Markets magnify gains in late morning deals

Indian equity markets magnified their gains and were trading higher by over one and quarter percent in late morning deals as market participants indulged in enlarging their positions. There was broad based buying witnessed in the markets and apart from the blue chips, the broader markets also participated in the rally. Hectic buying in Mahindra & Mahindra, Adani Ports, Titan, Tata Motors and Tech Mahindra helped the markets to magnify their gains. Positive cues from other Asian markets supported domestic sentiments. Traders took note of CRISIL’s report that the tariff hikes proposed by Donald Trump may pose threat to India's exports but the country's surplus in services trade and robust remittances flow may provide comfort. All the sectoral indices on the BSE were trading in green led by Consumer Durables, Auto, Realty, IT and Consumer Disc. 

On the global front, Asian markets were trading mostly in green as investors parsed Chinese financial policymakers’ speech at an investment summit in Hong Kong. Chinese Vice Premier He Lifeng said at a global financiers summit in Hong Kong that China will support Hong Kong innovation and financial reform, enhancing the city’s financial competitiveness. Back home, in the stock specific development, Shilpa Medicare rose after the company received a suitability certificate from an European regulatory authority for the active pharmaceutical ingredient Octreotide.   

The BSE Sensex is currently trading at 78346.91, up by 1007.90 points or 1.30% after trading in a range of 77525.05 and 78365.99. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.72%, while Small cap index up by 1.91%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.28%, Auto up by 2.17%, Realty up by 2.09%, IT up by 2.00% and Consumer Disc up by 1.95%, while there were no losers.  

The top gainers on the Sensex were Mahindra & Mahindra up by 3.51%, Adani Ports up by 3.27%, Titan up by 2.87%, Tata Motors up by 2.84% and Tech Mahindra up by 2.74%. On the flip side, Bajaj Finserv down by 1.13%, ICICI Bank down by 0.22% and Tata Steel down by 0.07% were few losers.

Meanwhile, the quarterly Periodic Labour Force Survey (PLFS) data released by the National Sample Survey Office (NSSO) has indicated that the unemployment rate for people aged 15 years and above in urban areas dipped to 6.4 per cent in the July-September quarter (Q2FY25). Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force. The unemployment rate in the September quarter of FY24 was 6.6 per cent. The unemployment rate for people aged 15 years and above in the previous April-June quarter of FY25 was 6.6 per cent in urban areas. 

The 24th Periodic Labour Force Survey (PLFS) showed the unemployment rate among females (aged 15 years and above) in urban areas declined to 8.4 per cent in July-September 2024 from 8.6 per cent in the same quarter a year ago. The rate was 9 per cent in April-June, 2024. Among males, the unemployment rate in urban areas declined to 5.7 per cent in July-September 2024 from 6 per cent in the same quarter a year ago. The rate was 5.8 per cent in April-June 2024.

Labour force participation rate in Current Weekly Status (CWS) in urban areas for people aged 15 years and above increased to 50.4 per cent in July-September from 49.3 per cent in the same quarter a year ago. The rate was 50.1 per cent in the April-June 2024. Labour force refers to the part of the population, which supplies or offers to supply labour for pursuing economic activities for the production of goods and services and, therefore, includes both employed and unemployed persons. 

The CNX Nifty is currently trading at 23763.00, up by 309.20 points or 1.32% after trading in a range of 23517.10 and 23770.65. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 3.72%, Trent up by 3.21%, Adani Ports up by 3.17%, Titan up by 2.92% and Tech Mahindra up by 2.78%. On the flip side, HDFC Life Insurance down by 2.24%, SBI Life down by 2.16%, Bajaj Finserv down by 1.07%, Shriram Finance down by 0.35% and Hindalco down by 0.33% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 33.35 points or 0.17% to 19,609.96, Jakarta Composite gained 69.64 points or 0.97% to 7,203.92, Straits Times rose 28.16 points or 0.75% to 3,760.71, KOSPI increased 1.62 points or 0.07% to 2,470.69, Nikkei 225 surged 203.82 points or 0.53% to 38,424.67 and Taiwan Weighted added 289.77 points or 1.27% to 22,836.31. However, Shanghai Composite weakened 18.01 points or 0.54% to 3,305.84.