Indian equity benchmarks trimmed some gains but managed to trade in green in morning deals, led by gains in Metal, Basic Materials and Energy stocks. Softening crude oil prices also helped the markets. Traders took some support with exchange data showing that Foreign Institutional Investors (FIIs) bought equities worth Rs 252.25 crore on Monday. However, gains remain capped as some concern came with a study by rating agency Crisil found that higher growth in vegetable demand relative to supply in the recent past has led to an upward trend in inflation, with spikes becoming more frequent. It said vegetable inflation has been the most volatile in the food category, in fact. On the global front, Asian markets are trading mostly in green with Chinese and Hong Kong markets rising sharply, spurred by rare fiscal measures from Beijing to address the ongoing severe liquidity crunch in the domestic property market as well as to stem the stock market's sell-off. 

The BSE Sensex is currently trading at 64646.16, up by 74.28 points or 0.12% after trading in a range of 64502.57 and 64787.08. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index rose 0.36%, while Small cap index was up by 0.69%.

The top gaining sectoral indices on the BSE were Metal up by 1.80%, Basic Materials up by 0.87%, Energy up by 0.58%, PSU up by 0.55% and Bankex up by 0.43%, while TECK down by 0.30%, Healthcare down by 0.25%, IT down by 0.10%, Utilities down by 0.10% and Power down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.29%, JSW Steel up by 1.53%, Kotak Mahindra Bank up by 1.04%, SBI up by 1.03% and HCL Technologies up by 0.90%. On the flip side, Infosys down by 1.50%, NTPC down by 0.91%, Titan Co down by 0.70%, Sun Pharma down by 0.55% and Bharti Airtel down by 0.54% were the top losers.

Meanwhile, S&P Global Market Intelligence in its latest issue of PMI has said that India, the world’s fifth largest economy in the world, is likely to overtake Japan to become the world’s third-largest economy with a GDP of $7.3 trillion by 2030. It said after two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. India’s gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year. Asia’s third-largest economy grew by a stellar 7.8 per cent in the April-June quarter.

It stated the near-term economic outlook is for continued rapid expansion during the remainder of 2023 and for 2024, underpinned by strong growth in domestic demand. The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a youthful demographic profile and rapidly rising urban household incomes.

It mentioned ‘India’s nominal GDP measured in USD terms is forecast to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030. This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region.’ By 2022, the size of the Indian GDP had already become larger than the GDP of the UK and also France. By 2030, India’s GDP is also forecast to surpass Germany.’

Besides, it said the US at present is the world’s largest economy with a GDP of $25.5 trillion. It makes up for a quarter of the world’s GDP. China is the second largest economy with a GDP size of about $18 trillion, which is almost 17.9 per cent of the world GDP. Japan is a distant third with $4.2 trillion GDP, followed by Germany with $4 trillion GDP.

The CNX Nifty is currently trading at 19298.75, up by 17.00 points or 0.09% after trading in a range of 19259.55 and 19347.30. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 2.96%, Tata Steel up by 2.29%, JSW Steel up by 1.31%, LTIMindtree up by 1.16% and SBI up by 1.07%. On the flip side, HDFC Life Insurance down by 1.69%, Cipla down by 1.53%, Infosys down by 1.52%, Apollo Hospital down by 1.30% and NTPC down by 1.01% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 371.3 points or 1.2% to 31,433.65, Taiwan Weighted added 80.83 points or 0.5% to 16,390.59, Hang Seng advanced 200.06 points or 1.16% to 17,191.59, Straits Times rose 1.44 points or 0.05% to 3,085.32, Jakarta Composite gained 54.23 points or 0.8% to 6,860.99 and Shanghai Composite strengthened 15.04 points or 0.51% to 2,977.28.

On the flip side, KOSPI dropped 11.20 points or 0.47% to 2,372.31.