Indian equity markets were trading higher in late morning deals on the back of buying by funds and retail investors. Falling crude oil prices supported sentiments. Sentiments got boost as Finance Minister Nirmala Sitharaman has exuded confidence on India's relative and absolute growth performance in the rest of the decade and forecast the country's growth rate to be around 7 per cent this financial year amid reports of a global recession and downgrading of growth rates of almost all major economies. However, upside remained capped as the International Monetary Fund (IMF) in its annual World Economic Outlook report said outlook for India is growth of 6.8 per cent in 2022 - a 0.6 percentage point downgrade since the July forecast. Meanwhile, investors awaited domestic retail inflation data and quarterly earnings results from IT firm Wipro later in the day.
On the global front, Asian markets were trading in red following negative cues from global markets overnight, due to continuing concerns about rising interest rates and economic slowdown. A downward revision in the global economic growth forecast by the International Monetary Fund also weighed on the markets. Back home, on the BSE sectoral front, traders were seen piling up position in PSU, Energy, Metal, Oil & Gas and IT, while selling was witnessed in Capital Goods, Consumer Durables, Telecom and Healthcare.
The BSE Sensex is currently trading at 57292.00, up by 144.68 points or 0.25% after trading in a range of 57085.92 and 57458.53. There were 19 stocks advancing against 11 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index was down by 0.33%, while Small cap index down by 0.60%.
The top gaining sectoral indices on the BSE were PSU up by 0.66%, Energy up by 0.57%, Metal up by 0.53%, Oil & Gas up by 0.44% and IT up by 0.39%, while Capital Goods down by 0.74%, Consumer Durables down by 0.60%, Telecom down by 0.59%, Industrials down by 0.58% and Healthcare down by 0.45% were the top losing indices on BSE.
The top gainers on the Sensex were Power Grid Corp up by 2.78%, Axis Bank up by 1.92%, HCL Tech. up by 1.85%, Mahindra & Mahindra up by 1.50% and NTPC up by 1.27%. On the flip side, Asian Paints down by 1.53%, Dr. Reddy's Lab down by 1.44%, Bharti Airtel down by 0.86%, ICICI Bank down by 0.79% and Maruti Suzuki down by 0.45% were the top losers.
Meanwhile, ICRA Ratings in its latest report has said that securitisation volumes came down to Rs 73,000 crore in the April-September period of this financial year (H1FY23) as compared to more than Rs 83,000 crore recorded in the last six months of last fiscal. It said compared to the year-ago period, when the second wave of the pandemic had impacted financial markets, the volumes were up 70 per cent. At that time, the volume stood at Rs 43,000 crore.
The rating agency said Rs 40,000 crore of assets were securitised in the September quarter, which is 54 per cent higher than the volumes observed in the year-ago period. It is 21 per cent higher than those in the preceding September quarter. The performance is in line with the agency's estimate for overall securitisation to touch Rs 1.50 lakh crore in FY23. It also stated that favourable macroeconomic scenarios, growing fund requirements to support higher disbursements and stable collection efficiencies are some of the key reasons for the momentum, and added that for many originators this route remains a key funding tool to support their growth plans.
According to the report, overall securitisation volumes remain dominated by mortgage-backed loans, which accounted for 46 per cent share, followed by vehicle loan segment at 28 per cent and Microfinance loans at 15 per cent. Securitisation in India is carried out either through Direct Assignment (DA) transactions (bilateral assignment of pool of retail loans from one entity to another) or through the Pass-Through Certificate (PTC) route (instruments issued by bankruptcy remote trusts).
The CNX Nifty is currently trading at 17017.95, up by 34.40 points or 0.20% after trading in a range of 16960.05 and 17071.65. There were 30 stocks advancing against 20 stocks declining on the index.
The top gainers on Nifty were Power Grid Corp up by 2.78%, Coal India up by 2.68%, Bajaj Auto up by 2.67%, BPCL up by 2.47% and HCL Tech. up by 1.86%. On the flip side, Adani Enterprises down by 3.19%, Asian Paints down by 1.47%, Dr. Reddy's Lab down by 1.28%, ICICI Bank down by 0.92% and Bharti Airtel down by 0.80% were the top losers.
Asian markets were trading mostly in red, Nikkei 225 slipped 33.23 points or 0.13% to 26,368.02, Taiwan Weighted dropped 24.44 points or 0.19% to 13,081.59, Hang Seng decreased 363.35 points or 2.16% to 16,469.01, Jakarta Composite lost 42.76 points or 0.62% to 6,896.39, Straits Times trembled 14.98 points or 0.48% to 3,090.02 and Shanghai Composite declined 33.49 points or 1.12% to 2,946.30. On the flip side, KOSPI rose 4.26 points or 0.19% to 2,196.33.
