Jubilation continues on Dalal Street in late morning trade

Indian equity benchmarks continued to trade jubilantly in late morning trade with domestic bourses regaining their crucial 27,500 (Sensex) and 8,500 (Nifty) levels, as traders took encouragement with report that National Council of Applied Economic Research (NCAER) has pegged India’s Gross Domestic Product (GDP) growth at 7.6 percent for the fiscal year 2016-17, backed by pick-up in rural demand and positive signals’ on the manufacturing front. Some support also came with report that India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon.

Global cues too remained supportive with all the Asian counters were trading in green terrain at this point of time. Back home, recovery in Indian rupee too aided some sentiments. The Indian rupee was trading nearly 2 paise higher at 66.68 in early trade on Monday on account of selling of American currency by banks and importers. However, the local currency started the day around 4 paise lower at 66.74 against the dollar. In scrip specific development, Lupin gained by over six and a half percent after the pharma major said that it has received Establishment Inspection Report (EIR) from the US health regulator for its Goa plant leading to closure of all outstanding inspections of the facility.

The BSE Sensex is currently trading at 27509.86, up by 235.71 points or 0.86% after trading in a range of 27456.41 and 27591.15. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 1.54%, while Small cap index was up by 1.70%.

The top gaining sectoral indices on the BSE were Healthcare up by 2.62%, Realty up by 1.95%, PSU up by 1.76%, Oil & Gas up by 1.56% and Metal up by 1.48%, while there were no losers on the BSE sectoral front.

The top gainers on the Sensex were Lupin up by 6.51%, ITC up by 2.81%, SBI up by 2.59%, Dr. Reddys Lab up by 1.92% and Cipla up by 1.74%. On the flip side, Hindustan Unilever down by 0.84%, TCS down by 0.66%, HDFC down by 0.60%, Wipro down by 0.34% and Larsen & Toubro down by 0.20% were the top losers.

Meanwhile, Oil marketing companies (OMCs) have hiked prices of petrol and diesel by 89 paise a litre and 86 paise per litre respectively.  The price changes effective from midnight of November 5 and November 7 were due to surge in global oil prices. This is the sixth increase in Petrol rates since September and in the case of diesel this is the third price increase in a month.

After including local VAT, Petrol will cost Rs 67.62 a litre in National capital as against Rs 66.45 per litre currently. Similarly, diesel will cost Rs 56.41 per litre in the national capital as against Rs 55.38 per litre currently. Petrol price was last hiked by Rs. 1.73 a litre on October 16 and diesel by Rs. 2.77 a litre following an increase in commission paid to dealers.

According to IOC the country's largest fuel retailer, the hike in prices is due to the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes. It further added that the current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.

The CNX Nifty is currently trading at 8519.25, up by 85.50 points or 1.01% after trading in a range of 8493.65 and 8535.85. There were 43 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Lupin up by 6.48%, Aurobindo Pharma up by 5.94%, Bank of Baroda up by 3.61%, BHEL up by 3.53% and BPCL up by 3.34%. On the flip side, Bharti Infratel down by 1.84%, Hindustan Unilever down by 1.00%, TCS down by 0.75%, HDFC down by 0.66% and Wipro down by 0.40% were the top losers.

Asian markets were trading in green; FTSE Bursa Malaysia KLCI gained 0.8 points or 0.05% to 1,649.04, Jakarta Composite rose 6.72 points or 0.13% to 5,369.38, Shanghai Composite jumped 9.75 points or 0.31% to 3,135.06, KOSPI Index advanced 16.18 points or 0.82% to 1,998.20, Taiwan Weighted surged 117.29 points or 1.29% to 9,185.44, Hang Seng added 130.59 points or 0.58% to 22,773.21 and Nikkei 225 was up by 244.6 points or 1.45% to 17,149.96.