Sensex, Nifty trade near day’s high

Indian equity bourses were trading near their intraday high points in afternoon deals, with Sensex and Nifty gaining around 500 and 140 points, respectively. In line with the larger peers, the broader indices too gained traction, while Metal sector shined the most among all major sectoral indices on the BSE.  The street was optimistic, as Central Board of Indirect Taxes and Customs (CBIC) favored extending incentives based on parameters like job creation and committed investments across the country. Traders were seen taking a note of reports that Prime Minister Narendra Modi asserted that the global economic outlook is strongly dependent on the path chartered by large developing countries like India and Saudi Arabia.

On the global front, Asian markets were trading mixed, as Confidence among South Korea's manufacturers and non-manufacturers are set to weaken in November. The survey data from Bank of Korea showed that the business survey index on business conditions in manufacturing rose one point to 72 in October, but the outlook for next month fell one point to 72.

Back home, stocks related to the metal industry were in watch, as Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan said that the demand of  steel  in the country has  seen  substantial  increase  and  is  expected  to increase further in the future as India embarks to become a $5 trillion economy.

The BSE Sensex is currently trading at 39747.22, up by 497.02 points or 1.27% after trading in a range of 39254.12 and 39757.69. There were 24 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.99%, while Small cap index was up by 0.66%.

The top gaining sectoral indices on the BSE were Metal up by 3.70%, Auto up by 3.55%, Energy up by 2.31%, Oil & Gas up by 1.65% and Industrials up by 1.62%, while Telecom down by 4.89% was the lone losing index on BSE.

The top gainers on the Sensex were Tata Motors - DVR up by 14.79%, Tata Motors up by 12.77%, Tata Steel up by 6.55%, Yes Bank up by 6.30% and Vedanta up by 3.63%. On the flip side, Bharti Airtel down by 4.62%, Power Grid down by 1.09%, Kotak Mahindra Bank down by 0.88%, NTPC down by 0.38% and HDFC down by 0.37% were the top losers.

Meanwhile, urging government to probe the business model of e-commerce majors, the Confederation of All India Traders (CAIT) has said that deep discounts on products by them are causing loss of Goods and Services Tax (GST) revenue to the Centre and state governments.

The traders’ body in its a letter to Union Finance Minister Nirmala Sitharaman claimed that e-commerce companies Amazon and Flipkart and others were selling goods much below their market value thus denying the Government of its due legitimate GST revenue.

Besides, CAIT noted that under GST Act, the government has a power to determine actual market value of the products if it appears that it is under billed. Meanwhile, CAIT sent similar letters to Union Commerce Minister Piyush Goyal and finance ministers of all states.

The CNX Nifty is currently trading at 11766.20, up by 139.05 points or 1.20% after trading in a range of 11627.35 and 11770.50. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 12.86%, Tata Steel up by 6.67%, Yes Bank up by 6.39%, JSW Steel up by 4.81% and Tech Mahindra up by 3.61%. On the flip side, Bharti Infratel down by 7.04%, Bharti Airtel down by 4.82%, Ultratech Cement down by 1.76%, Kotak Mahindra Bank down by 0.93% and Nestle down by 0.79% were the top losers.

Asian market were trading mixed; Hang Seng decreased 116.12 points or 0.43% to 26,775.14, Shanghai Composite fell 14.78 points or 0.5% to 2,965.27,Jakarta Composite lost 2.27 points or 0.04% to 6,263.11 and KOSPI fell 0.62 points or 0.03% to 2,092.98. On the flip side, Straits Times advanced 15.88 points or 0.5% to 3,201.41, Taiwan Weighted strengthened 18.85 points or 0.17% to 11,333.87 and Nikkei 225 was up by 105.41 points or 0.46% to 22,972.68.