Indices continue upward trend in late afternoon session

Indian equity markets continued their upward trend in late afternoon session on account of buying in front line counters. Among heavy-weights NTPC, Bajaj Finserv and SBI exhibited a smart performance.  Traders took support after private report stated that India's merchandise exports rose $33.44 billion for the month from $27.56 billion in the same period last year, while imports rose $56.38 billion in September from $30.52 billion last year. Traders overlooked that country’s foreign exchange reserves declined by $997 million to reach $638.646 billion in the week ended September 24. In the previous week ended September 17, 2021, the reserves had tumbled by $1.47 billion to $639.642 billion. On the global front, Asian markets were mostly trading in red as concerns about China's property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus. European markets were trading lower weighed by ongoing concerns over the health of property giant China Evergrande Group and ahead of an OPEC meeting.

The BSE Sensex is currently trading at 59353.60, up by 588.02 points or 1.00% after trading in a range of 58952.11 and 59548.82. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.42%, while Small cap index was up by 1.66%.

The top gaining sectoral indices on the BSE were Realty up by 2.90%, Metal up by 2.39%, Power up by 1.95%, PSU up by 1.68% and Industrials was up by 1.67%, while Consumer Durables down by 0.25% was the only losing index on BSE.

The top gainers on the Sensex were NTPC up by 4.40%, Bajaj Finserv up by 4.02%, SBI up by 2.65%, Bajaj Finance up by 2.51% and Tech Mahindra up by 2.27%. On the flip side, Bajaj Auto down by 0.80%, Titan Company down by 0.72%, Nestle down by 0.31%, Hindustan Unilever down by 0.24% and Power Grid down by 0.18% were the top losers.

Meanwhile, calling upon the NRIs and Indian diaspora to invest in India unhesitatingly, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has said that this is the right time for India’s vast expatriate community to invest in their motherland. He also said that there is a great opportunity in extraordinary growth in India.

Besides, Goyal said that the Government has taken many steps to create conducive business environment. Goyal said “From red-tapism to laying the red carpet for businesses, India under Prime Minister Modi has come a long way. As a result, India climbed up in Ease of Doing Business ranking from 130 to 63 in just 5 years and also jumped to 46th spot on the Global Innovation Index (GII), a jump of 35 places in last 6 years. Steps in last 7 years helped us nurture world’s 3rd largest startup ecosystem”.

Goyal further said that the visionary leadership of Prime Minister has catapulted nation to a higher pedestal in the international community. Besides, Goyal underlined that the 3.4 million strong Indian diaspora in the UAE acts as a bridge between the two countries.

The CNX Nifty is currently trading at 17698.10, up by 166.05 points or 0.95% after trading in a range of 17581.35 and 17750.90. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 7.59%, NTPC up by 4.36%, Bajaj Finserv up by 4.05%, Hindalco up by 3.28% and Tata Motors up by 2.61%. On the flip side, Cipla down by 2.78%, Grasim Industries down by 2.72%, UPL down by 1.28%, Eicher Motors down by 1.05% and Indian Oil down by 0.82% were the top losers.

Asian markets were mostly trading in red, Hang Seng decreased 539.27 points or 2.19% to 24,036.37, Nikkei 225 slipped 326.18 points or 1.13% to 28,444.89 and Taiwan Weighted was down by 162.54 points or 0.98% to 16,408.35. On the flip side, Straits Times advanced 36.56 points or 1.2% to 3,087.67 and Jakarta Composite was up by 113.84 points or 1.83% to 6,342.69.

European markets were trading lower, UK’s FTSE 100 decreased 9.81 points or 0.14% to 7,017.26, France’s CAC decreased 38.97 points or 0.6% to 6,478.72 and Germany’s DAX was down by 75.74 points or 0.5% to 15,080.70.