Markets continue to trade jubilantly

Markets continued their jubilant run with both of the major indices trading near their high’s of the year. The buoyancy has been enthused by sudden buying interest in the markets after a sharp fall in last session. Traders are lapping up fundamentally strong stocks at lower levels and there is broad based buying in the noon session of trade. There was some disappointment in IT stocks after the rupee extending its last session’s gains spurted further.  But overall the market mood remains triumphant with rate sensitive sectors like consumer durables, realty and banking taking the lead. On the weak counters, cement was showing some weakness after Ambuja Cements reported 45.40% fall in its net profit at Rs 165.97 crore for the September quarter. On the same time the whole aviation pack was under pressure trading lower by 2-3% after second-biggest carrier by domestic market share, Jet Airways reported its worst quarterly loss at Rs 891.01 crore for the quarter as compared to a net loss of Rs 99.67 crore for the same quarter in the previous year. Meanwhile, the broader indices once again kept ruling firm with gain of around a percent.

The BSE Sensex is currently trading at 20967.56, up by 199.68 points or 0.96% after trading in a range of 21039.42 and 20750.98. There were 24 stocks advancing against 6 declines on the index.

The broader indices were trading neck-and-neck to the benchmarks; the BSE Mid cap index was up by 0.97%, while Small cap index gained 0.54%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.10%, Bankex up by 1.85%, Capital Goods up by 1.38%, Realty up by 1.34% and Oil& Gas was up by 1.25%. On the other hand IT down by 0.51% and Teck down by 0.21% were the two losing indices on BSE.

The top gainers on the Sensex were M&M up by 2.27%, Bharti Airtel up by 2.23%, HDFC Bank up by 2.11%, ICICI Bank up by 2.08% and ONGC was up by 2.06%. On the flip side, Coal India down by 1.18%, Wipro down by 1.05%, TCS down by 0.96%, Dr Reddy’s down by 0.65% were the major losers on the Sensex.

Meanwhile, apart from signing an agreement on border defence cooperation, India and China have agreed to study the possibility of setting up an economic corridor BCIM (Bangladesh, China, India and Myanmar) covering two other regional nations Bangladesh and Myanmar.

Amidst Prime Minister Manmohan Singh's China visit a Joint Statement - A Vision for Future Development of China-India Strategic and Cooperative Partnership was issued. Pursuant to the understanding reached between the two leaders in May 2013, China and India have each established a Study Group on the BCIM Economic Corridor and the first BCIM Joint Study Group meeting will be held in the upcoming December “to study the specific programs” on the building of the corridor.

The apex-level talks between Manmohan Singh and Chinese Premier Li Keqiang expected the Strategic Economic Dialogue during its meeting in November/December 2013 to work out specific projects and initiatives in areas that have already been broadly agreed upon.

Earlier, Manmohan Singh has raised his concerns about the unsustainable trade balance between the two countries and they have agreed to explore avenues to bridge this gap. Bilateral trade with China touched $66.5 billion last year, of which China’s exports to India was about $ 47.7 billion.

The CNX Nifty is currently trading at 6,235.05 up by 56.70 points or 0.92% after trading in a range of 6,252.45 and 6,162.60. There were 40 stocks advancing against 10 declines on the index.

The top gainers of the Nifty were Bank of Baroda up by 3.49%, Ranbaxy up by 3.32%, NMDC up by 2.86%, DLF up by 2.61% M&M was up by 2.49%. On the flip side, HCL Tech down by 2.42%, Coal India down by 1.62%, Wipro down by 1.11%, Powergrid down by 0.99% and TCS down by 0.98% were the major losers on the index

The Asian markets are mostly in green; Jakarta Composite rose by 0.55%, Nikkei 225 was up by 0.42%, KLSE Composite was up by 0.36%, Straits Times gained 0.13%, Seoul Composite added 0.54% and Taiwan Weighted was up by 0.24%. 

On the flip side, Shanghai Composite was down by 0.69% and the Hang Seng lost 0.63%.