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Adding more gains, Indian equity benchmarks maintained their gaining rally in late morning session, with both Sensex and Nifty trading higher, despite negative cues from other Asian markets. Traders remained positive, as Commerce and Industry Minister Piyush Goyal assured the industry that the government will protect its interests in free trade agreements (FTAs) and these pacts would be finalised after holding detailed discussions with all the stakeholders. Besides, recognising the role of innovations to strengthen India's response to COVID-19 crisis and preparedness for emerging healthcare needs, the National Health Authority has signed an MoU with the Indian Institute of Technology Delhi.

On the global front, Asian markets were trading mostly in red, even after Malaysia's economy recovered at a faster-than-expected pace in the second quarter. The data published by the Department of Statistics showed that gross domestic product grew 16.1 percent year-on-year in the second quarter, reversing a 0.5 percent drop in the first quarter.

The BSE Sensex is currently trading at 55271.82, up by 427.84 points or 0.78% after trading in a range of 54905.49 and 55278.85. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.34%, while Small cap index was up by 0.54%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.64%, Telecom up by 1.27%, Industrials up by 1.08%, TECK up by 1.03% and IT up by 1.00%, while Realty down by 0.16%, Metal down by 0.06% and Healthcare down by 0.01% were the only losing indices on BSE.

The top gainers on the Sensex were Bajaj Auto up by 2.27%, Larsen & Toubro up by 2.22%, TCS up by 1.94%, HCL Tech. up by 1.72% and Bharti Airtel up by 1.63%. On the flip side, Bajaj Finance down by 0.63%, Tata Steel down by 0.63%, Power Grid down by 0.59%, Tech Mahindra down by 0.57% and Indusind Bank down by 0.40% were the top losers.

Meanwhile, industrial production surged by 13.6 per cent in June mainly due to a low-base effect and good performance by manufacturing, mining and power sectors but the output remained below the pre-pandemic level. In June 2021, the IIP stood at 122.6 points compared to 107.9 point in the same month last year. The index was at 129.3 points in June 2019. The IIP had contracted by 16.6 per cent in June 2020. Industrial production had plunged 18.7 per cent in March last year following the COVID-19 outbreak and remained in the negative zone till August 2020. With the resumption of economic activities, factory output rose 1 per cent in September.

The data released by the National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation showed that for the month of June 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stood at 122.6. The manufacturing sector, which constitutes 77.63 per cent of the IIP, grew by 13 per cent in June this year. The manufacturing sector had recorded a contraction of 17 per cent in June 2020. The mining sector output rose by 23.1 per cent in June, while power generation increased by 8.3 per cent. Mining sector output fell 19.5 per cent in the same month last year. The electricity generation had declined 10 per cent in June 2020. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2021 stood at 105.5, 121.0 and 169.1 respectively.

The output of capital goods, which is a barometer of investment, grew 25.7 per cent in June 2021 as against a contraction of 37.4 per cent in the year-ago period. Consumer durables manufacturing increased 30.1 per cent in the month under review compared to a 34.8 per cent decline in June 2020. Consumer non-durable goods production fell by 4.5 per cent in June this year whereas it had grown by 6.9 cent in the year-ago period. As per Use-based classification, the indices stood at 122.4 for Primary Goods, 80.2 for Capital Goods, 132.6 for Intermediate Goods and 136.8 for Infrastructure/ Construction Goods for the month of June 2021. Further, the indices for Consumer durables and Consumer non-durables stood at 101.7 and 140.8 respectively for the month of June 2021.

The CNX Nifty is currently trading at 16495.65, up by 131.25 points or 0.80% after trading in a range of 16376.30 and 16499.05. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Tata Consumer Products up by 3.09%, Larsen & Toubro up by 2.31%, TCS up by 2.14%, Bajaj Auto up by 2.04% and HCL Tech. up by 1.79%. On the flip side, Eicher Motors down by 2.16%, Bajaj Finance down by 0.65%, Tata Steel down by 0.57%, Tech Mahindra down by 0.51% and Power Grid down by 0.48% were the top losers.

Asian markets were trading mostly in red; Taiwan Weighted dropped 190.79 points or 1.11% to 17,029.15, Hang Seng decreased 185.93 points or 0.7% to 26,331.89, KOSPI fell 44.06 points or 1.37% to 3,164.32, Straits Times trembled 23.03 points or 0.72% to 3,159.77, Shanghai Composite declined 8.98 points or 0.25% to 3,515.76 and Jakarta Composite lost 5.82 points or 0.09% to 6,133.83. On the flip side, Nikkei 225 surged 20.47 points or 0.07% to 28,035.49.

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