Sensex, Nifty trade marginally in green during late morning deals

In a volatile session, Indian equity benchmarks managed to hover above their neutral lines during late morning deals, with both Sensex and Nifty trading with marginal gains. Positive cues from other Asian markets helped key indices to remain higher. Domestic sentiments were positive, as a senior official of the Ministry of External Affairs said that Atmanirbhar Bharat provides a vision of India's plans to become a USD 5 trillion economy by promoting 'Make in India - Make for World' and this will happen through an integration with the global economy. In his address to the Indian Chamber of Commerce (ICC) at India e-biz Expo 2020, MEA Secretary (CPV&OIA) Sanjay Bhattacharyya said COVID-19 was an unprecedented disruption, at all levels, across the world.

On the global front, Asian markets were trading mostly in green, after Singapore's gross domestic product climbed a seasonally adjusted 9.2 percent on quarter in the third quarter of 2020. The Ministry of Trade and Industry said in Monday's final reading, that was an upward revision from last month's preliminary reading of 7.9 percent following the 13.2 percent drop in the three months prior. On a yearly basis, GDP was revised up to -5.8 percent from the preliminary reading of 7.0 percent following the 13.3 percent drop in the previous three months.

The BSE Sensex is currently trading at 43950.13, up by 67.88 points or 0.15% after trading in a range of 43747.22 and 44271.15. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 1.17%, while Small cap index was up by 1.29%.

The top gaining sectoral indices on the BSE were Energy up by 2.80%, Healthcare up by 2.20%, IT up by 1.69%, Oil & Gas up by 1.62% and Utilities up by 1.60%, while Bankex down by 0.72%, Consumer Durables down by 0.63%, Telecom down by 0.55%, Auto down by 0.04% and FMCG down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 4.44%, Bajaj Finserv up by 4.01%, Reliance Industries up by 3.32%, NTPC up by 2.67% and Bajaj Finance up by 2.50%. On the flip side, HDFC down by 3.76%, ICICI Bank down by 1.74%, Titan Co down by 1.70%, Mahindra & Mahindra down by 1.54% and Hindustan Unilever down by 1.11% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data has showed that bank credit grew by 5.67 per cent to Rs 104.04 lakh crore, while deposits increased by 10.63 per cent to Rs 143.80 lakh crore in the fortnight ended November 6. In the fortnight ended November 8, 2019, bank credit stood at Rs 98.46 lakh crore and deposits at Rs 129.98 lakh crore.

In the previous fortnight ended October 23, 2020, bank credit had risen by 5.06 per cent and deposits by 10.12 per cent. The data showed that on a year-on-year basis, non-food bank credit growth decelerated to 5.8 per cent in September 2020 from 8.1 per cent in the same month of the previous year. Credit to industry recorded 'nil' growth in September 2020 as compared to 2.7 per cent rise in September 2019.

According to the central bank data, credit to agriculture and allied activities rose by 5.9 per cent during the reporting month, as against a growth of 7 per cent in the same month last year. Loan growth to the services sector accelerated to 9.1 per cent in September 2020 from 7.3 per cent in September 2019. Personal loans registered a growth of 9.2 per cent in the month compared to 16.6 per cent growth in September 2019.

The CNX Nifty is currently trading at 12890.95, up by 31.90 points or 0.25% after trading in a range of 12825.70 and 12962.10. There were 29 stocks advancing against 20 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Dr. Reddy’s Lab up by 4.18%, Indusind Bank up by 4.11%, Bajaj Finserv up by 4.05%, Reliance Industries up by 3.45% and Divis Lab up by 3.17%. On the flip side, HDFC down by 3.92%, ICICI Bank down by 1.82%, Mahindra & Mahindra down by 1.80%, Titan Co down by 1.64% and Axis Bank down by 1.27% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted strengthened 124.83 points or 0.91% to 13,841.27, Jakarta Composite soared 49.51 points or 0.89% to 5,621.17, KOSPI rose 45.81 points or 1.79% to 2,599.31, Shanghai Composite gained 29.06 points or 0.86% to 3,406.79 and Straits Times advanced 19.91 points or 0.71% to 2,832.92. On the flip side, Hang Seng decreased 48.37 points or 0.18% to 26,403.17.