Bourses maintain upward momentum

Indian equity markets maintained their upward momentum in the afternoon session, following gains in energy, realty and oil and gas stocks. Healthy buying was observed in blue-chip stocks like Bajaj Finserv, Reliance Industries and HDFC Bank. Besides, broader indices were also trading in green, supporting their larger peers. Sentiment perked up as Prime Minister Narendra Modi wooed global investors by showcasing the recent agriculture and labour reforms and faster-than-anticipated reflation of the economy and asserted that the government will do whatever it takes to make India the engine of global growth resurgence. Adding to the positive sentiment, External Affairs Minister S Jaishankar stated that the India's expectation is that the reforms undertaken by it in domains like labour, agriculture and education, when combined with making it easier to do business, create start-ups and promote skilling, will lead to much broader pathways for global collaboration.

On the global front, Asian markets were trading mixed after Wall Street rose amid protracted vote-counting following this week's US elections. Back on street, the BSE Sensex is currently trading at 41676.91, up by 336.75 points or 0.81% after trading in a range of 41383.29 and 41701.80. There were 17 stocks advancing against 12 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.35%, while Small cap index was up by 0.79%.

The top gaining sectoral indices on the BSE were Energy up by 2.66%, Realty up by 0.88%, Oil & Gas up by 0.80%, Bankex up by 0.77% and Consumer Durables was up by 0.70%, while IT down by 0.36%, Healthcare down by 0.34%, TECK down by 0.32%, PSU down by 0.22% and Metal was down by 0.18% were the losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.53%, Reliance Industries up by 3.31%, HDFC Bank up by 2.34%, Mahindra & Mahindra up by 1.83% and HDFC was up by 1.33%. On the flip side, Maruti Suzuki down by 1.93%, Nestle down by 1.73%, Ultratech Cement down by 1.18%, Asian Paints down by 1.12% and Infosys was down by 0.94% were the top losers.

Meanwhile, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya has said that the government will bring a production-linked incentive (PLI) scheme for promotion of domestic manufacturing of agro-chemicals. He noted that the sector can progress adopting a multi-pronged approach, firstly by becoming globally competitive, and with reforms in rules and regulations as well as with the 'Make in India' approach, the country can further progress in the coming days.

The minister said ‘we need to meet face-to-face and discuss and sort out the issues. ... We are aware of the challenges faced by the industry’. He also assured that the government will not bring such laws that will impact the industry and the country's growth. He also promised to meet the industry players to address their concerns.

He noted that the government wants the industry to progress as it realizes the importance of the industry for the country's economy and generating jobs. He also said ‘our government is pro-poor, pro-farmers but industry friendly. ...We don't tax the poor and farmers’. He added that industry is important as it only generates employment but also revenue to the government through payment of taxes.

The CNX Nifty is currently trading at 12206.35, up by 86.05 points or 0.71% after trading in a range of 12131.85 and 12212.60. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 3.48%, Reliance Industries up by 3.30%, HDFC Bank up by 2.46%, Mahindra & Mahindra up by 1.89% and Divis Lab was up by 1.43%. On the flip side, GAIL India down by 1.83%, Maruti Suzuki down by 1.83%, Nestle down by 1.77%, Dr. Reddys Lab down by 1.25% and Grasim Industries was down by 1.19% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 219.95 points or 0.91% to 24,325.23, Taiwan Weighted strengthened 54.73 points or 0.42% to 12,973.53, KOSPI rose 2.71 points or 0.11% to 2,416.50 and Jakarta Composite was up by 59.49 points or 1.13% to 5,319.82.

On the other hand, Straits Times trembled 14.60 points or 0.56% to 2,574.02, Hang Seng decreased 26.96 points or 0.1% to 25,668.96 and Shanghai Composite was down by 10.95 points or 0.33% to 3,309.18.