Markets add gains in late afternoon session

Key benchmark indices extended their gains in late afternoon session. Both the Sensex and the Nifty gained above 500 and 180 points, respectively. Among heavy-weights Mahindra & Mahindra, Power Grid and Titan Company exhibited a smart performance. Traders took support after Finance Minister Nirmala Sitharaman has said that India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies. She expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade. Besides, India’s Industrial production grew 11.9 per cent in August mainly due to a low-base effect. The Index of Industrial Production (IIP) had contracted by 7.1 per cent in August 2020. On the global front, Asian markets were trading mixed amid China's exports growth accelerated unexpectedly in September despite power shortages and supply bottlenecks weighing on production. European markets were trading mostly in green, as National Statistics showed that UK economy recovered in August.

The BSE Sensex is currently trading at 60,819.49, up by 535.18 points or 0.89% after trading in a range of 60452.29 and 60835.71. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.32%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Auto up by 3.95%, Industrials up by 2.52%, Utilities up by 2.47%, Power up by 2.18% and Metal was up by 1.67%, while Realty down by 0.42% were the only losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 7.57%, Power Grid up by 2.82%, Titan Company up by 2.69%, Tata Steel up by 2.52% and Larsen & Toubro up by 2.18%. On the flip side, Maruti Suzuki down by 2.60%, Hindustan Unilever down by 0.92%, SBI down by 0.75%, Asian Paints down by 0.62% and Nestle down by 0.49% were the top losers.

Meanwhile, predicting the economic growth next year to be in the range of 7.5-8.5 percent, which will be sustained for the next decade, Finance Minister Nirmala Sitharaman has said that India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies.

Finance Minister noted that while the Ministry of Finance has not done any assessment as yet about the growth number, but the World Bank, IMF, and rating agencies have all come nearer to this kind of growth number for India. She added that some other countries in the emerging market areas will also record high growth rates.

Sitharaman also said 'The developed world will also catch up… because their base is very high. So, the growth that they can show off will not be closer to double-digit but certainly will be also adding to the global growth.' She sees ''different picture in different regions'.

The CNX Nifty is currently trading at 18,183.15, up by 191.20 points or 1.08% after trading in a range of 18050.75 and 18197.80. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 20.15%, Mahindra & Mahindra up by 7.65%, Tata Consumer up by 3.91%, Adani Ports up by 2.92% and Power Grid up by 2.64%. On the flip side, Maruti Suzuki down by 2.71%, ONGC down by 1.93%, Coal India down by 1.78%, SBI Life down by 1.07% and Hindustan Unilever down by 0.94% were the top losers.

Asian markets were trading mixed, Jakarta Composite soared 50.63 points or 0.78% to 6,536.90, Straits Times advanced 46.93 points or 1.51% to 3,158.98, KOSPI rose 28.03 points or 0.96% to 2,944.41 and Shanghai Composite was up by14.82 points or 0.42% to 3,561.76. On the flip side, Nikkei 225 slipped 90.33 points or 0.32% to 28,140.28 and Taiwan Weighted was down by 114.85 points or 0.7% to 16,347.99.

European markets were trading mostly in green, France’s CAC increased 6.09 points or 0.09% to 6,554.20 and Germany’s DAX was up by 94.94 points or 0.63% to 15,241.81. On the flip side, UK’s FTSE 100 was down by 25.40 points or 0.36% to 7,104.83.