Sensex, Nifty trade volatile; broader markets perform better

In a volatile session, Indian equity benchmarks were trading with positive bias in late afternoon session, tracking firm European markets. Traders were optimistic after reports that DIPP Secretary Ramesh Abhishek said that India's ranking may improve significantly in the World Bank's ease of doing business report on the back of reforms initiated by the government. He also said that the introduction of GST is bound to be a ‘gamechanger’ for India's economy despite the expected initial hiccups, which are being addressed by the government. Some support also came with private report stating that the recapitalisation programme for public sector banks is likely to boost equity market sentiment as it fuels growth recovery hopes, but should be followed up with structural changes at such banks for better results. Furthermore, broader markets were performing better than larger peers amid buying in Oil & Gas, Metal and Capital Goods stocks ahead of F&O series expiry later in the day. Meanwhile, India has imposed anti-dumping duty on certain stainless steel products from China, Taiwan (Chines Taipei) South Korea, South Africa, Thailand, the United States of America, and the European Union.

On the global front, European markets were trading in higher ahead of the European Central Bank's meeting later in the day. However, Asian markets were trading in red. Back home, in scrip specific development, Sun Pharmaceutical Industries gained after the company’s arm received final approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of Coreg CR, (carvedilol phosphate) extended release capsules, 10mg, 20mg, 40mg, 80 mg.

The BSE Sensex is currently trading at 33081.24, up by 38.74 points or 0.12% after trading in a range of 32835.06 and 33151.26. There were 18 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.47%, while Small cap index was up by 0.69%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.85%, Metal up by 1.75%, Capital Goods up by 1.75%, Energy up by 1.30% and PSU up by 1.12%, while Telecom down by 1.53%, Consumer Durables down by 0.54%, TECK down by 0.48%, IT down by 0.23% and FMCG down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 2.93%, Cipla up by 2.76%, Axis Bank up by 2.36%, Maruti Suzuki up by 2.32% and Sun Pharma up by 2.14%. On the flip side, Bharti Airtel down by 2.04%, ICICI Bank down by 1.91%, Power Grid Corporation down by 1.76%, Tata Motors - DVR down by 1.47% and HDFC down by 1.44% were the top losers.

Meanwhile, Indian companies raised a whopping $3.28 billion debt from overseas markets in the month of September 2017 through external commercial borrowings (ECBs)/ foreign currency convertible bonds (FCCBs) which is higher than $1.56 billion debt raised in August this year.

According to the Reserve Bank of India (RBI) data, in September 2017, Power Grid Corporation of India, EXIM Bank, and NTPC figure among the companies which together raised $3.28 billion debt from overseas markets, while Housing Development Finance Corporation (HDFC) was the only one to raise $201 million through Rupee Denominated Bonds (RDB).

Power Grid and EXIM Bank raised funds amounting $ 500 million each, through ECB/FCCB, while NTPC and IOC raised $353.89 million and $300 million respectively. Besides, SAIL was also in the list of borrowers by raising $350 million. Going Further, Larsen & Toubro, Dassault Reliance Aerospace, Cadila Healthcare, Apollo Tyres, and Birla Corporation were the companies that raised funds through the ECB.

The CNX Nifty is currently trading at 10320.55, up by 25.20 points or 0.24% after trading in a range of 10271.85 and 10338.45. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were BPCL up by 4.71%, Axis Bank up by 3.00%, Indian Oil Corporation up by 2.78%, HPCL up by 2.70% and Larsen & Toubro up by 2.51%. On the flip side, HCL Tech down by 4.31%, Ambuja Cement down by 2.32%, Indiabulls Housing Finance down by 2.23%, ICICI Bank down by 2.18% and Power Grid Corporation down by 2.11% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 100.51 points or 0.36% to 28,202.38, Taiwan Weighted decreased 15.81 points or 0.15% to 10,734.76, KOSPI Index decreased 11.87 points or 0.48% to 2,480.63, Jakarta Composite decreased 7.68 points or 0.13% to 6,017.75 and FTSE Bursa Malaysia KLCI decreased 0.49 points or 0.03% to 1,738.56. On the flip side, Shanghai Composite increased 10.67 points or 0.31% to 3,407.57 and Nikkei 225 increased 32.16 points or 0.15% to .21,739.78.

All European markets were trading in green; France’s CAC increased 11.77 points or 0.22% to 5,386.66, UK’s FTSE 100 increased 18.33 points or 0.25% to 7,465.54 and Germany’s DAX increased 22.89 points or 0.18% to 12,976.30.