Bourses trade at day’s high levels in late afternoon session

Indian equity markets traded at day’s high levels in late afternoon session amid value buying by investors. Traders took support as government in its latest data has said that the total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago on account of increased sales spurred by the festive season. Traders ignored report that India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent. On the global front, Asian markets were trading mostly in green after the release of robust Chinese factory activity data. However, European markets were trading mostly in red ahead of manufacturing Purchasing Managers' survey results from Germany and the euro area, due out later in the day. Back home, RBI's next monetary policy decision on December 6 will be closely watched.

The BSE Sensex is currently trading at 80219.42, up by 416.63 points or 0.52% after trading in a range of 79308.95 and 80251.57. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.68%, while Small cap index was up by 0.68%.

The top gaining sectoral indices on the BSE were Realty up by 2.52%, Consumer Durables up by 1.99%, Basic Materials up by 1.46%, Healthcare up by 1.04% and Metal was up by 0.98%, while Utilities down by 0.45%, PSU down by 0.20%, Bankex down by 0.08% and Power was down by 0.02% were the losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 4.65%, JSW Steel up by 2.23%, Tech Mahindra up by 1.94%, Mahindra & Mahindra up by 1.80% and Adani Ports up by 1.68%. On the flip side, NTPC down by 1.36%, Indusind Bank down by 1.22%, Kotak Mahindra Bank down by 0.75%, Hindustan Unilever down by 0.64% and Power Grid down by 0.49% were the top losers.

Meanwhile, India's manufacturing sector growth eased in the month of November, impacted by competitive conditions and prices pressures. Goods producers experienced a weaker, albeit still robust, upturn in new business intakes during the reported month. The rate of expansion was the second-weakest in 11 months, ahead of that registered in September. Growth was supported by favourable demand conditions, but stymied by fierce competition and price pressures.

According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) eased to 56.5 in November as against 57.5 in October, signaling a softer improvement in the health of the sector. Input cost inflation intensified midway through the third fiscal quarter, reaching its highest mark since July but remaining below its long-run average. Items such as chemicals, cotton, leather and rubber were reported as up in price.

Although price pressures curbed domestic sales to a certain extent, growth of new export orders gained momentum. The rate of expansion in international demand was the best seen for four months, with gains from Bangladesh, mainland China, Colombia, Iran, Italy, Japan, Nepal, the UK and the US. With demand conditions remaining favourable, Indian manufacturers continued to scale up production. The rate of expansion receded to the weakest in the calendar year-to-date, though remained historically strong.

The CNX Nifty is currently trading at 24261.20, up by 130.10 points or 0.54% after trading in a range of 24008.65 and 24275.10. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Ultratech Cement up by 4.59%, Apollo Hospital up by 3.36%, Grasim Industries up by 3.10%, Shriram Finance up by 2.38% and JSW Steel up by 2.21%. On the flip side, HDFC Life Insurance down by 2.35%, Cipla down by 1.62%, NTPC down by 1.31%, SBI Life down by 1.23% and Indusind Bank down by 1.21% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 474.43 points or 2.09% to 22,736.93, Nikkei 225 surged 304.99 points or 0.79% to 38,513.02, Hang Seng advanced 126.68 points or 0.65% to 19,550.29, Shanghai Composite strengthened 37.52 points or 1.12% to 3,363.98 and Straits Times was up by 12.31 points or 0.33% to 3,751.60. On the flip side, KOSPI dropped 1.43 points or 0.06% to 2,454.48 and Jakarta Composite was down by 63.02 points or 0.89% to 7,051.25.

European markets were trading mostly in red; France’s CAC fell 59.35 points or 0.82% to 7,175.76 and Germany’s DAX was down by 25.96 points or 0.13% to 19,600.49. On the flip side, UK’s FTSE 100 was up by 4.26 points or 0.05% to 8,291.56.