Markets off day’s high

Indian equity markets trimmed their gains in late afternoon session to come off their intraday high points, on account of weak cues from European markets. Selling at Consumer Durables, Realty and Metal counters also dragged the indices off day’s high. Traders were seen taking a note of a private report stating that following the surprise move to cut corporate taxes last month, speculation is high that a reduction in personal income taxes is on the cards next in India. With the all-in corporate tax rate at 25 per cent, it is likely that personal income tax rates, which are at 30 per cent plus levels, will also be lowered, surcharges notwithstanding.

On the global front, European markets were trading in red, even after France's economy expanded at a steady pace in the third quarter. The first estimate from the statistical office Insee showed that gross domestic product climbed 0.3 percent sequentially, the same pace of growth as seen in the second quarter. Asian markets were also trading in red.

Back home, oil & gas sector stocks were in watch, after Prime Minister Narendra Modi said that India will invest a massive $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years.

The BSE Sensex is currently trading at 40003.77, up by 171.93 points or 0.43% after trading in a range of 39805.11 and 40178.12. There were 16 stocks advancing against 14 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.36%, while Small cap index was up by 0.29%.

The top gaining sectoral indices on the BSE were PSU up by 1.35%, IT up by 1.22%, Oil & Gas up by 1.21%, TECK up by 1.09% and FMCG up by 1.06%, while Consumer Durables down by 1.08%, Realty down by 0.59%, Metal down by 0.48%, Healthcare down by 0.22% and Auto down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 2.76%, TCS up by 2.35%, SBI up by 2.34%, Bharti Airtel up by 1.79% and Infosys up by 1.37%. On the flip side, Yes Bank down by 2.66%, Maruti Suzuki down by 1.66%, Bajaj Finance down by 1.29%, ICICI Bank down by 1.18% and Indusind Bank down by 1.17% were the top losers.

Meanwhile, appreciating Corporate Social Responsibility (CSR) spending by the companies in last year, Finance Minister Nirmala Sitharaman has exhorted India Inc to expand CSR reach to poor states like Jharkhand, Chattisgarh, Bihar and North East region.

She further noted that companies have spent about Rs 13,000 crore last year under CSR and this is very relevant for the development of the hinterland. She listed the states like Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, and Delhi where presence of CSR is significant, adding that states like Chattisgarh, Odisha, Jharkhand, and Bihar also require such support from CSR.

Besides, Nirmala Sitharaman said that the recognition has been given to wealth creators not just for wealth creation but to give back to the community in the name of CSR and added that giving back to community from the justified profit is the spirit of the CSR, which has gained a lot of traction.

The CNX Nifty is currently trading at 11825.15, up by 38.30 points or 0.32% after trading in a range of 11784.45 and 11883.95. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were GAIL India up by 5.68%, ITC up by 2.70%, TCS up by 2.57%, Grasim Industries up by 2.37% and SBI up by 2.37%. On the flip side, Bharti Infratel down by 4.74%, Yes Bank down by 2.41%, Cipla down by 2.15%, Britannia down by 2.08% and UPL down by 1.95% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 141.56 points or 0.53% to 26,645.20, Nikkei 225 slipped 131.01 points or 0.57% to 22,843.12, Shanghai Composite declined 17.26 points or 0.58% to 2,936.92 and KOSPI fell 12.42 points or 0.59% to 2,080.27. On the flip side, Straits Times advanced 9.45 points or 0.3% to 3,206.49, Jakarta Composite soared 14.13 points or 0.22% to 6,295.27 and Taiwan Weighted strengthened 46.41 points or 0.41% to 11,380.28.

All European markets were trading in red; FTSE lost 14.88 points or 0.20% to 7,291.38, CAC fell 0.31 points or 0.01% to 5,739.83 and DAX was down by 40.77 points or 0.32% to 12,898.85.