Bourses continue positive momentum in late afternoon session

The Indian equity benchmarks continued their positive momentum in late afternoon session as there is an expectation that Consumer Price Index (CPI) inflation likely to fell for September. Besides, traders turned their attention towards upcoming Q2FY24 earnings. Investors found support after former economic affairs secretary Atanu Chakraborty said that India is expected to become a $30-trillion economy by 2050 pushed by robust consumption and exports. On the global front, Asian markets were trading mostly in green as investors cheered dovish Fed talk as well as reports that China is mulling fresh stimulus to boost slowing growth in the world's second-largest economy. European markets were trading mostly in red as investors eyeing on US inflation data. 

The BSE Sensex is currently trading at 66456.56, up by 377.20 points or 0.57% after trading in a range of 66299.79 and 66592.16. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.57%, while Small cap index was up by 0.76%.

The top gaining sectoral indices on the BSE were Basic Materials up by 1.07%, Telecom up by 1.03%, FMCG up by 0.99%, Realty up by 0.98% and Auto was up by 0.96%, while PSU down by 0.04% was the losing indices on BSE.

The top gainers on the Sensex were Wipro up by 3.50%, Ultratech Cement up by 2.23%, Hindustan Unilever up by 1.79%, Kotak Mahindra Bank up by 1.17% and ITC up by 1.10%. On the flip side, HCL Tech down by 0.39%, SBI down by 0.30%, TCS down by 0.25%, Indusind Bank down by 0.24% and Titan Company down by 0.11% were the top losers.

Meanwhile, highlighting the fast progress made by India in green and clean energy sector, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri has said that India's energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in the coming years. He also noted that at present the country is world's 3rd largest consumer of oil, 3rd largest LPG consumer, 4th largest LNG importer, 4th largest refiner and 4th largest automobile market.

The minister further said that the 10 percent target on biofuel blending by November, 2022 was attained 5 months in advance, and the 20 percent biofuel blending target of 2030 has been advanced to 2025. He said India is likely to account for 25% of global energy demand growth over the next two decades. The Minister said that the surest means of determining a country’s growth is to look at its energy consumption and India’s energy consumption is 3 times of the global average. 

Besides, talking on management of 3 challenges in the energy sector i.e. availability, affordability and sustainability, he said ‘for a start we did not allow our challenge on sustainbaility to deccelerate infact we accelerate.  Also slowly and surely, the Minister said that we are shedding this limit of 20 percent as this limit was imposed by us on ourselves because the automobile companies told that up to 20 percent blending not much change is required in engines. But now, he said, we have 20 percent blended fuel, and the process of setting up of ethanol and biogas plants etc. is underway rigourously. The automobile manufacturers are also moving forward in terms of technological advancements.’

The CNX Nifty is currently trading at 19803.30, up by 113.45 points or 0.58% after trading in a range of 19756.95 and 19839.20. There were 40 stocks advancing against 9 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Hero MotoCorp up by 4.08%, Wipro up by 3.46%, Grasim Industries up by 2.50%, Ultratech Cement up by 2.21% and Hindustan Unilever up by 1.79%. On the flip side, Coal India down by 0.63%, Adani Ports down by 0.49%, HCL Tech down by 0.48%, SBI down by 0.35% and Indusind Bank down by 0.23% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 228.37 points or 1.28% to 17,893.10, Nikkei 225 surged 189.98 points or 0.59% to 31,936.51, Taiwan Weighted added 151.46 points or 0.91% to 16,672.03, KOSPI increased 47.50 points or 1.94% to 2,450.08, Jakarta Composite gained 26.96 points or 0.39% to 6,949.15 and Shanghai Composite was up by 3.72 points or 0.12% to 3,078.96, while Straits Times was down by 6.14 points or 0.19% to 3,192.93.

European markets were trading mostly in red; France’s CAC fell 49.57 points or 0.69% to 7,112.86 and Germany’s DAX was down by 8.56 points or 0.06% to 15,414.96. On the flip side, UK’s FTSE 100 was up by 9.81 points or 0.13% to 7,638.02.