Domestic equity indices maintain gaining movement

Indian markets maintained their gaining movement in late morning deals as market participants indulged in enlarging positions. Positive cues from other Asian markets amid falling crude oil prices supported sentiments.  Sentiments got boost as Indian manufacturing activity surged in the month of October, on the back of expansions in factory orders and quantities of purchases, while production growth outpaced its long-run average despite softening to a four-month low. The sentiments were further supported by Indian rupee appreciating 8 paise at 82.73 per dollar. On the sectoral front, most of the sectoral indices on the BSE were trading in green led by Healthcare, PSU, IT, TECK and Power.

On the global front, Asian markets were mostly trading in green despite traders were cautious as they await the US Fed's policy announcement on Wednesday. The Fed is widely expected to raise its benchmark interest rate by another 75 basis points, its fourth straight rate hike, to fight soaring inflation. Back home, in stock specific development, Motherson Sumi Wiring India (MSWIL) slipped on profit booking after margin disappointment in September quarter (Q2FY23).

The BSE Sensex is currently trading at 61170.31, up by 423.72 points or 0.70% after trading in a range of 60998.86 and 61289.73. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.66%, while Small cap index up by 0.28%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.33%, PSU up by 1.22%, IT up by 1.10%, TECK up by 1.10% and Power up by 1.08%, while Energy down by 0.17% was only losing index on BSE.

The top gainers on the Sensex were NTPC up by 3.38%, Power Grid Corp up by 2.46%, Dr. Reddy's Lab up by 2.03%, HDFC Bank up by 1.92% and HDFC up by 1.74%. On the flip side, Axis Bank down by 2.82%, Tata Steel down by 1.28%, Reliance Industries down by 0.83%, Maruti Suzuki down by 0.37% and Larsen & Toubro down by 0.03% were the top losers.

Meanwhile, the output of eight core industries expanded by 7.9 per cent in September 2022-- the highest in three months -- on account of better show by coal, fertiliser, cement and electricity segments. In September last year, the growth rate stood at 5.4 per cent. It was 4.1 per cent in August. The previous high was in June when the output expanded by 13.1 per cent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Coal production having 10.33 per cent weight increased by 12.0 per cent in September, 2022 over September, 2021 and its cumulative index increased by 21.0 per cent during April to September, 2022-23 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 6.6 per cent in September, 2022 over September, 2021 and its cumulative index increased by 10.1 per cent during April to September, 2022-23 over the corresponding period of previous year. Fertilizers production having 2.63 per cent weight increased by 11.8 per cent in September, 2022 over September, 2021 and its cumulative index increased by 11.5 per cent during April to September, 2022-23 over the corresponding period of previous year.

Steel production having 17.92 per cent weight increased by 6.7 per cent in September, 2022 over September, 2021 and its cumulative index increased by 6.4 per cent during April to September, 2022-23 over the corresponding period of previous year. Cement production having 5.37 per cent weight increased by 12.1 per cent in September, 2022 over September, 2021 and its cumulative index increased by 10.9 per cent during April to September, 2022-23 over the corresponding period of previous year. Electricity generation having 19.85 per cent weight increased by 11.0 per cent in September, 2022 over September, 2021 and its cumulative index increased by 10.7 per cent during April to September, 2022-23 over the corresponding period of previous year.

However, Crude Oil production having 8.98 per cent weight declined by 2.3 per cent in September, 2022 over September, 2021 and its cumulative index declined by 1.3 per cent during April to September, 2022-23 over the corresponding period of previous year. Natural Gas production having 6.88 per cent weight declined by 1.7 per cent in September, 2022 over September, 2021, while its cumulative index increased by 1.8 per cent during April to September, 2022-23 over the corresponding period of previous year.

The CNX Nifty is currently trading at 18138.35, up by 126.15 points or 0.70% after trading in a range of 18084.90 and 18175.80. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 5.38%, NTPC up by 3.76%, Power Grid Corp up by 2.52%, Grasim Industries up by 2.22% and Dr. Reddy's Lab up by 1.95%. On the flip side, Axis Bank down by 2.85%, Tata Steel down by 1.28%, Eicher Motors down by 1.16%, Reliance Industries down by 0.85% and UPL down by 0.75% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 77.43 points or 0.28% to 27,664.89, Taiwan Weighted strengthened 87.46 points or 0.68% to 13,037.21, Hang Seng increased 551.60 points or 3.76% to 15,238.62, KOSPI rose 35.76 points or 1.56% to 2,329.37, Straits Times advanced 28.35 points or 0.92% to 3,121.46 and Shanghai Composite gained 34.43 points or 1.19% to 2,927.91. However, Jakarta Composite lost 46.24 points or 0.65% to 7,052.65.