Bourses trade with healthy gains in late afternoon session

Key benchmark indices continued to trade with healthy gains in late afternoon session amid strong sentiments overseas. The positive sentiments also spread across broader indices, as the BSE Mid cap index traded with gains of above two percent and Small cap index traded with gains of above a percent. The overall market breadth was positive as 2601 shares were advancing and 810 were declining, while 127 shares were unchanged on the BSE. Sector wise, telecom industry remained in limelight, as government has approved a sum of Rs 26,000 crore to set up 25,000 telecommunication towers in the country over the next 500 days, as connectivity is vital for Digital India. The move comes within days of India launching 5G services, which the government says would connect the remotest parts of the country to the internet and fast-track the digital revolution.

On the global front, Asian markets were trading in green amid hopes for a dovish pivot from the U.S. Federal Reserve. The Bank of England is the first to pivot back to quantitative easing, claiming to restore market functioning and reduce risks of contagion. European markets were trading higher led by chipmakers, travel and leisure companies, and some strong corporate updates, with investors eyeing producer price data due later in the day.

The BSE Sensex is currently trading at 58036.57, up by 1247.76 points or 2.20% after trading in a range of 57506.65 and 58038.38. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 2.27%, while Small cap index was up by 1.46%.

The top gaining sectoral indices on the BSE were Metal up by 3.28%, Bankex up by 2.60%, IT up by 2.56%, Power up by 2.45% and Utilities was up by 2.42%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Indusind Bank up by 4.79%, Bajaj Finance up by 3.64%, TCS up by 3.18%, HDFC up by 2.97% and Tata Steel up by 2.85%. On the flip side, Power Grid down by 1.02% and Dr. Reddy's Lab down by 0.24% were the only losers.

Meanwhile, amid the series of proactive and preemptive measures taken by the Government to augment domestic availability and stabilise prices of essential food commodities, the Ministry of Consumer Affairs, Food & Public Distribution in its latest report has said that the price of essential commodities, especially edible oils, reported a decline in September this year compared to previous years.

The report further noted that the Government is closely monitoring the price situation of all major commodities in wake of geo-political scenarios including extreme weather conditions around the globe. A Committee is in place in the Department of Food & Public Distribution which reviews the prices of all major commodities and appropriate timely measures are taken to keep a check on the prices in view of the interest of the farmers, industry and consumers.

It also added that various measures like reduction in import duties and cess on pulses, rationalisation of tariff, imposition of stock limits on edible oils and oilseeds, buffer stock maintenance of onion and pulses have helped in keeping the commodity prices under control. According to the report, if the commodity-price moderation seen in recent weeks continues, along with an easing of supply-chain pressures, then there will be more relief for consumers.

The CNX Nifty is currently trading at 17267.30, up by 379.95 points or 2.25% after trading in a range of 17117.30 and 17271.75. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 4.79%, Adani Ports up by 4.43%, Hindalco up by 3.71%, Coal India up by 3.68% and Hero MotoCorp up by 3.65%. On the flip side, Power Grid down by 1.02% and Dr. Reddy's Lab down by 0.14% were the only losers.

Asian markets were trading in green, Nikkei 225 surged 776.42 points or 2.96% to 26,992.21, Taiwan Weighted strengthened 276.04 points or 2.08% to 13,576.52, Jakarta Composite soared 62.54 points or 0.89% to 7,072.26, KOSPI rose 53.89 points or 2.5% to 2,209.38 and Straits Times was up by 30.23 points or 0.97% to 3,137.32.

European markets were trading higher, UK’s FTSE 100 increased 114.51 points or 1.66% to 7,023.27, France’s CAC increased 168.12 points or 2.9% to 5,962.27 and Germany’s DAX was up by 294.52 points or 2.41% to 12,504.00.