HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Benchmarks extend gains in late afternoon session
Jan-19-2021

The Indian equity benchmarks extended their gains in late afternoon session, with the Sensex and the Nifty gaining above 700 and 200 points, respectively. There were no losers on sectoral indices on the BSE. Sentiments remained upbeat after Finance Ministry released the 12th instalment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount released so far under this window to Rs 72,000 crore. Meanwhile, India offers tremendous business opportunities to the US in various sectors such as manufacturing and the COVID-19 pandemic has presented a unique opportunity to the country to work with America to build resilient and reliable supply chains that will have the ability to weather future shocks, eminent speakers told a virtual forum ahead of the India Subcontracting Expo. The India Subcontracting Expo 2021 focusing on the North American region is scheduled to be held February 16-19 virtually. Sector wise, banking sector remained in focus amid S&P Global Ratings in its report titled 'Tech Disruption in retail banking: Top tier banks lead the change' has said India's banking system's low profitability and weak asset quality present some difficulties in significantly boosting digitalisation for several state-owned and smaller private-sector banks.

On the global front, Asian markets were trading mostly in green as the coming changing of the guard in the U.S. raised hopes for more support for the economy and more aggressive measures to fight the pandemic. European markets were trading higher buoyed by hopes that an economic recovery following the coronavirus pandemic is not far off.

The BSE Sensex is currently trading at 49318.50, up by 754.23 points or 1.55% after trading in a range of 48805.54 and 49374.54. There were 29 stocks advancing against 1 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.81%, while Small cap index was up by 1.47%.

The top gaining sectoral indices on the BSE were Realty up by 3.79%, Capital Goods up by 2.54%, Power up by 2.48%, Industrials up by 2.46% and Utilities was up by 2.12%, while there were no losers on sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finserv up by 6.76%, Bajaj Finance up by 5.16%, HDFC up by 3.12%, Larsen & Toubro up by 2.83% and NTPC up by 2.77%. On the flip side, Tech Mahindra down by 0.65% were the top losers.

Meanwhile, in its continuous efforts towards transforming the country into an innovation-driven economy, NITI Aayog is going to release the second edition of the India Innovation Index 2020. The India Innovation Index 2020 seeks to rank the states and union territories based on their relative performance of supporting innovation, and to empower them to improve their innovation polices by highlighting their strengths and weaknesses.

The ranking methodology is designed in a way that states can draw lessons from the national leaders in innovation. This will lead to a healthy competition among the states and union territories, thereby fostering competitive federalism. India Innovation Index 2020 builds on the previous year’s methodology by introducing more metrics and providing a holistic outlook of the Indian innovation ecosystem. The framework has been updated to include globally considered parameters for measuring innovation (such as the percentage of gross domestic product spent on research and development), while also retaining the parameters specific to the Indian economy.

Besides, the index captures the trends and provides detailed analyses of the various factors that drive innovation at the country, state, and district levels. It is believed that these analyses would enable policymakers in identifying catalysts and inhibitors of innovation at the national and sub-national levels.

The CNX Nifty is currently trading at 14495.75, up by 214.45 points or 1.50% after trading in a range of 14350.85 and 14513.20. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 6.69%, Tata Motors up by 5.33%, Bajaj Finance up by 5.03%, Grasim Industries up by 3.81% and HDFC up by 3.40%. On the flip side, Tech Mahindra down by 0.68%, Wipro down by 0.67%, Britannia down by 0.04% and ITC down by 0.02% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 779.51 points or 2.7% to 29,642.28, Nikkei 225 surged 391.25 points or 1.39% to 28,633.46, Taiwan Weighted strengthened 265.37 points or 1.7% to 15,877.37, KOSPI rose 78.73 points or 2.61% to 3,092.66 and Straits Times was up by 6.71 points or 0.22% to 2,997.11. On the flip side, Shanghai Composite declined 29.84 points or 0.83% to 3,566.38 and Jakarta Composite was down by 67.97 points or 1.06% to 6,321.86.

European markets were trading higher, UK’s FTSE 100 increased 45.08 points or 0.67% to 6,765.73, France’s CAC increased 18.36 points or 0.33% to 5,635.63 and Germany’s DAX was up by 61.66 points or 0.45% to 13,910.01.
  RELATED NEWS >>
Most Viewed >>
April 19 , 2024
JPMorgan bullish on Indian stocks, suggests ma
April 19 , 2024
Is it time to take small bets in FMCG stocks?
April 19 , 2024
Lok Sabha Elections 2024: How will they impact
April 19 , 2024
FPIs pull out of debt, selling pressure may co
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.