Bourses sustain healthy gains in late afternoon session

The Indian benchmarks continued their upmove in late afternoon session amid healthy buying in Global markets. Globally investors took support after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon. Traders remain energized, as Revenue Secretary Tarun Bajaj has expressed optimism over India’s tax collection and said that it will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal (FY23) on the back of buoyant income tax, customs duty and GST mop-up. Sector wise, Telecom industry remained in limelight after Telecom Regulatory Authority of India (Trai) in its report has said that telecom service providers' adjusted gross revenue (AGR) grew 17.91 per cent on a year-over-year basis to Rs 60,530 crore in April-June 2022. On the global front, Asian markets and European markets were trading mostly in green as optimism over a less hawkish Fed outweighed concerns that a surge in COVID cases in China would weigh on growth.

The BSE Sensex is currently trading at 61953.39, up by 442.81 points or 0.72% after trading in a range of 61600.42 and 61991.72. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.34%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were IT up by 1.63%, TECK up by 1.43%, Oil & Gas up by 1.07%, PSU up by 0.84% and Capital Goods was up by 0.78%, while Consumer Durables down by 0.27%, Telecom down by 0.27%, Metal down by 0.26% and Realty was down by 0.21% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech up by 2.43%, Power Grid up by 2.35%, Infosys up by 1.74%, Tech Mahindra up by 1.71% and Sun Pharma up by 1.48%. On the flip side, Kotak Mahindra Bank down by 0.88%, Tata Steel down by 0.52%, Bajaj Finserv down by 0.38%, Bajaj Finance down by 0.21% and Reliance Industries down by 0.13% were the top losers.

Meanwhile, Telecom Regulatory Authority of India (Trai) in its report has said that telecom service providers' adjusted gross revenue (AGR) grew 17.91 per cent on a year-over-year basis to Rs 60,530 crore in April-June 2022. The AGR of telecom service providers was Rs 51,335 crore in June 2021 quarter. The government collects it share of revenue from telecom service providers based on their AGR.

The report said access services (mobile phone, broadband services for end consumers) contributed 80.95 per cent of the total adjusted gross revenue of telecom services. The sector's gross revenue (GR) grew by 17.91 per cent to Rs 76,408 crore from Rs 64,801 crore a year ago. The GR, however, declined marginally on a quarter-over-quarter basis from Rs 76,420 crore in March 2022 quarter.

It further said government's share of revenue, which is calculated based on AGR, grew by about 19 per cent to Rs 6,843 crore, comprising Rs 4,844 crore as licence fees and Rs 1,999 crore as spectrum usage charges (SUC). The licence fee collection grew by 18.05 per cent to Rs 4,844 crore from Rs 4,103 crore and SUC grew 21.47 per cent to Rs 1,999 crore from Rs 1,646 crore year on year.

The CNX Nifty is currently trading at 18395.35, up by 128.10 points or 0.70% after trading in a range of 18294.25 and 18406.30. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 4.15%, Apollo Hospital up by 4.11%, BPCL up by 3.13%, Tata Consumer up by 2.64% and Power Grid up by 2.37%. On the flip side, Coal India down by 1.24%, Adani Enterprises down by 1.03%, Kotak Mahindra Bank down by 0.97%, Tata Motors down by 0.51% and Eicher Motors down by 0.49% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 267.35 points or 0.95% to 28,383.09, Taiwan Weighted strengthened 175.46 points or 1.2% to 14,784.00, Hang Seng increased 137.09 points or 0.78% to 17,660.90, Jakarta Composite soared 26.40 points or 0.37% to 7,080.52 and KOSPI was up by 23.32 points or 0.96% to 2,441.33. On the flip side, Straits Times trembled 0.98 points or 0.03% to 3,255.01 and Shanghai Composite was down by 7.60 points or 0.25% to 3,089.31.

European markets were trading mostly in green, France’s CAC increased 25.25 points or 0.38% to 6,704.34 and Germany’s DAX was up by 108.22 points or 0.75% to 14,535.81. On the flip side, UK’s FTSE 100 was down by 6.03 points or 0.08% to 7,459.21.