Jubilant trade continues on Dalal Street

Indian equity benchmarks continued to trade jubilantly with frontline gauges managing to trade above their crucial 60,600 (Sensex) and 17,950 (Nifty) levels in late trade as traders remained hopeful of a less-hawkish stance from major central banks coupled with better than expected corporate earnings reports. Sentiments also remained up-beat after oil prices fell on concerns that widening COVID-19 curbs in China will curtail demand, while India, the world’s third-biggest importer of oil, benefits from a slide in prices as it brings down imported inflation. Meanwhile, traders are awaiting macro-economic data to be released later during the week coupled with auto companies reveling their monthly sales numbers for the month of October.

The BSE Sensex is currently trading at 60620.99, up by 661.14 points or 1.10% after trading in a range of 60246.96 and 60695.57. There were 24 stocks advancing against 5 stocks declining on the index, while 1 stock remain unchanged.

The broader indices were trading in green; the BSE Mid cap index rose 0.88%, while Small cap index was up by 0.40%.

The top gaining sectoral indices on the BSE were TECK up by 1.29%, Auto up by 1.29%, Capital Goods up by 1.15%, IT up by 1.12% and Healthcare up by 1.12%, while Utilities down by 0.20% and Power down by 0.06% were the only losing sectoral indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 4.07%, Sun Pharma up by 3.13%, HDFC Bank up by 2.53%, HDFC up by 2.51% and Mahindra & Mahindra up by 2.21%. On the flip side, NTPC down by 2.07%, Dr. Reddy's Lab down by 0.66%, Nestle down by 0.34%, ICICI Bank down by 0.32% and IndusInd Bank down by 0.21% were the top losers the Sensex.

Meanwhile, Union Law and Justice Minister Kiren Rijiju has said that protection of jobs in India is a concern while safeguarding the environment during economic progress. He said the per capita GDP in India is still very less compared to other mid-level and developed nations.

The minister said ‘currently, the per capita GDP of India is 2,100 dollars and it is very less, but India as a whole, when we calculate, it's close to a 3.23 trillion dollar economy. It is the fifth largest economy (in the world). The international standard of development for 'middle-level countries' is a per capita income of $12,000. So, we have to reach the position of a middle-level country before attaining developed status. While climbing from 2,100 dollars to 12,000 dollars, you can imagine the impact on the environment and the growth which we would be embarking upon.’

Claiming that India is currently one of the fastest-growing economies in the world despite the global impact of the pandemic, Rijiju said the country has never seen such a growth rate in its history. He said India is not a mineral-rich nation, especially in the oil and gas sectors, as we import these, and added that the role of the judiciary is going to be extremely crucial in the growth and development of India.

The CNX Nifty is currently trading at 17971.20, up by 184.40 points or 1.04% after trading in a range of 17899.90 and 17991.00. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Ultratech Cement up by 4.11%, Sun Pharma up by 2.91%, HDFC Bank up by 2.56%, Grasim Industries up by 2.48% and HDFC up by 2.48%. On the flip side, NTPC down by 1.90%, Apollo Hospital down by 0.84%, Britannia down by 0.72%, Dr. Reddy's Lab down by 0.57% and Nestle down by 0.33% were the top losers on Nifty.

Asian markets are trading mostly in green; KOSPI rose 25.21 points or 1.11% to 2,293.61, Straits Times advanced 37.14 points or 1.21% to 3,096.33, Jakarta Composite soared 42.85 points or 0.61% to 7,098.89, Taiwan Weighted strengthened 161.33 points or 1.26% to 12,949.75, Nikkei 225 surged 482.26 points or 1.78% to 27,587.46, while Shanghai Composite declined 22.45 points or 0.77% to 2,893.48 and Hang Seng decreased 176.04 points or 1.18% to 14,687.02.

European markets were trading lower; UK’s FTSE 100 decreased 12.66 points or 0.18% to 7,035.01, France’s CAC decreased 26.48 points or 0.42% to 6,246.57 Germany’s DAX and decreased 24.62 points or 0.19% to 13,218.71.