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Sensex, Nifty cut gains in late morning session
Oct-22-2021

Indian equity benchmarks cut gains in late morning session but remained in green terrain. Positive cues from other Asian markets helped key indices to remain in green terrain. Domestic sentiments were positive, as investments in Indian capital through participatory notes (P-notes) were at Rs 97,751 crore till September-end, and going forward inflow is expected to remain positive. Adding more comfort among traders, RBI data showed that bank credit grew by 6.48 per cent to Rs 110.13 lakh crore and deposit by 10.16 per cent to Rs 157.56 lakh crore in the fortnight ended October 8.

On the global front, Asian markets were trading mostly in green, after the manufacturing sector in Japan continued to expand in October, and at a faster pace, the latest survey from Jibun Bank showed on Friday with a manufacturing PMI score of 53.0. That's up from 51.5 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 61011.66, up by 88.16 points or 0.14% after trading in a range of 60960.96 and 61420.13. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.51%, while Small cap index was down by 0.68%.

The top gaining sectoral indices on the BSE were Realty up by 1.60%, Bankex up by 0.63%, Energy up by 0.23% and Consumer Durables up by 0.05%, while Metal down by 2.56%, Basic Materials down by 1.36%, IT down by 1.30%, TECK down by 1.17% and Utilities down by 0.87% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finserv up by 2.53%, HDFC up by 1.89%, Bajaj Auto up by 1.43%, Titan Co up by 1.04% and Bajaj Finance up by 1.00%. On the flip side, Asian Paints down by 2.01%, NTPC down by 1.83%, ITC down by 1.82%, Tata Steel down by 1.76% and Infosys down by 1.75% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said all indicators, including GDP, foreign direct investment (FDI) inflows and exports growth, are pointing towards a clear and sharp economic recovery in the country. Further, Goyal stated that forex reserves have constantly grown from $433 billion in September 2019 to $638 billion in September this year, while FDI inflows in the first four months of the current fiscal rose by 62 per cent, which is higher than the corresponding figure last year.

He said ‘We are encouraged by all the economic indicators as they come out, which point to a very clear and sharp economic recovery. The GDP has grown by a record 20.1 per cent in the first quarter. Besides, he said the government has taken several steps to encourage growth and investment in the renewable energy sector with 100 per cent FDI through the automatic route.

He also said that India's renewable energy programme is among the largest in the world and the country has 101 GW renewable energy capacity as on September 30, 2021. Moreover, he said ‘We are aiming towards our initial target of 175 GW by end of 2022’. He added India will achieve 40 per cent cumulative electricity capacity from non-fossil fuel-based energy resources by 2030.

The CNX Nifty is currently trading at 18200.40, up by 22.30 points or 0.12% after trading in a range of 18158.70 and 18314.25. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 2.79%, HDFC up by 2.25%, Bajaj Auto up by 1.59%, Axis Bank up by 1.46% and Titan Co up by 1.43%. On the flip side, Hindalco down by 3.05%, Tata Motors down by 2.81%, Coal India down by 2.74%, Asian Paints down by 1.93% and NTPC down by 1.89% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 109.29 points or 0.38% to 28,817.87, Hang Seng increased 115.37 points or 0.44% to 26,132.90, Jakarta Composite soared 2.99 points or 0.05% to 6,635.96, KOSPI rose 2.52 points or 0.08% to 3,009.85, Straits Times advanced 9.94 points or 0.31% to 3,198.44 and Shanghai Composite gained 3.40 points or 0.09% to 3,598.18. On the flip side, Taiwan Weighted dropped 6.25 points or 0.04% to 16,883.26.
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