Bulls hold grip over Dalal Street

Bulls were holding a tight grip over the Dalal Street in early afternoon deals, with both Sensex and Nifty maintaining notable gains, on the back of positive cues from other Asian markets, as traders react to easing geopolitical tensions in the Middle East after Israel heeded to US' request to delay its Gaza invasion.  Sentiments remained upbeat, as expressing optimism over India’s economic growth, India's G20 Sherpa Amitabh Kant has said that the country is poised to become a $5 trillion economy. He added that the government has pushed the limit on infrastructure. 

On the global front, Asian markets were trading mostly in green, as China's industrial companies registered profits for the second straight month in September. The data released by the National Bureau of Statistics showed that industrial firms posted an 11.9 percent rise in profits in September compared to last year. This followed a 17.2 percent jump in August. However, industrial profits declined by 9.0 percent in January to September period. Profits had decreased 11.7 percent in the first eight months of the year.

Back home, stocks related to the telecom sector were in watch, as communications Minister Ashwini Vaishnaw said that Telecom is the gateway of digital and India is emerging as a telecom technology developer, exporter and leader, and the world is looking at the country with hope.

The BSE Sensex is currently trading at 63738.32, up by 590.17 points or 0.93% after trading in a range of 63393.37 and 63839.34. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose up by 1.80%, while Small cap index was up by 1.88%.

The top gaining sectoral indices on the BSE were PSU up by 2.21%, Utilities up by 2.20%, Power up by 2.03%, Realty up by 1.77% and Industrials up by 1.68%, while there were no losing sectoral indices on the BSE

The top gainers on the Sensex were NTPC up by 2.91%, HCL Tech. up by 2.38%, SBI up by 2.17%, Nestle up by 1.79% and Infosys up by 1.75%. On the flip side, Asian Paints down by 0.21%, JSW Steel down by 0.03% and ITC down by 0.01% were the top losers.

Meanwhile, the Securities and Exchange Board of India (Sebi) in its latest data has showed that investment in the Indian capital markets through Participatory notes (P-notes) rose over a six-year high at Rs 1.33 lakh crore at September-end, making it the seventh consecutive monthly increase, on the back of robust macroeconomic fundamentals. This is the highest level since July 2017 - when investment through the route stood at Rs 1.35 lakh crore.

The latest data includes the value of p-note investments in Indian equity, debt, and hybrid securities. According to data, the value of p-note investments in Indian markets - equity, debt, and hybrid securities - stood at Rs 1,33,284 crore at the end of September 2023 as compared to Rs 1,28,249 crore a month earlier. In comparison, investment through the route was Rs 1.23 lakh crore in July, Rs 1.13 lakh crore in June, Rs 1.04 lakh crore at May-end, Rs 95,911 crore at April-end, Rs 88,600 crore at March-end, Rs 88,398 crore at February-end and Rs 91,469 crore at January-end. 

The growth in p-notes generally aligns with the trend in FPI flows. When there is a global risk to the environment, investment through this route increases, and vice-versa. P-notes are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

The CNX Nifty is currently trading at 19030.30, up by 173.05 points or 0.92% after trading in a range of 18926.65 and 19057.90. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.26%, NTPC up by 2.87%, Bajaj Auto up by 2.48%, HCL Tech. up by 2.40% and SBI up by 2.18%. On the flip side, Dr. Reddy's Lab down by 0.76%, UPL down by 0.65%, Asian Paints down by 0.30%, Hindalco down by 0.16% and ITC down by 0.09% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 330.97 points or 1.9% to 17,375.58, Taiwan Weighted added 60.87 points or 0.38% to 16,134.61, Jakarta Composite gained 57.38 points or 0.85% to 6,771.90, Shanghai Composite strengthened 29.48 points or 0.98% to 3,017.78, KOSPI increased 3.73 points or 0.16% to 2,302.81 and Nikkei 225 surged 389.91 points or 1.26% to 30,991.69, while Straits Times fell 6.51 points or 0.21% to 3,064.80.