Bourses maintain gaining momentum in late afternoon session

Indian equity markets continued their gaining momentum in late afternoon session following strong cues from European markets. Traders took note of report that Reserve Bank of India (RBI) in its latest survey on ‘International Trade in Banking Services, 2023-24’ has showed that Indian banks increased their overseas presence during 2023-24 both in terms of balance sheet size as well as in terms of number of branches and employees. The survey noted that their employee strength increased by 8.2 per cent in overseas branches and 1.7 per cent in subsidiaries. During the year, the number of branches and employees of foreign banks in India also expanded by 0.6 per cent and 1.4 per cent, respectively.

On the global front, Asian markets were trading mixed amid lingering concerns the US Fed will lower interest rates slower than previously anticipated after revised data showed US consumer sentiment unexpectedly improved in the month of October. European markets were trading higher ahead of a busy week for earnings and economic data releases. German consumer price inflation data, flash GDP numbers and employment data are due later in the week. 

The BSE Sensex is currently trading at 80145.89, up by 743.60 points or 0.94% after trading in a range of 79418.82 and 80539.81. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.84%, while Small cap index was up by 1.22%.

The top gaining sectoral indices on the BSE were Basic Materials up by 1.97%, Realty up by 1.63%, Metal up by 1.45%, PSU up by 1.43% and Telecom was up by 1.39%, while, Energy was down by 0.06% were the only losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 3.38%, Mahindra & Mahindra up by 3.19%, Adani Ports up by 2.93%, JSW Steel up by 2.88% and Tata Steel up by 2.40%. On the flip side, Axis Bank down by 1.22%, Kotak Mahindra Bank down by 1.16%, Tech Mahindra down by 0.56% and HDFC Bank down by 0.46% were the top losers.

Meanwhile, Union Finance Minister Nirmala Sitharaman has sought an enhanced support from international financial institutions to achieve Sustainable Development Goals (SDGs). She urged scaling up access to long-term and affordable financing for development, supported by structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment to build long-term financial resilience to attain Sustainable Development Goals.

Sitharaman highlighted the deep-rooted partnership between India and Africa. She said Prime Minister Narendra Modi has redefined this partnership with 10 guiding principles aimed at supporting Africa’s growth through capacity-building, enhanced public services, and addressing Climate Change, among others. 

She also urged G7 and G20 to intensify support for Africa. She underlined India’s support to Africa in areas like infrastructure development and the health sector, offering technical expertise and technology transfers.

The CNX Nifty is currently trading at 24373.70, up by 192.90 points or 0.80% after trading in a range of 24134.90 and 24492.60. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 6.41%, Adani Enterprises up by 4.43%, ICICI Bank up by 3.33%, Eicher Motors up by 2.97% and Mahindra & Mahindra up by 2.94%. On the flip side, Coal India down by 3.45%, Axis Bank down by 1.47%, Bharat Electronics down by 1.41%, Kotak Mahindra Bank down by 1.24% and Bajaj Auto down by 1.15% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 691.61 points or 1.79% to 38,605.53, KOSPI increased 29.16 points or 1.12% to 2,612.43, Shanghai Composite strengthened 22.5 points or 0.68% to 3,322.20 and Hang Seng was up by 9.21 points or 0.04% to 20,599.36. On the flip side, Straits Times fell 5.64 points or 0.16% to 3,587.77, Jakarta Composite plunged 77.24 points or 1.01% to 7,617.42 and Taiwan Weighted was down by 150.38 points or 0.65% to 23,198.07.

European markets were trading higher; UK’s FTSE 100 increased 13.04 points or 0.16% to 8,261.88, France’s CAC rose 78 points or 1.04% to 7,575.54 and Germany’s DAX was up by 99.03 points or 0.51% to 19,562.62.