The benchmark indices hovered near the day's highs in late afternoon session. HDFC, Power Grid and Sun Pharma boosted the indices. Sectorally, barring Telecom and Bankex, all indices traded firm. Strength was also visible in the broader markets with the S&P BSE Mid-cap index and the S&P BSE Small-cap index gaining over half a percent each in trade. Traders remain energized after Ministry of Commerce and Industry in its provisional data has showed that India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019. On the global front, Asian markets were trading mixed after a turbulent day on Wall Street as traders tried to forecast the impact of the coronavirus's omicron variant. European markets were trading lower after Apple Inc. warned component suppliers of slowing demand for its iPhone 13 lineup.
The BSE Sensex is currently trading at 58,250.29, up by 565.5 points or 0.98% after trading in a range of 57680.41 and 58257.57. There were 24 stocks advancing against 6 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 0.70%, while Small cap index was up by 0.90%.
The top gaining sectoral indices on the BSE were IT up by 1.46%, Utilities up by 1.42%, Power up by 1.37%, Oil & Gas up by 1.23% and TECK was up by 1.21%, while Telecom down by 0.53% and Bankex was down by 0.07% were the only losing indices on BSE.
The top gainers on the Sensex were HDFC up by 3.74%, Power Grid up by 2.99%, Sun Pharma up by 2.63%, HCL Tech up by 2.16% and Tech Mahindra up by 2.10%. On the flip side, Axis Bank down by 1.30%, ICICI Bank down by 1.08%, Ultratech Cement down by 0.73%, Bharti Airtel down by 0.69% and SBI down by 0.29% were the top losers.
Meanwhile, moody's investors service in its latest report has said that the economic impact of the Omicron variant of COVID-19 on emerging market countries will differ and will depend on a mix of government restrictions, public comfort with social interactions, and the capacity of governments and central banks to provide additional policy support to the private sector if needed.
According to the report, the emergence of the new variant poses new risks to the global economic growth and inflation outlook, as concerns mount about the variant's health risks and several countries have imposed new travel restrictions in recent days. It said these restrictions will likely increase over the coming weeks until scientists learn more about the variant. Continued progress in global vaccination efforts and public compliance with the use of tools such as masks and social distancing will be important factors in determining the economic impact of the new variant. It pointed out that countries with an assured supply of effective vaccines and delivery systems, and high levels of vaccine acceptance by the public, will remain better positioned.
Moody's said the emergence of the new variant also comes during a period of fragile economic recovery, with stretched supply chains, elevated inflation, and labor market shortages. Business disruption resulting from the spread of the new variant could prevent supply chain stresses from easing, dampening productive capacity, and stoking further cost pressures in sectors with exposure to global supply chains. On the demand side, it said fear of infection could prevent a large proportion of individuals from engaging in economic activity that requires close contact. Thus, it said demand could diminish for services ranging from hospitality to travel, at a time when holiday-related spending would usually ramp up.
The CNX Nifty is currently trading at 17,343.70, up by 176.80 points or 1.03% after trading in a range of 17149.30 and 17340.85. There were 41 stocks advancing against 9 stocks declining on the index.
The top gainers on Nifty were Adani Ports up by 3.95%, HDFC up by 3.67%, Power Grid up by 2.87%, Sun Pharma up by 2.67% and BPCL up by 2.33%. On the flip side, Axis Bank down by 1.27%, ICICI Bank down by 1.04%, Bharti Airtel down by 0.92%, Cipla down by 0.59% and Ultratech Cement down by 0.37% were the top losers.
Asian markets were trading mixed, Taiwan Weighted strengthened 138.89 points or 0.79% to 17,724.88, Hang Seng increased 130.01 points or 0.55% to 23,788.93, Jakarta Composite soared 76.14 points or 1.17% to 6,583.82 and KOSPI was up by 45.55 points or 1.57% to 2,945.27. On the flip side, Shanghai Composite declined 3.05 points or 0.09% to 3,573.84, Straits Times trembled 9.05 points or 0.29% to 3,089.20 and Nikkei 225 was down by182.25 points or 0.65% to 27,753.37.
European markets were trading lower, UK’s FTSE 100 decreased 52.95 points or 0.74% to 7,115.73, France’s CAC decreased 82.75 points or 1.2% to 6,799.12 and Germany’s DAX was down by 177.26 points or 1.15% to 15,295.41.