Benchmarks remain in green in morning deals

Indian equity benchmarks eased some gains but continued to trade in green in morning deals, led by gains in Healthcare, IT and TECK stocks amid positive cues in global market. Sentiments remained positive with Commerce and Industry Minister Piyush Goyal’s statement that the proposed free trade agreements (FTAs) with countries, including Australia, the UK and the UAE, are moving at a fast pace and these pacts, when implemented, would help provide greater market access to domestic goods. However, gains remain capped with data showing that retail inflation based on Consumer Price Index (CPI) inched up to 4.48 per cent in October compared to 4.35 per cent in September, due to an uptick in food prices. Though, it eased compared with 7.61 per cent in October 2020. Besides, the Index of Industrial Production (IIP) indicating industrial growth slipped to 3.1 per cent in September, mainly due to the waning low base effect while mining and manufacturing sectors performed well. On the global front, Asian markets were trading mostly in green as Chinese economic data surprised on the high side, challenging assumptions the giant economy was locked into in a downturn although falling mainland house prices remained a nagging worry.

The BSE Sensex is currently trading at 60819.93, up by 133.24 points or 0.22% after trading in a range of 60769.19 and 61036.56. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.19%, while Small cap index was down by 0.36%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.43%, IT up by 0.69%, TECK up by 0.62%, Power up by 0.30% and Bankex up by 0.30%, while Metal down by 1.54%, Realty down by 0.65%, Basic Materials down by 0.54%, Energy down by 0.49% and Telecom down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid Corporation up by 2.12%, Sun Pharma up by 1.54%, Asian Paints up by 1.31%, ITC up by 1.09% and Dr. Reddy's Lab up by 1.03%. On the flip side, Tata Steel down by 1.48%, Bajaj Finserv down by 0.91%, Bajaj Finance down by 0.74%, SBI down by 0.59% and Reliance Industries down by 0.58% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said Indian economy is back in action and it is clear from several indicators such as rising exports and increasing foreign direct investment (FDI) inflows into the country.
Goyal stated that merchandise exports during April-October this fiscal stood at $232 billion and total FDI during the first four months of this fiscal rose by 62 per cent.

He added there was growth in employment over the same month last year, and manufacturing PMI rose to 55.9 in October while services PMI reached a decade high of 58.4 in the month.

Further, he said that global sentiments are changing from 'Why India' to 'Why not India' to now Make in India for the world’ and serve the world from India. Besides, he stated ensuring transparent, trustworthy and resilient supply chains is at the core of trade revival and India has emerged as a source of resilience and a trusted partner during COVID-19.

The CNX Nifty is currently trading at 18131.05, up by 28.30 points or 0.16% after trading in a range of 18126.10 and 18210.15. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 2.18%, Power Grid Corporation up by 2.12%, ONGC up by 1.88%, UPL up by 1.75% and Asian Paints up by 1.32%. On the flip side, Coal India down by 3.41%, Hindalco down by 2.00%, Tata Steel down by 1.73%, JSW Steel down by 1.58% and Bajaj Finserv down by 0.99% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 158.63 points or 0.54% to 29,768.60, Taiwan Weighted strengthened 121.50 points or 0.69% to 17,639.63, KOSPI rose 33.14 points or 1.12% to 3,001.94 and Straits Times advanced 6.43 points or 0.2% to 3,234.88.

On the flip side, Shanghai Composite declined 10.22 points or 0.29% to 3,528.88, Hang Seng decreased 20.63 points or 0.08% to 25,307.34 and Jakarta Composite lost 21.25 points or 0.32% to 6,629.80.