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

Indian equity markets soared at day’s high points in late afternoon session following gains in banking counters. However, IT sector stocks remained under selling pressure. The overall market breadth was largely positive as 2041 shares were advancing and 1408 were declining, while 152 shares were unchanged on the BSE. The broader indices, the BSE Mid cap index and Small cap index were also trading with healthy gains. Investors awaited the Federal Reserve's interest rate decision. Traders worldwide were expecting the US Federal Reserve to raise interest rates by a smaller quantum of 25 basis points this month. On the global front, Asian markets were trading in green ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks. European markets were trading higher as investor nerves settle after UBS’ takeover of rival bank Credit Suisse.

The BSE Sensex is currently trading at 58063.89, up by 434.94 points or 0.75% after trading in a range of 57730.09 and 58078.46. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.64%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.82%, Bankex up by 1.22%, Energy up by 0.99%, Power up by 0.73% and Telecom was up by 0.70%, while IT down by 0.65%, FMCG down by 0.46%, TECK down by 0.46% and Healthcare was down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 2.81%, Bajaj Finance up by 2.49%, Titan Company up by 2.19%, ICICI Bank up by 1.95% and Axis Bank up by 1.89%. On the flip side, Power Grid down by 1.76%, Hindustan Unilever down by 1.46%, Tech Mahindra down by 1.07%, TCS down by 0.79% and HCL Tech down by 0.75% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1485948 new jobs in the month of January 2023 as against revised figure of 1280613 in December 2022.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 4642 new jobs were created in less than 18 age group category, while 267037 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 363368, 220173, 327959 and 302769 new payrolls, respectively in January.

The CNX Nifty is currently trading at 17108.10, up by 119.70 points or 0.70% after trading in a range of 17016.00 and 17113.95. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.75%, Reliance Industries up by 2.85%, Bajaj Finance up by 2.49%, Bajaj Auto up by 2.47% and Titan Company up by 2.37%. On the flip side, Power Grid down by 1.52%, Hindustan Unilever down by 1.50%, Britannia down by 1.36%, Tech Mahindra down by 1.09% and TCS down by 0.90% were the top losers.

Asian markets were trading in green, Hang Seng advanced 258.05 points or 1.34% to 19,258.76, Taiwan Weighted added 93.48 points or 0.6% to 15,513.45, Jakarta Composite gained 79.12 points or 1.18% to 6,691.61, Straits Times rose 33.33 points or 1.05% to 3,173.09, Shanghai Composite strengthened 20.74 points or 0.64% to 3,255.65 and KOSPI was up by 9.15 points or 0.38% to 2,388.35.

European markets were trading higher, UK’s FTSE 100 increased 89.19 points or 1.19% to 7,493.04, France’s CAC rose 80.39 points or 1.13% to 7,093.53 and Germany’s DAX was up by 171.21 points or 1.13% to 15,104.59.