Barometer gauges maintain gains

Stock markets were trading in fine fettle in the afternoon session due to buying in metal, capital goods and industrials sectors. Buying in frontline stocks such as Tata Steel, SBI and Larsen & Toubro were aiding sentiment, while selling in NTPC, ONGC and HCL Tech kept the gains in the markets in check. Traders took encouragement with a private report that the Indian economy is seen recovering faster than expected and the Reserve Bank is likely to have come to an end of the rate easing cycle. Meanwhile, according to private report government is considering a plan to allow up to 26% foreign direct investment (FDI) from countries with which it shares a land border, including China, without government scrutiny for some sectors.

On the global front, Asian markets were trading mixed after U.S. benchmarks were pepped up by news of another promising coronavirus vaccine, though futures indicated the rally could stall in European hours. Back home, the BSE Sensex is currently trading at 43804.52, up by 166.54 points or 0.38% after trading in a range of 43699.22 and 44161.16. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.69%, while Small cap index was up by 0.46%.

The top gaining sectoral indices on the BSE were Metal up by 2.14%, Capital Goods up by 2.05%, Industrials up by 1.65%, Telecom up by 1.41% and Basic Materials was up by 1.32%, while Oil & Gas down by 0.98%, Healthcare down by 0.75%, IT down by 0.56%, TECK down by 0.39% and FMCG was down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 6.99%, SBI up by 3.03%, Larsen & Toubro up by 2.67%, HDFC Bank up by 2.36% and Indusind Bank was up by 1.76%. On the flip side, NTPC down by 2.36%, ONGC down by 1.93%, HCL Tech down by 1.48%, Infosys down by 1.36% and ITC was down by 1.14% were the top losers.

Meanwhile, India’s merchandise exports fell 5.12 percent to $24.89 billion in October 2020 as compared to same period of last year, after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods. After contracting for six straight months, India's exports had risen 5.99 percent to $27.58 billion in September. Trade deficit, gap between imports and exports, narrowed to $8.71 billion in October 2020 as compared to $11.75 billion in the corresponding month a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 5.12% to $24.89 billion in October 2020, as compared to $26.23 billion in the same month a year ago. In Rupee terms, it down up by 1.88% to Rs 1,82,845.95 crore in October 2020, as compared to Rs 1,86,358.06 crore in October 2019. Cumulative value of exports for the period April- October 2020-21 was $150.14 billion as against $185.40 billion during the period April- October 2019-20, registering a negative growth of 19.02%.  In Rupee terms, it was down by 13.76% to Rs 11,21,375.89 crore from Rs 13,00,244.23 crore.

Non-petroleum and Non Gems and Jewellery exports in October 2020 were $20.31 billion, as compared to $19.07 billion in October 2019, exhibiting a positive growth of 6.51%. Non-petroleum and Non Gems and Jewellery exports in April- October 2020-21 were $124.82 billion, as compared to $137.72 billion for the corresponding period in 2019-20.

The CNX Nifty is currently trading at 12832.30, up by 52.05 points or 0.41% after trading in a range of 12797.10 and 12934.05. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 6.93%, Tata Motors up by 4.00%, HDFC Life Insurance up by 3.22%, SBI up by 3.07% and Larsen & Toubro was up by 2.73%. On the flip side, BPCL down by 3.88%, Hero MotoCorp down by 2.62%, NTPC down by 2.09%, Indian Oil Corporation down by 1.96% and ONGC was down by 1.93% were the top losers.

Asian markets were trading mixed; Jakarta Composite soared 54.98 points or 1% to 5,549.85, Straits Times advanced 25.83 points or 0.94% to 2,773.83, Nikkei 225 surged 107.69 points or 0.42% to 26,014.62 and Taiwan Weighted was up by 41.18 points or 0.3% to 13,593.01.

On the flip side, Hang Seng decreased 10.25 points or 0.04% to 26,371.42, Shanghai Composite declined 14.14 points or 0.42% to 3,332.83 and KOSPI was down by 3.88 points or 0.15% to 2,539.15.