Domestic equity markets maintained their gains and were trading higher by around half a percent in late morning deals as investors indulged in buying at several counters. Meanwhile, broader indices were also trading in fine fettle. Positive cues from global markets supported domestic sentiments. Sentiments remained upbeat as the U.S. and its allies stepped up diplomatic efforts to help prevent the Israel-Hamas war from escalating. Some support also came in as oil prices eased after last week's surge. Besides, sentiments got a boost as a survey by industry body Ficci stated that India’s economic growth is expected at 6.3 per cent during 2023-24 on the back of good health of the financial sector and uptick in private investment even as downside risks remain. 

On the global front, Asian markets were trading mostly in green following positive cues from US markets overnight. Back home, Tyre industry related stocks were trading higher after Ceat reported strong earnings for the second quarter of financial year 2023-24. Ceat, MRF, Apollo Tyres and Jk Tyre & Industries were trading higher.   

The BSE Sensex is currently trading at 66489.86, up by 322.93 points or 0.49% after trading in a range of 66426.11 and 66559.82. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.51%, while Small cap index up by 0.77%.

The top gaining sectoral indices on the BSE were Utilities up by 1.27%, Telecom up by 1.09%, Power up by 1.06%, PSU up by 1.00% and Oil & Gas up by 0.93%, while Realty down by 0.21% was the only losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.97%, ITC up by 1.18%, Bharti Airtel up by 1.01%, Bajaj Finance up by 0.99% and Tata Steel up by 0.87%. On the flip side, Larsen & Toubro down by 0.56%, Tata Motors down by 0.47%, Asian Paints down by 0.06%, TCS down by 0.05% and Maruti Suzuki down by 0.04% were the top losers.

Meanwhile, Aluminium Association of India (AAI) has sought government's intervention for notification of rates for aluminium special economic zones (SEZs) and export-oriented units (EOUs) under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. AAI in its representation to the government has suggested that this would help boost the country's exports and encourage a favourable business landscape for domestic industries to develop.  It said while RoDTEP rates for aluminium smelters located in DTAs (domestic tariff areas) have been notified, the rate declaration for SEZs and EOUs is still pending.

The RoDTEP scheme provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state or local level. The scheme is operational since September 2021.

The RoDTEP scheme was announced in 2019 as a replacement to the Merchandise Exports from India scheme (MEIS). With over $20 billion invested, the nation is today the second largest aluminium producer in the world, with a production capacity of 4.1 million tonne per annum. SEZs and EOUs cumulatively represent the source of over 30 per cent of all aluminium exports from India. This indicates that a significant part of the domestic aluminium industry is yet to benefit from the comprehensive advantages offered by RoDTEP.

The CNX Nifty is currently trading at 19834.45, up by 102.70 points or 0.52% after trading in a range of 19809.75 and 19849.75. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 2.28%, BPCL up by 2.23%, Power Grid up by 1.97%, Tata Consumer up by 1.71% and SBI Life Insurance up by 1.63%. On the flip side, Larsen & Toubro down by 0.58%, Tata Motors down by 0.48%, UPL down by 0.45%, Grasim Industries down by 0.43% and ONGC down by 0.21% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 123.69 points or 0.7% to 17,764.05, Nikkei 225 surged 351.79 points or 1.11% to 32,010.82, Straits Times rose 4.73 points or 0.15% to 3,168.62, KOSPI increased 26.35 points or 1.08% to 2,462.59, Shanghai Composite strengthened 4.45 points or 0.14% to 3,078.26 and Jakarta Composite gained 18.13 points or 0.26% to 6,914.42. However, Taiwan Weighted lost 9.69 points or 0.06% to 16,642.55.