Domestic indices maintain gains in late morning deals

Domestic equity indices maintained their gains and were trading higher by over half a percent in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index trading higher in range of 0.60-1.00%. Hectic buying in Axis Bank, Larsen & Toubro and Ultratech Cement companies’ stocks supported markets to maintain gains. Positive cues from global markets also supported domestic sentiments. Sentiments got boost as a survey by prominent economic think-tank NCAER showed an all-round improvement in business sentiments in the second quarter of the current fiscal. The Business Confidence Index (BCI) rose from 128 in the first quarter of the current fiscal to 140.7 in the second. Meanwhile, Indian government bond yields fell, tracking U.S. Treasury yields after job growth in the world's largest economy slowed more than expected in October, reinforcing expectations that the Federal Reserve will not raise rates further.

On the global front, Asian markets were trading higher following positive cues from US markets on Friday. Back home, most of the sectoral indices on BSE were holding in green, with only exception of Consumer Durables counter. Stocks from Utilities, Realty, Oil & Gas, Energy and Capital Goods counters were the prominent gainers. In the stock specific development, Cello World made a strong stock market debut, with its shares getting listed at Rs 831, a 28 per cent premium over its issue price of Rs 648 per share on the BSE

The BSE Sensex is currently trading at 64699.46, up by 335.68 points or 0.52% after trading in a range of 64617.48 and 64835.23. There were 24 stocks advancing against 6 stocks declining on the index.

 The broader indices were trading in green; the BSE Mid cap index was up by 0.64%, while Small cap index up by 0.99%.

The top gaining sectoral indices on the BSE were Utilities up by 1.59%, Realty up by 1.56%, Oil & Gas up by 1.46%, Energy up by 1.22% and Capital Goods up by 1.12%, while Consumer Durables down by 0.23% was the only losing index on BSE.

The top gainers on the Sensex were Axis Bank up by 1.94%, Larsen & Toubro up by 1.61%, Power Grid up by 1.39%, NTPC up by 1.13% and Ultratech Cement up by 1.11%. On the flip side, SBI down by 0.79%, Tata Motors down by 0.57%, Hindustan Unilever down by 0.13%, Titan down by 0.03% and JSW Steel down by 0.03% were the top losers.

Meanwhile, agreeing that quality standards are a passport for trade, Commerce and Consumer Affairs Minister Piyush Goyal has said that India is making policy efforts to ensure consumers get out of the good-old day's mindset of two standards -- local and export quality -- of products.  He said ‘our effort is to move out of that mindset. Our effort is that every product that is made in India will be a high-quality product. When a consumer picks up a product will be reassured of high quality and will not have to look at other products for 'x' quality. Policymaking in India is moving in that direction.’ 

Goyal also said that standards are like patents and he cannot but agree with what the chief of the Bureau of Indian Standards (BIS) Pramod Kumar Tiwari looks at standards as a passport to trade. He stated that those who control standards and have the ability to maintain high standards are the ones who will control the markets, prices and processes and become manufacturers and innovators of tomorrow. He also said that India is making rapid strides to encourage more consumers to become demanding consumers, asking for high-quality goods and services. At the same time, he said a reasonable time is being given for producers to adopt the new quality standards and ensure India is recognized as a provider of good quality products. 

Stating that 8 billion consumers in the world have the right and desire to have a better quality of goods/services, the minister called for balancing local needs while moving towards the global standards which are acceptable around the world so that India gets out of the mindset of two standards of everything that it produces. He also stressed on the need to progress towards world-class standards, particularly in less developed and developing countries in a calibrated manner but certainly with a collective commitment to maintaining high standards in goods and services for the people of the world. There are opportunities for countries that produce quality goods and services. 

The CNX Nifty is currently trading at 19339.70, up by 109.10 points or 0.57% after trading in a range of 19309.70 and 19371.65. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.86%, Hero MotoCorp up by 2.47%, Axis Bank up by 2.04%, BPCL up by 1.96% and Grasim Industries up by 1.73%. On the flip side, SBI down by 0.77%, Cipla down by 0.49%, Tata Motors down by 0.46%, Hindustan Unilever down by 0.16% and Titan down by 0.14% were the top losers.

All Asian markets were trading higher; Hang Seng advanced 276.78 points or 1.57% to 17,940.90, Nikkei 225 surged 749.65 points or 2.35% to 32,699.54, Taiwan Weighted added 141.71 points or 0.86% to 16,649.36, Straits Times rose 19.13 points or 0.61% to 3,162.79, KOSPI increased 103.24 points or 4.36% to 2,471.58, Shanghai Composite strengthened 21.42 points or 0.71% to 3,052.22 and Jakarta Composite gained 49.81 points or 0.73% to 6,838.66.