Post Session: Quick Review

Indian equity benchmarks ended near their day’s high points on Wednesday’s trading session. The start of the day was on a positive note, as the Finance Ministry in a report said the government has initiated various measures to provide relief and financial support to various sectors of the Covid-19 hit economy, at the same time, fiscal consolidation is also under focus. Besides, with an aim to realize the nation’s goals of improving ‘Ease of living’ and ‘Ease of doing business’, the Department for Promotion of Industry and Internal Trade (DPIIT) is conducting a National Workshop on the ‘Next Phase of Reforms for Reducing Compliance Burden’.

Indices traded higher during the trading session, as traders remained positive, after the government said in Parliament that profitability of public sector banks has improved on a consolidated basis after amalgamation. Adding more optimism, the ratings agency ICRA said that domestic IT services companies are expected to log a dollar revenue growth of 9-12 per cent in FY2022, driven by accelerated demand for digital technologies from enterprises globally and partly on account of low base of last year due to the COVID-19 impact. In the last hour of the trading session, markets added more gains to end at intraday high points.

On the global front, European markets were trading mostly in red as traders continued to weigh up coronavirus restrictions, infection rates and the effects on the economy. Asian markets ended the Wednesday’s trade mostly in green terrain, after Members of the Bank of Japan's Monetary Policy Board said that the country's economy is trending in a positive direction but remains at risk due to Covid-19 and its variants, minutes from the bank's meeting on October 27 and 28 revealed on Wednesday.

Back home, Gem and jewellery industry stocks remained in focus as the Gem and Jewellery Export Promotion Council (GJEPC) said India’s overall gem and jewellery exports in November declined by 4.21% to Rs 17,784.92 crore ($2,384 million) compared to the same month last year due to break in manufacturing activity during Diwali. Besides, traders took note of newly-elected president of Federation of Indian Chambers of Commerce and Industry (Ficci) Sanjiv Mehta’s statement that high inflation has impacted consumption and market volumes have gone down, especially in the rural economy, but it is likely to start easing from mid-2022 as it is largely due to supply side constraints or speculation.

The BSE Sensex ended at 56930.56, up by 611.55 points or 1.09% after trading in a range of 56471.03 and 56989.01. There were 25 stocks advancing against 5 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 1.47%, while Small cap index up by 1.66%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 2.93%, Industrials up by 2.04%, Energy up by 2.02%, Capital Goods up by 2.01% and Auto up by 1.90%, while there were no losing sectoral indices on the BSE. (Provisional)

The top gainers on the Sensex were Bajaj Finance up by 2.94%, Bharti Airtel up by 2.67%, Sun Pharma up by 2.47%, Reliance Industries up by 2.42% and SBI up by 2.23%. On the flip side, Power Grid down by 2.47%, Wipro down by 0.77%, ITC down by 0.24%, Nestle down by 0.17% and HDFC down by 0.00% were the top losers. (Provisional)

Meanwhile, with an aim to realize the nation’s goals of improving ‘Ease of living’ and ‘Ease of doing business’, the Department for Promotion of Industry and Internal Trade (DPIIT) is conducting a National Workshop on the ‘Next Phase of Reforms for Reducing Compliance Burden’. The Workshop will witness wide participation from across Central Ministries and States/UTs.

The workshop will have three parallel breakout sessions. The theme of the first would be ‘Breaking Silos and Enhancing Synergies among Government Departments’. This session would focus, among others, on integration between Central Ministries/Departments and State single window systems, deliberation on single business ID, etc.

The second is based on the theme of ‘National Single Sign-on for Efficient Delivery of Citizen Services’ which would deal with deliberations on on-boarding all citizen services by Central and State Government services under one roof - ‘National Citizen Centric Portal’ and the creation of a ‘National Digital Profile’ for all citizens that shall be used to pre-fill Government forms and also as a tool to citizen benefit welfare discovery.

The third Breakout Session is themed ‘Effective Grievance Redressal’ and the session would have discussion on several topics like usage of next generation technology in effective grievance redressal, accountability -based mechanism for enhanced effectiveness of redressal quality.

The CNX Nifty ended at 16955.45, up by 184.60 points or 1.10% after trading in a range of 16819.50 and 16971.00. There were 41 stocks advancing against 9 stocks declining on the index. (Provisional)

The top gainers on Nifty were Hindalco up by 4.02%, Tata Motors up by 3.73%, Divi's Lab up by 3.58%, Bajaj Finance up by 2.94% and Eicher Motors up by 2.90%. On the flip side, Power Grid down by 2.44%, SBI Life Insurance down by 0.96%, Wipro down by 0.75%, Indian Oil Corp. down by 0.41% and Adani Ports & SEZ down by 0.38% were the top losers. (Provisional)

European markets were trading mostly in red, UK’s FTSE 100 decreased 20.83 points or 0.29% to 7,276.58 and Germany’s DAX was down by 8.64 points or 0.06% to 15,438.80. On the flip side, France’s CAC was up by 5.46 points or 0.08% to 6,970.45.

Asian markets ended the Wednesday’s trade mostly in green terrain after Wall Street’s main indexes ended sharply higher overnight, led by gains in tech and travel shares. Sentiment remained somewhat supported after U.S. President Biden said it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress. However, upside remain capped as a jump in coronavirus cases globally threatened economic activity, just days before Christmas and New Year holidays. Chinese shares ended marginally lower despite an assurance from a senior state planner to keep growth stable in the world's second largest economy. Hong Kong’s Hang Seng index rose half a percent as Chinese tech stocks staged a muted rebound.