Bourses trade at day’s high levels in late afternoon session

Key benchmark indices traded at day’s high levels in late afternoon session amid value buying by investors. Investors overlooked report that India's business activity slowed down in the month of September, as both output and new orders rose at the slowest rates in 2024 so far. The headline HSBC Flash India Composite Output Index -- a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -- dipped to 59.3 in September from 60.7 in August. Softer expansions were seen across both the manufacturing and services sectors.

On the global front, Asian markets were trading mostly in green as Fed Governor Christopher Waller said that inflation is falling more quickly than expected, giving the U.S. central bank space to ease more in the coming months. European markets were trading mostly in green despite weak business activity data signaling Europe's largest economy had tipped into recession.

The BSE Sensex is currently trading at 84845.72, up by 301.41 points or 0.36% after trading in a range of 84607.38 and 84903.27. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.59%, while Small cap index was up by 0.74%.

The top gaining sectoral indices on the BSE were Realty up by 2.16%, Oil & Gas up by 2.12%, Telecom up by 2.02%, PSU up by 1.69% and Energy was up by 1.66%, while IT down by 0.64% were the only losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.87%, SBI up by 2.76%, Bharti Airtel up by 1.91%, Kotak Mahindra Bank up by 1.66% and Ultratech Cement up by 1.52%. On the flip side, ICICI Bank down by 1.57%, Tech Mahindra down by 1.21%, Larsen & Toubro down by 0.92%, Infosys down by 0.88% and Indusind Bank down by 0.77% were the top losers.

Meanwhile, India's business activity slowed down in the month of September, as both output and new orders rose at the slowest rates in 2024 so far. However, employment continued to rise solidly amid improved business confidence. Besides, the rates of both input cost and output price inflation were relatively muted, with service providers raising their charges at the slowest pace in just over two-and-a-half years.

The headline HSBC Flash India Composite Output Index -- a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors -- dipped to 59.3 in September from 60.7 in August. Softer expansions were seen across both the manufacturing and services sectors.

The HSBC Flash India Manufacturing PMI -- a single-figure snapshot of factory business conditions calculated from measures of new orders, output, employment, supplier delivery times and stocks of purchases -- posted 56.7 in September, down from 57.5 in August. The reading signaled a further marked strengthening in business conditions for goods producers, but the rate of improvement was the softest since January.

Despite the softer expansions in both output and new orders in September, companies in India remained strongly optimistic that business activity will increase over the coming year. Moreover, confidence strengthened from August and was above the average since the series began in 2012. Firms generally expect to be able to secure new business over the next 12 months, thereby supporting output growth. Sentiment improved in both monitored sectors.

The CNX Nifty is currently trading at 25922.45, up by 131.50 points or 0.51% after trading in a range of 25847.35 and 25934.85. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were ONGC up by 3.20%, Bajaj Auto up by 3.12%, Mahindra & Mahindra up by 3.03%, SBI up by 2.84% and HDFC Life Insurance up by 2.30%. On the flip side, ICICI Bank down by 1.49%, Eicher Motors down by 1.44%, Tech Mahindra down by 1.24%, Infosys down by 0.99% and Divi's Lab down by 0.89% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 126.11 points or 0.57% to 22,285.53, Jakarta Composite gained 20.4 points or 0.26% to 7,763.40, Straits Times rose 14.15 points or 0.39% to 3,638.91, Shanghai Composite strengthened 12.11 points or 0.44% to 2,748.92 and KOSPI was up by 8.64 points or 0.33% to 2,602.01. On the flip side, Hang Seng was down by 11.46 points or 0.06% to 18,247.11.

European markets were trading mostly in green; UK’s FTSE 100 increased 16.2 points or 0.2% to 8,246.19 and France’s CAC was down by 21.89 points or 0.29% to 7,478.37. On the flip side, Germany’s DAX was up by 64.81 points or 0.35% to 18,784.82.