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Indian equity benchmarks remained under a grip of bulls in early afternoon deals, with both Sensex and Nifty continuing their gaining rally, amid positive cues from other Asian markets along with heavy buying in FMCG and Consumer Durables stocks. Sentiments remained optimistic as the data from National Securities Depository showed that foreign portfolio investors have infused funds worth Rs 32,344 crore in Indian stock markets so far in the month of November and became net buyers again. In September and October, they were net sellers amid the strong US dollar index, weak rupee, and tightening of monetary policy. Adding more comfort among traders, the Reserve Bank of India (RBI) in its latest report ‘Data on ECB/FCCB’ has showed that Indian companies raised $1.43 billion ($1,42,99,20,622) through external commercial borrowings (ECBs) in for the month of October 2022. 

On the global front, Asian markets were trading mostly in green as the value of retail sales in Japan was up 4.3 percent on year in October, coming in at 13.082 trillion yen. On a seasonally adjusted monthly basis, retail sales rose 0.2 percent - slowing from 1.5 percent in the previous month. The report also showed that commercial sales jumped 0.3 percent on month and 5.9 percent on year to 49.698 trillion yen, while wholesale sales gained 0.3 percent on month and 6.4 percent on year to 36.616 trillion yen.

The BSE Sensex is currently trading at 62858.61, up by 353.81 points or 0.57% after trading in a range of 62362.08 and 62871.34. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index down by 0.20%, while Small cap index was up by 0.06%.

The top gaining sectoral indices on the BSE were FMCG up by 1.80%, Consumer Durables up by 0.62%, Healthcare up by 0.48%, Metal up by 0.48% and Bankex up by 0.39%, while Realty down by 0.51%, Capital Goods down by 0.51%, Industrials down by 0.32%, PSU down by 0.25% and Telecom down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 3.39%, Nestle up by 2.04%, Titan up by 1.43%, Tata Steel up by 1.33% and ICICI Bank up by 1.23%. On the flip side, Power Grid down by 1.22%, Indusind Bank down by 1.14%, Bajaj Finserv down by 1.04%, Larsen & Toubro down by 0.78% and Maruti Suzuki down by 0.60% were the top losers on the Sensex.

Meanwhile, Reserve Bank of India (RBI) in its latest data has showed that bank credit growth improved further to 17.2 per cent in the July-September 2022 quarter from 7 per cent in the year-ago period, reflecting pick-up in economic activities. It noted that credit growth remained broad-based with all population groups and bank groups recorded double digit annual growth.

According to the data, aggregate deposits growth (y-o-y), which remained in the close range of 9.5-10.2 per cent since June 2021, stood at 9.8 per cent in September 2022. Since December 2020, bank branches in metropolitan centres have been recording higher annual growth than those in rural, semi-urban and urban areas. Private sector bank group has been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation. It also said year-on-year growth in term deposits rose to 10.2 per cent in September 2022 from 6.4 per cent a year ago. Current and savings deposits growth moderated to 8.8 per cent and 9.4 per cent from 17.5 per cent and 14.5 per cent, respectively, a year ago.

Data further indicated that the share of savings deposit in total deposits, which increased from 32.4 per cent in June 2019 to a peak of 35.2 in June 2022, moderated marginally to 34.7 in the latest quarter. It further said the all-India credit-deposit (C-D) ratio increased further to 74.8 per cent in September 2022 from 73.5 per cent a quarter ago and 70 per cent a year ago. The C-D ratio for metropolitan bank branches, which have a dominant share in the banking business, stood much higher at 87.6 per cent in September 2022 (82.8 per cent a year ago). 

The CNX Nifty is currently trading at 18666.80, up by 104.05 points or 0.56% after trading in a range of 18552.15 and 18670.05. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 3.48%, Nestle up by 2.13%, Hero MotoCorp up by 1.74%, Britannia Industries up by 1.42% and Titan Company up by 1.34%. On the flip side, Indusind Bank down by 1.10%, Power Grid down by 1.06%, Bajaj Finserv down by 0.99%, BPCL down by 0.95% and Coal India down by 0.83% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 660.82 points or 3.82% to 17,958.76, Taiwan Weighted strengthened 152.77 points or 1.05% to 14,709.64, Shanghai Composite gained 68.93 points or 2.24% to 3,147.48, Straits Times advanced 32.67 points or 1.01% to 3,272.73 and KOSPI rose 25.12 points or 1.04% to 2,433.39, while Jakarta Composite lost 6.93 points or 0.1% to 7,010.43 and Nikkei 225 slipped 134.99 points or 0.48% to 28,027.84.

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