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

Indian benchmarks traded at day’s high levels in late afternoon session amid value buying. Market sentiments improved with RBI’s rate decision. Traders took support as Reserve Bank said India is poised to become the growth engine of the world as it retained the GDP projection for the current fiscal at 6.5 per cent. Unveiling the bi-monthly monetary policy review, Reserve Bank of India Governor Shaktikanta Das said the domestic economy exhibits resilience on the back of strong demand. Meanwhile, Reserve Bank retained the inflation forecast for 2023-24 at 5.4 per cent, and vowed to take timely measures to prevent any spillovers of global food and fuel price shocks. On the global front, Asian markets were trading mostly in green ahead of key US jobs data due later in the day. European markets were trading in green after data showed Germany's factory orders rebounded at a stronger-than-expected pace in August, reflecting the robust expansion in demand for computing, electronic and optical products. 

The BSE Sensex is currently trading at 65993.98, up by 362.41 points or 0.55% after trading in a range of 65762.33 and 66046.97. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.58%, while Small cap index was up by 0.43%.

The top gaining sectoral indices on the BSE were Realty up by 1.92%, Consumer Durables up by 1.23%, Consumer Disc up by 0.58%, Utilities up by 0.56% and PSU was up by 0.55%, while Telecom down by 0.38% and Capital Goods was down by 0.06% were the only losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 5.30%, Bajaj Finance up by 3.81%, Titan Company up by 2.59%, Indusind Bank up by 2.12% and ITC up by 1.42%. On the flip side, Hindustan Unilever down by 0.60%, Bharti Airtel down by 0.41%, Larsen & Toubro down by 0.24%, Asian Paints down by 0.06% and Axis Bank down by 0.03% were the top losers.

Meanwhile, Union Minister Jitendra Singh has said that the Science & Technology industry will be expected to be a major resource contributor in all the future StartUp ventures and other new technology initiatives. The Minister further noted that all will have to be equal stakeholders right from the beginning and for this the Industry will also have to change its earlier mindset of looking up to the government for everything.  

Singh said there will be Industry linkages right from the beginning, creating an optimum ecosystem for innovation. Active involvement from the industry and the capital to push the quantum start-up ecosystem in India is required to boost the industry. The Minister also said ‘As compared to the policy paralysis previously, the Modi Government rolled out a clear cut policy planning, with Digital India and Make in India paving the framework for a robust indigenous manufacturing environment. As a result we witnessed a quantum jump before Quantum Technology came our way.’ 

Besides, Singh said India has the potential to become an attractive destination for quantum R&D, software development, and components and equipment manufacturing, thus leading to a huge number of job opportunities. Meanwhile, India currently has nearly a hundred quantum projects of which about 92 per cent are sponsored by the Centre.

The CNX Nifty is currently trading at 19653.00, up by 107.25 points or 0.55% after trading in a range of 19589.40 and 19669.40. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 5.41%, Bajaj Finance up by 3.86%, Titan Company up by 2.55%, Indusind Bank up by 2.19% and Tata Consumer up by 1.48%. On the flip side, Hindustan Unilever down by 0.45%, ONGC down by 0.41%, Bharti Airtel down by 0.37%, Britannia down by 0.19% and Larsen & Toubro down by 0.11% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 272.11 points or 1.56% to 17,485.98, Taiwan Weighted added 67.05 points or 0.41% to 16,520.57, Jakarta Composite gained 26.62 points or 0.39% to 6,901.45, Straits Times rose 22.42 points or 0.71% to 3,177.52 and KOSPI increased 5.13 points or 0.21% to 2,408.73, while Nikkei 225 declined 80.69 points or 0.26% to 30,994.67. 

European markets were trading in green; France’s CAC gained 19.80 points or 0.28% to 7,018.05 and Germany’s DAX advanced 62.35 points or 0.49% to 7,018.05 and UK’s FTSE 100 increased 17.41 points or 0.23% to 7,468.95.