Bulls keep roaring on Dalal Street

Bulls continued to roar on Dalal Street in late afternoon session, on the back firm cues from European markets. Traders remained optimistic with Minister of State for Finance Anurag Thakur’s statement that the economy is not in recession and India recorded the highest average growth among the G-20 nations during 2014-19. The minister also mentioned about continuous measures being taken by the government to improve the overall investment climate and boost the economic growth. Besides, Reserve Bank of India Governor Shaktikanta Das headed six-member rate setting panel started its three-day brainstorming meeting in the backdrop of Union Budget projecting a widening of fiscal deficit amid slowing economy and hardening inflation.

On the global front, European markets were trading in green, after Greece's manufacturing sector improved at the fastest pace in five months in January. The survey results from IHS Markit showed that the manufacturing purchasing managers' index, or PMI, rose to 54.4 in January from 53.9 in December.  Asian markets were also trading in green, as Malaysia's exports rose unexpectedly in December and imports increased at a slower-than-expected rate. The data from the Department of Statistics revealed that exports rose 2.7 percent year-on-year to MYR 86.4 billion in December. Imports increased 0.9 percent to MYR 73.8 billion.

The BSE Sensex is currently trading at 40737.45, up by 865.14 points or 2.17% after trading in a range of 40117.46 and 40767.23. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.37%, while Small cap index was up by 1.28%.

The top gaining sectoral indices on the BSE were Realty up by 3.39%, Consumer Durables up by 3.12%, Metal up by 2.84%, Oil & Gas up by 2.72% and PSU up by 2.48%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Titan up by 6.17%, Bajaj Finance up by 4.23%, ITC up by 4.14%, HDFC up by 3.70% and Hero MotoCorp up by 3.31%. On the flip side, Bajaj Auto down by 3.78%, Hindustan Unilever down by 1.54% and Indusind Bank down by 0.12% were the top losers.

Meanwhile, soothing some worries, Minister of State for Finance Anurag Thakur has said that the economy is not in recession and India recorded the highest average growth among the G-20 nations during 2014-19. The minister also mentioned about continuous measures being taken by the government to improve the overall investment climate and boost the economic growth.

Anurag Thakur further noted that according to the IMF estimates, India continues to be among the fastest-growing economies in the world and its gross domestic product (GDP) is estimated to grow at 5.8 per cent in 2020-21 and is further projected to surpass China with a growth rate of 6.5 per cent in 2021-22.

Minister of State for Finance also underlined improved growth in the Index of Industrial Production (IIP), adding that it registered a positive growth of 1.8 per cent in November 2019 as compared to a contraction of 4 per cent in October 2019 and 4.3 per cent in September 2019.

The CNX Nifty is currently trading at 11958.50, up by 250.60 points or 2.14% after trading in a range of 11783.40 and 11976.85. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Titan up by 6.41%, Indian Oil Corporation up by 4.86%, Bajaj Finserv up by 4.75%, Bajaj Finance up by 4.10% and ITC up by 3.88%. On the flip side, Bajaj Auto down by 3.40%, Yes Bank down by 2.64%, Hindustan Unilever down by 1.58%, Eicher Motors down by 1.42% and Britannia down by 0.77% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 112.65 points or 0.49% to 23,084.59, Shanghai Composite gained 30.83 points or 1.12% to 2,777.44, Straits Times advanced 43.62 points or 1.4% to 3,159.93, KOSPI rose 39.02 points or 1.84% to 2,157.90, Jakarta Composite soared 39.74 points or 0.68% to 5,923.91, Taiwan Weighted strengthened 201.00 points or 1.77% to 11,555.92 and Hang Seng was up by 358.69 points or 1.36% to 26,715.67.

All European markets were trading in green, UK’s FTSE 100 gained 109.73 points or 1.50% to 7,436.04, France’s CAC rose 62.17 points or 1.07% to 5,894.68 and Germany’s DAX was up by 140.70 points or 1.08% to 13,185.89.