Indian markets gain traction in late noon deals

Indian equity benchmarks gained the traction in late afternoon deals, aided by heavy buying at Utilities and Power counters, despite negative cues from European markets. Sentiments were positive, amid reports that India's Goods and Services Tax (GST) collection for November 2024 is expected to surpass Rs 1.87 lakh crore, recorded in October, making it the second-highest monthly collection ever. The anticipated growth in GST revenue is attributed to robust domestic sales during the festive season. Besides, the government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process.

On the global front, European markets were trading lower, as Consumers in Finland showed a more pessimistic attitude in November. The consumer confidence index dropped to -7.4 in November from -6.8 in October. Moreover, the score is well below the long-term average of -2.6. Asian markets were trading mostly in red, after China's industrial profits declined at a slower pace in October. The National Bureau of Statistics reported that industrial profits posted an annual decline of 10 percent on a yearly basis in October. This follows a sharp 27.1 percent decrease in September.

Back home, mines and minerals industry stocks were in focus, as the Ministry of Mines, Government of India, is all set to launch the first-ever tranche of auction of mineral blocks in the offshore areas of India on November 28, 2024. Offshore area of India includes the territorial waters, continental shelf, exclusive economic zone (EEZ) and other maritime zones of India.

The BSE Sensex is currently trading at 80283.13, up by 279.07 points or 0.35% after trading in a range of 79844.49 and 80511.15. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index surges by 0.24%, while Small cap index was up by 0.96%.

The top gaining sectoral indices on the BSE were Utilities up by 2.83%, Power up by 2.55%, Industrials up by 1.19%, Capital Goods up by 1.03% and Basic Materials up by 1.01%, while Realty down by 0.60%, Healthcare down by 0.35% and Consumer Durables down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Adani Ports & SEZ up by 7.10%, NTPC up by 2.24%, Bajaj Finance up by 1.21%, Maruti Suzuki up by 1.05% and HDFC Bank up by 0.96%. On the flip side, Titan down by 0.72%, Asian Paints down by 0.65%, Sun Pharma down by 0.53%, Indusind Bank down by 0.43% and TCS down by 0.34% were the top losers.

Meanwhile, the Labour Ministry has asked the retirement fund body Employees' Provident Fund Organization (EPFO) to focus on preparations for the launch of the Employment Linked Incentive (ELI) Scheme, with respect to the preparedness of IT infrastructure and aspects related to capacity building, among others. 

Finance Minister Nirmala Sitharaman had announced in the Union Budget that the government will launch three employment-linked schemes based on enrolment in EPFO. Three schemes for ELI were announced in Union Budget 2024-25 as part of the Prime Minister's package of five schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore. The ELI Scheme aims to create over 2 crore jobs in the country over 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihood.

For the upcoming EPFO apex decision-making body Central Board of Trustees meeting on November 30, 2024, the EPFO was also directed to be ready with various important aspects to be reported to the CBT members. It was reiterated that the ministry, with the Chief Labour Commissioner (Central), will continue the drive for review and resolution of pending cases of Industrial Disputes and Claim cases, timely onboarding of inspection reports on the Shram Suvidha Portal, besides undertaking review of inspection formats to streamlining processes. 

A review of pendency in the Central Government Industrial Tribunal-cum-Labour Courts (CGITs) and bringing reforms through e-courts was emphasised. Judicial training of Central Labour Service (CLS) officers with respect to the development needs of tripartite constituents -- the Central and State officers, Trade Union Members, and Members of Employment organisations, among others. Training institutes of the ministry -- VV Giri National Labour Institute (VVGNLI) and Dattopant Thengadi National Board for Workers Education and Development (DTNBWED) -- were directed to review, rationalise and monitor the existing training modules in a time-bound manner, to align with contemporary requirements related to labour welfare and employment.

The CNX Nifty is currently trading at 24289.00, up by 94.50 points or 0.39% after trading in a range of 24145.65 and 24354.55. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 11.26%, Adani Ports & SEZ up by 7.35%, Trent up by 2.71%, Bharat Electronics up by 2.37% and NTPC up by 2.34%. On the flip side, Titan down by 1.10%, Apollo Hospital down by 1.09%, Asian Paints down by 0.74%, Dr. Reddy's Lab down by 0.72% and Shriram Finance down by 0.70% were the top losers.

European markets were trading lower; UK’s FTSE 100 decreased 4.84 points or 0.06% to 8,253.77, France’s CAC fell 78.48 points or 1.1% to 7,116.03 and Germany’s DAX lost 76.23 points or 0.4% to 19,219.75.

Asian markets were trading mostly in red; Straits Times fell 5.22 points or 0.14% to 3,707.17, KOSPI dropped 17.30 points or 0.69% to 2,503.06, Nikkei 225 slipped 307.03 points or 0.81% to 38,134.97 and Taiwan Weighted lost 343.98 points or 1.54% to 22,334.78, while Hang Seng advanced 443.93 points or 2.26% to 19,603.13 and Shanghai Composite strengthened 50.02 points or 1.51% to 3,309.78.