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Benchmarks trade marginally in green in morning deals
Oct-07-2024

Indian equity benchmarks were trading marginally in green in morning deals, led by gains in TECK, IT and Banking stocks. Traders took support with Finance Minister Nirmala Sitharaman’s statement that India will witness the steepest rise in living standards of the common man on the back of the government’s initiatives and the efforts towards doubling per capita income in few years. She stressed that inequality in India has declined with the Gini coefficient, a statistical tool to measure inequity, showing improvement in urban as well as rural areas. Traders also took a note of Vice-President Jagdeep Dhankhar’s statement that the nation presently is in unprecedented economic upsurge and will be a developed nation by 2047. However, gains were limited as some cautiousness came with report that foreign investors turned net sellers in October, offloading shares worth Rs 27,142 crore in just the first three days of October due to intensifying conflict between Israel and Iran, a sharp rise in crude oil prices, and improved performance of Chinese markets. On the global front, Asian markets are trading in green tracking firm cues from global markets on optimism over a soft landing for the U.S. economy. 

The BSE Sensex is currently trading at 81803.55, up by 115.10 points or 0.14% after trading in a range of 81759.86 and 82137.77. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.38%, while Small cap index was down by 2.52%.

The top gaining sectoral indices on the BSE were TECK up by 0.37%, IT up by 0.25% and Bankex up by 0.18%, while Utilities down by 2.25%, Telecom down by 2.13%, Power down by 1.98%, PSU down by 1.94% and Metal down by 1.86% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.66%, ITC up by 1.48%, Kotak Mahindra Bank up by 1.09%, Bharti Airtel up by 1.01% and Nestle up by 0.76%. On the flip side, Adani Ports &SEZ down by 2.52%, Titan Company down by 1.74%, NTPC down by 1.66%, JSW Steel down by 1.29% and Tata Steel down by 1.29% were the top losers.

Meanwhile, Vice-President Jagdeep Dhankhar has said that the nation presently is in unprecedented economic upsurge and will be a developed nation by 2047. He was talking at the Felicitation ceremony of Dr Karan Singh on the completion of 75 Years in Public Life at the India International Centre (IIC). Dhankhar said ‘Dr Singh has over seven decades witnessed the rise of the nation, and contributed to it in myriad ways. The nation presently is in unprecedented economic upsurge and on an incremental developmental trajectory, well set to be a developed nation @2047, if not earlier.’

Further, he added convergence of forces within and outside inimical to Bharat is a matter of deep concern and alarming. So also anti-national narratives, there is a need for concerted endeavors to influence national mood so as to neutralize these pernicious forces.

He stated, undoubtedly, executive governance is exclusive to the Executive, as is legislation to legislatures and verdicts to courts. The exercise of executive authority by either the Judiciary or Legislature is not in consonance with democracy and constitutional prescriptions. This is an established position as the executive for governance is alone accountable legislature and answerable to courts by way of judicial review.

The CNX Nifty is currently trading at 25018.70, up by 4.10 points or 0.02% after trading in a range of 24998.10 and 25143.00. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 1.60%, ITC up by 1.51%, Kotak Mahindra Bank up by 1.06%, Bharti Airtel up by 1.04% and Cipla up by 0.99%. On the flip side, Adani Ports &SEZ down by 2.68%, Bharat Electronics down by 2.63%, Coal India down by 2.41%, ONGC down by 2.34% and Adani Enterprises down by 2.11% were the top losers.

Asian markets are trading in green; Nikkei 225 surged 864.92 points or 2.19% to 39,500.54, Taiwan Weighted added 355.49 points or 1.57% to 22,658.20, Hang Seng advanced 305.3 points or 1.32% to 23,042.17, KOSPI increased 40.65 points or 1.56% to 2,610.36, Straits Times rose 5.79 points or 0.16% to 3,594.92 and Jakarta Composite gained 4.04 points or 0.05% to 7,500.13.
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