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Indian equity benchmarks continued to trade in fine fettle in afternoon deals as market participants indulged in enlarging positions. Meanwhile, broader indices on the BSE were also trading higher with gains in the range of 0.55-0.65%. Sentiments got boost on the back of firm global cues and falling oil prices.  Further, sentiments were supported by Indian rupee appreciating 6 paise to 82.24 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Defence industry related stocks were in action as Defence Minister Rajnath Singh said that India registered defence exports worth Rs 8,000 crore in six months of the current financial year (FY23) and aims to achieve the annual export target of Rs 35,000 crore by 2025.  All the sectoral indices on the BSE were trading in green led by Capital Goods, Industrials, Auto, FMCG and TECK.

On the global front, Asian markets were mostly trading in green following the broadly positive cues from US markets overnight, as market sentiment was boosted by the news that Britain's new finance minister Jeremy Hunt reversed almost all of the tax measures announced by his predecessor Kwasi Kwarteng in the mini-budget last month. Back home, on stock specific development, Zee Entertainment Enterprises (ZEE) surged after nearly 53 million shares of the company changed hands via block deals on the National Stock Exchange (NSE).

The BSE Sensex is currently trading at 58980.84, up by 569.86 points or 0.98% after trading in a range of 58744.13 and 59143.66. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.61%, while Small cap index was up by 0.59%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.73%, Industrials up by 1.46%, Auto up by 1.35%, FMCG up by 1.25% and TECK up by 1.19%, while there were no losers. 

The top gainers on the Sensex were SBI up by 2.68%, Bharti Airtel up by 2.21%, Nestle up by 2.19%, Larsen & Toubro up by 2.03% and ITC up by 1.97%. On the flip side, HDFC down by 0.67%, NTPC down by 0.65% and Sun Pharma down by 0.39% were the only losers.

Meanwhile, Defence Minister Rajnath Singh has said that India registered defence exports worth Rs 8,000 crore in six months of the current financial year (FY23) and aims to achieve the annual export target of Rs 35,000 crore by 2025. India's defence sector registered exports worth Rs 30,000 crore after 2014 when the government came to power at the Centre.

The minister said India is progressing speedily on the path to achieving global standards of design, development and manufacturing at the international level. He said ‘before 2014, we used to achieve (defence) exports of Rs 900-1,300 crore. After all these years, we have achieved exports worth more than Rs 30,000 crore to date. We can add another Rs 8,000-9,000 crore of the export target (this year).’

Singh stated that Gandhinagar is set to host India’s biggest-ever defence exhibition to date - DefExpo 2022 –beginning October 18, 2022. This 12th edition of the event has been organised on the theme ‘Path to Pride’. He said India in the last few years covered a transformational journey from a (defence) importer to an exporter. DefExpo will add pace to this journey. India which was until a few years back considered the world's biggest (defence) importer is now standing in the queue of 25 top exporting countries.

The CNX Nifty is currently trading at 17482.30, up by 170.50 points or 0.98% after trading in a range of 17434.05 and 17527.80. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Adani Ports &Special up by 3.05%, SBI up by 2.64%, Bharti Airtel up by 2.22%, Nestle up by 2.10% and Tata Motors up by 2.07%. On the flip side, NTPC down by 0.86%, HDFC down by 0.68%, BPCL down by 0.37%, Sun Pharma down by 0.36% and Britannia Inds down by 0.08% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 380.35 points or 1.42% to 27,156.14, Taiwan Weighted strengthened 158.63 points or 1.22% to 13,124.68, Hang Seng increased 214.67 points or 1.29% to 16,827.57, Jakarta Composite soared 3.44 points or 0.05% to 6,834.56, KOSPI rose 24.78 points or 1.12% to 2,244.49 and Straits Times advanced 6.41 points or 0.21% to 3,022.16. However, Shanghai Composite declined 1.38 points or 0.04% to 3,083.56.

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