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Firm trade continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty holding notable gains, despite negative cues from other Asian markets. Sentiments remained optimistic as Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that the world currently is looking at India with great confidence. He said this trust has developed after 8 years of painstakingly building up India’s story. He said structural reforms have been the core agenda of the government, helping us to lay the building blocks for the future. However, upside remained capped amid a private report stating that India suffered an income loss of USD 159 billion, 5.4 per cent of its gross domestic product, in the service, manufacturing, agriculture, and construction sectors due to extreme heat in 2021.

On the global front, Asian markets are trading mostly in red as Consumer prices in Japan were up 3.0 percent on year in September. That was in line with expectations and unchanged from the August reading. Core consumer prices, which exclude volatile prices of food, also increased 3.0 percent on year. That matched forecasts and was up from 2.8 percent in the previous month.

The BSE Sensex is currently trading at 59517.52, up by 314.62 points or 0.53% after trading in a range of 59342.76 and 59590.93. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell by 0.34%, while Small cap index was down by 0.03%.

The  top gaining sectoral indices on the BSE were Bankex up by 2.15%, Telecom up by 0.72%, PSU up by 0.47%, Consumer Durables up by 0.28% and Healthcare up by 0.18%, while Metal down by 0.57%, Power down by 0.54%, Utilities down by 0.44%, Energy down by 0.31% and Realty down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 7.87%, Kotak Mahindra Bank up by 2.15%, ICICI Bank up by 1.86%, Hindustan Unilever up by 1.84% and Titan Co up by 1.65%. On the flip side, Bajaj Finance down by 2.52%, Asian Paints down by 1.16%, Bajaj Finserv down by 1.06%, Indusind Bank down by 0.88% and Power Grid down by 0.74% were the top losers.

Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1694211 new jobs in the month of August 2022.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.

According to the data report, 6540 new jobs were created in less than 18 age group category, while 344060 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 438442, 240327, 350506 and 314336 new payrolls, respectively in August.

The CNX Nifty is currently trading at 17643.80, up by 79.85 points or 0.45% after trading in a range of 17603.70 and 17670.15. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 8.00%, Kotak Mahindra Bank up by 2.20%, ONGC up by 2.20%, SBI Life Insurance up by 1.91% and Apollo Hospital Ent. up by 1.89%. On the flip side, Bajaj Finance down by 2.55%, Eicher Motors down by 1.50%, Adani Ports & SEZ down by 1.43%, Asian Paints down by 1.17% and Hindalco down by 1.15% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 116.38 points or 0.43% to 26,890.58, Hang Seng decreased 45.61 points or 0.28% to 16,234.61, Taiwan Weighted dropped 126.90 points or 0.98% to 12,819.20, KOSPI fell 4.97 points or 0.22% to 2,213.12 and Straits Times trembled 45.91 points or 1.52% to 2,976.79, while Shanghai Composite gained 3.88 points or 0.13% to 3,038.93 and Jakarta Composite soared 72.49 points or 1.04% to 7,053.14.

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