Indian equity benchmarks continued to trade higher in late morning session, with both Sensex and Nifty trading in green terrain. Positive cues from other Asian markets helped key indices to remain in green. Traders remained positive, as Prime Minister Narendra Modi said India is becoming fully capable of dealing with all kinds of external and internal challenges, while deriving inspiration from Sardar Vallabhbhai Patel. Adding more comfort among traders, 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.
On the global front, Asian markets were trading mostly in green, after the manufacturing sector in China moved into expansion territory in October, the latest survey from Caixin showed on Monday with a manufacturing PMI score of 50.6. That's up from 50.0 in September and it moves out of stagnation and above the boom-or-bust line of 50 that separates expansion from contraction.
The BSE Sensex is currently trading at 59565.52, up by 258.59 points or 0.44% after trading in a range of 59355.12 and 59830.31. There were 21 stocks advancing against 9 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.81%, while Small cap index was up by 0.63%.
The top gaining sectoral indices on the BSE were Realty up by 3.55%, Telecom up by 3.45%, Metal up by 2.87%, Basic Materials up by 1.52% and TECK up by 1.51%, while Energy down by 0.40% was the only losing index on BSE.
The top gainers on the Sensex were Indusind Bank up by 6.83%, Bharti Airtel up by 4.19%, Tata Steel up by 3.25%, Dr. Reddy's Lab up by 2.84% and HCL Tech up by 2.67%. On the flip side, Bajaj Finserv down by 2.65%, Mahindra & Mahindra down by 1.08%, Reliance Industries down by 0.95%, Hindustan Unilever down by 0.84% and ICICI Bank down by 0.67% were the top losers.
Meanwhile, the growth of eight core infrastructure industries grew by 4.4 percent in September 2021 as compared to same month last year on account of healthy performance by segments like natural gas, refinery products and cement. The eight infrastructure sectors had grown by 0.6 percent in September 2020. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Coal production having 10.33 percent weight increased by 8.1 percent in September, 2021 over September, 2020 and its cumulative index increased by 11.7 percent during April to September, 2021-22 over corresponding period of the previous year. Natural Gas production having 6.88 percent weight increased by 27.5 percent in September, 2021 over September, 2020 and its cumulative index increased by 22.1 percent during April to September, 2021-22 over the corresponding period of previous year.
Petroleum Refinery production having 28.04 percent weight increased by 6.0 percent in September, 2021 over September, 2020 and its cumulative index increased by 11.2 percent during April to September, 2021-22over the corresponding period of previous year. Fertilizers production 2.63 percent weight increased by 0.02 percent in September, 2021 over September, 2020 and its cumulative index decreased by 1.3 per cent during April to September, 2021-22 over the corresponding period of previous year. Steel production having 17.92 percent weight increased by 3.0 percent in September, 2021 over September, 2020 and its cumulative index increased by 35.0 percent during April to September, 2021-22 over the corresponding period of previous year.
Cement production having 5.37 percent weight increased by 10.8 per cent in September, 2021 over September, 2020 and its cumulative index increased by 37.7 percent during April to September, 2021-22 over the corresponding period of previous year. Electricity generation having 19.85 percent weight increased by 0.3 percent in September, 2021 over September, 2020 and its cumulative index increased by 12.7 percent during April to September, 2021-22 over the corresponding period of previous year. On the flip side, Crude Oil production having 8.98 percent weight declined by 1.7 percent in September, 2021 over September, 2020. Its cumulative index declined by 2.9 per cent during April to September, 2021-22over the corresponding period of previous year.
The CNX Nifty is currently trading at 17767.95, up by 96.30 points or 0.54% after trading in a range of 17697.10 and 17833.60. There were 39 stocks advancing against 11 stocks declining on the index.
The top gainers on Nifty were Indusind Bank up by 6.96%, Bharti Airtel up by 4.29%, Tata Steel up by 3.25%, Hindalco up by 3.21% and Dr. Reddy's Lab up by 3.00%. On the flip side, UPL down by 3.58%, Bajaj Finserv down by 2.87%, Mahindra & Mahindra down by 1.21%, Reliance Industries down by 0.84% and Hindustan Unilever down by 0.84% were the top losers.
Asian markets were trading mostly in green; Jakarta Composite soared 8.54 points or 0.13% to 6,599.89, Straits Times advanced 26.64 points or 0.83% to 3,224.81, Nikkei 225 surged 716.26 points or 2.48% to 29,608.95, Shanghai Composite gained 2.59 points or 0.07% to 3,549.93, KOSPI rose 12.37 points or 0.42% to 2,983.05, Taiwan Weighted strengthened 86.22 points or 0.51% to 17,073.63. On the flip side, Hang Seng decreased 278.37 points or 1.1% to 25,098.87.
