Bulls hold grip over Dalal Street

Bulls were holding a grip over the Dalal Street in late morning session, with both Sensex and Nifty trading higher, on the back of positive cues from other Asian markets. Domestic sentiments remained optimistic, after External Affairs Minister S Jaishankar has said that India has made powerful efforts to grow its economy and emerge as a higher-income country, expressing hope that it will be the fastest growing major economy in the world this year with at least 7 per cent growth despite the challenges posed by the Ukraine crisis.

Traders took a note of reports that inter-ministerial consultations are progressing on revising the Wholesale Price Index (WPI) base year from 2011-12 to 2017-18. Revising base year to 2017-18 for computation of wholesale inflation would help in presenting a more realistic picture of the price situation in the country.

On the global front, Asian markets were trading mostly in green, as Malaysia's industrial production increased at a faster pace in July, driven by strong growth in the manufacturing, electricity and mining sector output. The data from the Department of Statistics showed that industrial production expanded 12.5 percent year-on-year in July, following a 12.1 percent increase in June. Production has been growing since September last year.

The BSE Sensex is currently trading at 60210.36, up by 417.22 points or 0.70% after trading in a range of 59912.29 and 60259.72. There were 24 stocks advancing against 5 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.89%, while Small cap index up by 1.06%.

The top gaining sectoral indices on the BSE were IT up by 1.53%, TECK up by 1.37%, Realty up by 1.33%, Basic Materials up by 1.26% and Consumer Durables up by 0.95%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.77%, Axis Bank up by 1.80%, Infosys up by 1.75%, Bajaj Finance up by 1.66% and Titan Co up by 1.61%. On the flip side, HDFC down by 0.24%, Indusind Bank down by 0.12%, Mahindra & Mahindra down by 0.10%, ITC down by 0.09% and NTPC down by 0.06% were the top losers.

Meanwhile, Society of Indian Automobile Manufacturers (SIAM) in its latest data has showed that automobile sales in India jumped by 17 per cent year-on-year in August 2022 led by healthy growth in passenger vehicle sales. Overall automobile sales rose to 18,77,072 units in August 2022 as against 15,94,573 units sold in August 2021.

As per the SIAM data, passenger vehicle sales registered a growth of 21 per cent. Passenger vehicle sales rose to 2,81,210 units in August 2022 as against 2,32,224 units sold in August 2021. Total 2-wheelers sales rose to 15,57,429 units in August 2022, registering year-on-year growth of 16.33 per cent over 13,38,740 units sold in August 2021.

Data further said total 3-wheelers sales during the month under review stood at 38,369 units up by 62 per cent as against 23,606 units sold in August 2021. Total van sales in August 2022 stood at 12,236 units, up by 12.74 per cent against 10,853 units sold in August 2021.

The CNX Nifty is currently trading at 17951.75, up by 118.40 points or 0.66% after trading in a range of 17889.15 and 17970.60. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 2.69%, Tech Mahindra up by 2.63%, Axis Bank up by 1.80%, Infosys up by 1.74% and Bajaj Finance up by 1.63%. On the flip side, Coal India down by 2.04%, Shree Cement down by 1.23%, HDFC down by 0.23%, JSW Steel down by 0.23% and ONGC down by 0.11% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 327.36 points or 1.16% to 28,542.11, Taiwan Weighted strengthened 224.01 points or 1.54% to 14,807.43 and Straits Times advanced 7.24 points or 0.22% to 3,270.19. On the flip side, Jakarta Composite lost 20.62 points or 0.28% to 7,222.04.