Domestic indices maintain gains in late morning deals

Domestic equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. Meanwhile, broader indices were also trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.80-0.95%. Hectic buying in Tata Motors, HCL, Tech Mahindra, Bharti Airtel and TCS companies’ stocks helped the markets to maintain their gains. Positive cues from the global markets supported domestic sentiments. Traders took note of report that Reserve Bank Deputy Governor Michael Patra said household saving behaviour is returning to ‘normalcy’ now. Drawing from official data, he said there is not a lot of exposure to equities among the households. On the sectoral front, all the sectional indices on the BSE were trading in green led by TECK, IT, Realty, Auto and Telecom. 

On the global front, Asian markets were trading higher following positive cues from the US markets overnight. Back home, in the stock specific development, Wipro gained as it has entered into partnership with Cyble to enhance enterprise cybersecurity risk management through AI-driven threat intelligence solutions. 

The BSE Sensex is currently trading at 79682.19, up by 795.97 points or 1.01% after trading in a range of 79549.09 and 79984.24. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.95%, while Small cap index up by 0.82%.

The top gaining sectoral indices on the BSE were TECK up by 1.68%, IT up by 1.63%, Realty up by 1.53%, Auto up by 1.45% and Telecom up by 1.31%, while there were no losers. 

The top gainers on the Sensex were Tata Motors up by 2.93%, HCL up by 2.48%, Tech Mahindra up by 2.07%, Bharti Airtel up by 2.01% and TCS up by 1.78%. On the flip side, Titan down by 0.23%, Asian Paints down by 0.14%, Hindustan Unilever down by 0.13% and Indusind Bank down by 0.08% were the top losers.

Meanwhile, Union Minister Nitin Gadkari has said that India's logistics cost will come down from 16 per cent to 9 per cent of Gross domestic product (GDP) by April next year. He said that the country's exports will also increase when the logistics cost comes down to single digit.  

The minister noted that Indian economy needs to create more jobs. While noting that earlier governments did not give enough attention to rural sector, he said that the Prime Minister Narendra Modi-led government is giving more priority to the agriculture sector. 

He further said ‘we need to increase our agriculture growth...We need to increase per capita income in rural areas’. He noted that India is the fastest growing major economy, and the government is working hard to make it the third largest economy in the world. Currently, India is the fifth largest economy globally.  

The CNX Nifty is currently trading at 24350.75, up by 233.75 points or 0.97% after trading in a range of 24311.20 and 24419.75. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 4.61%, Tata Motors up by 2.86%, Shriram Finance up by 2.79%, Grasim Industries up by 2.69% and HCL up by 2.53%. On the flip side, BPCL down by 1.71%, HDFC Life Insurance down by 0.35%, Cipla down by 0.32%, Asian Paints down by 0.31% and Titan down by 0.31% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 247.42 points or 1.46% to 17,139.25, Jakarta Composite gained 42.13 points or 0.58% to 7,237.25, Shanghai Composite strengthened 3.44 points or 0.12% to 2,873.34, KOSPI increased 33.49 points or 1.31% to 2,590.22, Nikkei 225 surged 260.76 points or 0.75% to 35,091.91 and Taiwan Weighted added 598.9 points or 2.87% to 21,469.00.