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Firm trade continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty trading near their intraday high points, despite weak cues from other Asian markets. Sentiments remained optimistic amid a private report stating that an overwhelming majority of multinational companies (MNCs) operating in India feel that the country’s economy will perform well over the next 3-5 years, backed by the strong momentum in domestic consumption, services, digital economy and infrastructure. Besides, a senior International Monetary Fund official said that India has been a leader in digitalisation over the last few years and has overcome some of the administrative bottlenecks through increased innovation. Adding some relief among traders, State Bank of India Chairman Dinesh Khara said that the impact of a global recession, which is increasingly being feared by the International Monetary Fund and the World Bank, is unlikely to be as pronounced in India as compared to other countries.

On the global front, Asian markets were trading mostly in red, even after Japan's industrial production expanded more than initially estimated in August. The latest data from the Ministry of Economy, Trade and Industry said that industrial production increased a seasonally adjusted 3.4 percent monthly in August, well above the 0.8 percent gain in July. The latest figure was revised up from a 2.7 percent rise reported initially on September 29. Shipments rose by 2.8 percent monthly in August and the inventories grew 0.7 percent. Meanwhile, the inventory ratio dropped 3.0 percent.

The BSE Sensex is currently trading at 58327.45, up by 407.48 points or 0.70% after trading in a range of 57639.80 and 58329.83. 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 0.17%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Utilities up by 1.26%, Power up by 1.23%, Bankex up by 1.14%, PSU up by 1.10% and Auto up by 0.63%, while Metal down by 0.45%, Realty down by 0.41%, Capital Goods down by 0.13%, Telecom down by 0.11% and Oil & Gas down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.31%, ICICI Bank up by 1.59%, Infosys up by 1.38%, NTPC up by 1.27% and Kotak Mahindra Bank up by 1.06%. On the flip side, Larsen & Toubro down by 1.38%, Ultratech Cement down by 1.30%, HCL Tech. down by 0.38% and Wipro down by 0.01% were the top losers.

Meanwhile, the commerce ministry in its latest data has showed that India’s merchandise exports rose by 4.82 per cent to $35.45 billion in September 2022 as compared to $33.81 Billion in September 2021. Merchandise imports in September 2022 were $61.16 Billion, which is an increase of 8.66 per cent over imports of $56.29 Billion in September 2021. The trade deficit has widened to $25.71 Billion in September 2022 as against $22.47 Billion in September 2021.

As per the data, exports for the period April-September 2022 were $231.88 Billion as against $198.25 Billion during the period April-September 2021, registering a positive growth of 16.96 per cent. Imports for the period April-September 2022 were $380.34 Billion as against $274.50 Billion during the period April-September 2021, registering a positive growth of 38.55 per cent. The trade deficit for April-September 2022 was estimated at $148.46 Billion as against $ 76.25 Billion in April-September 2021, which is an increase of 94.69 per cent.

Data further showed that non-petroleum and non-gems & jewellery exports in September 2022 were $24.22 Billion, registering a negative growth of (-) 4.58 per cent over $25.38 Billion in September 2021. Non-petroleum and non-gems & jewellery exports during April-September 2022 was $160.00 Billion, an increase of 6.41 per cent over $150.37 Billion in April-September 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.71 Billion in September 2022 with a positive growth of 20.64 per cent over $31.26 Billion in September 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $223.99 Billion in April-September 2022, recording a positive growth of 35.18 per cent, as compared to $165.70 Billion in April-September 2021.

The CNX Nifty is currently trading at 17303.20, up by 117.50 points or 0.68% after trading in a range of 17098.55 and 17306.65. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were SBI up by 2.27%, Bajaj Auto up by 1.83%, ICICI Bank up by 1.47%, Infosys up by 1.39% and Tata Consumer Products up by 1.35%. On the flip side, Larsen & Toubro down by 1.32%, Ultratech Cement down by 1.32%, JSW Steel down by 1.30%, Hindalco down by 1.04% and Apollo Hospitals enterprise down by 0.68% were the top losers.

Asian markets were trading mostly in red; Straits Times trembled 23.15 points or 0.76% to 3,016.46, Jakarta Composite lost 6.53 points or 0.1% to 6,808.00, Taiwan Weighted dropped 162.07 points or 1.23% to 12,966.05, Nikkei 225 slipped 314.97 points or 1.16% to 26,775.79 and Hang Seng decreased 64.54 points or 0.39% to 16,523.15, while Shanghai Composite gained 12.50 points or 0.41% to 3,084.49 and KOSPI rose 7.16 points or 0.32% to 2,219.71

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