Bourses add more points in late afternoon session

Key benchmark indices added more points in late afternoon session, surpassing their crucial 61200 (Sensex) and 18310 (Nifty) levels. Among heavy-weights ITC, Power Grid and HDFC Bank exhibited a smart performance.  Sentiments remained upbeat, as India’s inflation based on wholesale price index (WPI) eased to 10.66% in the month of September as against 11.39% in August. Traders overlooked, due to the COVID-19 and policies put in place to respond to it, the global debt has jumped to a new high of USD 226 trillion with India’s dues projected to rise to 90.6 per cent in 2021, the International Monetary Fund said. The International Monetary Fund said India's debt increased from 68.9 percent of its GDP in 2016 to 89.6 percent in 2020. It is projected to jump to 90.6 percent in 2021 and then decline to 88.8 percent in 2022, to gradually reach 85.2 percent in 2026.

On the global front, Asian markets were trading mostly in green amid growing optimism about the state of the economic recovery and earnings improvement. European markets were trading higher as investors hoped that a steady economic recovery from the pandemic-induced slump will support corporate earnings despite signs of elevated inflation.

The BSE Sensex is currently trading at 61222.41, up by 485.36 points or 0.80% after trading in a range of 60978.04 and 61229.13. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.60%, while Small cap index was up by 0.53%.

The top gaining sectoral indices on the BSE were PSU up by 1.74%, Metal up by 1.61%, Capital Goods up by 1.51%, Basic Materials up by 1.24% and Bankex was up by 1.19%, while Auto down by 0.67% and Telecom was down by 0.05% were the only losing indices on BSE.

The top gainers on the Sensex were ITC up by 3.51%, Power Grid up by 2.66%, HDFC Bank up by 2.60%, Larsen & Toubro up by 2.47% and ICICI Bank up by 2.23%. On the flip side, Bajaj Finance down by 1.25%, HCL Tech down by 1.19%, TCS down by 0.82%, Indusind Bank down by 0.73% and Bharti Airtel down by 0.72% were the top losers.

Meanwhile, India’s inflation based on wholesale price index (WPI) eased to 10.66% in the month of September as against 11.39% in August. The annual rate of inflation is 10.66% (Provisional) for the month of September 2021 as compared to 1.32% in September 2020.

Component wise, primary articles index, having weight of 22.62%, declined by (-0.58%) to 154.9 (provisional) in September 2021 from 155.8 (provisional) for the month of August 2021. Prices of Crude Petroleum & Natural Gas, Minerals, Food Articles and Non-food Articles declined in September 2021 as compared to August 2021.

Fuel & Power index, having weight of 13.15%, declined by (-1.12%) to 114.7 (provisional) in September 2021 from 116.0 (provisional) for the month of August 2021. Prices of Mineral Oils declined in September 2021 as compared to August 2021. However, prices of coal and electricity remain unchanged.

Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, increased by (0.60%) to 133.8 (provisional) in September 2021 from 133.0 (provisional) for the month of August 2021.

The CNX Nifty is currently trading at 18,311.90, up by 150.20 points or 0.82% after trading in a range of 18248.70 and 18323.20. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 6.22%, Wipro up by 6.03%, Grasim Industries up by 4.33%, ITC up by 3.47% and Power Grid up by 2.83%. On the flip side, Coal India down by 3.79%, Eicher Motors down by 1.85%, Tata Motors down by 1.40%, Bajaj Finance down by 1.34% and HCL Tech down by 1.16% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 410.65 points or 1.46% to 28,550.93, Jakarta Composite soared 89.21 points or 1.36% to 6,626.11, KOSPI rose 44.23 points or 1.5% to 2,988.64, Taiwan Weighted strengthened 39.29 points or 0.24% to 16,387.28 and Straits Times was up by 12.23 points or 0.39% to 3,168.65. On the flip side, Shanghai Composite was down by 3.48 points or 0.1% to 3,558.28.

European markets were trading higher, UK’s FTSE 100 increased 51.97 points or 0.73% to 7,193.79, France’s CAC increased 45.75 points or 0.69% to 6,643.13 and Germany’s DAX was up by 98.62 points or 0.65% to 15,348.00.