Post Session: Quick Review

Indian equity benchmarks snapped three day’s losing streak on Monday, driven by robust buying in IT stocks following the U.S. Senate voted 60-40 on a key step to end the government shutdown, advancing a funding bill after weeks of gridlock. After making a cautious start, soon indices turned positive and maintained upward momentum throughout the day, bolstered by renewed buying interest from Foreign Institutional Investors (FIIs).

Some of the important factors in trade:

FIIs buying: Foreign institutional Investors’ (FIIs) renewed interest in Indian equities has kept the sentiments upbeat. The FIIs were net buyer on Friday’s session, with a net buying of equities worth Rs 4,581.34 crore.

India's economic growth projected above 6.8% in FY26: Some optimism came as Chief Economic Advisor V Anantha Nageswaran exuded confidence that economic growth would be upwards of 6.8% in FY26 driven by consumption boost provided by GST rate cut and income tax relief. 

India, NZ trade pact likely to boost trade, investment ties: The commerce ministry said that the proposed free trade agreement between India and New Zealand is expected to enhance trade flows, deepen investment linkages and strengthen supply-chain resilience.

Global front: European markets were trading in green after the United States moved one step closer towards ending the historic government shutdown. Asian markets ended mostly in green as Japan's leading index increased more-than-expected in September to the highest level in eight months. The preliminary data from the Cabinet Office showed that the leading index, which measures future economic activity, rose to 108.0 in September from 107.0 in the previous month. 

The BSE Sensex ended at 83535.35, up by 319.07 points or 0.38% after trading in a range of 83197.67 and 83754.49. There were 18 stocks advancing against 12 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index was up by 0.62%, while Small cap index down by 0.28%. (Provisional)

The top gaining sectoral indices on the BSE were IT up by 1.57%, TECK up by 1.43%, Capital Goods up by 1.24%, Industrials up by 0.66% and Consumer Durables up by 0.62%, while Utilities down by 0.36%, Realty down by 0.29%, Consumer Discretionary down by 0.13%, FMCG down by 0.11% and Telecom down by 0.09% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Infosys up by 2.55%, HCL Technologies up by 2.00%, Bajaj Finance up by 1.63%, Asian Paints up by 1.28% and Tata Motors Passenger up by 1.20%. On the flip side, Trent down by 7.40%, Eternal down by 1.52%, Power Grid Corp down by 1.40%, Ultratech Cement down by 0.85% and Mahindra & Mahindra down by 0.72% were the top losers. (Provisional)

Meanwhile, Union Minister of Commerce and Industry Piyush Goyal held bilateral discussions with Minister for Trade and Tourism of Australia Senator the Hon. Don Farrell and Minister for Skills and Training Andrew Giles, focused on unlocking the full potential of the India-Australia Economic Partnership, including through an ambitious and balanced India-Australia Comprehensive Economic Cooperation Agreement (CECA).

During the meeting, the Ministers reviewed the progress made under the CECA negotiations and discussed pathways to elevate bilateral trade and economic partnerships. The discussions covered a wide range of areas, including trade in goods, services, investment and mutually beneficial cooperation.

Both sides reaffirmed their commitment to work constructively towards the early conclusion of a balanced and mutually beneficial CECA, building on the foundation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which entered into force in December 2022. Meanwhile, in FY 2024-25, bilateral merchandise trade between India and Australia stood at $24.1 billion, with India’s exports registering a growth of 14% in 2023-24 and a further 8% in 2024-25.

The CNX Nifty ended at 25574.35, up by 82.05 points or 0.32% after trading in a range of 25503.50 and 25653.45. There were 32 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gainers on Nifty were Infosys up by 2.49%, HCL Technologies up by 1.86%, Bajaj Finance up by 1.73%, Wipro up by 1.42% and Coal India up by 1.42%. On the flip side, Trent down by 7.43%, Max Healthcare Inst down by 3.29%, Tata Consumer Products down by 2.10%, Eternal down by 1.52% and Apollo Hospital down by 1.47% were the top losers. (Provisional)

European markets were trading higher; Germany’s DAX gained 414.14 points or 1.76% to 23,984.10, France’s CAC rose 108.72 points or 1.37% to 8,058.90 and UK’s FTSE 100 increased 96.75 points or 1% to 9,779.32.

Asian markets settled mostly higher on Monday with Seoul shares gaining by the government's proposed dividend tax reform and US senators’ bipartisan deal to reopen the government after a lengthy 40-day federal government shutdown. Chinese shares gained after data showed that China's producer price deflation eased in October while consumer prices returned to positive territory. Moreover, Hong Kong shares jumped, led by technology shares as they rebounded from last week's sell-off on valuation concerns.