Bourses trade at day’s high points in late afternoon session

Local equity markets traded at day’s high points in late afternoon session on account of sustain buying by investors in some specific sectors such as Utilities, Power and PSU. The broader indices, the BSE Mid cap index and Small cap index were also trading with hefty gains. The overall market breadth was largely positive as 2886 shares were advancing and 712 were declining, while 137 shares were unchanged on the BSE. Traders remained optimistic with private report stating that bilateral trade between India and the Gulf Cooperation Council (GCC) grew from $87.35 billion in fiscal year 2020-21 to $154.66 billion in 2021-22, registering an increase of 77.06 per cent on a year-on-year basis. Besides, another private report stated that India's growth trajectory will see the country rise from fifth place on the World Economic League Table in 2022 to third in the global rankings by 2037.

On the global front, Asian markets were trading mostly in green amid signs that U.S. inflation may be receding. Several markets including Hong Kong, Australia, New Zealand and Singapore were closed for holidays. European markets were closed amid Christmas holiday.

The BSE Sensex is currently trading at 60597.29, up by 752.00 points or 1.26% after trading in a range of 59754.10 and 60598.75. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 2.31%, while Small cap index was up by 3.14%.

The top gaining sectoral indices on the BSE were Utilities up by 3.64%, Power up by 3.39%, PSU up by 3.25%, Industrials up by 2.58% and Realty was up by 2.57%, while Healthcare down by 0.21% was the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 4.31%, SBI up by 3.69%, Bajaj Finserv up by 2.86%, Tata Steel up by 2.69% and ITC up by 2.47%. On the flip side, Kotak Mahindra Bank down by 1.04%, Nestle down by 0.68% and Sun Pharma down by 0.12% were the only losers.

Meanwhile, calling for keeping consumers at the centre of all the initiatives, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has emphasized that the consumer empowerment is going to be a paramount feature of a developed India. The Union Minister also applauded the Consumer Affairs Department for launching various initiatives and for their outstanding achievements.  He also appreciated the Consumer Commissions across the country for their focused effort on speedy disposal of cases.

The Minister noted that those approaching Helplines for complaints are largely from small companies, are devoid of technical knowledge and can't afford assistance and reaffirmed the need for speedy disposal of cases. He stressed need to put in an extra effort with a very sensitive approach to help them navigate through various processes and deliver justice in a time bound manner.

Goyal also appreciated the Consumer Affairs Department for using technology in bringing transparency in the working and other initiatives like the consumer helpline. Besides, he emphasized that 3 T's - Technology, Training and Transparency will take towards greater consumer awareness and greater service to consumers.

The CNX Nifty is currently trading at 18026.70, up by 219.90 points or 1.23% after trading in a range of 17774.25 and 18030.05. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 4.32%, SBI up by 3.95%, Hindalco up by 3.46%, Bajaj Finserv up by 2.88% and Coal India up by 2.74%. On the flip side, Divi's Lab down by 1.54%, Dr. Reddy's Lab down by 1.42%, Cipla down by 1.24%, Kotak Mahindra Bank down by 1.17% and Nestle down by 0.58% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 170.62 points or 0.65% to 26,405.87, Jakarta Composite soared 35.14 points or 0.52% to 6,835.81, Shanghai Composite gained 19.69 points or 0.65% to 3,065.56, Taiwan Weighted strengthened 13.50 points or 0.09% to 14,285.13 and KOSPI was up by 3.45 points or 0.15% to 2,317.14.