Bourses continue gaining momentum in late afternoon session

Indian equity markets continued their gaining momentum in late afternoon session tracing positive cues from other Asian markets. Markets braced for Maharashtra election voting. Traders took note of report that Finance Minister Nirmala Sitharaman has called for more affordable borrowing costs to support industrial growth and capacity building, while addressing concerns about inflation and the overall economic outlook. Sitharaman highlighted key challenges and government measures aimed at stabilising the economy and supporting businesses, particularly small and medium enterprises (SMEs). 

On the global front, all Asian markets were trading higher as strong gains in mining and energy stocks boosted the markets amid climbing commodity prices. European markets were trading mostly in red with investors keeping an eye on data releases and earnings reports.

The BSE Sensex is currently trading at 78233.13, up by 894.12 points or 1.16% after trading in a range of 77525.05 and 78451.65. 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 1.61%, while Small cap index was up by 1.62%.

The top gaining sectoral indices on the BSE were Auto up by 2.75%, Realty up by 2.49%, Consumer discretionary up by 2.14%, Consumer Durables up by 1.94% and IT was up by 1.67%, while there were no losing sectoral indices on the BSE.  

The top gainers on the Sensex were Mahindra & Mahindra up by 4.78%, Tata Motors up by 3.48%, Tech Mahindra up by 3.20%, Titan Company up by 2.56% and Sun Pharma up by 2.54%. On the flip side, Bajaj Finserv down by 2.05%, SBI down by 1.01%, Tata Steel down by 0.21% and ICICI Bank down by 0.01% were the top losers.

Meanwhile, showcasing the country’s growing prominence in the global aviation landscape, the Indian aviation sector achieved a historic milestone on November 17, 2024, with 5,05,412 domestic passengers departing across the country in a single day. This is the first time domestic passenger numbers have surpassed the 5-lakh mark. 

The passenger count has been increasing continuously after the UDAN (Ude Desh ka Aam Nagrik) scheme, which was launched by Prime Minister Narendra Modi on October 21, 2016. This achievement reflects the sector’s rapid expansion, supported by enhanced connectivity, passenger-friendly policies, and increased accessibility to affordable air travel. It highlights the seamless efforts of all stakeholders, from airlines to airport operators, in providing reliable and efficient services to passengers.

The Ministry of Civil Aviation continues to play a pivotal role in driving the growth of the sector through initiatives like the Regional Connectivity Scheme (UDAN), development of greenfield airports, and the digitalization of passenger services. This milestone serves as a testament to the resilience and potential of India’s aviation industry, further cementing its position as a key driver of the Nation’s economic progress.

The CNX Nifty is currently trading at 23714.35, up by 260.55 points or 1.11% after trading in a range of 23517.10 and 23780.65. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 4.90%, Tata Motors up by 3.41%, Tech Mahindra up by 3.28%, Trent up by 3.02% and Dr. Reddy's Lab up by 2.68%. On the flip side, SBI Life down by 3.29%, HDFC Life Insurance down by 2.27%, Bajaj Finserv down by 1.99%, SBI down by 1.07% and Shriram Finance down by 0.95% were the top losers.

All Asian markets were trading higher; Taiwan Weighted added 302.26 points or 1.32% to 22,848.80, Nikkei 225 surged 193.58 points or 0.5% to 38,414.43, Hang Seng advanced 87.06 points or 0.44% to 19,663.67, Jakarta Composite gained 67.84 points or 0.94% to 7,202.12, Straits Times rose 23.11 points or 0.62% to 3,755.66, Shanghai Composite strengthened 22.16 points or 0.66% to 3,346.01 and KOSPI was up by 2.88 points or 0.12% to 2,471.95.

European markets were trading mostly in red; France’s CAC fell 24.39 points or 0.34% to 7,253.84 and Germany’s DAX was down by 82.18 points or 0.43% to 19,107.01. On the flip side, UK’s FTSE 100 was up by 12.32 points or 0.15% to 8,121.64.