Sensex, Nifty remain bullish

Indian equity benchmarks remained bullish in late afternoon session, tracking firm European markets. In line with the larger peers, the broader indices were too holding their gains in late noon deals. Traders were getting comfort, with Finance Minister Nirmala Sitharaman’s statement that the up and down in Gross Domestic Product (GDP) are part of the growth process and the government is responding to the current economic challenges to revive demand and consumption in the country.

On the global front, European markets were trading in green, after the UK employment rate remained at a record high and the jobless rate was at its lowest level since late 1974, reflecting strong labor market conditions. The Office for National Statistics reported that in the three months to July, the ILO jobless rate remained unchanged on quarter, at 3.8 percent, but slightly below the expected rate of 3.9 percent. Asian markets were also trading mostly in green. 

Back home, Infra sector stocks were in watch, as Finance Minister Nirmala Sitharaman said that the Government has set up a task force to boost investments in infrastructure projects and was in the process of identifying the sectors which needed funding from the Centre.

The BSE Sensex is currently trading at 37310.26, up by 164.81 points or 0.44% after trading in a range of 37193.57 and 37343.46. 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 0.96%, while Small cap index was up by 1.43%.

The top gaining sectoral indices on the BSE were Realty up by 4.01%, Auto up by 3.33%, Metal up by 2.22%, Consumer Disc up by 1.71% and Basic Materials up by 1.63%, while IT down by 1.42%, TECK down by 1.35%, Telecom down by 0.28%, FMCG down by 0.25% and Utilities down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 14.03%, Tata Motors up by 9.23%, Tata Motors - DVR up by 8.44%, Tata Steel up by 3.48% and Maruti Suzuki up by 3.42%. On the flip side, HCL Technologies down by 2.07%, ONGC down by 1.74%, Infosys down by 1.54%, TCS down by 1.33% and NTPC down by 1.15% were the top losers.

Meanwhile, amid concerns related to India’s economic growth, Finance Minister Nirmala Sitharaman has said that the up and down in Gross Domestic Product (GDP) are part of the growth process and the government is responding to the current economic challenges to revive demand and consumption in the country.

Finance Minister further noted that they will try to frontload infra spending as much as possible, highlighting steps being taken to increase consumer confidence in market. She also said that the government is conscious on the need to respond to the slowdown in the auto sector.

Besides, Sitharaman said that the government response on home buyers will be sooner than later. On the falling Goods and Services Tax (GST) revenues, Finance Minister said collections need more attention and the government needs to widen the tax basket.

The CNX Nifty is currently trading at 11040.45, up by 37.40 points or 0.34% after trading in a range of 11011.65 and 11054.80. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 12.52%, Tata Motors up by 9.89%, Eicher Motors up by 4.91%, Maruti Suzuki up by 3.86% and Tata Steel up by 3.45%. On the flip side, Wipro down by 3.07%, GAIL India down by 2.53%, Zee Entertainment down by 2.40%, HCL Technologies down by 2.17% and UPL down by 1.83% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 393.74 points or 1.48% to 27,077.42, Nikkei 225 surged 205.66 points or 0.96% to 21,597.76, Taiwan Weighted strengthened 36.77 points or 0.34% to 10,790.35, Straits Times advanced 33.45 points or 1.06% to 3,189.16, KOSPI rose 17.12 points or 0.84% to 2,049.20, Jakarta Composite soared 4.93 points or 0.08% to 6,341.60. On the flip side, Shanghai Composite was down by 0.10 points to 3,021.10.

All European markets were trading in green; FTSE gained 58.35 points or 0.80% to 7,326.30, CAC rose 13.21 points or 0.24% to 5,606.42 and DAX was up by 96.17 points or 0.78% to 12,364.88.