Bourses continue to trade in green in late afternoon session
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In highly volatile trading session, Indian equity markets continued to trade in green in late afternoon session. However, the broader indices, the BSE Mid cap index and Small cap index traded with hefty losses. Banking sector’s stocks were on the priority list of the buyers. Traders were getting some encouragement as the Reserve Bank of India (RBI) in its latest ‘Industrial outlook survey of the manufacturing sector for Q3:2023-24’ has said that manufacturing companies reported positive demand conditions during Q3:2023-24 as reflected in their assessment of production, capacity utilisation, pending orders, employment and overall business situation but they were less sanguine when compared to the previous survey round. On the global front, Asian markets were trading mostly in red with markets in China, Indonesia, Taiwan and South Korea closed for public holidays. European markets were trading lower as investors watch the latest batch of earnings and digest policymakers' remarks on interest rates. Investors eye U.S. CPI revisions and more speeches from Fed policymakers ahead of next week's January CPI inflation report.
The BSE Sensex is currently trading at 71623.57, up by 195.14 points or 0.27% after trading in a range of 71200.31 and 71643.27. There were 17 stocks advancing against 13 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index declined 1.25%, while Small cap index was down by 1.53%.
The top gaining sectoral indices on the BSE were Bankex up by 0.97%, Healthcare up by 0.26%, Consumer Durables up by 0.23% and FMCG was up by 0.20%, while PSU down by 2.08%, Oil & Gas down by 2.01%, Metal down by 1.91%, Telecom down by 1.73% and Energy was down by 1.41% were the top losing indices on BSE.
The top gainers on the Sensex were SBI up by 2.74%, Sun Pharma up by 2.24%, ICICI Bank up by 1.79%, Bajaj Finance up by 1.30% and Axis Bank up by 1.05%. On the flip side, Mahindra & Mahindra down by 2.24%, Tata Steel down by 1.84%, Bharti Airtel down by 1.81%, NTPC down by 1.60% and JSW Steel down by 1.39% were the top losers.
Meanwhile, the Reserve Bank of India (RBI) in its latest ‘Industrial outlook survey of the manufacturing sector for Q3:2023-24’ has said that manufacturing companies reported positive demand conditions during Q3:2023-24 as reflected in their assessment of production, capacity utilisation, pending orders, employment and overall business situation but they were less sanguine when compared to the previous survey round.
As per the report, the business assessment index (BAI) in the manufacturing sector moderated to 113.9 in Q3:2023-24 from 115.0 in the previous quarter. In Q3:2023-24, pressures from cost of raw material, financing cost and salary outgo are assessed to have marginally eased, while selling prices and profit margins are gauged to have gone up during the quarter, though the sentiments were somewhat tempered when compared to the assessment in the previous quarter.
The survey however noted that manufacturers remained optimistic on demand situation during Q4:2023-24, though the confidence was relatively lower when compared to the previous survey round. In Q4:2023-24, input costs are likely to increase, though the pressures are likely to be lower, while in synchrony with the positive demand prospects, selling prices and profit margin are expected to rise.
The CNX Nifty is currently trading at 21778.00, up by 60.05 points or 0.28% after trading in a range of 21629.90 and 21785.50. There were 28 stocks advancing against 22 stocks declining on the index.
The top gainers on Nifty were Grasim Industries up by 4.64%, SBI up by 2.92%, Apollo Hospital up by 2.52%, Sun Pharma up by 2.27% and ICICI Bank up by 1.94%. On the flip side, Mahindra & Mahindra down by 2.25%, Hindalco down by 2.10%, ONGC down by 2.05%, UPL down by 1.94% and Tata Steel down by 1.74% were the top losers.
Asian markets were trading mostly in red; Straits Times fell 4.61 points or 0.15% to 3,138.30 and Hang Seng was down by 131.49 points or 0.84% to 15,746.58. On the flip side, Nikkei 225 was up by 34.14 points or 0.09% to 36,897.42.
European markets were trading lower; UK’s FTSE 100 decreased 3.88 points or 0.05% to 7,591.60, France’s CAC fell 18.87 points or 0.25% to 7,646.76 and Germany’s DAX was down by 11.13 points or 0.07% to 16,952.70.
