Markets extend gains in late afternoon session

Indian equity indices extended their gains in late afternoon session on account of buying in frontline blue chip counters amid firm opening in European markets. Sentiments got some support with the private report indicating that a moderation in aggregate food prices will lower inflation momentum in November and the CPI inflation is expected to moderate to around 4 percent in November from 4.2 percent in October. Though the investor mood remained a bit cautious ahead of November F&O expiry scheduled for tomorrow. On the global front European stocks were trading in green as U.S. equities hit record closing highs for a second straight session overnight on optimism about the impending Donald Trump presidency. Back home, in scrip specific development, the pharma major, Lupin was trading with over 4 percent gain after receiving tentative approval for its Abacavir Sulfate and Lamivudine Tablets, 600 mg/300 mg from the USFDA to market a generic version of ViiV Healthcare Company's Epzicom Tablets, 600 mg/300 mg.

The BSE Sensex is currently trading at 26057.95, up by 97.17 points or 0.37% after trading in a range of 25877.16 and 26130.49. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.90%, while Small cap index was up by 1.27%.

The top gaining sectoral indices on the BSE were Realty up by 2.66%, Metal up by 2.23%, Capital Goods up by 2.01%, Power up by 0.95% and Consumer Durables up by 0.88%, while there were no losing indices on BSE sectoral front.

The top gainers on the Sensex were Lupin up by 4.57%, Asian Paints up by 3.88%, NTPC up by 3.61%, Larsen & Toubro up by 3.16% and Tata Steel up by 3.15%. On the flip side, HDFC down by 1.91%, Mahindra & Mahindra down by 1.47%, Bharti Airtel down by 1.30%, Power Grid down by 1.28% and Wipro down by 0.87% were the top losers.

Meanwhile, in further step of preparation to handle tax deposits under the new Goods and Services Tax (GST) regime, banks are developing and making necessary changes in their information technology system for integration with RBI and Goods and Services Tax Network (GSTN).

Finance Minister Arun Jaitley has said that for integration of the banks' information technology system with RBI and GST portal, detailed protocols have been prepared and finalized by RBI and GSTN, respectively, in consultation with the Government of India. He also said that the public and private sector banks are preparing themselves to handle collection of taxes under the GST regime and remitting it to the government account with RBI. Under the GST regime, individuals and entities can pay taxes online using debit or credit cards or any electronic, mode of payment, including NEFT, RTGS.

The government’s new and simpler GST portal has already gone live on November 8, for migrating tax payers. The GST portal will enable easy filing of returns and tax payments through credit/debit cards and other modes. A provisional identification number, called GSTIN for assesses who have moved to the new portal is being generated and new registrations under GST will start from April 2017.

The CNX Nifty is currently trading at 8029.85, up by 27.55 points or 0.34% after trading in a range of 7973.10 and 8055.20. There were 37 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Lupin up by 4.69%, Asian Paints up by 3.69%, Hindalco up by 3.63%, Tata Steel up by 3.28% and NTPC up by 3.15%. On the flip side, HDFC down by 2.12%, Mahindra & Mahindra down by 1.73%, Bharti Airtel down by 1.30%, Power Grid down by 1.22% and BPCL down by 1.07% were the top losers.

Asian markets were trading mostly in red; Shanghai Composite dipped 7.21 points or 0.22% to 3,241.14, Jakarta Composite decreased 7.11 points or 0.14% to 5,197.57, Hang Seng dropped 1.38 points or 0.01% to 22,676.69 and FTSE Bursa Malaysia KLCI was down by 0.5 points or 0.03% to 1,628.82. On the other hand, KOSPI Index increased 4.48 points or 0.23% to 1,987.95 and Taiwan Weighted was up by 44.84 points or 0.49% to 9,178.23.

All the European markets were trading in green; France’s CAC rose 7.45 points or 0.16% to 4,555.80, Germany’s DAX increased 21.77 points or 0.2% to 10,735.62 and UK’s FTSE 100 was up by 45.91 points or 0.67% to 6,865.63.