Local bourses continue to move in green territory

Key benchmark indices continued to move in green territory in early afternoon session, on account of buying in front line blue chip counters. Sentiments on the street remained in optimistic mood with the private report stating that the slowdown in the economy has bottomed out, and going forward, the pace of recovery will depend on initiatives the government takes to boost growth momentum, especially private investment. Additional support came with Sebi’s plan to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about Rs 9 lakh crore from entities rendered unviable by the mounting debt pile. Moreover, buying witnessed in IT, TECK, Consumer Durables and Healthcare stocks too provided support to the major indices. In the currency front, rupee dropped 8 paise to 64.65 against the US dollar in early trade after the American currency gained traction among importers. In scrip specific development, Mahindra & Mahindra was up by over a percent with its e-vehicle arm entering into partnership with Zoomcar for e-cars in Hyderabad.

On the global front, Asian markets were trading mixed, with investors finding little guidance after Wall Street closed for the Thanksgiving holiday and Chinese markets in focus after a big sell-off the previous day. Back home, the BSE Sensex is currently trading at 33695.86, up by 107.78 points or 0.32% after trading in a range of 33639.98 and 33714.42. There were 19 stocks advancing against 11 stocks declining on the index, while 1 stock remained unchanged.

The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were IT up by 1.26%, TECK up by 1.09%, Consumer Durables up by 1.01%, Healthcare up by 0.66% and Oil & Gas up by 0.59%, while Metal down by 0.41% and Realty down by 0.16% were the only losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.43%, Mahindra & Mahindra up by 1.13%, Bajaj Auto up by 1.02%, Power Grid up by 0.88% and Sun Pharma up by 0.80%. On the flip side, Asian Paints down by 0.65%, Tata Motors - DVR down by 0.56%, Adani Ports & SEZ down by 0.50%, ICICI Bank down by 0.50% and Tata Steel down by 0.46% were the top losers.

Meanwhile, a Sub Committee of the Financial Stability and Development Council (FSDC), Chaired by Reserve Bank of India (RBI) Governor Urjit R Patel, has reviewed major developments on global and domestic fronts that could impact on the financial stability of the country. The panel also discussed issues related to establishment of the National Centre for Financial Education (NCFE), operationalisation of information utilities registered by the IBBI, sharing of data among regulators and the implementation status of Legal Entity Identifier (LEI).

The FSDC also reviewed the activities of its various technical groups as well as the functioning of State Level Coordination Committees (SLCCs). In addition to this, it also discussed on the recommendations of the committees on FinTech and digital innovations, shadow banking implementation group and Stewardship Code.

The meeting was attended by Ministry of Corporate Affairs secretary Injeti Srinivas, Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi, PFRDA chairman Hemant G Contractor, IBBI chief M S Sahoo, RBI deputy governors N S Vishwanathan, Viral V Acharya and B P Kanungo, FSDC secretary C S Mohapatra and RBI executive director Deepak Mohanty. The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.

The CNX Nifty is currently trading at 10391.10, up by 42.35 points or 0.41% after trading in a range of 10362.25 and 10393.30. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Infosys up by 2.46%, Aurobindo Pharma up by 1.80%, Indusind Bank up by 1.64%, GAIL India up by 1.59% and Bharti Infratel up by 1.51%. On the flip side, Hindalco down by 1.23%, Tata Steel down by 0.66%, Vedanta down by 0.58%, ICICI Bank down by 0.53% and Adani Ports & SEZ down by 0.52% were the top losers.

The Asian markets were trading mixed; Shanghai Composite increased 2.21 points or 0.07% to 3,354.13, KOSPI Index was up by 7.18 points or 0.28% to 2,544.33, Nikkei 225 added 27.7 points or 0.12% to 22,550.85 and Hang Seng rose 159.16 points or 0.54% to 29,867.10. On the flip side, Jakarta Composite decreased 16.85 points or 0.28% to 6,046.39, FTSE Bursa Malaysia KLCI was down by 5.46 points or 0.32% to 1,715.81 and Taiwan Weighted shed 0.48 points or 0% to 10,854.09.