Benchmarks trade slightly in green

Indian benchmarks traded slightly in green in late afternoon session. Traders were seen piling up positions in IT, TECK and FMCG sector while selling was witnessed in Metal, Basic Materials and Telecom sector stocks. Markets maintained their gains with report that foreign portfolio investors (FPI) have invested Rs 1,086 crore on a net basis so far in October in Indian markets, tracking encouraging factors including improved GST collection, acceleration in economic activity and positive global cues. Sector wise, power stocks remained in focus with report that power producers' total dues owed by distribution firms rose over 37 per cent year-on-year to Rs 1.33 lakh crore in August 2020, reflecting stress in the sector. On the global front, Asian markets are trading mostly in green with the White House ramping up its offer and Donald Trump insisting Republicans want to get a deal done. European markets were trading higher as investors focused on the prospect for more stimulus and improving corporate earnings. The offshore yuan fell after China’s central bank took steps to restrain a recent rally.

The BSE Sensex is currently trading at 40515.67, up by 6.18 points or 0.02% after trading in a range of 40387.40 and 40905.49. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.51%, while Small cap index was down by 0.46%.

The top gaining sectoral indices on the BSE were IT up by 1.18%, TECK up by 0.81%, FMCG up by 0.19%, Energy up by 0.15% and Capital Goods was up by 0.13%, while Metal down by 3.96%, Basic Materials down by 1.24%, Telecom down by 1.06%, Oil & Gas down by 0.85% and Realty was down by 0.73% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 2.41%, Power Grid up by 2.15%, Infosys up by 1.58%, Asian Paints up by 1.58% and HCL Tech up by 1.12%. On the flip side, HDFC Bank down by 1.72%, Bharti Airtel down by 1.67%, ONGC down by 1.21%, Nestle down by 1.05% and Indusind Bank down by 0.95% were the top losers.

Meanwhile, as part of plans to increase consumer spending to spur demand in the economy, the government has unveiled a one-time Rs 10,000 interest-free festival advance to all its officers and employees.

Further, Finance Minister Nirmala Sitharaman said festival advance was discontinued from 6th Pay Commission for central government employees. But as a one-time measure, an interest-free advance will be given to all officers and employees of the central government.

This Rs 10,000 advance will come as a pre-paid rupay card, which can be availed and spent by March 31, 2021. Finance Minister also noted that the repayment will be in 10 installments, adding that Rs 4,000 crore is likely to be spent on this.

The CNX Nifty is currently trading at 11908.15, down by 6.05 points or 0.05% after trading in a range of 11867.20 and 12022.05. There were 20 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were ITC up by 2.14%, Power Grid up by 1.99%, Asian Paints up by 1.67%, UPL up by 1.65% and Infosys up by 1.57%. On the flip side, JSW Steel down by 3.56%, Tata Motors down by 3.03%, GAIL India down by 2.51%, SBI Life down by 1.99% and HDFC Bank down by 1.97% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted strengthened 68.72 points or 0.53% to 12,955.91, Hang Seng increased 530.55 points or 2.2% to 24,649.68, KOSPI rose 11.77 points or 0.49% to 2,403.73, Straits Times advanced 21.73 points or 0.86% to 2,554.69, Shanghai Composite gained 86.39 points or 2.64% to 3,358.47, Jakarta Composite soared 39.44 points or 0.78% to 5,093.10. On the flip side, Nikkei 225 was down by 61.00 points or 0.26% to 23,558.69.

European markets were trading higher, UK’s FTSE 100 increased 0.86 points or 0.01% to 6,017.51, France’s CAC increased 18.90 points or 0.38% to 4,965.71, Germany’s DAX increased 50.43 points or 0.39% to 13,101.66.