Markets maintain gains in late morning deals

Domestic equity indices maintained their gains and were trading with gains of over half a percent in late morning deals on account of buying by funds and retail investors. Hectic buying in Tata Motors, Titan, JSW Steel, Tech Mahindra and ICICI Bank companies’ stocks helped the markets to maintain their gains. Meanwhile, broader indices were also trading in green. Domestic sentiments got boost amid positive global signals on the back of growing bets that US benchmark interest rates have peaked. Traders were also getting encouragement with United States (US) Treasury Secretary Janet Yellen’s statement that Washington is increasing its trade with countries like India, Vietnam and Mexico reducing its dependence on China. All the sectoral indices on the BSE were trading in green led by Realty, Consumer Durables, Consumer Disc, Oil & Gas and Auto. 

On the global front, Asian markets were trading in green following positive cues from US markets overnight.  Sentiments also got boost as China’s service sector expanded at a slightly faster pace in October, with the Caixin services purchasing managers index at 50.4, just above September’s reading of 50.2. Back home, in the stock specific development, Suzlon Energy rose after the firm reported a 79% YoY growth in its net profit for the quarter ended September 2023 to Rs 102 crore on improved operating performance.

The BSE Sensex is currently trading at 64486.54, up by 405.64 points or 0.63% after trading in a range of 64384.36 and 64535.19. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.75%, while Small cap index up by 1.00%.

The top gaining sectoral indices on the BSE were Realty up by 1.79%, Consumer Durables up by 1.10%, Consumer Disc up by 1.06%, Oil & Gas up by 1.00% and Auto up by 0.99%, while there were no losers.  

The top gainers on the Sensex were Tata Motors up by 2.47%, Titan up by 1.81%, JSW Steel up by 1.57%, Tech Mahindra up by 1.22% and ICICI Bank up by 1.22%. On the flip side, NTPC down by 0.23%, Bajaj Finance down by 0.12% and Wipro down by 0.03% were the few losers.

Meanwhile, Union Labour Secretary Arti Ahuja has said that in the context of India's rapid economic growth and its integration into global markets, it is crucial to maintain high industrial safety standards as these are influencing free trade agreements (FTAs) and their non-compliance can lead to trade barriers affecting India's economic growth. 

The secretary underscored the pivotal role of robust industrial safety standards in safeguarding India's trajectory towards becoming the third-largest global economy. She also mentioned the use of software in Employees' State Insurance Corporation (ESIC) hospitals to detect and respond to occupational health issues as an example to illustrate the use of technology to detect health issues. 

The software employed across 160 ESIC hospitals has enabled the mapping of patterns related to occupational diseases, a measure drawing from the data analysis strategies used during the COVID-19 pandemic. The evidence thus produced has been instrumental in engaging industry stakeholders and State governments, urging them to adhere to safety standards and prevent occupational hazards.

The CNX Nifty is currently trading at 19253.95, up by 120.70 points or 0.63% after trading in a range of 19230.65 and 19276.25. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Apollo Hospital up by 4.91%, Eicher Motors up by 2.68%, Tata Motors up by 2.55%, Adani Ports up by 2.31% and Titan up by 1.79%. On the flip side, SBI Life down by 0.52%, Dr. Reddy's Lab down by 0.52%, NTPC down by 0.32%, Bajaj Finance down by 0.11% and Kotak Mahindra Bank down by 0.08% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 394.69 points or 2.29% to 17,625.28, Taiwan Weighted added 110.7 points or 0.68% to 16,507.65, Straits Times rose 61.32 points or 1.99% to 3,143.81, KOSPI increased 24.10 points or 1.03% to 2,367.22, Shanghai Composite strengthened 21.85 points or 0.73% to 3,031.26 and Jakarta Composite gained 59.04 points or 0.87% to 6,810.43.