Markets continue to trade in high spirit; Nifty above 24,300 mark

Indian equity benchmarks continued to trade in high spirit in morning session, driven by investor optimism after the BJP-led Mahayuti alliance won the Maharashtra elections. The rally was broad-based, with buying observed across all sectors. Traders took support with report that the Trade and Economic Partnership Agreement (TEPA), signed in March 2024 between India and the European Free Trade Association (EFTA) countries, is poised to unlock new opportunities for Indian exports and drive investments worth $100 billion. Traders overlooked the latest data released by the Reserve Bank of India (RBI) showed that India’s foreign exchange (forex) reserves declined $17.76 billion, the sharpest weekly fall, to hit a four-month low of $657.8 billion for the week ended November 15. On the global front, Asian markets are trading mostly in green as traders remain optimistic about a 25-basis point rate cut by the US Fed in December after data showing consumer sentiment in the U.S. improved less than expected in November. 

The BSE Sensex is currently trading at 80410.75, up by 1293.64 points or 1.64% after trading in a range of 80056.35 and 80452.94. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.91%, while Small cap index was up by 1.91%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 3.81%, Realty up by 3.54%, PSU up by 3.50%, Capital Goods up by 3.36% and Energy up by 3.33%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Larsen & Toubro up by 3.87%, SBI up by 3.63%, Mahindra & Mahindra up by 3.00%, Adani Ports &SEZ up by 2.88% and Reliance Industries up by 2.55%. On the flip side, JSW Steel down by 2.23%, Infosys down by 0.46% and HCL Technologies down by 0.00% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has called for branding India as a “Responsible Capitalist” nation, emphasizing the country’s deep understanding of the limitations of capitalism. She highlighted India’s traditional values of sustainable living and responsible consumption. She said ‘We thought of it as our responsibility to use as per our need & not as per our greed. We must understand that capitalism has its limitations & we need to brand India as a ‘Responsible Capitalist’ country’. 

She noted that India’s adoption of principles such as a circular economy and reuse was not driven by global trends but by necessity and responsibility.  She stated ‘We didn’t follow the circular economy and principle of reuse because we were an impoverished nation. We thought of it as our responsibility to use as per our need and not as per our greed’. 

She stated the need to promote this mindset globally by positioning India as a nation that integrates responsibility with economic growth. She also emphasized enhancing tourism by integrating modern technology and traditional knowledge. Moreover, she suggested creating self-learning digital programs in the top 100 tourist centers across the country. These programs could provide information about the architectural significance, tourism value, and associated languages such as Sanskrit and Pali.

She added ‘We should provide learning material for those who want to understand the signature Indian architectural marvels, adopting a multidisciplinary approach to tourism’. Further, Sitharaman stressed the importance of establishing global standards in various sectors. She proposed creating a “Bharat FDA” modeled on the lines of the US Food and Drug Administration (FDA) to ensure top-notch standards in food and drug safety.

The CNX Nifty is currently trading at 24319.95, up by 412.70 points or 1.73% after trading in a range of 24212.25 and 24330.70. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 5.27%, BPCL up by 5.02%, ONGC up by 4.89%, Shriram Finance up by 4.65% and Larsen & Toubro up by 4.01%. On the flip side, JSW Steel down by 2.26%, Infosys down by 0.38% and HCL Technologies down by 0.14% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 578.82 points or 1.51% to 38,862.67, Taiwan Weighted added 95.62 points or 0.42% to 22,999.94, KOSPI increased 33.42 points or 1.34% to 2,534.66, Straits Times rose 8.98 points or 0.24% to 3,755.00 and Jakarta Composite gained 113.75 points or 1.58% to 7,309.32.

On the flip side, Shanghai Composite weakened 11.8 points or 0.36% to 3,255.39 and Hang Seng declined 98.15 points or 0.51% to 19,131.82.