Bourses enlarge gains in late afternoon session

The Indian equity benchmarks extended their gains in late afternoon session following positive cues from European markets. There were no losing sectoral indices on the BSE. Globally, traders took support as Federal Reserve Chair Jerome Powell hinted the US central bank may now be finished with the most aggressive tightening cycle in four decades after it held off on raising interest rates for a second consecutive policy meeting. Meanwhile, domestic sentiments remained upbeat as finance ministry has said that the Goods and Services Tax (GST) collections increased 13 per cent to Rs 1.72 lakh crore in October 2023 (Year-over-year), the second highest-ever, helped by momentum in the economy, efforts of taxmen in checking evasion and festive demand.

On the global front, Asian markets were trading mostly in green as a hawkish interest-rate hold by the Federal Reserve fueled hopes that the U.S. central bank is done with rate hikes. European markets were trading higher as investors reacted to a slightly dovish stance from the Federal Reserve and awaited cues from the Bank of England meeting later in the day.

The BSE Sensex is currently trading at 64027.19, up by 435.86 points or 0.69% after trading in a range of 63815.35 and 64202.64. 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 1.09%, while Small cap index was up by 0.85%.

The top gaining sectoral indices on the BSE were Realty up by 2.35%, Telecom up by 2.26%, Utilities up by 1.71%, PSU up by 1.58% and Power was up by 1.56%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Indusind Bank up by 2.35%, Sun Pharma up by 1.47%, Tata Motors up by 1.46%, Tata Steel up by 1.20% and Infosys up by 1.18%. On the flip side, Tech Mahindra down by 0.35%, Bajaj Finance down by 0.18% and HDFC Bank down by 0.03% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest monthly data report on ‘India’s International Trade in Services for the Month of September 2023’ has showed that India's services exports declined by 2.7 per cent year-on-year to $ 28,429 million in September 2023. 

As per the RBI data report, services exports witnessed growth of 8.1 per cent and 8.4 per cent in July 2023 and August 2023, respectively. In July 2023 and August 2023, the value of services exports stood at $26,228 million and $28,719 million, respectively. 

The report further showed that imports of services dipped at a sharper pace of 10.3 per cent year on year to $14,589 million in September 2023. Services imports witnessed decline of 2.2 per cent and 0.8 per cent in July 2023 and August 2023, respectively. In July 2023 and August 2023, the value of services imports stood at $13,754 million and $15,103 million, respectively.

The CNX Nifty is currently trading at 19120.25, up by 131.10 points or 0.69% after trading in a range of 19064.15 and 19175.25. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Britannia up by 2.52%, Hindalco up by 2.37%, Adani Enterprises up by 2.32%, Indusind Bank up by 2.20% and Apollo Hospital up by 1.60%. On the flip side, Hero MotoCorp down by 1.54%, Bajaj Auto down by 0.67%, ONGC down by 0.46%, Tech Mahindra down by 0.39% and Dr. Reddy's Lab down by 0.33% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 358.39 points or 2.19% to 16,396.95, Nikkei 225 surged 348.24 points or 1.09% to 31,949.89, Hang Seng advanced 128.81 points or 0.75% to 17,230.59, Jakarta Composite gained 118.78 points or 1.79% to 6,761.20, KOSPI increased 41.56 points or 1.77% to 2,343.12 and Straits Times was up by 6.91 points or 0.22% to 3,083.68. On the flip side, Shanghai Composite was down by 13.67 points or 0.45% to 3,009.41.

European markets were trading higher; UK’s FTSE 100 increased 88.46 points or 1.2% to 7,430.89, France’s CAC rose 96.04 points or 1.39% to 7,028.67 and Germany’s DAX was up by 191.12 points or 1.28% to 15,114.39.