Bulls hold grip over Dalal Street

Bulls were holding a tight grip over the Dalal Street in late morning deals, with both Sensex and Nifty trading with strong gains. Positive cues from other Asian markets helped key indices to maintain their gaining rally. Traders were getting comfort, after Union Minister Piyush Goyal said that the industry and government have to partner to achieve the target of India becoming a $5 trillion economy by 2025. The commerce and industry minister also expressed confidence in the capabilities of the business community as well as startups which can make India the top economy globally in the next 25-30 years.

On the global front, Asian markets were trading higher, even after the manufacturing sector in Japan continued to contract in November, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 49.7. That's up from 49.0, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. Individually, employment levels among Japanese manufacturers rose for the first time since February, albeit fractionally. Business sentiment eased to its softest pace since August, although optimism remained robust.

The BSE Sensex is currently trading at 46518.13, up by 254.96 points or 0.55% after trading in a range of 46478.10 and 46599.02. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.82%, while Small cap index was up by 0.95%.

The top gaining sectoral indices on the BSE were Realty up by 3.81%, Metal up by 1.26%, Auto up by 1.13%, Consumer Discretionary up by 1.12% and Consumer Durables up by 1.03%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.77%, ONGC up by 2.19%, Nestle up by 1.87%, HDFC up by 1.65% and Asian Paints up by 1.30%. On the flip side, Tech Mahindra down by 0.83%, HCL Tech down by 0.47%, Kotak Mahindra Bank down by 0.35%, Ultratech Cement down by 0.32% and ICICI Bank down by 0.26% were the top losers.

Meanwhile, with an aim to help industry reduce their compliance burden, Union Minister Piyush Goyal has said that the commerce and industry ministry is making a ‘genuine’ effort to set up a single-window system for approvals and clearances. The commerce and industry minister expressed hope that the first cut of the single window would come in March or April next year.

He said ‘The DPIIT (Department for Promotion of Industry and Internal Trade) is making a genuine effort to provide a single-window for approvals amongst various ministries at the centre...and also at the state and local levels’. He added ‘we are trying to integrate this and I do hope that by March or April, you will see the first cut of a genuine single window that can ease your compliance burden, help you promote your businesses and focus on businesses’.

The minister said that the government policies are working towards easing compliance requirements of industry and making everything digital and online, besides reducing the burden of frequent renewals of licenses and government clearances. He added that steps are being taken to boost domestic manufacturing and increase its share in the country's GDP.

The CNX Nifty is currently trading at 13638.05, up by 70.20 points or 0.52% after trading in a range of 13622.65 and 13666.45. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 2.76%, UPL up by 2.17%, Tata Motors up by 2.15%, ONGC up by 2.04% and Divis Lab up by 1.92%. On the flip side, Tech Mahindra down by 0.76%, Eicher Motors down by 0.75%, GAIL India down by 0.68%, HCL Tech down by 0.45% and HDFC Life Insurance down by 0.41% were the top losers.

Asian markets were trading higher; Nikkei 225 surged 50.91 points or 0.19% to 26,738.75, Jakarta Composite soared 88.51 points or 1.47% to 6,098.64, Straits Times advanced 11.29 points or 0.4% to 2,868.01, Shanghai Composite gained 5.93 points or 0.18% to 3,373.16, KOSPI rose 11.84 points or 0.43% to 2,768.66, Taiwan Weighted strengthened 223.61 points or 1.59% to 14,292.13 and Hang Seng increased 217.55 points or 0.83% to 26,424.84.