Post Session: Quick Review

The Indian benchmarks settled at record closing highs yet again tracking the gains in global equities. Indices made optimistic start, as sentiments got boost after government data showed that retail inflation for industrial workers rose to 6.08 per cent in October from 6.49 per cent in September 2022 mainly due to lower prices of certain food items. Some additional support also came, as foreign institutional investors (FIIs) net bought shares worth Rs 9,010.41 crore on 30 November, according to the provisional data available on the NSE. Markets cut some of their opening gains but continued to trade higher, as traders took support from Asian markets after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes 'as soon as December.' Traders paid no heed towards data showing that growth in production by eight infrastructure industries, which comprise the core sector, slowed down sharply to a 20-month low of 0.1 per cent in October, owing to a high base effect and weak activity.

Key gauges continued to trade with energetic mood in afternoon session, as sentiments were positive after private survey showed that India's factory activity expanded at its fastest pace in three months in November, signalling resilient demand despite deteriorating global economic conditions as input cost inflation fell to a two-year low.  The Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 55.7 last month compared with 55.3 in October, marking the seventeenth successive month of expansion in manufacturing production across India. Besides, Chief Economic Advsior V Anantha Nageswaran said the Indian economy is on track to achieve a 6.8-7 per cent GDP growth in the current fiscal. He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level. However, in late afternoon session, markets pared some of gains but ended the session in positive territory amid weekly F&O expiry. Sentiments remained upbeat as investment in the Indian capital markets through participatory notes rose to Rs 97,784 crore at the end of October, the highest in a year. This was also the third consecutive monthly increase in investments through such a route.

On the global front, European markets were trading higher cheered by U.S. Federal Reserve Chair Jerome Powell signalling smaller interest rate hikes ahead, and China softening its tone on strict COVID-19 rules. Asian markets ended mostly in green. Bach home, sector wise, steel sector remained in limelight after Steel production, having 17.92 per cent weight, increased by 4.0 per cent in October, 2022 over October, 2021 and its cumulative index increased by 6.1 per cent during April to October, 2022-23 over the corresponding period of previous year. On the other hand, Crude Oil production, having 8.98 per cent weight, declined by 2.2 per cent in October, 2022 over October, 2021 and its cumulative index declined by 1.4 per cent during April to October, 2022-23 over the corresponding period of previous year.

The BSE Sensex ended at 63,284.19, up by 184.54 points or 0.29% after trading in a range of 63,183.77 and 63,583.07. There were 15 stocks advancing against 15 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.62%, while Small cap index was up by 0.63%. (Provisional)

The top gaining sectoral indices on the BSE were IT up by 2.03%, Realty up by 1.94%, Metal up by 1.75%, TECK up by 1.58% and Capital Goods was up by 0.86%, while Utilities down by 0.73%, Power down by 0.71%, Oil & Gas down by 0.66%, Energy down by 0.55% and Auto was down by 0.19% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Ultratech Cement up by 2.94%, Tata Steel up by 2.60%, TCS up by 2.38%, Tech Mahindra up by 2.20% and Wipro up by 1.57%. On the flip side, ICICI Bank down by 1.51%, Mahindra & Mahindra down by 1.42%, Power Grid Corp down by 0.98%, Kotak Mahindra Bank down by 0.61% and Hindustan Unilever down by 0.54% were the top losers. (Provisional)

Meanwhile, Chief Economic Advsior (CEA) V Anantha Nageswaran has said the Indian economy is on track to achieve a 6.8-7 per cent gross domestic product (GDP) growth in the current fiscal (FY23). He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

He added festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds. India's economic growth slowed down to 6.3 per cent in the July-September quarter of this fiscal, as against 8.4 per cent in the same period 2021-22.

India's economy grew by 9.7 per cent growth in the first half (April-September) of this fiscal. Besides, the IMF has projected Indian economy to grow at 6.8 per cent this fiscal, while the RBI has pegged it at 7 per cent.

The CNX Nifty ended at 18,812.50, up by 54.15 points or 0.29% after trading in a range of 18,778.20 and 18,887.60. There were 27 stocks advancing against 22 stocks declining on the index. (Provisional)

The top gainers on Nifty were Tata Steel up by 2.88%, Hindalco up by 2.82%, Ultratech Cement up by 2.78%, TCS up by 2.50% and Grasim Industries up by 2.28%. On the flip side, UPL down by 1.37%, Eicher Motors down by 1.35%, ICICI Bank down by 1.33%, Cipla down by 1.29% and Bajaj Auto down by 1.15% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 15.31 points or 0.2% to 7,588.36, France’s CAC increased 4.13 points or 0.06% to 6,742.68 and Germany’s DAX was up by 55.59 points or 0.39% to 14,452.63.

Asian markets settled mostly higher on Thursday tracking overnight rally in Wall Street after Federal Reserve Chair Jerome Powell indicated the central bank might moderate the pace of rate increases as soon as December. Chinese shares gained after two major cities in China announced an easing of Covid curbs in the wake of nationwide rallies calling for an end to lockdowns, boosted expectations that China would reopen its economy soon. While Chinese Vice Premier Sun Chunlan said the Omicron variant was weakening and vaccination rates were improving, according to the state-run Xinhua news agency. Japanese shares rose after data showed Japanese firms ramped up capital spending at their fastest pace in over four years in the third quarter.