Sensex, Nifty stage sharp recovery in early noon deals

Trimming some of their losses, Indian equity benchmarks staged recovery in early afternoon deals, aided by buying at Banking and PSU counters. Traders got relief, as the finance ministry in its September economic review said that favourable agricultural conditions coupled with expectations of a better harvest will likely push rural demand up in the coming months. While the monsoon has disrupted the supply of vegetables, affecting inflation, the ministry noted that a normal monsoon will likely improve prospects of a rabi output. However, trade remained in red, amid mixed cues from other Asian markets, as rising geopolitical tensions in the Middle East were weighing on market sentiment. 

On the global front, Asian markets were trading mixed, after the unemployment rate in Japan came in at a seasonally adjusted 2.4 percent in September. That was below expectations for 2.5 percent, which would have been unchanged from the August reading. The jobs-to-applicant ratio was 1.24 - beating forecasts for 1.23, which again would have been unchanged from the previous month.

The BSE Sensex is currently trading at 79893.72, down by 111.32 points or 0.14% after trading in a range of 79421.35 and 80104.59. There were 9 stocks advancing against 21 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.36%, while Small cap index was down by 0.20%.

The top gaining sectoral indices on the BSE were Bankex up by 1.02%, PSU up by 0.45%, Realty up by 0.37%, Capital Goods up by 0.11% and Industrials up by 0.07%, while Auto down by 1.65%, Metal down by 1.33%, Telecom down by 1.28%, TECK down by 1.18% and IT down by 0.98% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.47%, ICICI Bank up by 2.14%, Larsen & Toubro up by 1.01%, Bajaj Finserv up by 0.98% and ITC up by 0.72%. On the flip side, Tata Motors down by 3.68%, Maruti Suzuki down by 1.95%, Indusind Bank down by 1.91%, JSW Steel down by 1.76% and Bharti Airtel down by 1.71% were the top losers.

Meanwhile, referencing recent landmark decisions such as the newly launched BioE3 (Biotechnology for Economy, Environment and Employment) policy, Union Minister Jitendra Singh has underscored the government’s robust prioritization of science and technology. This initiative, which stands for biotechnology in the service of the economy, employment, and the environment, exemplifies the administration’s focus on fostering a high-impact science sector. 

Singh said that ‘Biotechnology and synthetic production will not only transform agriculture but redefine India’s role in global scientific advancements.’ Besides, Singh noted that India is among the first nations to implement an exclusive biotechnology policy. He emphasized that this shift will propel a significant transformation from traditional manufacturing to synthetic production through sustainable, eco-friendly solutions that rely on modern, cost-effective technology. The Minister also lauded India’s rapid rise from ‘fragile five’ to ‘first five’ in global economic standing, crediting this progress to the government’s science-focused strategy.

In line with its mission to advance biomanufacturing, Minister announced the Biomanufacturing Workshop 1.0, set to take place in December 2024. This pioneering workshop will delve into biomanufacturing’s applications across agriculture, food, pharmaceuticals, and energy, offering insights into cutting-edge techniques that harness biological systems for sustainable production.

The CNX Nifty is currently trading at 24287.65, down by 51.50 points or 0.21% after trading in a range of 24140.85 and 24378.65. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.50%, Bharat Electronics up by 2.41%, SBI up by 2.41%, SBI Life Insurance up by 2.19% and ICICI Bank up by 2.06%. On the flip side, Tata Motors down by 3.65%, Dr. Reddy's Lab down by 3.14%, Hero MotoCorp down by 2.97%, Bajaj Auto down by 2.80% and Cipla down by 2.21% were the top losers.

Asian markets were trading mixed; Jakarta Composite plunged 26.93 points or 0.35% to 7,607.70, Shanghai Composite weakened 36.1 points or 1.09% to 3,286.10, Straits Times fell 3.53 points or 0.1% to 3,580.55 and Taiwan Weighted lost 271.48 points or 1.18% to 22,926.59, while Hang Seng advanced 77.18 points or 0.37% to 20,676.54, KOSPI increased 5.37 points or 0.21% to 2,617.80 and Nikkei 225 surged 298.15 points or 0.77% to 38,903.68.