Bourses trade with traction in late afternoon session

Indian equity markets wiped out all their early losses and gained traction in late afternoon session following positive cues from European markets. Traders preferred to buy stocks at lowest levels. Traders took note of report that Commerce and Industry Minister Piyush Goyal has expressed confidence that India's economic growth by end of this fiscal will be back on track despite global uncertainties. He said that this year also India will be the world's fastest growing economy. On the global front, Asian markets were trading mostly in red as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders looked ahead to a key Federal Reserve policy meeting next week. European markets were trading higher a day after the European Central Bank (ECB) cut its three key interest rates by 25 basis points in the fourth reduction this year, and signaled it expects inflation to return to the target earlier.

The BSE Sensex is currently trading at 82079.50, up by 789.54 points or 0.97% after trading in a range of 80082.82 and 82079.50. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.30%, while Small cap index was down by 0.43%.

The top gaining sectoral indices on the BSE were Telecom up by 1.41%, TECK up by 1.29%, FMCG up by 1.13%, Consumer Durables up by 0.75% and IT was up by 0.59%, while Realty down by 0.90%, Metal down by 0.83%, Healthcare down by 0.31%, Basic Materials down by 0.23% and Industrials was down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 4.20%, ITC up by 2.30%, Hindustan Unilever up by 2.13%, Ultratech Cement up by 1.76% and HCL Tech up by 1.67%. On the flip side, Tata Steel down by 1.13%, Indusind Bank down by 1.05%, JSW Steel down by 0.85% and Axis Bank down by 0.05% were the top losers.

Meanwhile, Ministry of Commerce & Industry in its latest release has showed that India has achieved a remarkable milestone in its economic journey, with gross foreign direct investment (FDI) inflows reaching an impressive $1 trillion since April 2000, bolstered by a nearly 26% rise in FDI to $42.1 billion during the first half of the current fiscal year (H1 FY25) as against $33.5 billion in H1 FY24. 

The latest release noted that such growth reflects India’s growing appeal as a global investment destination, driven by a proactive policy framework, a dynamic business environment, and increasing international competitiveness. FDI has played a transformative role in India’s development by providing substantial non-debt financial resources, fostering technology transfers, and creating employment opportunities.

Initiatives like ‘Make in India’, liberalised sectoral policies, and the Goods and Services Tax (GST) have enhanced investor confidence, while competitive labour costs and strategic incentives continue to attract multinational corporations. Over the last decade (April 2014 to September 2024), total FDI inflows amounted to $709.84 billion, accounting for 68.69% of the overall FDI inflow in the past 24 years. This robust inflow of investments underscores India's pivotal role in shaping the global economic landscape.

The CNX Nifty is currently trading at 24759.30, up by 210.60 points or 0.86% after trading in a range of 24180.80 and 24771.30. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 4.22%, ITC up by 2.24%, Hindustan Unilever up by 2.05%, Ultratech Cement up by 1.88% and HCL Tech up by 1.68%. On the flip side, Shriram Finance down by 2.74%, Tata Steel down by 1.15%, Indusind Bank down by 1.06%, Hindalco down by 0.80% and JSW Steel down by 0.76% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 425.81 points or 2.13% to 19,971.24, Nikkei 225 slipped 378.7 points or 0.96% to 39,470.44, Shanghai Composite weakened 69.62 points or 2.05% to 3,391.88, Jakarta Composite plunged 60.02 points or 0.82% to 7,334.22 and Taiwan Weighted was down by 26.32 points or 0.11% to 23,020.48. On the flip side, Straits Times rose 8.39 points or 0.22% to 3,817.66 and KOSPI was up by 12.34 points or 0.49% to 2,494.46.

European markets were trading higher; UK’s FTSE 100 increased 12.23 points or 0.15% to 8,323.99, France’s CAC rose 17.51 points or 0.24% to 7,438.45 and Germany’s DAX was up by 76.59 points or 0.37% to 20,502.86.