Markets trade with jubilation in noon deal

Indian equity benchmarks were trading with jubilation in noon deals with frontline gauges recapturing their crucial 56,800 (Sensex) and 16,900 (Nifty) levels as traders opted to buy beaten down but fundamentally strong stocks as investors judged the recent sharp fall in the market as unwarranted. Sentiments also remained up-beat as a Commerce Ministry official said Indian exports showed a turnaround after December last year and are still going strong. Some support also came as Prime Minister Narendra Modi assured India Inc that the government would focus on reducing the compliance burden while exhorting the top companies to make full use of the production-linked incentive (PLI) scheme. Additional optimism came with report that the Asian Development Bank (ADB) will provide $350 million loan to improve access to urban services in India by accelerating policy actions and reforms to enhance service delivery and promote performance-based central fiscal transfers to urban local bodies (ULBs).

Global cues too remained supportive with all the Asian markets trading in green at this point of time as traders went for bargain hunting after a worldwide slump for financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy.

The BSE Sensex is currently trading at 56809.01, up by 987.00 points or 1.77% after trading in a range of 56197.08 and 56858.85. There were 29 stocks advancing against 1 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surged 1.98%, while Small cap index up by 2.10%.

The top gaining sectoral indices on the BSE were Metal up by 4.04%, Basic Materials up by 3.05%, Realty up by 2.71%, Consumer Durables up by 2.38% and TECK was up by 2.27%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tata Steel up by 4.53%, HCL Tech up by 3.99%, Tech Mahindra up by 3.18%, Wipro up by 2.95% and Ultratech Cement was up by 2.64%. On the flip side, Power Grid Corp was down by 1.72% were the only losers.

Meanwhile, retirement fund body -- Employees' Provident Fund Organisation (EPFO) in its latest payroll data has showed that it added 12.73 lakh net subscribers in October 2021, registering an increase of 10.22 per cent as compared to 11.55 lakh net subscribers added during October 2020. Of the total 12.73 lakh net subscribers added, 7.57 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time.

As per the data, around 5.16 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal. It stated, age-wise comparison of payroll data showed that the age-group of 22-25 years has registered the highest number of net enrolments with 3.37 lakh additions during October, 2021. Age-group of 18-21 also registered a healthy addition of around 2.50 lakh net enrolments. Age-groups of 18-25 years have contributed around 46.12 per cent of total net subscriber additions in October, 2021. Members of these age-groups are usually fresh hands in the job market and signifies a crucial stage for an individual's potential in terms of earning capacity.

State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 7.72 lakh subscribers during the month, which is around 60.64 per cent of total net payroll addition across all age groups. Gender-wise analysis indicates that net share of female enrolment during the month is 2.69 lakh. Share of female enrolment is approximately 21.14 per cent of the total net subscribers addition during the month of October, 2021. Industry-wise payroll data indicates that 'expert services' category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 40.73 per cent of total subscriber addition during the month.

The CNX Nifty is currently trading at 16911.85, up by 297.65 points or 1.79% after trading in a range of 16722.95 and 16927.15. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 4.48%, HCL Tech up by 3.91%, UPL up by 3.59%, Hindalco up by 3.57% and JSW Steel was up by 3.56%. On the flip side, Power Grid Corp was down by 1.86% and Cipla was down by 0.21% were the top losers.
 

All Asian markets were trading firm; Shanghai Composite gained 31.61 points or 0.88% to 3,625.21, Nikkei 225 surged 579.78 points or 2.08% to 28,517.59, Straits Times advanced 11.66 points or 0.38% to 3,084.63, Jakarta Composite soared 0.37 points or 0.01% to 6,547.48, Hang Seng increased 217.76 points or 0.96% to 22,962.62, Taiwan Weighted strengthened 120.16 points or 0.68% to 17,789.27 and KOSPI was up by 13.35 points or 0.45% to 2,976.35.