Benchmarks add some gains in morning deals

Indian equity benchmarks added some gains in morning deals, led by gains in Realty, Telecom and Healthcare stocks. Traders took support as Union Minister Hardeep Singh Puri highlighted that India is moving towards a gas-based economy from the imported crude based economy for its energy requirements. The minister stated that in recent years the government has taken transformative steps to increase domestic gas production and reduce India’s reliance on imports. Currently, India imports about 50 per cent of its natural gas needs, but with new investments in the upstream sector, this dependence is expected to come down over time. Traders took a note of Union Minister of Commerce and Industry Piyush Goyal’s statement that a $2 trillion export can only be achieved by collective efforts of all stakeholders. He emphasized that this goal requires a strategic and collaborative effort, building on the momentum of India’s expected $800 billion in exports this year. However, gains remain capped as traders remained cautious ahead to the October inflation figures and industrial production data for September to be out later in the day. On the global front, Asian markets are trading mostly in red as investors awaited clarity on U.S. President-elect Donald Trump's policy proposals and looked ahead to the release of key U.S. inflation readings this week for additional clues to the Fed's rate trajectory.

The BSE Sensex is currently trading at 79679.78, up by 183.63 points or 0.23% after trading in a range of 79439.47 and 79820.98. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.35%, while Small cap index was up by 0.67%.

The top gaining sectoral indices on the BSE were Realty up by 1.97%, Telecom up by 1.58%, Healthcare up by 0.89%, TECK up by 0.85% and IT up by 0.57%, while Power down by 0.42%, Capital Goods down by 0.39%, Oil & Gas down by 0.29%, FMCG down by 0.29% and Auto down by 0.28% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.89%, ICICI Bank up by 1.56%, Sun Pharma up by 1.42%, Infosys up by 0.87% and Tata Steel up by 0.79%. On the flip side, HDFC Bank down by 1.13%, Asian Paints down by 1.03%, NTPC down by 1.01%, Tata Motors down by 0.87% and JSW Steel down by 0.59% were the top losers.

Meanwhile, Union Minister of Commerce and Industry Piyush Goyal has said that a $2 trillion export can only be achieved by collective efforts of all stakeholders. Goyal emphasized that this goal requires a strategic and collaborative effort, building on the momentum of India’s expected $800 billion in exports this year. 

He said ‘Let us partner to achieve the export target of $2 trillion by 2030. Given that we will cross $800 billion this year, we will need to really put in a lot of effort collectively to achieve $2 trillion. It will not happen by chance. It will happen by choice.’ He added ‘And we will all have to start planning for that. We’ll have to find specific areas in which we shall all contribute, areas where we can play a greater role in the world economy.’

He also stressed the potential of India’s free trade agreements (FTAs) to open new markets and opportunities for businesses of all sizes. He said ‘And together, I am confident we can achieve this big target. Let us all work to take the free trade agreements that we have entered into, some that we will enter into in the next few years, to all our MSMEs, to all the small traders, to all our businesses, so that this information about new opportunities, new markets, new products, where we have access in our friendly countries can help us in grow business with these countries, help us in providing jobs to each and every one of our brothers and sisters.’

He emphasized that by utilizing these agreements effectively, Indian businesses could tap into new markets and create job opportunities domestically, further driving India’s economic growth. In addition to exports, Minister Goyal identified the need to address non-tariff barriers, calling for actionable suggestions that could strengthen India’s position in future trade negotiations.

The CNX Nifty is currently trading at 24193.45, up by 52.15 points or 0.22% after trading in a range of 24120.15 and 24242.00. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 1.82%, Trent up by 1.79%, ICICI Bank up by 1.54%, Sun Pharma up by 1.50% and Tata Steel up by 1.17%. On the flip side, Britannia Industries down by 2.32%, HDFC Bank down by 1.10%, Asian Paints down by 1.03%, Bharat Electronics down by 0.93% and Bajaj Auto down by 0.86% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 338.4 points or 0.86% to 39,194.92, Taiwan Weighted lost 435.55 points or 1.85% to 23,094.09, Hang Seng declined 353.11 points or 1.76% to 20,073.82, KOSPI dropped 32.48 points or 1.28% to 2,499.18, Straits Times fell 26.89 points or 0.72% to 3,712.58 and Shanghai Composite weakened 2.15 points or 0.06% to 3,467.92.

On the flip side, Jakarta Composite gained 48 points or 0.66% to 7,314.46.