.74% after trading in a range of 58812.20 and 59254.28. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.47%, while Small cap index was up by 0.95%.

The top gaining sectoral indices on the BSE were Metal up by 1.87%, Telecom up by 1.14%, Basic Materials up by 1.02%, Bankex up by 0.97% and Realty was up by 0.77%, while Oil & Gas down by 0.03% was the only losing index on BSE.

The top gainers on the Sensex were Reliance Industries up by 1.62%, HCL Tech up by 1.58%, Kotak Mahindra Bank up by 1.54%, Tata Steel up by 1.28% and ICICI Bank was up by 1.20%. On the flip side, Nestle down by 0.64%, Mahindra & Mahindra down by 0.54%, Wipro down by 0.48%, Power Grid down by 0.42% and Indusind Bank was down by 0.17% were the top losers.

Meanwhile, rating agency ICRA in its latest report has said that steel prices in India are likely to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends.

ICRA also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial year (FY23), making the country the fastest-growing large steel markets globally this year. It said domestic steel mills face a tough time ahead as the external environment is becoming more and more challenging in key global consumption markets.

It further said the steel demand in China, which accounted for 52 per cent of the global demand in 2021, is witnessing a decline as the economy prepares for the combined impact of the property bubble, strict zero Covid lockdowns, and a severe ongoing heatwave.

The CNX Nifty is currently trading at 17667.70, up by 128.25 points or 0.73% after trading in a range of 17540.35 and 17669.20. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.33%, JSW Steel up by 2.49%, Reliance Industries up by 1.73%, HCL Tech up by 1.63% and Kotak Mahindra Bank was up by 1.56%. On the flip side, Bajaj Auto down by 1.68%, Apollo Hospital down by 1.28%, Eicher Motors down by 0.94%, Britannia down by 0.71% and Nestle was down by 0.62% were the top losers.

Asian markets were trading mixed; Hang Seng decreased 268.69 points or 1.38% to 19,183.40, Nikkei 225 slipped 31.23 points or 0.11% to 27,619.61, Taiwan Weighted dropped 11.94 points or 0.08% to 14,661.10 and KOSPI was down by 5.73 points or 0.24% to 2,403.68.

On the other hand, Shanghai Composite gained 1.09 points or 0.03% to 3,187.57, Straits Times advanced 9.60 points or 0.3% to 3,215.29 and Jakarta Composite was up by 41.38 points or 0.58% to 7,218.56.

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