Indian equity markets maintained their upward momentum in the afternoon session. Most of the sectoral indices were trading firm and auto was the top gainer on BSE, up by around 4% followed by Utilities and Power indices. Buying in frontline stocks such as Mahindra & Mahindra, Power Grid and Titan Company were aiding sentiment. Traders were encouraged as India’s Industrial production grew 11.9 per cent in August mainly due to a low-base effect. The Index of Industrial Production (IIP) had contracted by 7.1 per cent in August 2020. Retail inflation based on Consumer Price Index (CPI) fell to a five-month low of 4.35 per cent in September from 7.27 per cent in the year-ago period as prices of vegetables and other items declined also supporting the traders’ sentiments. On the global front, Asian markets were trading mostly higher despite soaring power prices fueling inflation weighed on sentiment and drove expectations the United States would taper its emergency bond buying programme, keeping the dollar near a one-year high.
The BSE Sensex is currently trading at 60660.95, up by 376.64 points or 0.62% after trading in a range of 60452.29 and 60691.55. There were 23 stocks advancing against 7 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose 1.29%, while Small cap index was up by 0.71%.
The top gaining sectoral indices on the BSE were Auto up by 3.68%, Utilities up by 3.03%, Power up by 2.85%, Industrials up by 2.48% and Metal was up by 1.93%, while Realty was down by 0.27% was the only losing index on BSE.
The top gainers on the Sensex were Mahindra & Mahindra up by 5.61%, Power Grid up by 4.47%, Titan Company up by 3.19%, Tata Steel up by 2.96% and Larsen & Toubro was up by 1.95%. On the flip side, Maruti Suzuki down by 1.04%, Hindustan Unilever down by 0.77%, Nestle down by 0.62%, SBI down by 0.43% and Indusind Bank was down by 0.37% were the top losers.
Meanwhile, Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved nutrient-based subsidy rates for phosphatic & potassic fertilisers for FY22. Net subsidy for the rabi season to be at Rs 28,665 crore.
This will enable smooth availability of all P&K fertilizers to the farmers during Rabi Season 2021-22 at the subsidised / affordable prices of fertilizers and support the agricultural sector by continuing the present subsidy levels and giving special packages of additional subsidy for DAP and three mostly consumed NPK grades.
It will give Rs 438 per bag benefit on Di-Ammonium Phosphate (DAP) and Rs 100 per bag benefit each on NPK 10-26-26, NPK 20-20-0-13 & NPK 12-32-16 so as to maintain prices of these fertilisers affordable to the farmers. The subsidy on P&K fertilisers will be provided based on the NBS rates approved by the CCEA to ensure smooth availability of these fertilisers to the farmers at affordable prices.
The CNX Nifty is currently trading at 18137.85, up by 145.90 points or 0.81% after trading in a range of 18050.75 and 18147.35. There were 36 stocks advancing against 14 stocks declining on the index.
The top gainers on Nifty were Tata Motors up by 17.96%, Mahindra & Mahindra up by 5.53%, Power Grid up by 4.47%, Tata Consumer Products up by 3.90% and Titan Company was up by 3.30%. On the flip side, ONGC down by 1.28%, Maruti Suzuki down by 1.09%, Coal India down by 0.93%, Hindustan Unilever down by 0.86% and Nestle was down by 0.63% were the top losers.
Asian markets were trading mostly higher; Straits Times advanced 42.29 points or 1.36% to 3,154.34, Shanghai Composite gained 18.05 points or 0.51% to 3,564.99, Jakarta Composite soared 30.67 points or 0.47% to 6,516.94 and KOSPI was up by 32.28 points or 1.11% to 2,948.66.
On the flip side; Nikkei 225 slipped 90.33 points or 0.32% to 28,140.28 and Taiwan Weighted was down by 114.85 points or 0.7% to 16,347.99.
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