Post Session: Quick Review

Indian equity benchmarks ended with notable gains on Monday. After a strong start, markets remained under a grip of bulls, as the data from Exim Bank showed that India's merchandise exports are expected to grow by 11.4 per cent to hit $114.4 billion during the July-September quarter of the current financial year. Also, strong FIIs' flow supported the Indian markets. Foreign institutional investors (FIIs) have net-bought shares worth Rs 2,132.42 crore on September 9.

Adding more optimism, the Finance Ministry said the provisional gross direct tax collections for FY23 till September 8 stood at Rs 6.48 trillion, which is 35.5 per cent higher than the same period last year. Sentiments remained optimistic as Union Minister for Commerce and Industry Piyush Goyal said assessing the impact of the foundational changes and structural transformation that has happened in the last few years, the Confederation of Indian Industry (CII) estimated that India in 2047 will be a $35-45 trillion economy, taking the country into the league of developed nations.

Firm trade continued over the Dalal Street till the end of the day. 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.

On the global front, European markets were trading higher amidst an improved risk-on sentiment globally. Asian markets settled higher on Monday, 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 ended at 60115.13, up by 321.99 points or 0.54% after trading in a range of 59912.29 and 60284.55. There were 19 stocks advancing against 10 stocks declining, while 1 stock remained unchanged on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.89%, while Small cap index up by 1.00%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 2.23%, Basic Materials up by 1.70%, Consumer Durables up by 1.40%, IT up by 1.30% and TECK up by 1.16%, while there were no losing sectoral indices on the BSE. (Provisional)

The top gainers on the Sensex were Titan Co up by 2.39%, Axis Bank up by 2.08%, Tech Mahindra up by 2.05%, Tata Steel up by 1.84% and Infosys up by 1.57%. On the flip side, Nestle down by 0.65%, HDFC down by 0.43%, HDFC Bank down by 0.40%, Hindustan Unilever down by 0.30% and Mahindra & Mahindra down by 0.30% were the top losers. (Provisional)

Meanwhile, emphasizing India as a land of opportunities and a potential market for the business community in the US, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047.

The Minister further noted that conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system.  He added that politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other.

Besides, Goyal said that the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, taking India into the league of developed nations.

The CNX Nifty ended at 17936.35, up by 103.00 points or 0.58% after trading in a range of 17889.15 and 17980.55. There were 34 stocks advancing against 15 stocks declining, while 1 stock remained unchanged on the index. (Provisional)

The top gainers on Nifty were Adani Ports & SEZ up by 3.49%, Titan Co up by 2.22%, Divi's Lab up by 2.08%, Tech Mahindra up by 2.08% and Axis Bank up by 2.06%. On the flip side, Coal India down by 2.57%, Shree Cement down by 1.51%, HDFC down by 0.51%, Nestle down by 0.44% and Bajaj Finserv down by 0.39% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 93.28 points or 1.27% to 7,444.35, France’s CAC increased 67.22 points or 1.08% to 6,279.55 and Germany’s DAX was up by 206.10 points or 1.57% to 13,294.31.

Asian markets settled higher on Monday, tracking positive global sentiment ahead of inflation data from the United States due on Tuesday, which is expected that August numbers to come in at 8.1%. That would be down from 8.5% in July and a peak of 9.1% in June. But the markets are largely expecting the US Federal Reserve to hike interest rates by 75 basis points this month. Japanese shares rose, supported by expectations of a recovery in the tourism industry as the Japanese government moves to further ease Covid-19 entry restrictions for foreign travelers. Meanwhile, stock markets in China, Hong Kong and South Korea were closed for a holiday.