Indian stock markets continued to trade in positive terrain in the noon session due to buying in realty, telecom and metal. Buying in frontline stocks such as Indusind Bank, Bharti Airtel and Tata Steel were aiding sentiment, while selling in Bajaj Finserv, Mahindra & Mahindra and Reliance Industries kept the gains in the markets in check. Sentiments were upbeat as a monthly survey said that India's manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand. However, upside remain capped as foreign Institutional Investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 5,142.63 crore on Friday, exchange data showed. On the sectoral front, banking stock were in focus as RBI issued revised guidelines to banks for opening new current accounts provided the customer has less than Rs 5 crore credit exposure, either in cash credit or overdraft facility with the respective bank. On the global front, Asian markets were trading mostly higher as economic data showed a mixed picture of Chinese manufacturing activity in October.
Back home, IPO market will witness heavy action this week as 3 new public issues open for subscription. Policybazaar, SJS Enterprises, and Sigachi Industries are the three new IPOs opening for subscription today and will close on Wednesday. In scrip specific developments, HDFC, IRCTC, IRFC, Shipping Corportaion of India and Tata Motors were will be in buzz as these companies are going to declare the quarterly results today.
The BSE Sensex is currently trading at 59577.16, up by 270.23 points or 0.46% after trading in a range of 59355.12 and 59830.31. There were 23 stocks advancing against 7 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 0.90%, while Small cap index was up by 0.63%.
The top gaining sectoral indices on the BSE were Realty up by 4.27%, Telecom up by 3.35%, Metal up by 2.77%, TECK up by 1.61% and Basic Materials was up by 1.53%, while Energy was down by 0.67% was the only losing index on BSE.
The top gainers on the Sensex were Indusind Bank up by 6.93%, Bharti Airtel up by 4.04%, Tata Steel up by 3.27%, HCL Tech up by 3.03% and Dr. Reddy's Lab was up by 2.71%. On the flip side, Bajaj Finserv down by 2.82%, Mahindra & Mahindra down by 1.92%, Reliance Industries down by 1.13%, Hindustan Unilever down by 1.00% and Nestle was down by 0.71% were the top losers.
Meanwhile, CARE Ratings in its latest report has said that despite rising economic activities, finished steel consumption in September 2021 was lower by 3.6 percent over the corresponding month last year but production of the metal grew. The consumption of steel at 8.2 million tonne in September 2021 was also down by 3 percent as compared to September in 2019.
However, the report said the consumption of the metal was higher by 2.3 percent on a month-on-month basis. Crude and finished steel production during September 2021 stood at 9.5 million tonne and 9 million tonne respectively, indicating a growth of 8.7 per cent and 4.7 percent over the year-ago month. July to September being a seasonally weak quarter has led to subdued demand in the domestic market for finished steel.
According to the report, the demand and supply of steel are expected to improve with a rise in economic activities and will also be driven by the infrastructure push of the government. On a cumulative basis, production of crude steel for the first half (April-September) of the current fiscal was 57.2 million tonne, registering a 30 percent growth year-on-year, while consumption was at 49.1 million tonne, a jump of 34.4 percent over the corresponding period of FY21.
The CNX Nifty is currently trading at 17781.10, up by 109.45 points or 0.62% after trading in a range of 17697.10 and 17833.60. There were 41 stocks advancing against 9 stocks declining on the index.
The top gainers on Nifty were Indusind Bank up by 7.09%, Bharti Airtel up by 4.22%, Tata Steel up by 3.39%, Hindalco up by 3.14% and HCL Tech. up by 3.10%. On the flip side, UPL down by 3.39%, Bajaj Finserv down by 2.72%, Mahindra & Mahindra down by 1.82%, Reliance Industries down by 1.00% and Hindustan Unilever down by 0.97% were the top losers.
Asian markets were trading mostly in green; Jakarta Composite soared 8.54 points or 0.13% to 6,599.89, Nikkei 225 surged 754.39 points or 2.61% to 29,647.08, Straits Times advanced 21.86 points or 0.68% to 3,220.03, KOSPI rose 8.18 points or 0.28% to 2,978.86 and Taiwan Weighted was up by 80.83 points or 0.48% to 17,068.24.
On the other hand; Shanghai Composite declined 3.95 points or 0.11% to 3,543.39 and Hang Seng was down by 259.40 points or 1.02% to 25,117.84.
