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Indian equity markets maintained their upward momentum in the afternoon session, with Sensex and Nifty crossing 57,000 and 16,950 levels respectively due to buying in Telecom, Utilities and Power stocks. Gains in frontline blue chip stocks such as Bharti Airtel, Bajaj Finserv and Bajaj Finance also helped lift the markets. Sentiments got boost with private report that India’s economy is expected to have grown in double digits during the April-June quarter of this financial year, helped by a low base of the previous year. The expected rebound in economic growth would also stand testament to the strong consumer activity, unfazed by the second wave of the covid-19 pandemic. First-quarter GDP numbers schedule to be release today. Additional support came as business resumption activity continued its northward journey and reached a new high, much above the pre-pandemic levels for the week ended August 29. The Nomura India Business Resumption Index rose to 102.7 for the week ending 29 August from 101.3 in the prior week.

On the global front, Asian markets were trading mostly higher despite worries about China's slowing economic growth and regulatory changes. Back on street, the overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 1666:1393; while 156 shares remained unchanged.

The BSE Sensex is currently trading at 57094.04, up by 204.28 points or 0.36% after trading in a range of 56859.10 and 57124.78. 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 0.72%, while Small cap index was up by 0.86%.

The top gaining sectoral indices on the BSE were Telecom up by 1.63%, Utilities up by 1.59%, Power up by 1.39%, Healthcare up by 1.23% and Oil & Gas was up by 0.96%, while Energy down by 0.15% and Auto was down by 0.03% were the few losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 2.32%, Bajaj Finserv up by 2.09%, Bajaj Finance up by 1.83%, Asian Paints up by 1.62% and Ultratech Cement was up by 1.43%. On the flip side, Nestle down by 1.08%, Indusind Bank down by 0.83%, Reliance Industries down by 0.77%, Mahindra & Mahindra down by 0.52% and Hindustan Unilever was down by 0.35% were the top losers.

Meanwhile, Credit ratings agency CRISIL in its latest survey has revealed that festive season sales and pent-up demand along with new launches are expected to push automobile dealers’ volumes up by 10-15 per cent in FY22, even as they see a patchy recovery this fiscal. However, it said a possible third wave of COVID-19, spurt in fuel prices and supply constraints of original equipment manufacturers (OEMs) are seen among factors that could slow the sector down. Also, the performance of the automobile dealers varies sharply from region to region with the dealerships in north India being impacted the most.

According to the survey, while most passenger and commercial vehicle dealers expect sales to improve across regions, 44 per cent of passenger vehicle dealers in the north and 40 per cent of commercial vehicle dealers in the south expect a decline. Last fiscal, it said as many as 45 per cent of the commercial vehicle dealers surveyed in the north and 67 per cent in the west witnessed over 20 per cent year- on-year decline in sales. Overall, two-wheeler dealers are optimistic about sales this fiscal. At the same time, dealers in the east and west expect higher sales, while 33 per cent in the north and 20 per cent in the south are not as hopeful.

Ratings agency further stated that last fiscal, around 60 percent of the two-wheeler dealers surveyed in the north and south reported over 20 percent year- on-year decline in sales. Low inventory levels will help in quicker recovery and also reduce holding costs. About 75 per cent of the surveyed dealers reported vehicle inventory of less than 45 days due to better management.

The CNX Nifty is currently trading at 16995.70, up by 64.65 points or 0.38% after trading in a range of 16915.85 and 17001.60. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 2.43%, Bharti Airtel up by 2.31%, Indian Oil Corporation up by 2.28%, Bajaj Finserv up by 2.05% and Bajaj Finance was up by 1.91%. On the flip side, Tata Motors down by 1.35%, Nestle down by 0.99%, Indusind Bank down by 0.76%, Reliance Industries down by 0.68% and Britannia Industries was down by 0.48% were the top losers.

Asian markets were trading mostly in green; KOSPI rose 1.75 points or 3144.49% to 55.08, Hang Seng increased 196.53 points or 0.77% to 25,736.07, Taiwan Weighted strengthened 93.77 points or 0.54% to 17,490.29, Nikkei 225 surged 300.25 points or 1.08% to 28,089.54 and Shanghai Composite was up by 0.24 points or 3519.02% to 8.62.

On the flipside, Jakarta Composite lost 0.15 points or 6148.77% to 8.95 and Straits Times was down by 38.18 points or 1.23% to 3,063.93.

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