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Bulls were holding a tight grip over the Dalal Street in early afternoon session, with both Sensex and Nifty trading near their intraday high points, aided by positive cues from other Asian markets. Domestic sentiments remained optimistic, amid private report that India is expected to surpass its tax collection goal by more than Rs 2 lakh crore ($24.3 billion) in the current fiscal year. Adding more comfort among traders, the prime minister Narendra Modi said India has become a major manufacturing hub and a new saga of economic reforms is being written in the country as his government's policies are 'stable, predictable and futuristic'.

On the global front, Asian markets were trading mostly in green, even after the manufacturing sector in China fell into contraction territory in October, the National Statistics Bureau said with a manufacturing PMI score of 49.2. That missed expectations for a reading of 50.0 and was down from 50.1 in September. It also slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 60689.81, up by 729.96 points or 1.22% after trading in a range of 60246.96 and 60695.57. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.78%, while Small cap index was up by 0.34%.

The top gaining sectoral indices on the BSE were Auto up by 1.53%, TECK up by 1.42%, IT up by 1.28%, Telecom up by 1.16% and Consumer Durables up by 1.07%, while Metal down by 0.36% and Utilities down by 0.13% were the only losing sectoral indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 3.64%, Ultratech Cement up by 3.10%, Mahindra & Mahindra up by 2.35%, HDFC Bank up by 2.24% and Maruti Suzuki up by 1.93%. On the flip side, NTPC down by 2.35%, Dr. Reddy's Lab down by 1.72%, Tata Steel down by 0.64% and Indusind Bank down by 0.40% were the top losers on the Sensex.

Meanwhile, Union Law and Justice Minister Kiren Rijiju has said that protection of jobs in India is a concern while safeguarding the environment during economic progress. He said the per capita GDP in India is still very less compared to other mid-level and developed nations.

The minister said ‘currently, the per capita GDP of India is 2,100 dollars and it is very less, but India as a whole, when we calculate, it's close to a 3.23 trillion dollar economy. It is the fifth largest economy (in the world). The international standard of development for 'middle-level countries' is a per capita income of $12,000. So, we have to reach the position of a middle-level country before attaining developed status. While climbing from 2,100 dollars to 12,000 dollars, you can imagine the impact on the environment and the growth which we would be embarking upon.’

Claiming that India is currently one of the fastest-growing economies in the world despite the global impact of the pandemic, Rijiju said the country has never seen such a growth rate in its history. He said India is not a mineral-rich nation, especially in the oil and gas sectors, as we import these, and added that the role of the judiciary is going to be extremely crucial in the growth and development of India.

The CNX Nifty is currently trading at 17987.55, up by 200.75 points or 1.13% after trading in a range of 17899.90 and 17991.00. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 3.58%, Ultratech Cement up by 3.06%, Mahindra & Mahindra up by 2.39%, HDFC Bank up by 2.23% and Grasim Industries up by 2.19%. On the flip side, NTPC down by 2.33%, Dr. Reddy's Lab down by 1.67%, Apollo Hospital down by 0.77%, Tata Steel down by 0.69% and IndusInd Bank down by 0.44% were the top losers on Nifty.

Asian markets were trading mostly in green; KOSPI rose 25.21 points or 1.11% to 2,293.61, Straits Times advanced 54.77 points or 1.79% to 3,113.96, Jakarta Composite soared 37.43 points or 0.53% to 7,093.47, Taiwan Weighted strengthened 161.33 points or 1.26% to 12,949.75 and Nikkei 225 surged 482.26 points or 1.78% to 27,587.46, while Shanghai Composite declined 27.27 points or 0.94% to 2,888.66 and Hang Seng decreased 39.54 points or 0.27% to 14,823.52.

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