Markets remain firm at higher levels in morning session

Indian equity benchmarks remained firm at higher levels in morning session, with Sensex gaining more than 900 points mirroring cues from global markets and a fall in crude oil prices. Gaining momentum also witnessed among all the sectoral indices, with IT, TECK and Capital Goods index emerging as top gainer on the BSE. Sentiments remained positive with Union Finance Minister Nirmala Sitharaman’s statement that India is setting the global benchmarks on the digital front and that there is a sense of confidence in the country that it will be able to face geopolitical and economic uncertainties and still perform. Traders overlooked report stated that reflecting the overall decline in funds flows into startups especially since the Ukraine war, private equity investments plunged 77.5 per cent to $3.84 billion in the September quarter. On the global front, Asian markets are trading mostly in green following the broadly positive cues from global markets, as a sharp increase in the price of crude oil contributed to significant strength.

The BSE Sensex is currently trading at 58141.74, up by 906.41 points or 1.58% after trading in a range of 58115.98 and 58322.47. All the 30 stocks were advancing on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.84%, while Small cap index was up by 0.94%.

The top gaining sectoral indices on the BSE were IT up by 2.84%, TECK up by 2.61%, Capital Goods up by 1.72%, Bankex up by 1.63% and Industrials up by 1.53%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Infosys up by 4.56%, HCL Technologies up by 3.56%, Tech Mahindra up by 3.40%, Larsen & Toubro up by 2.89% and HDFC Bank up by 2.21%, while there were no losers on the Sensex.

Meanwhile, auto industry body Society of Indian Automobile Manufacturers (SIAM) has said that riding on the back of strong festive season demand, passenger vehicle wholesales in India increased 92 per cent to 3,07,389 units last month (September), as compared to the same month last year. Passenger vehicle (PV) dispatches from factories to dealerships in September 2021 stood at 1,60,212 units.

It stated two-wheeler sales also rose 13 per cent to 17,35,199 units, as compared to 15,37,604 vehicles in September 2021. Motorcycle sales rose 18 per cent to 11,14,667 units, as against 9,48,161 units in September 2021. Scooter sales were up 9 per cent to 5,72,919 units, from 5,27,779 vehicles a year ago.

Besides, it mentioned, in the September quarter, PV sales increased by 38 per cent to 10,26,309 units, as against 7,41,442 units in the similar period of the last fiscal. Similarly, total two-wheeler sales rose 13 per cent to 46,73,931 units, as compared with 41,36,484 units in the September quarter of the last fiscal. Total commercial vehicles sales rose by 39 per cent to 2,31,880 units, as against 1,66,251 units in the year-ago period. Total sales across categories rose to 60,52,628 units, as against 51,15,112 units in the September quarter of last year.

The CNX Nifty is currently trading at 17271.10, up by 256.75 points or 1.51% after trading in a range of 17258.80 and 17331.65. All the 50 stocks were advancing on the index..

The top gainers on Nifty were Infosys up by 4.58%, HCL Technologies up by 3.51%, Tech Mahindra up by 3.35%, Larsen & Toubro up by 2.99% and UPL up by 2.12%.

Asian markets are trading mostly in green; Taiwan Weighted strengthened 342.82 points or 2.68% to 13,153.55, Hang Seng increased 553.06 points or 3.37% to 16,942.17, Nikkei 225 surged 860.12 points or 3.28% to 27,097.54, Straits Times advanced 30.25 points or 0.99% to 3,070.70, KOSPI rose 49.56 points or 2.29% to 2,212.43 and Shanghai Composite gained 47.40 points or 1.57% to 3,063.76.

On the flip side, Jakarta Composite lost 9.64 points or 0.14% to 6,870.99.