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Indian bourses continued to trade higher in the afternoon session on account of fresh buying by funds and retail investors. Sentiments got support as US India Business Council stated that regular engagement between India and the United States under the bilateral Trade Policy Forum mechanism will help remove barriers to trade, facilitate higher levels of investment and increase two-way trade in goods and services.  In another positive developments, India Ratings and Research’s (Ind-Ra) report stated that the average collections across its rated securitization transactions have inched up to 79 percent in September 2021 from 70 percent in May 2021 as the economy started to open up due to acceleration in vaccine rollout. On the sectoral front, most of the telecom stocks were ringing loud after private report stated that government has started work on having annual auction of spectrum to ensure that the industry has enough supplies of the airwaves.

On the global front, Asian markets were trading mixed as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations. Closer home, stocks from Oil & Gas, Realty and PSU counters were the major pillars of markets’ strength, while Power, Auto and IT counters were the major pockets of weakness. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices were trading up in the range of 0.53%-1.26%.

The BSE Sensex is currently trading at 58860.34, up by 196.01 points or 0.33% after trading in a range of 58564.75 and 58941.02. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.53%, while Small cap index was up by 1.26%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.58%, Realty up by 1.53%, PSU up by 1.48%, Utilities up by 1.43%, Bankex was up by 1.40%, while Auto down by 0.31%, IT down by 0.25%, Consumer Durables down by 0.04% and FMCG was down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 2.21%, Kotak Mahindra Bank up by 1.83%, Bajaj Finance up by 1.53%, Power Grid up by 1.51% and NTPC was up by 1.50%. On the flip side, Maruti Suzuki down by 1.94%, Tech Mahindra down by 1.11%, Infosys down by 1.00%, Titan Company down by 0.66% and Hindustan Unilever was down by 0.53% were the top losers.

Meanwhile, Union Finance Minister Nirmala Sitharaman has said that all the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters and will not let them go scot-free, particularly those who have fled the country. She said the central government is working in close coordination with the J&K administration to ensure that not only the Prime Minister's Development Package (PMDP) but every centrally sponsored scheme benefits every citizen of the Union territory.

The minister stated that the non-performing assets (NPAs) of the banks had been a cause for worry when Prime Minister Narendra Modi came to power in 2014. In order to bring down the NPAs, she said a specific '4Rs' strategy of recognition, resolution, recapitalisation and reforms showed immediate results. She noted that the government pursued the defaulters who took away the loans and let it become the NPA and did not pay back the taxpayers' money that is what is in the banks, whether they are in this country or have gone away from India.

Sitharaman further said the government ensured that their properties are attached, and through a legal process, sold or auctioned out and that money have been paid back to the banks. She said this shall continue to happen, irrespective of where the NPAs holders are and irrespective of where their accounts were. Every NPA shall be pursued actively and that shall apply to J&K as well.

The CNX Nifty is currently trading at 17563.95, up by 60.60 points or 0.35% after trading in a range of 17485.05 and 17591.80. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 4.85%, ONGC up by 4.70%, Coal India up by 2.37%, BPCL up by 2.24% and ICICI Bank was up by 2.11%. On the flip side, Maruti Suzuki down by 1.99%, Infosys down by 1.25%, Grasim Industries down by 1.22%, Cipla down by 1.18% and Divi's Lab was down by 1.16% were the top losers.

Asian markets were trading mixed; Shanghai Composite gained 6.49 points or 0.18% to 3,595.58, Straits Times advanced 5.49 points or 0.17% to 3,233.02, Hang Seng increased 152.69 points or 0.62% to 24,804.27 and Jakarta Composite was up by 2.58 points or 0.04% to 6,680.46

On the flip side; Nikkei 225 slipped 471.45 points or 1.58% to 29,302.66, KOSPI fell 3.04 points or 0.1% to 2,994.29, Taiwan Weighted dropped 23.60 points or 0.13% to 17,642.52.

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