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Stock markets continue to trade with jubilation in the afternoon session on continued buying activities by both funds and retail investors as India Manufacturing PMI hits 10-month high of 57.6 in November on strong demand. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) increased at 57.6 in November, which is a jump from 55.9 in October. Sentiments were also upbeat amid strong GDP growth of over 8% in the second quarter. With this, India continues to remain the fastest growing large economies in the world. On the sectoral front, stocks from Bankex, Auto and Metal counters were supporting the markets’ uptrend, while those from Healthcare and Utilities counters were adding to the underlying cautious undertone. On the global front, Asian markets were trading mostly higher whetted by the bargain hunting at prevailing levels and on optimism with the US Federal Reserve’s attempt to fight the inflation risks. Back home, initial public offer (IPO) of Tega Industries saw strong response on the first day of bidding on Wednesday. The issue was fully subscribed within an hour.

The BSE Sensex is currently trading at 57808.97, up by 744.10 points or 1.30% after trading in a range of 57365.85 and 57846.45. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.64%, while Small cap index was up by 0.17%.

The top gaining sectoral indices on the BSE were Bankex up by 1.81%, Auto up by 1.64%, Metal up by 1.41%, Energy up by 1.38% and IT was up by 1.22%, while Healthcare down by 0.85% and Utilities was down by 0.02% were the only losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 5.88%, Maruti Suzuki up by 3.58%, Axis Bank up by 3.42%, Tech Mahindra up by 2.50% and ICICI Bank was up by 2.30%. On the flip side, Dr. Reddy's Lab down by 1.61%, Sun Pharma down by 1.09%, Power Grid down by 0.15%, Ultratech Cement down by 0.13% and Titan Company was down by 0.01% were the top losers.

Meanwhile, growth of eight core infrastructure industries grew by 7.5 percent in October 2021 as compared to same month last year on account of healthy performance by segments like coal, natural gas, refinery products and cement. In October 2020, the output of the core sectors had contracted 0.5 percent. In September this year, the core sector output had risen by 4.5 percent. The eight infrastructure sectors had grown by 0.6 percent in September 2020. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).   

Coal production having 10.33 per cent weight increased by 14.6 per cent in October, 2021 over October, 2020 and its cumulative index increased by 12.2 per cent during April to October, 2021-22 over corresponding period of the previous year. Natural Gas production having 6.88 per cent weight increased by 25.8 per cent in October, 2021 over October, 2020 and its cumulative index increased by 22.6 per cent during April to October, 2021-22 over the corresponding period of previous year. Petroleum Refinery production having 28.04 per cent weight increased by 14.4 per cent in October, 2021 over October, 2020 and its cumulative index increased by 11.7 per cent during April to  October, 2021-22 over the corresponding period of previous year.

Steel production having 17.92 per cent weight increased by 0.9 per cent in October, 2021 over October, 2020 and its cumulative index increased by 28.6 per cent during April to October, 2021-22 over the corresponding period of previous year. Cement production (weight: 5.37 per cent) increased by 14.5 per cent in October, 2021 over October, 2020 and its cumulative index increased by 33.6 per cent during April to October, 2021-22 over the corresponding period of previous year.

Electricity generation having 19.85 per cent weight increased by 2.8per cent in October, 2021 over October, 2020. Its cumulative index increased by 11.3 per cent during April to October, 2021-22 over the corresponding period of previous year. Fertilizers production having 2.63 per cent weight increased by 0.04 per cent in October, 2021 over October, 2020, while cumulative index decreased by 1.1 per cent during April to October, 2021-22 over the corresponding period of previous year. However, Crude Oil production having 8.98 percent weight declined by 2.2 per cent in October, 2021 over October, 2020 and its cumulative index declined by 2.8 per cent during April to October, 2021-22over the corresponding period of previous year.

The CNX Nifty is currently trading at 17190.95, up by 207.75 points or 1.22% after trading in a range of 17079.75 and 17213.05. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 5.92%, Eicher Motors up by 3.99%, Maruti Suzuki up by 3.91%, Axis Bank up by 3.69% and Tata Motors was up by 2.82%. On the flip side, Dr. Reddy's Lab down by 1.54%, Divi's Lab down by 1.10%, ONGC down by 1.02%, Sun Pharma down by 0.85% and Indian Oil Corporation was down by 0.84% were the top losers.

Asian markets were trading mostly higher; Hang Seng increased 239.13 points or 1.02% to 23,714.39, Nikkei 225 surged 113.86 points or 0.41% to 27,935.62, Shanghai Composite gained 5.12 points or 0.14% to 3,569.01, Straits Times advanced 52.66 points or 1.73% to 3,093.95, KOSPI rose 62.21 points or 2.19% to 2,901.22 and Taiwan Weighted was up by 158.23 points or 0.91% to 17,585.99. On the other side; Jakarta Composite was down by 21.10 points or 0.32% to 6,512.83.

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