Sensex, Nifty remain higher in late morning session

Indian equity benchmarks cut some of their gains in late morning session but remained higher, with both Sensex and Nifty trading in green terrain. Positive cues from other Asian markets helped key indices to remain higher. Domestic sentiments were positive, amid reports that foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October as India continues to be a competitive investment destination from a long-term perspective. Adding more comfort among traders, as another private report stated that the Indian job market maintained its record-breaking run for the third consecutive month in a row, clocking 57 percent year-on-year growth in September.

On the global front, Asian markets were trading mostly in green, after China's service sector recovered in September with renewed and strong increases in both new work and output. The survey results from IHS Markit showed that the Caixin services Purchasing Managers' Index rose to 53.4 in September from 46.7 in August.

The BSE Sensex is currently trading at 60388.78, up by 329.72 points or 0.55% after trading in a range of 59811.42 and 60442.53. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.71%, while Small cap index was up by 1.05%.

The top gaining sectoral indices on the BSE were Auto up by 2.76%, Realty up by 2.66%, Utilities up by 2.60%, Power up by 2.47% and Industrials up by 1.55%, while IT down by 1.54%, TECK down by 1.52% and Telecom down by 0.63% were the only losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 3.36%, Maruti Suzuki up by 3.26%, NTPC up by 3.12%, Power Grid up by 2.69% and Mahindra & Mahindra up by 1.68%. On the flip side, TCS down by 5.23%, Tech Mahindra down by 1.61%, Bharti Airtel down by 0.54% and HCL Tech. down by 0.18% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said the country’s exports are growing at a healthy rate and now exporters can aim for $450-500 billion of outbound shipments during the next fiscal year.  He said exports have touched $197 billion during April-September this fiscal.

He stated with 48% of the targeted volumes have been achieved, exports are on the right track to achieve this year’s target of $400 billion. He also said that India is negotiating free trade agreements (FTAs) with various countries and blocs including the U.K., the UAE, Oman, Australia, Canada, the EU, Russia and the Southern African Customs Union (SACU) comprising Botswana, Lesotho, Namibia, South Africa, and Swaziland.

He said engineering goods have much more potential and textile exports should aim for $100 billion. Besides, on the issue of high global prices of polymers and uniform application of environment laws, He assured that the Ministry will take up the issue with the Environment Ministry.

The CNX Nifty is currently trading at 18010.15, up by 114.95 points or 0.64% after trading in a range of 17839.10 and 18032.50. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 9.10%, Coal India up by 4.43%, Maruti Suzuki up by 3.43%, NTPC up by 3.26% and Kotak Mahindra Bank up by 3.24%. On the flip side, TCS down by 5.28%, Tech Mahindra down by 1.66%, Bharti Airtel down by 0.63%, Britannia down by 0.57% and Wipro down by 0.51% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 553.52 points or 2.23% to 25,391.37, Nikkei 225 surged 426.94 points or 1.52% to 28,475.88, Shanghai Composite gained 13.59 points or 0.38% to 3,605.76 and Straits Times advanced 3.43 points or 0.11% to 3,116.24. On the flip side, Jakarta Composite lost 19.46 points or 0.3% to 6,462.31.