Bourses continue to show positive trend in late afternoon session

Mirroring healthy global cues, Indian equity benchmarks continued to show a positive trend in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index were also trading in green. Traders took support after private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to Rs 3.7 lakh crore till September 2 of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds. On the sectoral front, Textile sector remained in focus, as Textiles Minister Piyush Goyal has said that the sector will achieve $44 billion exports target in 2021-22, and in the next five years, both the ministry and the industry have agreed to aim for $100 billion outbound shipments. He also said export has to stand on its own feet and has to be independently viable as demand for subsidies would not always help.

On the global front, Asian markets were trading mostly in green after a big miss on US jobs creation last month fuelled optimism that the Federal Reserve will hold fire on tapering its massive financial support programme, while Tokyo extended last week’s rally on hopes for more economic stimulus. European markets were trading higher boosted by optimism that curbs to central bank stimulus will be delayed, while traders focused on new additions to Germany’s benchmark.

The BSE Sensex is currently trading at 58316.44, up by 186.49 points or 0.32% after trading in a range of 58200.29 and 58515.85. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.15%, while Small cap index was up by 0.65%.

The top gaining sectoral indices on the BSE were Realty up by 1.23%, IT up by 1.14%, Consumer Durables up by 1.11%, Energy up by 1.08% and TECK was up by 0.97%, while Power down by 0.63%, Utilities down by 0.59%, Oil & Gas down by 0.39%, Bankex down by 0.25% and PSU was down by 0.24% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 1.77%, Tech Mahindra up by 1.60%, Infosys up by 1.34%, HCL Tech up by 1.11% and Bajaj Auto up by 0.70%. On the flip side, Indusind Bank down by 1.11%, Sun Pharma down by 0.86%, Power Grid Corp down by 0.85%, NTPC down by 0.60% and Asian Paints down by 0.59% were the top losers.

Meanwhile, with an aim to increase exports through quality production and processing, Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with ICAR-Indian Institute of Millet Research (ICAR-IIMR) which is expected to boost value addition and farmers’ income.

The key focus of the MoU would be to promote commercial cultivation of processable varieties developed by ICAR-IIMR for exports which is expected to promote value addition of millets, a cereal with high nutritive value.

MoU also envisages creation of market linkages with farmers as well as Farmer Producers Organizations. A joint coordination committee with representatives from APEDA and ICAR-IIMR would be set up to achieve the goals envisaged under the MoU.

The objective of the MoU is to build the export centric ecosystem with the requisite supply chain linkages, technological repository, clinical studies, awareness creation, policy changes and pipeline of entrepreneurs.

The CNX Nifty is currently trading at 17376.80, up by 53.20 points or 0.31% after trading in a range of 17345.55 and 17429.55. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Wipro up by 3.79%, Eicher Motors up by 1.94%, Reliance Industries up by 1.62%, Tech Mahindra up by 1.46% and Grasim Industries up by 1.32%. On the flip side, Britannia down by 1.45%, ONGC down by 1.42%, Indusind Bank down by 1.14%, Indian Oil down by 0.97% and Power Grid down by 0.88% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 531.78 points or 1.83% to 29,659.89, Hang Seng increased 261.64 points or 1.01% to 26,163.63, Shanghai Composite gained 40.13 points or 1.12% to 3,621.86, Straits Times advanced 11.76 points or 0.38% to 3,095.61, KOSPI rose 2.27 points or 0.07% to 3,203.33 and Jakarta Composite was up by 0.02 points or 0% to 6,126.94. On the flip side, Taiwan Weighted was down by 21.62 points or 0.12% to 17,495.30.

European markets were trading higher, UK’s FTSE 100 increased 32.34 points or 0.45% to 7,170.69, France’s CAC increased 35.19 points or 0.53% to 6,725.18 and Germany’s DAX was up by 87.46 points or 0.55% to 15,868.66.