Bourses maintain upbeat mood in morning deals

Indian equity benchmarks maintained their upbeat mood in morning session, as buying momentum in the equities persisted, following global market. Domestic sentiments remained firm with Services Export Promotion Council (SEPC) stating that that the country's services exports have touched $192 billion so far this fiscal and are expected to reach $400 billion by the end of 2023-24. SEPC said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. Additional support came with CEO of the US-India Strategic and Partnership Forum (USISPF) Mukesh Aghi’s statement that the relationship between India and the US has moved in a positive direction ranging from trade to defence and the two nations have shown a sense of deep understating of each other's differences. Some optimism also came with Niti Aayog Vice Chairman Suman Bery’s statement that agriculture will play a central role in India's development trajectory as strong rural demand supports manufacturing and economic revival. On the global front, Asian markets are trading mostly in green after the US Federal Reserve kept its key interest rate unchanged and signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year. 

The BSE Sensex is currently trading at 70421.04, up by 836.44 points or 1.20% after trading in a range of 70110.75 and 70540.00. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.72%, while Small cap index was up by 0.79%.

The top gaining sectoral indices on the BSE were IT up by 2.66%, TECK up by 2.14%, Realty up by 1.98%, Bankex up by 1.51% and Metal up by 1.22%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were HCL Technologies up by 3.16%, Bajaj Finance up by 2.92%, Tech Mahindra up by 2.80%, Infosys up by 2.57% and Wipro up by 2.43%. On the flip side, Power Grid Corporation down by 1.29%, Nestle down by 0.61%, Asian Paints down by 0.51%, Sun Pharma down by 0.33% and Titan Company down by 0.30% were the top losers.

Meanwhile, Services Export Promotion Council (SEPC) has said that the country's services exports have touched $192 billion so far this fiscal and are expected to reach $400 billion by the end of 2023-24.  SEPC said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel.

It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth.

Karan Rathore, Chairman at SEPC, said ‘At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving $400 billion by 2024 and $1 trillion in services export by 2030,.’ Services Export Promotion Council, set up by the Ministry of Commerce and Industry, has been mandated to facilitate global business opportunities for India's services sector.

The CNX Nifty is currently trading at 21156.80, up by 230.45 points or 1.10% after trading in a range of 21074.45 and 21189.55. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 3.22%, LTIMindtree up by 3.13%, Bajaj Finance up by 2.98%, Tech Mahindra up by 2.85% and Infosys up by 2.56%. On the flip side, Power Grid Corporation down by 1.92%, BPCL down by 0.98%, Cipla down by 0.81%, Nestle down by 0.67% and HDFC Life Insurance down by 0.54% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 139.9 points or 0.8% to 17,608.83, Hang Seng advanced 179.51 points or 1.09% to 16,408.26, Straits Times rose 27.34 points or 0.88% to 3,131.60, KOSPI increased 31.87 points or 1.27% to 2,542.53, Jakarta Composite gained 86.29 points or 1.22% to 7,161.63 and Shanghai Composite strengthened 8.8 points or 0.3% to 2,977.56. On the flip side, Nikkei 225 slipped 230.63 points or 0.7% to 32,695.72.