Sensex, Nifty rally at day’s high points

Indian equity benchmarks were trading near their intraday high points in late afternoon session, tracking firm European markets. In line with the larger peers, the broader markets too maintained their strong gains in late noon deals, while metal sector stocks shined the most among all major sectoral indices on the BSE. The street remained positive as the Union Cabinet approved changes to the insolvency law, including a provision to ring-fence successful resolution applicants from criminal proceedings with regard to offences committed by previous promoters of a company. The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at removing certain difficulties being faced during insolvency resolution process to realise the objects of the Code and to further ease doing of business.

On the global front, European markets were trading in green, as Germany's inflation rate remained stable, as initially estimated, in November at its lowest level since early 2018. The final data from the Federal Statistical Office showed that the consumer price index climbed 1.1 percent year-on-year, the same rate as seen in October. Asian markets were also trading in green, even though Malaysia's industrial production growth slowed in October driven by the weakness in mining. The data from the Department of Statistics showed that Industrial production rose 0.3 percent year-on-year in October, slower than 1.7 percent increase in September.

The BSE Sensex is currently trading at 40690.85, up by 278.28 points or 0.69% after trading in a range of 40490.69 and 40696.67. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.81%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Metal up by 2.66%, PSU up by 1.81%, Industrials up by 1.56%, Auto up by 1.54% and Power up by 1.45%, while IT down by 0.35%, TECK down by 0.34% and Telecom down by 0.19% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Motors - DVR up by 8.68%, Tata Motors up by 7.76%, Yes Bank up by 7.71%, Vedanta up by 4.08% and Tata Steel up by 3.43%. On the flip side, Infosys down by 2.36%, ONGC down by 1.52%, HCL Tech down by 0.89%, Bharti Airtel down by 0.33% and Bajaj Auto down by 0.01% were the top losers.

Meanwhile, in order to support the unserved segments of renewable energy and the scaling up of new clean energy technologies, Secretary for the Ministry of New and Renewable Energy (MNRE), Anand Kumar has said that the Indian Renewable Energy Development Agency (IREDA) is planning to set up a dedicated ‘Green Window’.

Kumar further noted that renewable energy is increasingly cheaper and better for the strategic interests of India and the IREDA Green Window would provide a significant boost to the renewable energy market. He also said that as India moves towards becoming a $5 trillion economy, the country’s aim to install 450 gigawatts (GW) of renewable energy capacity would be one of the major drivers of its economic growth.

Meanwhile, an allocation of approximately $20 million is being considered for the Green window, with plans of leveraging $80 million from other agencies to establish a facility of $100 million is envisaged. The seed capital will be used to leverage additional sources of capital from both private domestic banks and international sources.

The CNX Nifty is currently trading at 11999.00, up by 88.85 points or 0.75% after trading in a range of 11934.00 and 12000.20. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 7.82%, Yes Bank up by 7.59%, Vedanta up by 4.30%, Tata Steel up by 3.46% and Power Grid up by 3.03%. On the flip side, Infosys down by 2.34%, ONGC down by 1.56%, Bharti Infratel down by 0.94%, HCL Tech down by 0.86% and Bharti Airtel down by 0.34% were the top losers.

Asian markets were trading mostly in 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.

All European markets were trading in green; UK’s FTSE 100 rose 38.48 points or 0.53% to 7,254.73, France’s CAC gained 15.70 points or 0.27% to 5,876.58 and Germany’s DAX was up by 43.18 points or 0.33% to 13,189.92.