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Sensex 77476.99
845.34 (1.10%)

Post Session: Quick Review

23 Sep 2021 Evaluate
Bulls continued to dominate bears on Thursday with frontline gauges settling above their crucial 17,800 (Nifty) and 59,800 (Sensex). Markets started the session on very optimistic note and traded with traction throughout the day, breaching crucial levels one after other as sentiments remained buoyed with the commerce and industry ministry’s statement that foreign direct investment equity inflow into the country more than doubled to $20.42 billion during the April-July period of the current fiscal. Total Foreign Direct Investment (FDI) inflow rose to $27.37 billion during the first four months of 2021-22. Sentiments also got support after Reserve Bank Governor Shaktikanta Das underlined the need for a big push to infrastructure investment, education and digital economy to achieve sustainable growth and generate jobs in smaller cities.

Markets continued northward movement as Commerce and Industry Minister Piyush Goyal stated that India and the UAE have formally launched negotiations for a free trade agreement and the first round of talks will begin from September 23 with an aim to conclude it by end-December, a move aimed at boosting trade and investments between the countries. Some support also came with Union Minister Nitin Gadkari’s statement that India is committed to an eminently achievable clean energy-based economy, and added that the country will soon have a policy for flex-fuel engines. 

Firm opening in European counters too aided sentiments with all the European counters trading in green as global sentiment improved on easing concerns about cash-strapped developer China Evergrande, while car parts makers surged after earnings update from Faurecia. Asian markets ended mostly in green supported by some positive reports from struggling developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight. Back home, Oil & Gas industry stocks remained in focus as the government in its latest data showed that India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP. 

The BSE Sensex ended at 59885.36, up by 958.03 points or 1.63% after trading in a range of 59243.15 and 59957.25. There were 26 stocks advancing against 4 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index surged 1.28%, while Small cap index was up by 0.91%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 8.71%, Bankex up by 2.26%, Energy up by 2.19%, Capital Goods up by 2.13% and Industrials was up by 1.73%, while FMCG down by 0.12% was the lone losing index on BSE. (Provisional)

The top gainers on the Sensex were Bajaj Finserv up by 4.51%, Larsen & Toubro up by 3.46%, HDFC up by 3.26%, Axis Bank up by 3.04% and SBI up by 2.46%. On the flip side, Dr. Reddy's Lab down by 1.09%, ITC down by 0.41%, Nestle down by 0.38% and Bharti Airtel down by 0.08% were the few losers. (Provisional)

Meanwhile, Reserve Bank of India’s Governor Shaktikanta Das has pitched for higher investment in infrastructure and reforms in labour and product markets to ensure sustainable growth and generate employment opportunities post-pandemic.

Noting that the pandemic has affected the poor and the vulnerable more in emerging and developing countries, Das said ‘our endeavour should be to ensure livable and sustainable growth in the post-pandemic future. Restoring the durability of private consumption, which has remained historically the mainstay of aggregate demand will be very crucial going forward’. He also said more importantly, sustainable growth should entail meeting on macro fundamentals via medium-term investments, sound financial systems and structural reforms.

Das has stated that towards this objective, a big push to investment in healthcare, education, innovation, physical and digital infrastructure will be required. He said ‘we should also continue with further reforms in labour and product markets to encourage competition and dynamism, and to benefit from the pandemic induced opportunities’.

The CNX Nifty ended at 17822.95, up by 276.30 points or 1.57% after trading in a range of 17646.55 and 17843.90. There were 39 stocks advancing against 11 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bajaj Finserv up by 5.05%, Hindalco up by 4.37%, Tata Motors up by 3.68%, Larsen & Toubro up by 3.44% and Coal India up by 3.24%. On the flip side, HDFC Life Insurance down by 1.15%, Dr. Reddy's Lab down by 1.01%, Nestle down by 0.43%, ITC down by 0.41% and Tata Consumer Product down by 0.41% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 33.50 points or 0.47% to 7,116.87, France’s CAC increased 187.53 points or 1.21% to 6,702.54 and Germany’s DAX was up by 55.05 points or 0.83% to 6,692.05.

Asian markets ended mostly higher on Thursday tracking Wall Street gains overnight after the much-anticipated policy announcements by the US Federal Reserve. US Fed Chair Jerome Powell hinted that tapering could occur as soon as in November or end in mid-2022 amid continued progress towards it goals of maximum employment and price stability. Chinese shares ended higher after China’s central bank PBoC pumped in 110 billion yuan ($17 billion) of cash with seven- and 14-day reverse repurchase agreements in a show of support for the country’s financial markets and the economy. Hong Kong shares gained after China Evergrande group surged 17.62% as it reached settlement with mainland bond investors. Meanwhile, Japanese markets were closed for local holiday.

Asian Indices

Last Trade           

Change in Points

Change in %    

Shanghai Composite

3,642.22
13.73
0.38

Hang Seng

24,510.98
289.44
1.19

Jakarta Composite

6,142.71
34.44
0.56

KLSE Composite

1,539.34

10.32

0.67

Nikkei 225

--

--

--

Straits Times

3,076.44
28.39
0.93

KOSPI Composite

3,127.58
-12.93
-0.41

Taiwan Weighted

17,078.22
152.40
0.90
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