Bourses trade at day’s high points on Thursday

The Indian equity benchmarks traded at day’s high point on Thursday. Buying in Banking and IT stocks helped the markets to trade on higher note. Mahindra & Mahindra and Tech Mahindra were the biggest mover among the Sensex 30 stocks. Traders took note of Finance Minister Nirmala Sitharaman's statement that the Reserve Bank of India (RBI) will have to be more synchronised with the fiscal policy and other factors. She further said that inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, in order to tame inflation. Sector wise, automobile industry remained in focused, as Federation of Automobile Dealers Associations (FADA) in its latest data has showed that retail sales of automobiles in India grew 8.31 per cent in August 2022 on the back of increase in registrations of vehicles across all major segments.

On the global front, Asian markets were trading mostly in green, though Chinese and Hong Kong stocks trading on a subdued note on news of extended lockdowns in the Chinese city of Chengdu. European markets were trading mostly in green following a rebound on Wall Street that lifted global sentiment.

The BSE Sensex is currently trading at 59514.15, up by 485.24 points or 0.82% after trading in a range of 59315.71 and 59638.63. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.13%, while Small cap index was up by 0.55%.

The top gaining sectoral indices on the BSE were Bankex up by 1.73%, IT up by 0.81%, PSU up by 0.80%, TECK up by 0.79% and Auto was up by 0.67%, while Metal down by 1.18%, Consumer Durables down by 0.55%, Realty down by 0.38%, Utilities down by 0.08% and Power was down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.61%, Tech Mahindra up by 2.56%, Axis Bank up by 2.45%, ICICI Bank up by 2.17% and Ultratech Cement up by 2.15%. On the flip side, Tata Steel down by 1.49%, Titan Company down by 0.73%, NTPC down by 0.54%, Nestle down by 0.52% and Power Grid down by 0.18% were the top losers.

Meanwhile, in order to tame inflation, Finance Minister Nirmala Sitharaman has said that the Reserve Bank of India (RBI) will have to be more synchronised with the fiscal policy and other factors. She further said that inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries.

Sitharaman further noted that there are economies where policy is designed in such a way that the monetary policy and the interest rate management is the one and the only tool to handle inflation.  She said ‘I would say India's inflation management, the word taming inflation or the word keeping it within the tolerance limit is an exercise of so many different activities and majority of which is outside of the monetary policy given in today's circumstances.’

Besides, Finance Minister Nirmala Sitharaman said that there could have been a time when people would have thought this is sacrilegious for the finance minister of a country to say so.

The CNX Nifty is currently trading at 17759.20, up by 134.80 points or 0.76% after trading in a range of 17691.95 and 17792.20. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Shree Cement up by 5.34%, BPCL up by 3.70%, Tech Mahindra up by 2.79%, Mahindra & Mahindra up by 2.57% and Axis Bank up by 2.55%. On the flip side, Hindalco down by 2.62%, Tata Steel down by 1.58%, SBI Life down by 1.54%, Coal India down by 1.26% and Tata Consumer down by 0.89% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 634.98 points or 2.31% to 28,065.28, Taiwan Weighted strengthened 173.37 points or 1.2% to 14,583.42, Jakarta Composite soared 45.26 points or 0.63% to 7,232.02, Straits Times advanced 25.07 points or 0.78% to 3,235.90 and KOSPI was up by 7.82 points or 0.33% to 2,384.28. On the flip side, Shanghai Composite declined 10.70 points or 0.33% to 3,235.59 and Hang Seng was down by 189.68 points or 1% to 18,854.62.

European markets were trading mostly in green, UK’s FTSE 100 increased 20.20 points or 0.28% to 7,258.03 and France’s CAC was up by 5.89 points or 0.1% to 6,111.81. On the flip side, Germany’s DAX was down by15.74 points or 0.12% to 12,900.23.