Key indices add gains amid firm Asian cues

Indian equity markets extended gains to continue their trade in green in early afternoon session on fresh buying by investors, amid a firm trend in Asian markets. Sentiments remained up-beat with Niti Aayog vice chairman Rajiv Kumar’s statement that the country’s economy, which had witnessed slow growth due to decline in private investment and other factors, is on the rise again. He added that the employment should get due attention and that job creation would contribute to GDP growth as well. Additional support also came with report that the Indian government reiterated its pitch for a sovereign rating upgrade to Fitch, citing strong macro-economic fundamentals. Besides, sustained buying in Energy, Telecom and TECK stocks, also helped the key indices to trade in the positive zone. In scrip specific development, KNR Constructions was up by over a percent on bagging second Hybrid Annuity Project with bid project cost of Rs 482.04 crore from NHAI for the work of two Laning of Meensurutti to Chidambaram Section. 

On the global front, Asian markets were trading in green, as the fear about a global trade war amid US President Donald Trump’s push to introduce protectionist tariffs was tempered by signs the move could include carve-outs for key partners. Back home, the BSE Sensex is currently trading at 33230.13, up by 197.04 points or 0.60% after trading in a range of 33037.48 and 33309.36. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.23%, while Small cap index was up by 0.09%.

The top gaining sectoral indices on the BSE were Energy up by 0.92%, Telecom up by 0.91%, TECK up by 0.74%, IT up by 0.73% and Auto up by 0.64%, while Healthcare down by 0.31%, Metal down by 0.08% and Basic Materials down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.03%, ICICI Bank up by 1.92%, Mahindra & Mahindra up by 1.57%, Reliance Industries up by 1.43% and HDFC up by 1.36%. On the flip side, Yes Bank down by 2.40%, Sun Pharma down by 1.68%, Coal India down by 0.65%, Tata Motors down by 0.50% and Indusind Bank down by 0.44% were the top losers.

Meanwhile, citing good third quarter gross domestic product (GDP) numbers for the fiscal year 2017-18, Niti Aayog vice chairman Rajiv Kumar has said that India’s economy bottomed out and is on the rise again. He also said that the country’s economy had witnessed slow growth because of decline in private investment and other factors. He added that this has all started changing and investment cycle has turned.

Niti Aayog vice chairman highlighted that self-employment has generally been seen in the country as a residual category, and the self-employed youth, in the coming days, would be highly qualified and adept at latest technologies. He believes that the self-employed youth will be using Internet of things (IoT) to deliver to the society what the society needs at a rapidly changing pace.

On the employment front, Kumar said that it should get due attention and that job creation would contribute to GDP growth as well. In order to make good policy, he said that the Niti Aayog would like to generate payroll data based on inputs from employers on their plans vis-a-vis recruitment. He pointed out that the jobs created by new employers in the country like taxi companies and financial institutions should also be taken into consideration in employment data.

The CNX Nifty is currently trading at 10209.20, up by 55.00 points or 0.54% after trading in a range of 10146.40 and 10241.40. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Bharti Infratel up by 2.20%, ICICI Bank up by 1.90%, SBI up by 1.89%, Mahindra & Mahindra up by 1.86% and Indiabulls Housing Finance up by 1.69%. On the flip side, Yes Bank down by 2.39%, Sun Pharma down by 1.71%, Coal India down by 0.83%, ONGC down by 0.80% and Tata Motors down by 0.75% were the top losers.

All the Asian markets were trading in green; FTSE Bursa Malaysia KLCI increased 5.03 points or 0.27% to 1,842.93, Shanghai Composite was up by 11.33 points or 0.35% to 3,282.99, KOSPI Index added 31.26 points or 1.3% to 2,433.08, Jakarta Composite rose 63.12 points or 0.99% to 6,431.38, Taiwan Weighted increased 77.92 points or 0.73% to 10,823.24, Nikkei 225 surged 115.35 points or 0.54% to 21,368.07 and Hang Seng was up by 430.16 points or 1.42% to 30,627.08.