Markets trade in fine-fettle in late afternoon session

Indian equity markets continued to trade in fine-fettle in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index were trading above a percent. Titan Company, Mahindra & Mahindra and Maruti Suzuki were the prime gainers among heavy-weights. Traders remain energized after bank credit rose by 6.67 per cent to Rs 109.57 lakh crore and deposits by 9.34 per cent to Rs 155.95 lakh crore in the fortnight ended September 24, 2021. In the previous fortnight ended September 10, 2021, bank credit had risen by 6.7 per cent and deposits by 9.32 per cent. Besides, Moody's Investors Service has said it will upgrade the country’s rating if there is an increase in growth potential and sustained decline in government debt. The rating agency had raised India's sovereign rating outlook to 'stable', from 'negative', while affirming the 'Baa3' rating - which is the lowest investment grade, just a notch above junk status.

On the global front, Asian markets were trading mostly in green with technology shares rebounding while major property developers jumped after the financial hub’s leader unveiled a new housing policy. European markets were trading higher as easing oil and gas prices offered relief to investors worried about runaway inflation, while positive earnings updates in the construction and materials sector added to the upbeat sentiment.

The BSE Sensex is currently trading at 59839.96, up by 650.23 points or 1.10% after trading in a range of 59597.06 and 59914.91. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.75%, while Small cap index was up by 1.45%.

The top gaining sectoral indices on the BSE were Realty up by 5.93%, Consumer Durables up by 5.18%, Auto up by 4.61%, Consumer discretionary up by 3.41% and IT was up by 2.10%, while Oil & Gas was down by 0.65% were the only losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 9.66%, Mahindra & Mahindra up by 5.28%, Maruti Suzuki up by 4.20%, Indusind Bank up by 4.19% and HCL Tech up by 3.08%. On the flip side, Dr. Reddy's Lab down by 1.01%, Bajaj Finserv down by 0.34%, Nestle down by 0.32%, NTPC down by 0.31% and HDFC down by 0.25% were the top losers.

Meanwhile, calling upon the G20 to play a leadership role for People, Planet & Collective Prosperity, the Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal has said that the pandemic has remodelled several G20 priorities.

Goyal also called for pursuing a more inclusive and equitable agenda at the G20. Besides, Goyal said “we must keep rethinking, reimagining & and recreating our own processes and thinking to be an important stakeholder in a new world order.” Goyal said that the leadership that the Prime Minister Narendra Modi gave through the pandemic is unparalleled in the world.

Union Minister said the clarion call for becoming AatmaNirbhar given by Prime Minister Modi has truly transformed the way, the mindset of every Indian. Meanwhile, the G20 is the international forum that brings together the world’s major economies.

The CNX Nifty is currently trading at 17832.10, up by 186.10 points or 1.05% after trading in a range of 17763.80 and 17857.55. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 11.83%, Titan Company up by 9.65%, Mahindra & Mahindra up by 5.24%, Eicher Motors up by 4.31% and Maruti Suzuki up by 4.27%. On the flip side, ONGC down by 4.79%, Coal India down by 1.35%, Dr. Reddy's Lab down by 1.05%, Divi's Lab down by 0.68% and Britannia down by 0.61% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 735.24 points or 3.07% to 24,701.73, Taiwan Weighted strengthened 320.70 points or 1.96% to 16,713.86, Nikkei 225 surged 149.34 points or 0.54% to 27,678.21, KOSPI rose 51.15 points or 1.76% to 2,959.46 and Straits Times was up by 20.65 points or 0.67% to 3,104.53. On the flip side, Jakarta Composite was down by 0.92 points or 0.01% to 6,416.40.

European markets were trading higher, UK’s FTSE 100 increased 52.63 points or 0.75% to 7,048.50, France’s CAC increased 70.95 points or 1.09% to 6,564.07 and Germany’s DAX was up by 174.92 points or 1.17% to 15,148.25.