Indices trim some gains in late afternoon session

Key benchmark indices trimmed some of their gains in late afternoon session, but continued trade in green zone. Infosys, Mahindra & Mahindra and SBI were the prime gainers among heavy-weights. Markets remained in positive trend, as traders took support with report that high growth story of foreign direct investments into India will ‘go well’ in the new year too as there is a growing interest among overseas investors about the country amid the government's continuing reform measures to further improve the business climate. However, gains remain limited, as India's crude oil production fell by 5 per cent in November. Crude oil production in November at 2.48 million tonnes was lower than 2.61 million tonnes produced in the same month a year back. India is dependent on imports for 85 per cent of its needs and the government is pushing domestic explorers to raise output to help cut down imports.

On the global front, Asian markets were trading mostly in green after President Donald Trump suggested he may veto a $900 billion economic aid package. European markets were trading mostly in green, as a report that a Brexit trade deal could be struck later in the day cheered investors amid concerns over the passage of a much-awaited U.S. pandemic aid bill.

The BSE Sensex is currently trading at 46256.17, up by 249.48 points or 0.54% after trading in a range of 45899.10 and 46352.93. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.77%, while Small cap index was up by 2.29%.

The top gaining sectoral indices on the BSE were Realty up by 3.71%, IT up by 2.24%, TECK up by 1.98%, Metal up by 1.84% and Industrials was up by 1.34%, while Oil & Gas down by 0.15%, Consumer Durables down by 0.08% and Energy was down by 0.04% were the few losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.41%, Mahindra & Mahindra up by 2.15%, SBI up by 2.06%, Indusind Bank up by 1.81% and Bajaj Finance up by 1.70%. On the flip side, Titan Company down by 1.44%, ONGC down by 0.99%, HDFC down by 0.76%, NTPC down by 0.61% and Larsen & Toubro down by 0.42% were the top losers.

Meanwhile, describing the agriculture sector as the backbone of the Indian economy, Union Agriculture Minister Narendra Singh Tomar has said that under the leadership of the Prime Minister Modi the focus will be on doubling farmer’s income by 2022. He explained that the Farmers Produce Trade and Commerce (Promotion and Facilitation) Act 2020 and Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act 2020 and the Essential Commodities Amendment Act 2020 are the biggest agricultural reforms in the country so far. The reforms will provide farmers market freedom, encourage entrepreneurship, access to technology and they will transform agriculture.

The Minister also outlined the various measures and reforms undertaken by the Ministry of Agriculture and Farmers Welfare during the last six years. He said that Indian agriculture has come a long way from food scarcity to food surplus. The Government therefore had realised that pro farmers reforms were essential to uplift the sector i.e. the backbone of the economy. Every effort is being made to create an eco system of farmer friendly policies to see that the sector goes from strength to strength.

Further, the Minister reiterated that reforms have been made in the interest of farmers and will bring about a new era in Indian agriculture. The Government has had many rounds of talks with farmer unions and is willing to continue the dialogue on contentious issues, clause by clause, with an open mind.

The CNX Nifty is currently trading at 13545.40, up by 79.10 points or 0.59% after trading in a range of 13432.20 and 13568.85. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Wipro up by 5.05%, Cipla up by 2.58%, Infosys up by 2.46%, Mahindra & Mahindra up by 2.27% and SBI up by 2.14%. On the flip side, Divis Lab down by 1.32%, Titan Company down by 1.25%, ONGC down by 0.94%, HDFC down by 0.83% and Eicher Motors down by 0.48% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 223.85 points or 0.86% to 26,343.10, Nikkei 225 surged 88.40 points or 0.33% to 26,524.79, Taiwan Weighted strengthened 45.63 points or 0.32% to 14,223.09, KOSPI rose 26.14 points or 0.96% to 2,759.82, Shanghai Composite gained 25.54 points or 0.76% to 3,382.32 and Straits Times was up by 10.44 points or 0.37% to 2,837.76. On the flip side, Jakarta Composite was down by 14.58 points or 0.24% to 6,008.71.

European markets were trading mostly in green, France’s CAC increased 23.25 points or 0.43% to 5,490.11 and Germany’s DAX was up by 67.07 points or 0.5% to 13,485.18. On the flip side, UK’s FTSE 100 was down by 12.54 points or 0.19% to 6,440.62.