Sensex, Nifty turn green in early noon deals

Local equity benchmarks erased all the losses to turn positive in early noon session with both Sensex and Nifty trading above 40,500 and 11,950 marks, respectively. Buying witnessed in auto, metal and basic materials stocks provided support to the domestic benchmarks and most of the sectoral indices were trading in green. Traders’ sentiment got boost with Finance Minister Nirmala Sitharaman’s statement that the government is working on more measures to revive the sagging economy. Meanwhile, Former Union minister Suresh Prabhu states that startups are going to play a vital role in making India a $5 trillion economy.

On global front, most of the Asian markets were trading mostly in green, on account of positive cues from Wall Street Friday following stronger-than-expected job growth in the month of November. Back on street, in scrip specific developments, shares of Dish TV India gained after the company stated that the default in debt repayment was on account of a temporary cash shortfall due to peak payment commitments to suppliers.

 The BSE Sensex is currently trading at 40560.40, up by 115.25 points or 0.28% after trading in a range of 40336.56 and 40582.68. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.71%, while Small cap index was up by 0.20%.

The top gaining sectoral indices on the BSE were Auto up by 1.36%, Metal up by 1.35%, Basic Materials up by 0.82%, Energy up by 0.78% and Oil & Gas was up by 0.78%, while FMCG down by 0.53%, IT down by 0.45%, TECK down by 0.23% and Realty was down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 4.82%, Maruti Suzuki up by 2.42%, Vedanta up by 2.15%, Tata Motors up by 2.04% and Tata Steel was up by 1.56%. On the flip side, TCS down by 1.76%, HCL Technologies down by 1.62%, Hindustan Unilever down by 1.12%, Tech Mahindra down by 0.92% and ITC was down by 0.33% were the top losers.

Meanwhile, former Union minister Suresh Prabhu has said that startups are going to play a vital role in making India a $5 trillion economy. He also said ‘so, when we talk about $5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy.’

Prabhu has stated that the economic growth will come from both the existing industries as well as from those companies that are going to come up in the future. He noted that India has become a $2.7 trillion economy in 2019, having added 1 trillion US dollars in the last five years.

Former Union minister further said that there has been a global economic slowdown, which has also impacted the country's growth. The global economy is slowing down at the same time India's economy has slowed down. He pointed out that the country needs to have three components - industries, services and agriculture to achieve an ambitious GDP goal of $5 trillion.

The CNX Nifty is currently trading at 11957.70, up by 36.20 points or 0.30% after trading in a range of 11888.05 and 11967.50. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 4.46%, Adani Ports &Special up by 2.87%, Zee Entertainment up by 2.47%, Maruti Suzuki up by 2.37% and Vedanta was up by 2.18%. On the flip side, TCS down by 1.77%, HCL Technologies down by 1.49%, Hindustan Unilever down by 1.29%, Tech Mahindra down by 1.03% and Nestle was down by 0.88% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 76.30 points or 0.33% to 23,430.70, Hang Seng increased 7.51 points or 0.03% to 26,505.88, Jakarta Composite soared 6.45 points or 0.1% to 6,193.32, Shanghai Composite gained 1.94 points or 0.07% to 2,913.95, Taiwan Weighted strengthened 51.13 points or 0.44% to 11,660.77, KOSPI was up by 7.40 points or 0.36% to 2,089.25. On the other hand, Straits Times was down by 2.11 points or 0.07% to 3,192.60.