Trade remains rangebound, Consumer Durables outperform

Indian markets are not showing much moves with major averages trading in a tight range, though mood continue to remain positive and buying appearing at every dip. Traders apart from the cue of US Presidential debate, were getting some support from Finance Minister Arun Jaitley’s statement that India, 'aspiring to do better in an adverse' environment, is at the world's centre stage more than ever before, though he also cautioned that by its own yardstick, the country's current growth rate is not enough.

On the sectoral front, the festivity was being seen at consumer durables counter, which has taken the lead with gain of around two percent, while the metal pack taking cues from the global markets, too was in jubilant mood. The IT pack was though in green but some cautiousness has emerged on heavy weights with a report that domestic IT sector is likely to see its weakest September quarter in the past 8 years due to broad based slowdown in BFSI and healthcare as well as delays in projects across many clients. Banking stocks too were showing a mixed trend and some were down in red. The broader markets however continued to trade firm, outperforming the benchmarks.

The BSE Sensex is currently trading at 28123.60, up by 62.46 points or 0.22% after trading in a range of 28083.39 and 28216.64. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices too were trading in green; the BSE Mid cap index was up by 0.31%, while Small cap index gained 0.57%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.92%, Metal up by 1.58%, IT up by 0.86%, TECK up by 0.69%, FMCG up by 0.49%, while Realty down by 0.56%, Oil & Gas down by 0.30%, PSU down by 0.04% were the losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.21%, Cipla up by 2.14%, GAIL India up by 1.40%, Asian Paints up by 1.28% and Infosys up by 1.15%. On the flip side, HDFC down by 1.17%, ONGC down by 1.12%, Bharti Airtel down by 0.98%, Adani Ports &Special down by 0.66% and NTPC down by 0.27% were the top losers.

NITI Aayog Vice-Chairman Arvind Panagariya has expressed his confidence that the size of the Indian economy can grow to $ 10 trillion over the next 15 years as compared to existing $ 2 trillion if India continues to reform and grow, as China did in last one and a half decade.

Panagariya stated that India started off to a rapid growth a little later than China, but now has the potential to accomplish in the next 15 years. He added that China has accomplished in last one and a half decade is very impressive as its economy has gone from $ 2 trillion 15 years ago to $ 10 trillion now. He added that despite a decrease in the growth rate, China provides a handsome $ 500 million or more to the annual growth of the global economy.

Describing India and China as 'two rare bright spots' in the context of a global economic slowdown, Panagariya stated that there is much scope for India to benefit from the Chinese experience in manufacturing, towards transforming India into a modern urban economy. He added that with China promoting out-bound investment and India seeking foreign capital and technology, which should enable us to take advantage of the synergies and put in place a vigorous framework to strengthen bilateral investment relationships. India has some active promotion policies as in India Making and implementation of India, while China has initiatives, including intelligent manufacturing.

He added that we need to have more consensus on co-operation in the region. India has some active promotion policies like Make in India and Startup India while China has initiatives, including smart manufacturing. NITI Aayog is preparing a plan view of 15 years which will provide a road map for developing India into a big economic powerhouse with inclusive growth. The first draft of the document would be ready by January.

The CNX Nifty is currently trading at 8721.30, up by 23.70 points or 0.27% after trading in a range of 8708.60 and 8745.80. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were ACC up by 2.54%, Tata Steel up by 2.20%, Cipla up by 2.14%, Hindalco up by 1.96% and Ambuja Cement up by 1.78%. On the flip side, ONGC down by 1.16%, BPCL down by 1.05%, HDFC down by 1.01%, Bharti Airtel down by 0.83% and Adani Ports &SEZ down by 0.77% were the top losers.

The Asian markets were showing mixed trend, FTSE Bursa Malaysia KLCI was marginally up by 1.64 points or 0.1% to 1,667.02, KOSPI Index gained 3.02 points or 0.15% to 2,056.82 and Shanghai Composite increased by 34.97 points or 1.16% to 3,039.67

On the other hand, Hang Seng declined by 100.68 points or 0.42% to 23,851.82, Taiwan Weighted lost 18.5 points or 0.2% to 9,265.81 and Jakarta Composite was down by 4.46 points or 0.08% to 5,372.69.