Indian equity benchmarks continued to trade in high spirit in afternoon session, on the back of favourable global cues amid progress in the distribution of Covid-19 vaccines. Sentiments got boost with Chief Economic Advisor K V Subramanian’s statement that the investment climate is going well in India and the private sector should skill their workforce in the interest of its business. Traders also remain energized amid reports that as part of furthering the ease of doing business in the country, the government is set to introduce a single-window clearance mechanism for investors by mid-April in order to attract greater foreign investment. Meanwhile, Delhi High Court set aside a single judge order directing the Centre to extend till 2030 its production sharing contract (PSC) with Vedanta and ONGC to produce oil from the Barmer oil field in Rajasthan.
On the global front, Asian markets were trading firm as investors focused more on optimism about the global economic recovery than rising tensions between the West and China. Back home, in scrip specific developments, Suryoday Small Finance Bank lists with 4% discount and Kalyan Jewellers India lists with 15% discount on the BSE.
The BSE Sensex is currently trading at 49123.76, up by 683.64 points or 1.41% after trading in a range of 48699.91 and 49170.73. There were 28 stocks advancing against 2 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 1.78%, while Small cap index was up by 1.15%.
The top gaining sectoral indices on the BSE were Metal up by 3.01%, Telecom up by 2.44%, Consumer Durables up by 2.22%, Basic Materials up by 1.98% and Consumer Discretionary was up by 1.96%, while there were no losing sectoral indices on the BSE.
The top gainers on the Sensex were Bajaj Finserv up by 4.17%, Asian Paints up by 4.08%, Titan Company up by 3.21%, Bajaj Auto up by 2.91% and Hindustan Unilever was up by 2.59%. On the flip side, Power Grid down by 1.68% and Dr. Reddys Lab was down by 0.03% were the top losers.
Meanwhile, Chief Economic Advisor K V Subramanian has said that the investment climate is going well in India and the private sector should skill their workforce in the interest of its business. He noted that this, in turn, will raise the average level of skills in India. As far as skilling is concerned, he said he does not foresee any difficulty in demand and supply of the workforce.
Subramanian further said job creation is part of the virtuous cycle that starts with private investments flowing into the country resulting in production, growth, job creation and increase in aggregate demand which in turn leads to more investments in the economy.
The CEA said the economic reforms have been done keeping in mind the problem of dwarf firms in India, and these are the firms which grow in size and age but do not create jobs. He also noted that there is no short-term silver bullet to growth and job creation. Noting that the emphasis has been enabling primary and secondary sectors of the economy, he said the secondary sector is extremely critical for job creation.
The CNX Nifty is currently trading at 14537.60, up by 212.70 points or 1.48% after trading in a range of 14414.25 and 14554.95. There were 47 stocks advancing against 3 stocks declining on the index.
The top gainers on Nifty were Tata Steel up by 5.57%, Tata Motors up by 4.40%, Bajaj Finserv up by 4.20%, Asian Paints up by 4.03% and Hindalco was up by 3.42%. On the flip side, Power Grid down by 1.66%, ONGC down by 0.10% and Dr. Reddys Lab was down by 0.01% were the top losers.
Asian markets were trading firm; Taiwan Weighted strengthened 245.74 points or 1.53% to 16,305.88, Hang Seng increased 497.77 points or 1.78% to 28,397.38, Shanghai Composite gained 58.82 points or 1.75% to 3,422.41, Jakarta Composite soared 60.92 points or 0.99% to 6,183.80, KOSPI rose 32.68 points or 1.09% to 3,041.01, Nikkei 225 surged 446.82 points or 1.56% to 29,176.70 and Straits Times was up by 19.97 points or 0.64% to 3,161.68.