Bourses spike up in late afternoon session

Indian equity markets recouped sharply from day’s low levels to trade in green during late afternoon session following positive cues from European markets. Currently, markets traded at day’s high levels. Traders took note of private report that Finance Minister Nirmala Sitharaman chaired a meeting on November 4 to conduct a comprehensive review of the Income Tax Act 1961, in line with the announcement made during the last Union Budget. On the global front, Asian markets were trading mostly in green as Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts. European markets were trading higher as traders’ focus turned to Tuesday’s US election and a Federal Reserve interest-rate decision looming later in the week.

The BSE Sensex is currently trading at 79407.86, up by 625.62 points or 0.79% after trading in a range of 78296.70 and 79442.48. 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 0.44%, while Small cap index was up by 0.52%.

The top gaining sectoral indices on the BSE were Metal up by 2.20%, Bankex up by 1.94%, Basic Materials up by 1.72%, PSU up by 1.01% and Oil & Gas was up by 0.89%, while FMCG down by 0.20% and TECK was down by 0.14% were the few losing indices on BSE.

The top gainers on the Sensex were JSW Steel up by 3.81%, Tata Steel up by 3.20%, Axis Bank up by 2.80%, HDFC Bank up by 2.58% and Bajaj Finance up by 2.27%. On the flip side, Adani Ports down by 2.09%, Bharti Airtel down by 0.97%, ITC down by 0.88%, Asian Paints down by 0.81% and Tech Mahindra down by 0.60% were the top losers.

Meanwhile, in order to safeguard domestic producers, the commerce ministry's investigation arm -- Directorate General of Trade Remedies (DGTR) has recommended imposition of an anti-dumping duty of up to $339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea.

The DGTR in its preliminary findings has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. It was found that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports.

The DGTR conducted the probe following applications regarding the same from domestic players, including DCM Shriram and DCW. These resins are commonly used in various sectors, including pipes and fittings, films and sheets, bottles, wire and cables.

The CNX Nifty is currently trading at 24193.10, up by 197.75 points or 0.82% after trading in a range of 23842.75 and 24200.90. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 3.98%, Hindalco up by 3.72%, Tata Steel up by 3.23%, Bajaj Auto up by 2.94% and Axis Bank up by 2.89%. On the flip side, Adani Ports down by 2.14%, Coal India down by 1.92%, Trent down by 1.61%, ITC down by 1.00% and Bharti Airtel down by 0.91% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 439.45 points or 2.09% to 21,006.97, Nikkei 225 surged 421.23 points or 1.09% to 38,474.90, Taiwan Weighted added 141.4 points or 0.61% to 23,106.79, Shanghai Composite strengthened 76.78 points or 2.27% to 3,386.99, Jakarta Composite gained 16.48 points or 0.22% to 7,495.98 and Straits Times was up by 5.19 points or 0.15% to 3,577.23. On the flip side, KOSPI was down by 12.09 points or 0.47% to 2,576.88.

European markets were trading higher; UK’s FTSE 100 increased 10.89 points or 0.13% to 8,195.13, France’s CAC rose 7.46 points or 0.1% to 7,379.17 and Germany’s DAX was up by 5.92 points or 0.03% to 19,153.77.