Bourses extend upward trend in late afternoon session

Indian equity markets extended their upward trend in late afternoon session on account of buying in front line counters. Traders continued to take support from strong macroeconomic data. Finance ministry said GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November on increased domestic activity and festive season buying. Investors turned their focus towards MPC meeting, which scheduled to begin its three-day deliberations on December 6. On the global front, Asian markets were trading mostly in red as investors awaited a slew of key economic data Tuesday and inflation readings later this week. European markets were trading mostly in green ahead of non-farm payrolls data from the U.S., inflation and balance of trade data from China etc. Fed Chair Jerome Powell's comments on Friday that attempted to push back on interest rate cut expectations and warning that it was premature to anticipate policy easing also lingered.

The BSE Sensex is currently trading at 68704.27, up by 1223.08 points or 1.81% after trading in a range of 68274.47 and 68736.55. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index declined 1.07%, while Small cap index was up by 1.10%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 3.72%, Power up by 3.16%, PSU up by 3.13%, Utilities up by 3.05% and Capital Goods was up by 2.94%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Larsen & Toubro up by 4.01%, ICICI Bank up by 3.85%, SBI up by 3.42%, Kotak Mahindra Bank up by 3.15% and Indusind Bank up by 3.13%. On the flip side, Maruti Suzuki down by 0.28%, Sun Pharma down by 0.10%, Wipro down by 0.07% and Tech Mahindra down by 0.04% were the top losers.

Meanwhile, Union Minister for Commerce & Industry Piyush Goyal has said that India’s focus on infrastructure is empowering the economy and giving it a fillip. The Minister also said that massive investments both from the government and from the private sector, directed towards infrastructure is boosting the infrastructural capabilities of the country. 

He said competitive source of financing is attracting investments from those who are looking for greater safety. He further noted that the stock market is also hitting a 4 trillion mark for the first time and India being amongst the top five global markets has huge opportunities. He pointed out that the country is the fifth largest economy in the world and the fastest growing economy at 7.6%, second quarter of current financial year. 

Goyal said ‘The world trusts India today,’ mentioning that the country stands at the cusp of a very bright future as a trusted partner of the world and as a vibrant democracy where people recognize and respect the rule of law. He said a resilient debt capital market will be the catalyst for innovation, entrepreneurship and infrastructure development. 

Besides, Goyal noted that massive urbanization will happen over the next few decades even as Tier 2 cities are also going to become metropolitan cities. Rural Areas incomes are rising, raising spending power across the country. Futuristic sectors like AI, semiconductors, electric vehicles, will be powering the future.He said green and sustainable energy will be the way forward and the capital markets and debt markets are playing their role in the energy transition to a low carbon economy.

The CNX Nifty is currently trading at 20647.85, up by 379.95 points or 1.87% after trading in a range of 20507.75 and 20649.50. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 7.30%, Adani Enterprises up by 7.26%, Adani Ports &Special up by 6.21%, BPCL up by 5.34% and ONGC up by 4.14%. On the flip side, HDFC Life Insurance down by 0.78%, Britannia down by 0.67%, Maruti Suzuki down by 0.38%, Dr. Reddy's Lab down by 0.25% and Sun Pharma down by 0.10% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 200.24 points or 0.6% to 33,231.27, Hang Seng declined 184.25 points or 1.11% to 16,646.05, Taiwan Weighted lost 16.87 points or 0.1% to 17,421.48, Shanghai Composite weakened 8.73 points or 0.29% to 3,022.91 and Straits Times was down by 7.66 points or 0.25% to 3,082.65. On the flip side, KOSPI increased 9.94 points or 0.4% to 2,514.95 and Jakarta Composite was up by 31.38 points or 0.44% to 7,091.29.

European markets were trading mostly in green; France’s CAC rose 7.16 points or 0.1% to 7,353.31 and Germany’s DAX was up by 41.02 points or 0.25% to 16,438.54. On the flip side, UK’s FTSE 100 was down by 8.53 points or 0.11% to 7,520.82.