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

Indian equity markets traded at day’s high levels in late afternoon session on account of buying in front line counters. Traders took support as Chief Economic Advisor V Anantha Nageswaran has said that India's potential Gross Domestic Product (GDP) growth is in the range of 6.5-7 per cent and the country should be able to achieve it on the back of things that done already in the last 10 years, whether it is in terms of augmenting the physical infrastructure or achieving financial inclusion. Meanwhile, the RBI is expected to maintain the current benchmark interest rate due to high inflation exceeding the set limit. This decision will be announced on December 6, 202. On the global front, all Asian markets were trading higher as new U.S. curbs on semiconductor exports to China proved to be less harsh than previously expected. European markets were trading higher with investors keeping an eye on political upheaval in France.

The BSE Sensex is currently trading at 80926.93, up by 678.85 points or 0.85% after trading in a range of 80244.78 and 80949.10. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.79%, while Small cap index was up by 0.96%.

The top gaining sectoral indices on the BSE were Utilities up by 1.55%, PSU up by 1.53%, Bankex up by 1.35%, Power up by 1.33% and Basic Materials was up by 1.31%, while FMCG down by 0.41% and Realty was down by 0.20% were the only losing indices on BSE.

The top gainers on the Sensex were Adani Ports up by 6.15%, NTPC up by 3.18%, Axis Bank up by 2.40%, SBI up by 2.09% and Ultratech Cement up by 2.05%. On the flip side, Bharti Airtel down by 1.20%, ITC down by 1.04%, Asian Paints down by 0.46%, Sun Pharma down by 0.36% and Kotak Mahindra Bank down by 0.22% were the top losers.

Meanwhile, at the inaugural session of Confederation of Indian Industry (CII) Partnership Summit 2024, Union Minister of Commerce & Industry, Piyush Goyal has said that Global South is not responsible for global environmental damage but has been caused by the developed countries who enjoyed the benefit of low-cost energy. Trade Ministers from the Italian Republic, State of Israel, Bhutan, Bahrain, Algeria, Nepal, Senegal, South Africa, Myanmar, Qatar and Secretary of State for Ministry of Commerce of Kingdom of Cambodia were the partner countries at the Summit. 

Goyal highlighted that each of the partner countries have shared responsibilities towards environment and sustainability, but countries present at the summit are not responsible for the damage to the environment. Therefore, the responsibilities towards shared supply chains and sustainability will have to be met through common but differentiated responsibility. He added that while all have to work together, everybody needs to be given responsibility based on their contribution to the environmental problem.

Further, Minister said that India offers a trusted hand of friendship and partnership to countries of Global South. Goyal said that Artificial Intelligence (AI) and automation will have an impact on the future of employment and the skills required to adapt to the changing job profiles. He said that technology will transform lives and change the nature of livelihoods, but tradition and culture will also need to be maintained equally. He noted that therefore, it needs to be a mix of tradition and legacy on one hand and technology on the other.

The CNX Nifty is currently trading at 24472.35, up by 196.30 points or 0.81% after trading in a range of 24280.00 and 24481.35. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 6.06%, NTPC up by 3.06%, Adani Enterprises up by 2.65%, Axis Bank up by 2.37% and ONGC up by 2.12%. On the flip side, Bharti Airtel down by 1.40%, ITC down by 1.09%, Hero MotoCorp down by 1.04%, Tata Consumer down by 0.51% and Asian Paints down by 0.48% were the top losers.

All Asian markets were trading higher; Taiwan Weighted added 290.53 points or 1.26% to 23,027.46, Nikkei 225 surged 735.84 points or 1.87% to 39,248.86, Hang Seng advanced 196.03 points or 0.99% to 19,746.32, Shanghai Composite strengthened 14.83 points or 0.44% to 3,378.81, Straits Times rose 37.85 points or 1.01% to 3,789.20, KOSPI increased 45.62 points or 1.82% to 2,500.10 and Jakarta Composite was up by 131.45 points or 1.87% to 7,178.44.

European markets were trading higher; UK’s FTSE 100 increased 49.28 points or 0.59% to 8,362.17, France’s CAC rose 73.45 points or 1.01% to 7,310.34 and Germany’s DAX was up by 85.93 points or 0.43% to 20,019.55.