Benchmarks maintain gaining streak in afternoon session

Indian equity benchmarks continued their trade in green in afternoon session. Beside, broader indices, BSE Mid cap and Small cap are also showing positive trend. Buying was witnessed in Metal, Basic Materials and Utilities stocks. Healthy buying was observed in blue-chip stocks like Yes Bank, Tata Motors, Vedanta and UPL. On the sectoral front, Auto stocks remained in limelight with the private report that retail sales of automobiles registered a marginal growth during the month of November over the same period last year on the back of spill over of demand from the Dussehra and Diwali festive period in October. Besides, NBFC stocks were also remained in focus as CRISIL in its latest report states that asset growth of non-banking finance companies (NBFCs) and housing finance companies (HFCs) is expected to hit a decadal low of 6-8 percent during current fiscal year (FY20) from a high 15 percent last fiscal year.

On the global front, Asian markets were trading mostly in green, after the Federal Reserve kept interest rates steady, putting an end to the year's series of rate cuts. Back home, in scrip specific development, Bank of Baroda rises on signing SPA for sale of business of BOBTTL and KNR Constructions shines on winning order worth Rs 240.60 crore.

The BSE Sensex is currently trading at 40533.76, up by 121.19 points or 0.30% after trading in a range of 40490.69 and 40636.96. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.45%, while Small cap index was up by 0.42%.

The top gaining sectoral indices on the BSE were Metal up by 2.07%, Basic Materials up by 1.29%, Utilities up by 1.21%, Auto up by 1.20% and Power was up by 1.17%, while Telecom down by 0.55%, TECK down by 0.54% and IT was down by 0.50% were the few losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 9.35%, Tata Motors up by 5.44%, Tata Motors - DVR up by 5.02%, Vedanta up by 3.39% and Power Grid Corporation up by 2.80%. On the flip side, Infosys down by 2.21%, ONGC down by 1.33%, HCL Tech down by 1.21%, Bharti Airtel down by 0.66% and ICICI Bank down by 0.31% were the top losers.

Meanwhile, amid falling growth rates, de-risking of loan books and funding constraints, credit rating agency, CRISIL in its latest report has said that asset growth of non-banking finance companies (NBFCs) and housing finance companies (HFCs) is expected to hit a decadal low of 6-8 percent during current fiscal year (FY20) from a high 15 percent last fiscal year.

According to the rating agency, non- banks, especially the wholesale-focused ones without strong parentage, would need to make structural changes and reorient their business models, leading to a recalibration of their asset under management mix. CRISIL also noted that confidence deficit of investors which was initially focused on asset-liability maturity profile has shifted to concerns over asset quality, especially for the wholesale book.

CRISIL further said that non-banks with strong parentage account for nearly 70 percent of the sectoral AUMs, and have been less impacted on the funding front. It said that they are likely to drive sectoral growth over the medium-term. While, for standalone non-banks, the investor comfort with asset classes will dictate their access to funds at competitive rates, growth outlook and the extent of reorientation of business models.

The CNX Nifty is currently trading at 11952.45, up by 42.30 points or 0.36% after trading in a range of 11934.00 and 11977.30. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 9.46%, Tata Motors up by 5.38%, Vedanta up by 3.29%, UPL up by 2.93% and Power Grid Corporation was up by 2.89%. On the flip side, Infosys down by 2.00%, Bharti Infratel down by 1.79%, ONGC down by 1.29%, Zee Entertainment down by 1.29% and HCL Tech was down by 0.91% were the top losers.

Asian market mostly trading green; Hang Seng increased 363.73 points or 1.37% to 27,009.16, Taiwan Weighted strengthened 135.65 points or 1.16% to 11,836.42, Nikkei 225 surged 32.95 points or 0.14% to 23,424.81, KOSPI rose 31.73 points or 1.51% to 2,137.35 and Straits Times advanced 26.97 points or 0.85% to 3,199.87. On the flip side, Shanghai Composite declined 5.58 points or 0.19% to 2,918.84 and Jakarta Composite was down by10.51 points or 0.17% to 6,169.59.