Bourses widen gains in late afternoon session

Indian equity markets widened their gains in late afternoon session led by gains in IT and Oil& Gas sectors' stocks. Investors continued to monitor Q3FY24 earnings of heavyweights. Markets participants ignored inflation based on wholesale price index (WPI) surged to a nine-month high of 0.73 percent in December 2023 as against 0.26 percent in November 2023, due to increase in prices of electricity, machinery & equipment, pharmaceuticals, medicinal chemical & botanical products and electrical equipment. On the global front, Asian markets were trading mostly in green as traders reacted to news of agreement on a two-tranche stopgap bill to avert U.S. government shutdown. European markets were trading lower ahead of this week's busy earnings. Sentiments were weak as German economy contracted 0.3% in 2023. Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises.

The BSE Sensex is currently trading at 73236.08, up by 667.63 points or 0.92% after trading in a range of 72909.00 and 73288.78. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.64%, while Small cap index was up by 0.27%.

The top gaining sectoral indices on the BSE were IT up by 1.89%, PSU up by 1.76%, Oil & Gas up by 1.74%, TECK up by 1.72% and Energy was up by 1.57%, while Metal down by 0.25% was the only losing indices on BSE.

The top gainers on the Sensex were Wipro up by 7.04%, HCL Tech up by 3.08%, Tech Mahindra up by 2.51%, Infosys up by 2.44% and HDFC Bank up by 1.72%. On the flip side, Bajaj Finance down by 2.10%, Bajaj Finserv down by 1.19%, Tata Steel down by 0.52%, Larsen & Toubro down by 0.45% and Nestle down by 0.45% were the top losers.

Meanwhile, inflation based on wholesale price index (WPI) surged to a nine-month high of 0.73 percent in December 2023 as against 0.26 percent in November 2023, due to increase in prices of electricity, machinery & equipment, pharmaceuticals, medicinal chemical & botanical products and electrical equipment. 

The Component wise, primary articles index, having weight of 22.62%, declined 2.14% to 182.9 (provisional) in December 2023 from 186.9 (provisional) for the month of November 2023, on the back of fall in Prices of Non-food Articles, Minerals, Food Articles and Crude Petroleum & Natural Gas.

Fuel & Power index, having weight of 13.15%, declined 0.71% to 154.2 (provisional) in December 2023 from 155.3 (provisional) for the month of November 2023, as Prices of Mineral Oils declined in December 2023 as compared to November, 2023. However, Prices of Electricity increased in December 2023 as compared to November 2023. 

Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, decreased by 0.21% to 140.1 (provisional) in December 2023 from 140.4 (provisional) for the month of November 2023. Meanwhile, for the month of October, 2023 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 152.5 and (-) 0.26% respectively.

The CNX Nifty is currently trading at 22071.95, up by 177.40 points or 0.81% after trading in a range of 21963.55 and 22084.90. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Wipro up by 7.04%, ONGC up by 4.83%, HCL Tech up by 3.12%, Tech Mahindra up by 2.43% and Infosys up by 2.36%. On the flip side, HDFC Life Insurance down by 3.76%, Bajaj Finance down by 2.17%, Bajaj Finserv down by 1.20%, Eicher Motors down by 1.18% and Hindalco down by 1.07% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 324.68 points or 0.9% to 35,901.79, Taiwan Weighted added 33.99 points or 0.19% to 17,546.82, Straits Times rose 4.62 points or 0.14% to 3,196.34, Shanghai Composite strengthened 4.31 points or 0.15% to 2,886.29 and KOSPI was up by 0.94 points or 0.04% to 2,525.99. On the flip side, Jakarta Composite plunged 20.93 points or 0.29% to 7,220.21 and Hang Seng was down by 28.25 points or 0.17% to 16,216.33.

European markets were trading lower; UK’s FTSE 100 decreased 3.91 points or 0.05% to 7,621.02, France’s CAC fell 12.91 points or 0.17% to 7,452.23 and Germany’s DAX was down by 3.11 points or 0.02% to 16,701.45.