Bulls hold tight grip over Dalal Street

Bulls were holding a tight grip over the Dalal Street in late morning session, with both Sensex and Nifty maintaining their strong gains, aided by positive cues from other Asian markets. Domestic sentiments remained optimistic, amid a report released by Ministry of Consumer Affairs, Food & Public Distribution stating that due to the series of proactive and preemptive measures taken by the Government to augment domestic availability and stabilise prices of essential food commodities, the price of essential commodities, especially edible oils, reported a decline in September this year compared to previous years.

The street overlooked reports that the commerce ministry in its preliminary data has showed that India's merchandise exports contracted by 3.52 per cent to $32.62 billion in September 2022 as against $33.81 billion in the same month last year, while the trade deficit widened to $26.72 billion.

On the global front, all Asian markets were trading in green, even after the manufacturing sector in South Korea continued to contract in September, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 47.3. That's down from 47.6 in August, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 57855.80, up by 1066.99 points or 1.88% after trading in a range of 57506.65 and 58035.69. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.96%, while Small cap index was up by 1.41%.

The top gaining sectoral indices on the BSE were Metal up by 2.38%, Bankex up by 2.33%, Power up by 2.32%, IT up by 2.31% and Utilities up by 2.28%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Indusind Bank up by 4.74%, Bajaj Finance up by 3.09%, TCS up by 2.79%, HDFC up by 2.66% and Bajaj Finserv up by 2.52%. On the flip side, Power Grid down by 0.59% and Dr. Reddy's Lab down by 0.43% were the only losers.

Meanwhile, the commerce ministry in its preliminary data has showed that India's merchandise exports contracted by 3.52 per cent to $32.62 billion in September 2022 as against $33.81 billion in the same month last year, while the trade deficit widened to $26.72 billion. However, Imports during the month grew by 5.44 per cent to $59.35 billion as against $56.29 billion in September 2021. The exports during April-September 2022-23 rose by 15.54 per cent to $229.05 billion. Imports during the period increased by 37.89 per cent to $378.53 billion. The trade deficit during the first six months of the fiscal has widened to $149.47 billion as against $76.25 billion during April-September 2021-22.  

Value of non-petroleum exports in September 2022 was $26.54 billion, registering a negative growth of only 7.25% over non-petroleum exports of $28.62 billion in September 2021. The value of non-petroleum exports in April -September 2022-23 was $179.17 billion, an increase of 5.6% over $169.67 billion in April -September 2021-22. Value of non-petroleum and non-gems and jewellery exports in September 2022 was $22.9 billion, registering a negative growth of 9.78% over non-petroleum and non-gems and jewellery exports of $25.38 billion in September 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April -September 2022-23 was $158.68 billion, an increase of 5.53% over cumulative value of non-petroleum and non-gems and jewellery exports of $150.37 billion in April -September 2021-22.

Value of non-petroleum imports was $43.75 billion in September 2022 with a positive growth of 10.73%  over non-petroleum imports of $39.51 billion in September 2021. The cumulative value of non-petroleum imports in April -September 2022-23 was $263.54 billion, showing an increase of 28.58% compared to non-oil imports of $204.97 billion in April -September 2021-22. Value of non-oil, non-GJ (gold, silver & Precious metals) imports was $36.5 billion in September 2022 with a positive growth of 16.78%over non-oil and non-GJ imports of $31.26 billion in September 2021.Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April -September 2022-23 was $222.78 billion, recording a positive growth of 34.45%, as compared to non-oil and non-GJ imports of $165.7 billion in April -September 2021-22.

The CNX Nifty is currently trading at 17214.75, up by 327.40 points or 1.94% after trading in a range of 17117.30 and 17257.55. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 4.81%, Adani Ports & SEZ up by 4.39%, Hero MotoCorp up by 3.24%, Adani Enterprises up by 3.18% and Bajaj Finance up by 3.07%. On the flip side, Power Grid down by 0.55% and Dr. Reddy's Lab down by 0.45% were the only losers.

All Asian markets were trading in green; Nikkei 225 surged 768.33 points or 2.93% to 26,984.12, Taiwan Weighted strengthened 276.04 points or 2.08% to 13,576.52, Jakarta Composite soared 55.90 points or 0.8% to 7,065.62, KOSPI rose 53.51 points or 2.48% to 2,209.00 and Straits Times advanced 25.51 points or 0.82% to 3,132.60.