Indian markets are maintaining their upmove in the noon session on across-the-board buying by funds as well as retail investors. Traders took support as India, US looking forward to reconvening trade policy forum this year. The US also looking forward to holding the next meeting of the US-India Commercial Dialogue and CEO Forum to enhance business and commercial ties between the two countries. Sentiments also got boost as Finance Minister Nirmala Sitharaman stated that the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. Meanwhile, Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems. The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs. On the global front, Asian shares were trading mixed, as fears of further waves of coronavirus outbreaks clouded the economic outlook for the region, tempering gains. Back home, multiplex operator stocks like PVR and Inox Leisure were buzzing after the Maharashtra government announced the opening of cinema halls and multiplexes in the state from October 22.
The BSE Sensex is currently trading at 60145.43, up by 96.96 points or 0.16% after trading in a range of 59887.19 and 60412.32. There were 15 stocks advancing against 14 stocks declining, while 1 stock remains unchanged on the index.
The broader indices were trading mixed; the BSE Mid cap index lost 0.21%, while Small cap index was up by 0.04%.
The top gaining sectoral indices on the BSE were Auto up by 2.69%, Realty up by 2.30%, Energy up by 1.09%, Consumer Discretionary up by 0.94%, Oil & Gas was up by 0.88%, while IT down by 1.84%, TECK down by 1.58%, Healthcare down by 1.07%, Power down by 0.56% and Capital Goods was down by 0.55% were the top losing indices on BSE.
The top gainers on the Sensex were Maruti Suzuki up by 4.94%, Bajaj Auto up by 2.69%, Mahindra & Mahindra up by 2.67%, HDFC Bank up by 1.76% and SBI was up by 1.47%. On the flip side, HCL Tech down by 3.29%, Tech Mahindra down by 2.90%, Bajaj Finserv down by 2.22%, Bharti Airtel down by 1.93% and Infosys was down by 1.93% were the top losers.
Meanwhile, RBI’s former deputy governor R Gandhi has claimed that RBI is expected to continue with its current accommodative stance to maintain sufficient liquidity in the system and monetary policy tightening is several quarters away as the economic revival has not reached the absolute pre-Covid level of 2019-20. He added that RBI will do monetary policy tightening when the economy will be growing sustainably.
Gandhi acknowledged that NBFCs will gradually garner larger banking market share with more technological interventions. He also said low-interest rate regime will continue even though common people suffer due to decreasing deposit rates from banks.
On August 6, 2021, the central bank had kept interest rates unchanged at a record low as it chose to support economic revival over inflation. The six-member Monetary Policy Committee (MPC) voted in favour of retaining the main repurchase rate at 4 per cent but was split on continuing with the lower-for-longer stance.
The CNX Nifty is currently trading at 17882.75, up by 29.55 points or 0.17% after trading in a range of 17802.90 and 17943.50. There were 25 stocks advancing against 25 stocks declining on the index.
The top gainers on Nifty were Maruti Suzuki up by 5.21%, Tata Motors up by 4.45%, Hero MotoCorp up by 2.98%, Mahindra & Mahindra up by 2.76% and Bajaj Auto was up by 2.71%. On the flip side, HCL Tech down by 3.35%, Divi's Lab down by 3.05%, Tech Mahindra down by 2.94%, Wipro down by 2.78% and Bajaj Finserv was down by 2.08% were the top losers.
Asian markets were trading mixed; Hang Seng decreased 28.33 points or 0.12% to 24,163.83, Jakarta Composite lost 28.89 points or 0.47% to 6,115.93, Shanghai Composite declined 30.24 points or 0.84% to 3,582.83 and Nikkei 225 was down by 8.75 points or 0.03% to 30,240.06.
On the flip side; Straits Times advanced 39.83 points or 1.3% to 3,101.18, KOSPI rose 8.40 points or 0.27% to 3,133.64 and Taiwan Weighted was up by 53.58 points or 0.31% to 17,313.77.
