Bourses extend gains in late afternoon session

Key benchmark indices extended their gains in late afternoon session led by strength in Metal, Utilities and Power shares. The broader indices, the BSE Mid cap index and Small cap index were trading above one and half a percent. Traders found support after Union Commerce and Industry Minister Piyush Goyal has said that the Indian economy has recovered sharply and the rising economic indicators point towards 'India shaping up for a growth decade'. Goyal also said that India-US bilateral trade is showing a robust increase. The minister said that rising economic indicators point towards 'India shaping up for a growth decade' and referred to Moody's rating upgrade, flourishing foreign trade, highest-ever FDI, robust GST collection, strong fundamentals and vibrant Startup ecosystem. In scrip specific development, Latent View Analytics shares made a strong market debut. 

On the global front, Asian markets were trading mostly in red as a worrying jump in coronavirus infections in Europe and uncertainty over the pace of future U.S. rate hikes kept underlying sentiment cautious. European markets were trading lower after Euro area consumer confidence deteriorated for a second straight month and at a faster than expected pace in November to its lowest level in seven months.

The BSE Sensex is currently trading at 58742.83, up by 276.94 points or 0.47% after trading in a range of 57718.34 and 58778.96. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.63%, while Small cap index was up by 1.71%.

The top gaining sectoral indices on the BSE were Metal up by 3.42%, Utilities up by 2.64%, Power up by 2.49%, Realty up by 2.32% and Basic Materials was up by 2.22%, while IT down by 0.01% was the only losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 3.27%, Tata Steel up by 2.55%, Sun Pharma up by 2.54%, Bharti Airtel up by 2.19% and NTPC up by 2.00%. On the flip side, Indusind Bank down by 2.28%, Asian Paints down by 1.69%, Infosys down by 1.07%, Bajaj Auto down by 0.05% and Hindustan Unilever down by 0.04% were the top losers.

Meanwhile, highlighting that India is working on 'Aatmanirbhar Bharat' just like the United States embarked on a 'Build Back Better' framework, Union Commerce and Industry Minister Piyush Goyal has said that the Indian economy has recovered sharply and the rising economic indicators point towards 'India shaping up for a growth decade'.

Goyal also said that India-US bilateral trade is showing a robust increase. The minister said that rising economic indicators point towards 'India shaping up for a growth decade' and referred to Moody's rating upgrade, flourishing foreign trade, highest-ever FDI, robust GST collection, strong fundamentals and vibrant Startup ecosystem.

Besides, the Minister said that India is also implementing the largest COVID-19 vaccination drive in the world, having administered over 1.1 billion doses and has plan to manufacture five billion doses next year, to help serve and secure all of humanity. Goyal said that India and US partnership can not only help each other but the entire world to recover from the COVID-19 pandemic.

The CNX Nifty is currently trading at 17543.35, up by 126.80 points or 0.73% after trading in a range of 17216.10 and 17543.85. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 4.52%, Coal India up by 3.69%, Power Grid up by 3.27%, Sun Pharma Inds. up by 2.53% and Tata Steel up by 2.39%. On the flip side, Indusind Bank down by 2.12%, Asian Paints down by 1.68%, Infosys down by 1.11% and Ultratech Cement down by 0.03% were the top losers.

Asian markets were trading mostly in red, Hang Seng decreased 299.76 points or 1.2% to 24,651.58, Taiwan Weighted dropped 137.42 points or 0.77% to 17,666.12, Jakarta Composite lost 45.51 points or 0.68% to 6,677.88, KOSPI fell 15.92 points or 0.53% to 2,997.33 and Straits Times was down by 5.97 points or 0.18% to 3,231.11. On the flip side, Shanghai Composite was up by 7.01 points or 0.2% to 3,589.09.

European markets were trading lower, UK’s FTSE 100 decreased 39.03 points or 0.54% to 7,216.43, France’s CAC decreased 86.48 points or 1.22% to 7,018.52 and Germany’s DAX was down by 203.77 points or 1.26% to 15,911.92.