Key gauges continue to trade in green in morning deals

Indian equity benchmarks continued to trade in green in morning deals, amid value-buying at lower levels and a firm trend in global markets. Traders took some support with the Finance Ministry in its monthly report stated that recent goods and services tax (GST) rate cuts will help lower inflation over the next year and also bring a further upside bias to the country's growth prospects. Traders overlooked Crisil Intelligence in its September report stated that high tariffs imposed by the United States (US) on Indian goods pose a major risk to the country's growth. It added that the tariffs will impact both Indian goods exports and investments. On the global front, Asian markets are trading mostly in green following the broadly positive cues from Wall Street as in-line U.S. inflation data reinforced expectations of further rate cuts by the Federal Reserve.

The BSE Sensex is currently trading at 80762.95, up by 336.49 points or 0.42% after trading in a range of 80448.60 and 80851.38. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.70%, while Small cap index was up by 0.51%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.99%, PSU up by 1.49%, Energy up by 1.40%, Realty up by 1.32% and Capital Goods up by 1.10%, while FMCG down by 0.08% and Consumer Durables down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 2.75%, Eternal up by 2.26%, Sun Pharma up by 1.83%, Titan Company up by 1.37% and Tata Steel up by 1.34%. On the flip side, Axis Bank down by 1.30%, Maruti Suzuki down by 0.79%, Hindustan Unilever down by 0.78%, Larsen & Toubro down by 0.49% and Bharti Airtel down by 0.24% were the top losers.

Meanwhile, The Finance Ministry in its monthly report has said that recent goods and services tax (GST) rate cuts will help lower inflation over the next year and also bring a further upside bias to the country's growth prospects. However, he said ‘this is not the time to drop our guard. Uncertainties and risks persist’. Moreover, he said that for now, the risks appear manageable, but they are there.

It stated if tariff uncertainties persist, there will be an impact on export sectors, with spillover risk to domestic employment, income and consumption. The decision by the US government to impose a fee hike on new H1B visa-seekers is a reminder of the risks of trade uncertainties, affecting the hitherto unaffected services sector.

Further, it said the central government's reform agenda is expected to cushion the economy against the adverse effects of trade disruptions. The near-term outlook, therefore, is characterised by steady, reform-driven growth rooted in macroeconomic discipline and adaptive economic diplomacy, with ongoing vigilance warranted against external shocks and global market volatility.

The CNX Nifty is currently trading at 24771.50, up by 116.80 points or 0.47% after trading in a range of 24668.15 and 24791.30. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 2.83%, Eternal up by 2.29%, Sun Pharma up by 1.88%, Indusind Bank up by 1.65% and Cipla up by 1.63%. On the flip side, Axis Bank down by 1.32%, Tata Consumer Products down by 0.97%, Maruti Suzuki down by 0.87%, Hindustan Unilever down by 0.83% and Larsen & Toubro down by 0.43% were the top losers.

Asian markets are trading mostly in green; Jakarta Composite gained 52.54 points or 0.65% to 8,151.87, Shanghai Composite strengthened 9.34 points or 0.24% to 3,837.45, KOSPI increased 43.31 points or 1.26% to 3,429.36, Hang Seng advanced 378.8 points or 1.45% to 26,507.00 and Straits Times rose 6.85 points or 0.16% to 4,272.83.

On the flip side, Nikkei 225 slipped 398.99 points or 0.88% to 44,956.00.