Bourses trim some gains in late afternoon session

Indian equity markets trimmed some of their gains in late afternoon session, on account of profit booking, but continued to trade in green. The broader indices, the BSE Mid cap index and Small cap index were trading above half a percent. Banking, IT and TECK stocks were witnessing buying interest. Traders found support after India's inflation based on the Wholesale Price Index (WPI) crashed to an 18-month low of 10.7 percent in September. WPI inflation was 12.41 percent in August. In September 2021, it stood at 11.80 percent. Among individual stocks, Infosys remained in focused after it has reported 11% rise in Q2 consolidated net profit. Investors awaited the financial results of Bajaj Auto, Tata Elxsi and Shree Cement due later in the day. On the global front, Asian markets were trading mostly in green after U.S. stocks staged a remarkable turnaround to close sharply higher overnight despite higher-than-expected inflation numbers. European markets were trading higher on continuing the global rebound after the latest U.S. inflation data, while speculation mounted that the U.K. government will abandon its plans for massive unfunded tax cuts.

The BSE Sensex is currently trading at 58115.07, up by 879.74 points or 1.54% after trading in a range of 58054.77 and 58435.12. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.55%, while Small cap index was up by 0.57%.

The top gaining sectoral indices on the BSE were Bankex up by 2.10%, IT up by 1.77%, TECK up by 1.67%, Capital Goods up by 1.47% and Industrials was up by 1.14%, while Realty down by 0.26%, Power down by 0.15% and Utilities was down by 0.14% were the few losing indices on BSE.

The top gainers on the Sensex were Infosys up by 3.92%, HDFC Bank up by 3.52%, HDFC up by 2.86%, Kotak Mahindra Bank up by 2.65% and Larsen & Toubro up by 2.64%. On the flip side, Mahindra & Mahindra down by 0.66%, Power Grid down by 0.51%, Wipro down by 0.40%, TCS down by 0.26% and Asian Paints down by 0.23% were the top losers.

Meanwhile, underlining the benefits of PM GatiShakti, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that PM GatiShakti National Master Plan (NMP) has the potential to save over Rs. 10 lakh crore annually by improving logistics efficiency. He said that PM GatiShakti is increasingly being used in the social sector for better infrastructure development, thereby, taking fruits of technology to every citizen of the country and improving ease of life for the common man.

The Minister expressed confidence that PM GatiShakti would help bring in balanced, inclusive, equitable development in the country by helping remote areas, especially those in the North East undertake integrated infrastructure planning and close development gaps. The Minister further said that PM GatiShakti would define

India's future in the years to come and added that PM GatiShakti National Master Plan would lend both 'Gati' and 'Shakti' to India's efforts in Infrastructure development.

Goyal said ‘the National Master Plan will transform the way we work and the outcomes of our work and will drive economic development.’ Besides, Piyush Goyal observed that the entire nation has come together, transcending political differences to use PM GatiShakti to the best possible extent. The Minister also expressed confidence that PM GatiShakti NMP would find a place in history as a powerful intervention that spurred rapid growth and development in the country.

The CNX Nifty is currently trading at 17233.20, up by 218.85 points or 1.29% after trading in a range of 17233.15 and 17348.55. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Infosys up by 3.92%, HDFC Bank up by 3.34%, HDFC up by 2.84%, UPL up by 2.73% and Larsen & Toubro up by 2.50%. On the flip side, ONGC down by 1.04%, JSW Steel down by 0.93%, Mahindra & Mahindra down by 0.77%, TCS down by 0.73% and Power Grid down by 0.68% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 853.34 points or 3.25% to 27,090.76, Taiwan Weighted strengthened 317.39 points or 2.48% to 13,128.12, Hang Seng increased 198.58 points or 1.21% to 16,587.69, Shanghai Composite gained 55.63 points or 1.84% to 3,071.99, KOSPI rose 49.68 points or 2.3% to 2,212.55 and Straits Times was up by 9.91 points or 0.33% to 3,050.36. On the flip side, Jakarta Composite was down by 66.10 points or 0.96% to 6,814.53.

European markets were trading higher, UK’s FTSE 100 increased 72.51 points or 1.06% to 6,922.78, France’s CAC increased 64.47 points or 1.1% to 5,943.66 and Germany’s DAX was up by 104.90 points or 0.85% to 12,460.48.