Jubilant trade continues on Dalal Street in late noon deals

Indian markets continued their jubilant trade in late noon deals after weaker-than-expected US non-payroll data reduced investor fears of a Federal Reserve rate hike in the near term. Sentiment got boost after the country's services sector growth touched the highest level in over three-and-a-half years of 54.7 in August, from 51.9 in July. Firm opening in European market too supported the local markets. European stocks were trading mostly in green, as oil prices slipped and lack of drivers gave investors little to be bullish about. Brent crude prices dipped 0.7 percent following Monday's rally as other oil producers welcomed an agreement between Saudi Arabia and Russia to stabilize the oil market.

Back home, about 21 stocks out of Nifty 50 hit fresh 52-week high. Investors were pilling position in banking, auto and consumer durables stocks. In scrip specific development, Tata Motors surge after the company has secured orders worth Rs 900 crore for over 5,000 buses from various state and city transport undertakings in the first five months of FY17.

The BSE Sensex is currently trading at 28849.04, up by 316.93 points or 1.11% after trading in a range of 28631.27 and 28866.08. 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 1.32%, while Small cap index was up by 0.84%.

The top gaining sectoral indices on the BSE were Auto up by 2.06%, Bankex up by 2.01%, Power up by 1.16%, Consumer Durables up by 1.02% and Realty up by 1.01%.

The top gainers on the Sensex were Tata Motors up by 4.57%, Axis Bank up by 4.19%, Tata Steel up by 2.97%, Maruti Suzuki up by 2.50% and ICICI Bank up by 2.18%. On the flip side, Coal India down by 1.58%, TCS down by 1.09%, Wipro down by 0.35%, ONGC down by 0.23% and Cipla down by 0.03% were the top losers.

Meanwhile, the Commerce Ministry may not be extending the minimum import price (MIP) on certain steel products beyond October 4 as these items could be covered under anti-dumping duty, after it completes the anti-dumping investigations on the 66 steel products on which MIP has been imposed and extended till October 4. The commerce ministry may take the decision considering the World Trade Organization (WTO) compliant measures like anti-dumping duty that should be used to overcome the isue of cheap imports of commodities like steel.

Earlier, the government had extended the MIP on 66 steel products for two months. The 66 products included semi-finished ones of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods. Growing imports from steel surplus countries like China, Japan and Korea with predatory prices have been a major concern for the domestic industry since September 2014.

To guard domestic steel producers against cheap in-bound shipments, the government in February had imposed MIP, ranging between $341-752 per tonne, on 173 steel products for a period of six months. Prior to February also, the MIP was imposed for a period of six months. Indian Steel Association has been asking the government to extend MIP on steel products, saying its imposition has marginally improved the industry's viability after a long period of subdued prices.

The CNX Nifty is currently trading at 8900.55, up by 90.90 points or 1.03% after trading in a range of 8848.45 and 8910.35. There were 40 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.65%, Axis Bank up by 4.13%, Tata Motors - DVR up by 4.12%, Grasim Industries up by 2.71% and Tata Steel up by 2.70%. On the flip side, Coal India down by 1.53%, TCS down by 1.22%, Tata Power down by 0.63%, Wipro down by 0.51% and HCL Tech. down by 0.45% were the top losers.

Asian market were trading mostly in green; FTSE Bursa Malaysia KLCI increased 6.19 points or 0.37% to 1,684.27, KOSPI Index climbed 6.45 points or 0.31% to 2,066.53, Shanghai Composite increased 18.62 points or 0.61% to 3,090.71, Nikkei 225 was up by 44.35 points or 0.26% to 17,081.98, Taiwan Weighted surged 91.72 points or 1.01% to 9,181.85 and Hang Seng jumped 138.13 points or 0.58% to 23,787.68. On flip side, Jakarta Composite decreased 10.27 points or 0.19% to 5,346.68.

European markets were trading mostly in green; France’s CAC increased 3.47 points or 0.08% to 4,544.55 and Germany’s DAX increased 4.88 points or 0.05% to 10,677.10. On other hand, UK’s FTSE 100 decreased 14.09 points or 0.2% to 6,865.33.