Indian markets remain in green during late afternoon deals

Indian equity benchmarks remained in green terrain in late afternoon deals, tracking firm European markets. Traders were taking support with an EEPC India’s analysis report showing that India's engineering exports to China have gone up by an annualised 58 per cent in August, 2019, bucking the trend of drop in overall exports to the world market. Despite some volatility, bourses managed to trade in green, amid reports that the government set up a high-level committee of officers to look into revenue shortfall being faced by the states and suggest measures for augmenting collections.

On the global front, European markets were trading in green, as Spain's consumer price inflation eased as initially estimated, hitting the lowest in more than three years in September. The final data from the statistical office INE showed that the consumer price index edged up 0.1 percent year-on-year in September, following a 0.3 percent rise in August. Asian markets were also trading in green.

The BSE Sensex is currently trading at 38109.66, up by 229.26 points or 0.61% after trading in a range of 37737.85 and 38345.41. There were 24 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Metal up by 1.86%, Realty up by 1.53%, Basic Materials up by 1.30% and FMCG up by 1.22%, IT up by 1.08%, while Oil & Gas down by 0.17% and Energy down by 0.16% were the only losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 4.02%, Tata Motors - DVR up by 3.94%, ONGC up by 2.79%, Infosys up by 2.70% and Tata Steel up by 2.31%. On the flip side, Yes Bank down by 2.08%, TCS down by 0.92%, Sun Pharma down by 0.80%, Mahindra & Mahindra down by 0.79% and Reliance Industries down by 0.45% were the top losers.

Meanwhile, auto sales in the country continued to remain under pressure in the month of September, as data released by the Society of Indian Automobile Manufacturers (SIAM) showed that domestic passenger vehicle sales declined by 23.69 percent in September to 2,23,317 units, down from 2,92,660 units in the year-ago period, making it the 11th consecutive month of decline in vehicle off-take.

As per SIAM data report, domestic car sales also saw a fall of 33.4 percent to 1,31,281 units last month as against 1,97,124 units in September 2018. Besides, motorcycle sales in September declined 23.29 percent to 10,43,624 units as against 13,60,415 units a year earlier. Total two-wheeler sales in September fell 22.09 percent to 16,56,774 units compared to 21,26,445 units in the year-ago month.

Further, the report showed 39.06 percent fall in sales of commercial vehicles to 58,419 units in September as compared with 95,870 units in the same period of last year. Also, vehicle sales across categories registered a decline of 22.41 percent to 20,04,932 units from 25,84,062 units in September 2018.

The CNX Nifty is currently trading at 11313.30, up by 78.75 points or 0.70% after trading in a range of 11189.40 and 11362.90. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.37%, Cipla up by 3.26%, ONGC up by 2.95%, Ultratech Cement up by 2.93% and Infosys up by 2.75%. On the flip side, Indian Oil Corporation down by 2.23%, Yes Bank down by 2.20%, GAIL India down by 1.73%, TCS down by 1.01% and Sun Pharma down by 0.75% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 246.89 points or 1.15% to 21,798.87, Hang Seng increased 604.32 points or 2.35% to 26,312.25, Shanghai Composite gained 27.83 points or 0.94% to 2,975.54, Jakarta Composite soared 61.77 points or 1.03% to 6,085.41, Straits Times advanced 21.73 points or 0.7% to 3,111.21 and KOSPI was up by 16.46 points or 0.81% to 2,044.61.

All European markets were trading in green; FTSE gained 1.01 points or 0.01% to 7,187.37, CAC rose 62.79 points or 1.13% to 5,631.84 and DAX was up by 214.03 points or 1.76% to 12,378.23.