Indian markets trimmed some of their gains in early afternoon session but continued to trade in green. Gains got trimmed as traders were cautious ahead of the impending tariff deadline. Besides, traders’ attention shifted towards crucial Q1 earnings. Indices remained in green as India’s services sector gathered more pace in June to touch a ten-month high, as output and new order intakes rose at the fastest rates since August 2024, aided by another robust expansion in international sales and job creation. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index grew to 60.4 in June from 58.8 in May. The HSBC India Composite PMI Output Index - which measures both manufacturing and services - also surged to 61.0 in June as against 59.3 in May. 

On the global front, Asian markets were trading mostly in green despite China's services activity expanded at the slowest pace in nine months in June on falling export business. The Caixin services Purchasing Managers' Index registered 50.6 in June, down from 51.1 in May. The score has remained above the 50.0 threshold for the thirtieth consecutive month and the reading signaled the softest rise since last September.

The BSE Sensex is currently trading at 83569.92, up by 160.23 points or 0.19% after trading in a range of 83348.49 and 83836.99. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.22%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Auto up by 0.78%, Consumer Durables up by 0.77%, Healthcare up by 0.71%, Oil & Gas up by 0.63% and Energy was up by 0.54%, while Utilities down by 0.28%, Bankex down by 0.13%, Telecom down by 0.12%, Realty down by 0.05% and Metal was down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.03%, Eternal up by 0.89%, Maruti Suzuki up by 0.86%, Asian Paints up by 0.82% and Tata Motors up by 0.78%. On the flip side, Kotak Mahindra Bank down by 1.64%, Bajaj Finserv down by 1.34%, Trent down by 1.24%, Bajaj Finance down by 1.11% and Adani Ports down by 0.28% were the top losers.

Meanwhile, with an aim to generate 3.5 crore jobs over the next two years, the Labour ministry has worked out a fool-proof mechanism using digital tools to implement the Rs 1.07 lakh crore Employment Linked Incentive (ELI) scheme.  The scheme has been approved by the Union Cabinet and will be implemented through the social security schemes run by retirement fund body EPFO. The Labour Minister Mansukh Mand has suggested that the scheme will provide benefits to employees as well as employers and the benefits will be directly transferred into accounts. The ELI scheme is aimed at supporting job generation, enhance employability and social security across all sectors, with special focus on the manufacturing sector. 

After taking insights from the Aatmanirbhar Bharat Rozgar Yojana (ABRY), where cases of corruption and fake claims were reported, the government has come up with ELI scheme. The ABRY was launched to incentivize employers for creation of new employment along with social security benefits and restoration of loss of employment during COVID-19 pandemic. The scheme was aimed at reducing the financial burden of the employers of various sectors/industries including MSME and to encourage them to hire more workers. Under ABRY, the Government of India was bearing both the employees' share (12 per cent of wages) and employers' share (12 per cent of wages) of contribution payable or only the employees' share, depending on employment strength of the EPFO registered establishments. 

The ELI scheme was announced in the Union Budget 2024-25 as part of the package of five schemes to facilitate employment, skilling and other opportunities for 4.1 crore youth with a total budget outlay of Rs 2 lakh crore. Under the scheme, while the first-time employees will get one month's wage (up to Rs 15,000), the employers will be given incentives for a period of two years for generating additional employment, with extended benefits for another two years for the manufacturing sector. 

Moreover, the scheme is expected to benefit 1.92 crore first timers who are entering the workforce. The plan consists of two parts, with Part A focused on first timers (employees) and Part B focused on employers. Targeting first-time employees registered with EPFO, this Part A will offer a one-month wage up to Rs 15,000 in two instalments. Employees with salaries up to Rs 1 lakh will be eligible. The first instalment will be payable after 6 months of service, and the second instalment after 12 months of service and completion of a financial literacy programme by the employee.

The CNX Nifty is currently trading at 25504.50, up by 51.10 points or 0.20% after trading in a range of 25429.75 and 25576.70. There were 31 stocks advancing against 17 stocks declining on the index, while 2 stocks remained unchanged. 

The top gainers on Nifty were Apollo Hospital up by 2.00%, Hero MotoCorp up by 1.84%, ONGC up by 1.45%, Mahindra & Mahindra up by 1.05% and Dr. Reddy's Lab up by 1.01%. On the flip side, SBI Life down by 2.19%, Kotak Mahindra Bank down by 1.65%, Bajaj Finserv down by 1.39%, Trent down by 1.17% and Bajaj Finance down by 1.02% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 135.23 points or 0.6% to 22,712.97, KOSPI increased 41.21 points or 1.32% to 3,116.27, Nikkei 225 surged 23.42 points or 0.06% to 39,785.90, Jakarta Composite gained 16.15 points or 0.23% to 6,897.40 and Shanghai Composite was up by 5.34 points or 0.15% to 3,460.13. On the flip side, Straits Times fell 2.6 points or 0.06% to 4,008.17 and Hang Seng was down by 183.16 points or 0.76% to 24,038.25.