Markets continue to trade with hefty gains in late afternoon session

Indian markets continued to soar higher in late afternoon session following positive cues from European markets amid banking concerns ease. Investors continued to purchase fundamental strong stocks. Traders found support after German Chancellor Olaf Scholz said there's no reason for any kind of concern about Deutsche Bank.  Sector wise, tea industry remained in focused, as leading planters body, Indian Tea Association (ITA) has said that climate change is threatening the industry globally which is resulting in lower yields and rise in production costs. On the global front, Asian markets were trading mostly in red as banking worries swirled and China industrial profits data disappointed. European markets were trading higher as a sense of calm returned to markets following a week of turbulence over concerns about banking sector stability after the collapse of Credit Suisse and two U.S. mid-sized lenders.

The BSE Sensex is currently trading at 58002.33, up by 475.23 points or 0.83% after trading in a range of 57415.02 and 58017.92. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.12%, while Small cap index was down by 0.97%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.09%, TECK up by 0.75%, Bankex up by 0.68%, Metal up by 0.64% and Energy was up by 0.63%, while Utilities down by 1.47%, Power down by 1.16%, Realty down by 0.74%, Telecom down by 0.32% and Industrials was down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 2.29%, Sun Pharma up by 1.75%, SBI up by 1.52%, Kotak Mahindra Bank up by 1.22% and HCL Tech up by 1.20%. On the flip side, Tata Motors down by 0.89%, NTPC down by 0.78%, Mahindra & Mahindra down by 0.63%, Bajaj Finance down by 0.59% and Power Grid down by 0.36% were the top losers.

Meanwhile, reiterating the slogan ‘Vocal for local and local goes global’, Union Minister of State for Commerce and Industry, Anupriya Patel has urged exporters to focus on untapped potential in every district to diversify export basket. The Minister further noted that the export community must contribute towards a developed India. Its contribution is huge for the brand image of the country. Ministry of Commerce and Industry is with export community at all steps to assist and support.

Urging exporters to make the most of increasing bilateral engagements, she said ‘Today we are lauded as the fifth largest economy. In next 4-5 years we are poised to be 3rd largest. The Government is making sure that as we advance, we create more opportunities. Our bilateral engagement has been increasing in terms of the large number of FTAs we are negotiating with UAE, Australia and others. Make use of these opportunities to reach global markets.’

Stressing on the importance of creativity and innovation she noted, ‘Creativity and innovation very important in exports. As exporters you know the significance of being more innovative in products. I urge you to invest more in research. Global markets today are evolving. We have to understand and adapt to changing needs of the time.’

The CNX Nifty is currently trading at 17083.65, up by 138.60 points or 0.82% after trading in a range of 16918.55 and 17089.25. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Grasim Industries up by 2.73%, Reliance Industries up by 2.30%, Sun Pharma Inds. up by 1.66%, SBI up by 1.47% and Apollo Hospital up by 1.46%. On the flip side, Tata Motors down by 1.00%, NTPC down by 0.81%, SBI Life down by 0.80%, Mahindra & Mahindra down by 0.64% and Adani Ports down by 0.61% were the top losers.

Asian markets were trading mostly in red, Hang Seng declined 347.99 points or 1.78% to 19,567.69, Taiwan Weighted lost 84.39 points or 0.53% to 15,830.31, Jakarta Composite plunged 53.32 points or 0.79% to 6,708.93, Shanghai Composite weakened 14.25 points or 0.44% to 3,251.40 and KOSPI was down by 5.74 points or 0.24% to 2,409.22. On the flip side, Straits Times rose 25.88 points or 0.81% to 3,238.52 and Nikkei 225 was up by 91.62 points or 0.33% to 27,476.87.

European markets were trading higher, UK’s FTSE 100 increased 41.93 points or 0.57% to 7,447.38, France’s CAC rose 58.41 points or 0.83% to 7,073.51 and Germany’s DAX was up by 139.49 points or 0.93% to 15,096.72.