Bourses continue gaining momentum in late afternoon session

Indian equity markets continued their gaining momentum in late afternoon session following positive cues from European markets. Traders took support as Commerce Secretary Sunil Barthwal said that the trade numbers in October reflect 'green shoots'. India’s exports rose by 6.21 per cent to $33.57 billion in October this year, as against $31.6 billion a year-ago. Imports also increased to $65.03 billion in the month under consideration, as against $57.91 billion recorded in October 2022. The country's trade deficit in October stood at $31.46 billion. On the global front, all Asian markets were trading higher as signs of cooling U.S. inflation bolstered hopes of a pause in interest rate hikes and China reported strong industrial output and retail sales data. European markets were trading higher as investors cheered slowing inflation across major economies, bolstering bets of an end to central bank policy tightening. 

The BSE Sensex is currently trading at 65605.25, up by 671.38 points or 1.03% after trading in a range of 65373.50 and 65661.27. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.86%, while Small cap index was up by 1.16%.

The top gaining sectoral indices on the BSE were Realty up by 3.10%, IT up by 2.09%, TECK up by 1.91%, Oil & Gas up by 1.54% and Metal was up by 1.47%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tech Mahindra up by 4.16%, Wipro up by 2.58%, Tata Steel up by 2.44%, Infosys up by 2.17% and TCS up by 1.93%. On the flip side, Bajaj Finance down by 1.66%, Power Grid down by 0.87%, Indusind Bank down by 0.85% and Sun Pharma down by 0.05% were the top losers.

Meanwhile, Wholesale price inflation (WPI) remained in the negative territory for the seventh month in a row in October 2023 at (-) 0.52 per cent on easing prices of food items. The negative rate of inflation in October, 2023, is primarily due to fall in prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products, etc. as compared to the corresponding month of previous year.

The Component wise, primary articles index, having weight of 22.62%, increased by 1.15% to 184.5 (provisional) in October, 2023 from 182.4 (provisional) for the month of September, 2023. Prices of Minerals and Food Articles increased in October, 2023 as compared to September, 2023. Prices of Crude Petroleum & Natural Gas and Non-food Articles declined in October, 2023 as compared to September, 2023.

Fuel & Power index, having weight of 13.15%, increased by 0.65% to 154.1 (provisional) in October, 2023 from 153.1 (provisional) in the month of September, 2023. Prices of Mineral Oils increased in October, 2023 as compared to September, 2023. Prices of Electricity declined in October, 2023 as compared to September, 2023.

Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, remained constant at 140.3 (provisional) in October, 2023 and September, 2023. Meanwhile, for the month of August, 2023 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base Year: 2011-12=100) stood at 152.5 and -0.46% respectively. 

The CNX Nifty is currently trading at 19658.55, up by 215.00 points or 1.11% after trading in a range of 19579.65 and 19673.65. There were 45 stocks advancing against 5 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 5.35%, Tech Mahindra up by 4.02%, Hindalco up by 3.58%, HDFC Life Insurance up by 2.82% and Wipro up by 2.66%. On the flip side, Bajaj Finance down by 1.70%, Power Grid down by 0.92%, Indusind Bank down by 0.72%, Sun Pharma down by 0.06% and Bajaj Finserv down by 0.04% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 823.77 points or 2.46% to 33,519.70, Hang Seng advanced 682.14 points or 3.77% to 18,079.00, Taiwan Weighted added 213.07 points or 1.24% to 17,128.78, Jakarta Composite gained 99.92 points or 1.44% to 6,961.98, KOSPI increased 53.42 points or 2.15% to 2,486.67, Straits Times rose 20.82 points or 0.67% to 3,125.48 and Shanghai Composite was up by 16.76 points or 0.55% to 3,072.83.

European markets were trading higher; UK’s FTSE 100 increased 82.31 points or 1.11% to 7,522.78, France’s CAC rose 53.31 points or 0.74% to 7,238.99 and Germany’s DAX was up by 72.98 points or 0.47% to 15,687.41.