Bourses back in green terrain

Indian equity bourses erased all of their losses in late afternoon session to come back into green terrain, despite weak cues from European markets. Traders were seen taking support with a private report stating that notwithstanding global and domestic economic uncertainties, private equity funds recorded an all time-high investment of $9.4 billion in the third quarter this year, driven by big-ticket transactions. Adding some more relief, NITI Aayog CEO Amitabh Kant said India's improved ease of doing biz ranking is a huge achievement but there is a scope of improvement on some parameters.

On the global front, European markets were trading in red, as German consumer confidence is set to weaken to a three-year low in November. The survey data from the market research group GfK showed that the forward-looking consumer sentiment index fell to 9.6 in November from revised 9.8 in October. The expected score was 9.8. However, Asian markets were trading in green.

Back home, sugar stocks were in watch, amid reports that the country's sugar production is expected to decline by 12.38 per cent to 28-29 million tonnes in the 2019-20 marketing season starting this month, due to sharp fall in the output in Maharashtra.

The BSE Sensex is currently trading at 39173.06, up by 152.67 points or 0.39% after trading in a range of 38718.27 and 39241.61. There were 12 stocks advancing against 19 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.05%, while Small cap index was down by 0.30%.

The top gaining sectoral indices on the BSE were PSU up by 2.00%, IT up by 1.39%, TECK up by 1.00%, Bankex up by 0.99% and Oil & Gas up by 0.77%, while Telecom down by 1.86%, Consumer Durables down by 1.71%, Industrials down by 0.72%, Power down by 0.38% and Capital Goods down by 0.28% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 7.54%, Sun Pharma up by 3.10%, ICICI Bank up by 2.71%, TCS up by 2.03% and Tata Steel up by 1.99%. On the flip side, Tata Motors down by 3.11%, Tata Motors - DVR down by 2.85%, Vedanta down by 1.44%, HDFC down by 1.37% and Yes Bank down by 1.35% were the top losers.

Meanwhile, enthused by India's significant jump on the World Bank's ‘ease of doing business’ report, NITI Aayog CEO Amitabh Kant has said that it is a huge achievement but there is a scope of improvement on some parameters.

Amitabh Kant further noted that objective is to reach the top 50 and reach the top 25 in the next three years of time, adding that this is the target the prime minister has set. He also underlined that the country has done very well on several parameters but there is need to do well in registering properties, starting a business and enforcement of contracts, so the focus will be on these.

Meanwhile, as per World Bank's report, India jumped 14 places in ease of doing business ranking to mark 63rd position on the government’s flagship ‘Make in India’ scheme and other reforms attracting foreign investment. The country also figured among the top 10 performers on the list for the third time in a row. India was ranked 142nd among 190 nations in 2014.

The CNX Nifty is currently trading at 11605.05, up by 22.45 points or 0.19% after trading in a range of 11490.75 and 11646.90. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were SBI up by 7.52%, Sun Pharma up by 2.98%, BPCL up by 2.37%, ICICI Bank up by 2.32% and TCS up by 2.09%. On the flip side, Bharti Infratel down by 7.47%, Tata Motors down by 3.30%, Titan down by 2.65%, Ultratech Cement down by 2.49% and Yes Bank down by 1.66% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 49.21 points or 0.22% to 22,799.81, Shanghai Composite gained 16.53 points or 0.56% to 2,957.45, Straits Times advanced 16.14 points or 0.51% to 3,185.01 and KOSPI was up by 2.23 points or 0.11% to 2,087.89. On the flip side, Taiwan Weighted dropped 24.02 points or 0.21% to 11,296.12, Jakarta Composite lost 36.17 points or 0.57% to 6,303.48 and Hang Seng was down by 93.10 points or 0.35% to 26,704.85.

All European markets were trading in red; FTSE lost 23.26 points or 0.32% to 7,304.99, CAC fell 2.06 points or 0.04% to 5,682.27 and DAX was down by 23.12 points or 0.18% to 12,848.98.