Post Session: Quick Review

Bulls held a tight grip over the Dalal Street on Thursday, with both Sensex and Nifty ending on a strong note. Markets made a strong start of the trading day, as Moody's Investors Service said it will upgrade India rating if there is an increase in growth potential and sustained decline in government debt. Additionally, World Bank has said the increasing pace of vaccinations will determine India’s economic prospects this year and beyond while leaving the growth projection for the country unchanged at 8.3% from its June forecast.

Key indices remained higher with notable gains during the trading session. Traders remained positive, as Chief Economic Adviser K V Subramanian said the impact of 'taper tantrum' or withdrawal of monetary stimulus by the US Federal Reserve on India may not be much given the strong fundamentals of the country's economy. Some support also came after RBI data showed that 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.

Traders took a note of Finance Minister Nirmala Sitharaman’s statement that India is very close to arriving at the specifics of the two-pillar taxation proposition at the G20 and is in the last stage of finalising the details. A total of 130 countries had in July agreed to a overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15% rate. Meanwhile, emphasizing the importance of multi-lateral organisations, Commerce and Industry Minister Piyush Goyal has called for strengthening of global institutions like the World Trade Organisation (WTO) and said everybody has to work towards a better future of these bodies.

On the global front, 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. Asian markets settled mostly higher on Thursday, even after South Korea posted a current account surplus of $7.51 billion in August, the Bank of Korea said on Thursday - down from $8.21 billion in July. The goods account surplus decreased to $5.64 billion, compared to $7.08 billion in August 2020. The services account recorded a $1.0 billion surplus, up from the $0.88 billion dollar deficit one year earlier, owing to an improvement in the transport account.

The BSE Sensex ended at 59677.83, up by 488.10 points or 0.82% after trading in a range of 59597.06 and 59914.91. There were 20 stocks advancing against 10 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 1.68%, while Small cap index up by 1.38%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 6.03%, Consumer Durables up by 5.82%, Auto up by 4.46%, Consumer Disc up by 3.48% and Industrials up by 1.82%, while Oil & Gas down by 0.54% and Telecom down by 0.03% were the only losing indices on BSE. (Provisional)

The top gainers on the Sensex were Titan up by 10.63%, Mahindra & Mahindra up by 5.32%, Maruti Suzuki up by 3.99%, Indusind Bank up by 3.02% and Sun Pharma up by 2.78%. On the flip side, Dr. Reddy's Lab down by 1.37%, HDFC down by 0.68%, Bajaj Finserv down by 0.59%, Nestle down by 0.58% and NTPC down by 0.42% were the top losers. (Provisional)

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 ended at 17790.35, up by 144.35 points or 0.82% after trading in a range of 17763.80 and 17857.55. There were 33 stocks advancing against 17 stocks declining on the index. (Provisional)

The top gainers on Nifty were Tata Motors up by 12.04%, Titan Co up by 10.60%, Mahindra & Mahindra up by 5.29%, Maruti Suzuki up by 4.07% and Eicher Motors up by 3.37%. On the flip side, ONGC down by 4.58%, Dr. Reddy's Lab down by 1.32%, Coal India down by 1.11%, Britannia down by 0.96% and HDFC down by 0.87% were the top losers. (Provisional)

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.

Asian markets settled mostly higher on Thursday amid easing concerns over the debt ceiling in Washington after reports that US Congressional Democrats and Republicans could reach a deal to raise the debt limit by a specific amount that would be sufficient to tide the Treasury over until December. Hong Kong shares gained with major property developer stocks leading gains following a promise from the city’s leader in her annual policy address to build hundreds of thousands of new homes. Meanwhile, Chinese market was closed for Golden Week holidays.