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

The Indian equity benchmarks traded at day’s high levels in late afternoon session as investors continued to hunt for fundamentally strong stocks. The broader indices, the BSE Mid cap index and Small cap index also witnessed healthy buying. Globally, investors were braced next fed meeting, at which it is widely expected to hike interest rates again under stubborn inflation pressure. On the global front, Asian markets were trading mostly in green following recent string of losses on Middle East worries and uncertainty over the Federal Reserve's rate hike path. European markets were trading mostly in green with earnings and the state of the global economy keeping sentiment on edge. Investors also await the ECB rate decision and President Christine Lagarde' press conference for clarity on the outlook for rates.

The BSE Sensex is currently trading at 63813.98, up by 665.83 points or 1.05% after trading in a range of 63393.37 and 63901.23. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.75%, while Small cap index was up by 1.96%.

The top gaining sectoral indices on the BSE were PSU up by 2.15%, Utilities up by 2.11%, Realty up by 1.94%, Power up by 1.91% and Auto was up by 1.81%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.14%, Tata Motors up by 2.75%, HCL Tech up by 2.72%, SBI up by 2.48% and Axis Bank up by 2.41%. On the flip side, ITC down by 0.23%, Tata Steel down by 0.08% and Asian Paints down by 0.02% were the top losers.

Meanwhile, citing the speedy roll-out of 5G services in India and the nation's clear 6G vision, Communications Minister Ashwini Vaishnaw has said that Telecom is the gateway of digital and India is emerging as a telecom technology developer, exporter and leader, and the world today is looking at the country with hope.

While speaking at the inauguration of India Mobile Congress, Vaishnaw said that driven by Prime Minister Narendra Modi's clear vision and leadership, the telecom sector has achieved several milestones on connectivity, affordability and standards, and has moved out of the shadow of litigation and 2G scam of the past.

Meanwhile, the Prime Minister, Narendra Modi inaugurated the 7th Edition of the India Mobile Congress 2023 at Bharat Mandapam in New Delhi. India Mobile Congress (IMC) is the largest telecom, media, and technology forum in Asia to be held from October 27 to 29, 2023 with the theme ‘Global Digital Innovation’. The IMC 2023 aims to strengthen India’s position as a developer, manufacturer, and exporter of key cutting-edge technologies. 

The CNX Nifty is currently trading at 19057.80, up by 200.55 points or 1.06% after trading in a range of 18926.65 and 19073.80. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.16%, HCL Tech up by 2.77%, Maruti Suzuki up by 2.65%, SBI up by 2.54% and Tata Motors up by 2.53%. On the flip side, Dr. Reddy's Lab down by 0.31%, ITC down by 0.18%, SBI Life down by 0.10% and UPL down by 0.02% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 389.91 points or 1.26% to 30,991.69, Taiwan Weighted added 60.87 points or 0.38% to 16,134.61, Jakarta Composite gained 53.74 points or 0.8% to 6,768.26, KOSPI increased 3.73 points or 0.16% to 2,302.81, Hang Seng advanced 354.12 points or 2.04% to 17,398.73 and Shanghai Composite strengthened 29.48 points or 0.98% to 3,017.78, while Straits Times was down by 10.66 points or 0.35% to 3,060.65. 

European markets were trading mostly in green; UK’s FTSE 100 increased 18.93 points or 0.26% to 7,373.50 and Germany’s DAX was up by 77.39 points or 0.53% to 14,808.44. On the flip side, France’s CAC fell 31.01 points or 0.45% to 6,857.95.