Local indices remain in green in morning deals

Indian equity benchmarks continued to trade in green terrain in morning deals, led by gains in IT, Capital Goods, PSU and Industrials stocks. Sentiments remained positive with the Department for Promotion of Industry and Internal Trade (DPIIT) in its latest data indicating that foreign direct investment (FDI) equity inflows into India increased by 21 percent to $35.33 billion during April-October period of FY21. In the year-ago period, FDI equity inflows stood at $29.31 billion. However, gains remain capped as some concern came with a report by India Ratings stating that the economy, though projected to grow 9.6 per cent in the next financial year in year-on-year growth term, may grow just 1 per cent in real terms to Rs 147.17 lakh crore as against Rs 145.66 lakh crore in 2019-20, at the 2011-12 price. Meanwhile, India's federal fiscal deficit in the eight months to the end of November stood at 10.75 trillion rupees, or 135.1% of the budgeted target for the whole fiscal year. Net tax receipts were 6.88 trillion rupees, while total expenditure came to 19.06 trillion rupees.

The BSE Sensex is currently trading at 47914.31, up by 162.98 points or 0.34% after trading in a range of 47771.15 and 47946.66. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.70%, while Small cap index was up by 0.67%.

The top gaining sectoral indices on the BSE were IT up by 0.64%, Capital Goods up by 0.62%, PSU up by 0.61%, Industrials up by 0.61% and TECK up by 0.60%, while Metal down by 0.34% was the lone losing index on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.46%, TCS up by 1.22%, Ultratech Cement up by 0.98%, HDFC up by 0.94% and SBI up by 0.84%. On the flip side, Sun Pharma down by 0.65%, ICICI Bank down by 0.52%, NTPC down by 0.25%, Axis Bank down by 0.23% and Bajaj Finserv down by 0.21% were the top losers.

Meanwhile, NITI Aayog Vice-Chairman Rajiv Kumar has said India's economy will grow at 10 per cent in real terms and by the end of next year it will reach pre-COVID-19 level. Growth will be in positive figures in the fourth quarter of 2020-21.

Talking about the farmers' protest against the three agriculture laws, the NITI Aayog Vice Chairman said the government is trying its best to get their understanding and that they are not misguided and their doubts are cleared.  The government is committed and has always been towards increasing farmers' income and for the betterment of their lives.

Regarding the fight against COVID-19 and when will the country overcome the challenges, Kumar said, ‘I wish everyone a happy new year. This wish will be in a true sense because as you have seen our vaccine is on the verge of the rollout. It is approved in England. It is manufactured in Pune's Serum Institute and I have read recently that they have prepared 5 crore doses and I feel that we will overcome challenges posed by coronavirus.'

The CNX Nifty is currently trading at 14026.80, up by 45.05 points or 0.32% after trading in a range of 13991.35 and 14033.85. There were 32 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 2.55%, UPL up by 1.55%, TCS up by 1.40%, HDFC up by 1.07% and Cipla up by 1.01%. On the flip side, Hindalco down by 0.94%, ICICI Bank down by 0.65%, Sun Pharma down by 0.62%, SBI Life Insurance down by 0.51% and Grasim Industries down by 0.49% were the top losers.