Bulls continue to roar on Dalal Street

Bulls continued to roar on Dalal Street in late afternoon session, despite weak opening in European Markets. In line with the larger peers, the broader markets were too maintained their strong gains in late noon deals, while Larsen & Toubro emerged as the top gainer among major industry leaders on the BSE. Domestic sentiments remained optimistic after the Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report showed that India created 11,61,918 new jobs in the month of July 2019 as against revised figure of 10,75,314 in June 2019.

On the global front, European markets were trading in red, as the euro area private sector moved close to stalling at the end of the third quarter. The survey data from IHS Markit showed that the flash composite output index fell unexpectedly to a 75-month low of 50.4 in September from 51.9 in August. Asian markets were also trading in red.

Back home, coal industry stocks were in watch, after India's coal import declined by 3.7 percent to 18.93 million tonnes (MT) in July this year from 19.67 MT in the same month a year ago. Of the total coal imports in July 2019, non-coking coal shipment was at 12.66 MT, coking coal's was at 4.17 MT, among others.

The BSE Sensex is currently trading at 39089.23, up by 1074.61 points or 2.83% after trading in a range of 38674.04 and 39441.12. There were 17 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 2.93%, while Small cap index was up by 2.66%.

The top gaining sectoral indices on the BSE were Capital Goods up by 6.44%, Bankex up by 5.50%, Industrials up by 4.78%, FMCG up by 4.02% and Consumer Disc up by 3.39%, while IT down by 3.29%, TECK down by 3.06%, Telecom down by 0.85%, Healthcare down by 0.37% and Utilities down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 8.14%, Bajaj Finance up by 7.53%, ICICI Bank up by 7.33%, ITC up by 7.10% and Indusind Bank up by 7.09%. On the flip side, Infosys down by 4.93%, Tata Motors down by 4.65%, Tata Motors - DVR down by 3.41%, Power Grid down by 3.28% and NTPC down by 2.42% were the top losers.

Meanwhile, the Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 11,61,918 new jobs in the month of July 2019 as against revised figure of 10,75,314 in June 2019.

As per the report, the maximum jobs were created in the age bracket of 18-21 and in this bracket the top 10 sectors which have created more fresh jobs include Expert Services, Trading - Commercial Establishments, Electric-Mechanical-or General Engineering Products, Engineers- Engineering Contractors, Building & Construction Industry, Establishments engaged in Manufacturing- Marketing Servicing & Usage of Computers, Textiles, Garments Making, Establishments Engaged In Cleaning, Sweeping Services and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Tamil Nadu, Karnataka, Gujarat, Haryana and Delhi.

According to the data report, 9066 new jobs were created in less than 18 age group category, while 326591 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 323478, 140326, 193237 and 169220 new payrolls respectively in July 2019.

The CNX Nifty is currently trading at 11595.00, up by 320.80 points or 2.85% after trading in a range of 11471.35 and 11694.85. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 8.22%, Bajaj Finance up by 7.73%, ICICI Bank up by 7.45%, Adani Ports & SEZ up by 7.25% and ITC up by 7.18%. On the flip side, Zee Entertainment down by 8.23%, Infosys down by 4.84%, Tata Motors down by 4.47%, Power Grid down by 3.39% and Dr. Reddy’s Lab down by 3.28% were the top losers.

Asian counters were trading mostly in red; Straits Times trembled 8.59 points or 0.27% to 3,151.09, Taiwan Weighted dropped 10.67 points or 0.1% to 10,919.02, Jakarta Composite lost 16.03 points or 0.26% to 6,215.44, Shanghai Composite declined 35.50 points or 1.18% to 2,970.95 and Hang Seng was down by 198.14 points or 0.75% to 26,237.53. On the flip side, KOSPI was up by 0.18 points or 0.01% to 2,091.70.

All European markets were trading in red; FTSE slipped 55.52 points or 0.76% to 7,289.40, CAC lost 55.68 points or 0.98% to 5,635.10 and DAX was down by 181.64 points or 1.46% to 12,286.37.