HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Markets continue to trade in green
Oct-27-2020

Indian equity benchmarks continued to trade in green terrain in late morning deals, with both Sensex and Nifty holding notable gains. Key indices remained higher despite negative cues from other Asian markets. Domestic sentiments were positive, after the Reserve Bank asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020. On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.

On the global front, Asian markets were trading lower, even after China's industrial profits increased for the fifth straight month in September. The data from the National Bureau of Statistics showed that industrial profits grew 10.1 percent on a yearly basis but slower than the 19.1 percent increase posted in August. This was the fifth consecutive rise. The statistical office cited falling factory gate prices and rising raw material prices as major reason for the slowdown in industrial profits.

The BSE Sensex is currently trading at 40223.70, up by 78.20 points or 0.19% after trading in a range of 39978.39 and 40316.36. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.81%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Power up by 1.75%, Capital Goods up by 1.60%, Bankex up by 1.53%, FMCG up by 1.31% and Utilities up by 1.30%, while IT down by 1.52%, TECK down by 1.26%, Energy down by 0.57%, Realty down by 0.54% and Oil & Gas down by 0.25% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 9.18%, Nestle up by 4.36%, Asian Paints up by 4.34%, NTPC up by 3.78% and Bajaj Finance up by 3.17%. On the flip side, Infosys down by 2.40%, Indusind Bank down by 1.55%, ONGC down by 1.47%, HDFC down by 1.23% and TCS down by 1.14% were the top losers.

Meanwhile, in order to boost clean energy technologies and creating standards for innovations, NITI Aayog CEO Amitabh Kant has stressed on the need for a clear ten-year road map. Kant also called hydrogen as fuel of the future especially for commercial vehicles which can ensure efficiency in movement across the country. He said ‘We should provide 10-year roadmap on where we want to be in clean (energy) technology. We should provide policy clarity to innovation stakeholders because a lot of innovation will keep happening as we go along.’

He highlighted that developing countries like India need to create standards for new technologies which sometimes become a hurdle for Indian entrepreneurs to disrupt the global market with local innovation. He added that India should focus on strengthening standards and certification infrastructure.

About the role of traditional energy, he said ‘Our belief is that hydrogen is an area where traditional energy companies can be a game changers given the similarities in the engineering needs of oil and gas and hydrogen processing technology.’ Traditional or conventional energy companies are looking at hydrogen and biofuels these days.

The CNX Nifty is currently trading at 11802.90, up by 35.15 points or 0.30% after trading in a range of 11723.00 and 11826.05. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 9.12%, Shree Cement up by 5.24%, Nestle up by 4.40%, Asian Paints up by 4.34% and NTPC up by 3.66%. On the flip side, Infosys down by 2.56%, Adani Ports & SEZ down by 2.49%, Wipro down by 2.13%, Indusind Bank down by 1.66% and ONGC down by 1.47% were the top losers.

All Asian markets were trading lower; Shanghai Composite declined 12.09 points or 0.37% to 3,239.03, Nikkei 225 slipped 57.98 points or 0.25% to 23,436.36, KOSPI fell 11.74 points or 0.5% to 2,332.17, Straits Times trembled 16.42 points or 0.65% to 2,506.89, Taiwan Weighted dropped 47.44 points or 0.37% to 12,861.59, Jakarta Composite lost 6.18 points or 0.12% to 5,137.87 and Hang Seng decreased 288.85 points or 1.16% to 24,629.93.

  RELATED NEWS >>
Most Viewed >>
April 24 , 2024
Investing in passive funds? Keep it simple and
April 22 , 2024
Investment bankers to receive hefty bonuses as
April 22 , 2024
FPIs withdraw over Rs 5,200 crore in April so
April 23 , 2024
Why Mirae Asset MF is cautioning its ETF inves
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.