Markets trade strength to strength in late afternoon session

Local equity markets enlarged their gains in late afternoon session. The broader indices, the BSE Mid cap index and Small cap index were also trading above two percent each. The overall market breadth was positive as 2503 shares were advancing and 789 were declining, while 115 shares were unchanged on the BSE. Traders took support after Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1707688 new jobs in the month of April 2022. On the global front, Asian markets were trading mostly in green as bargain hunting emerged at lower levels after a recent steep selloff. Trading was quiet in the absence of any cues from Wall Street. European markets were trading higher as the selloff paused, but major central banks' rate hike plans and global recession risks kept investors cautious.

The BSE Sensex is currently trading at 52701.27, up by 1103.43 points or 2.14% after trading in a range of 51808.76 and 52799.40. There were 29 stocks advancing against 1 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 2.24%, while Small cap index was up by 2.78%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 4.50%, Consumer Durables up by 3.94%, Energy up by 3.84%, Metal up by 3.41% and PSU was up by 3.27%, while there were no losers on sectoral indices on the BSE.

The top gainers on the Sensex were Titan Company up by 6.09%, SBI up by 4.27%, TCS up by 3.75%, ICICI Bank up by 3.03% and HCL Tech up by 2.78%. On the flip side, Nestle down by 0.18% was the only loser.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1707688 new jobs in the month of April 2022.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 6535 new jobs were created in less than 18 age group category, while 288756 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 429662, 248545, 374120 and 360070 new payrolls, respectively in April.

The CNX Nifty is currently trading at 15679.20, up by 329.05 points or 2.14% after trading in a range of 15419.85 and 15707.25. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Titan Company up by 6.14%, Hindalco up by 4.91%, Coal India up by 4.55%, JSW Steel up by 4.27% and SBI up by 4.09%. On the flip side, Nestle down by 0.31% and Apollo Hospital down by 0.09% were the only losers.

Asian markets were trading mostly in green, Nikkei 225 surged 475.09 points or 1.84% to 26,246.31, Hang Seng increased 395.68 points or 1.87% to 21,559.59, Taiwan Weighted strengthened 361.06 points or 2.35% to 15,728.64, Jakarta Composite soared 67.69 points or 0.97% to 7,044.07, Straits Times advanced 22.49 points or 0.73% to 3,118.89 and KOSPI was up by 17.90 points or 0.75% to 2,408.93. On the flip side, Shanghai Composite was down by 8.71 points or 0.26% to 3,306.72.

European markets were trading higher, UK’s FTSE 100 increased 39.86 points or 0.56% to 7,161.67, France’s CAC increased 85.77 points or 1.45% to 6,005.86 and Germany’s DAX was up by 143.69 points or 1.08% to 13,409.29.