Benchmarks extend gains in late afternoon session

Mirroring strong global cues, Indian equity benchmarks extended their gains in late afternoon session with the gains of over half a percent. Traders remain energized after 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. Some additional support came with report that Foreign Portfolio Investors (FPI) have continued to buy domestic equities and debt instruments. So far in November FPIs have bought Rs 44,378 crore worth of stocks and Rs 5,175 crore worth of debt. On the global front, all Asian markets are trading in green as hopes for imminent coronavirus vaccines helped investors shrug off reports of renewed lockdowns in several countries. European markets were trading higher boosted by positive vaccine news from AstraZeneca (AZN.L) and the University of Oxford.

The BSE Sensex is currently trading at 44184.49, up by 302.24 points or 0.69% after trading in a range of 43747.22 and 44271.15. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.21%, while Small cap index was up by 1.26%.

The top gaining sectoral indices on the BSE were Energy up by 2.79%, IT up by 2.54%, Oil & Gas up by 2.05%, TECK up by 2.02% and Healthcare was up by 1.94%, while Telecom down by 0.98% and Consumer Durables was down by 0.70% were the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 7.86%, Tech Mahindra up by 3.37%, ONGC up by 3.35%, Reliance Industries up by 3.19% and Bajaj Finserv up by 3.03%. On the flip side, HDFC down by 3.07%, Mahindra & Mahindra down by 1.88%, ICICI Bank down by 1.60%, Titan Company down by 1.47% and Bharti Airtel down by 1.14% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1490285 new jobs in the month of September 2020 as against revised figure of 880686 in August 2020.

As per the report, the maximum jobs were created in the age bracket of more than 35 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Building & Construction Industry; Engineers- Engineering Contractors; Establishments Engaged in Cleaning, Sweeping Services; Societies Clubs or Associations; School; Trading - Commercial Establishments and General Insurance. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Bihar, Gujarat, Haryana, Uttar Pradesh and Telangana.

According to the data report, 8721 new jobs were created in less than 18 age group category, while 289764 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 334440, 175815, 291328 and 390217 new payrolls, respectively in September 2020.

The CNX Nifty is currently trading at 12950.95, up by 91.90 points or 0.71% after trading in a range of 12825.70 and 12968.85. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 8.42%, Dr. Reddys Lab up by 3.60%, GAIL India up by 3.54%, Tech Mahindra up by 3.39% and ONGC up by 3.35%. On the flip side, HDFC down by 3.12%, Mahindra & Mahindra down by 1.76%, ICICI Bank down by 1.74%, Titan Company down by 1.48% and Bharti Airtel down by 1.23% were the top losers.

All Asian markets are trading in green, Hang Seng increased 34.66 points or 0.13% to 26,486.20, Straits Times advanced 34.95 points or 1.24% to 2,847.96, Shanghai Composite gained 36.76 points or 1.09% to 3,414.49, KOSPI rose 49.09 points or 1.92% to 2,602.59, Taiwan Weighted strengthened 161.57 points or 1.18% to 13,878.01and Jakarta Composite was up by 81.10 points or 1.46% to 5,652.76.

European markets were trading higher, UK’s FTSE 100 increased 18.92 points or 0.3% to 6,370.37, France’s CAC increased 42.03 points or 0.76% to 5,537.92 and Germany’s DAX was up by 143.88 points or 1.1% to 13,281.13.