Post Session: Quick Review

Bulls held a tight grip over the Dalal Street on Thursday, with both Sensex and Nifty ending at fresh record closing highs. The start of the day was on a positive note, as sentiments got boost with report that the United Nations Conference on Trade and Development (UNCTAD) has pegged India's economic growth rate to hit a four-year high of 7.2 per cent for 2021 against a contraction of 7 per cent in 2020. At this rate, India would be the fastest growing economy after China, which is projected to grow by 8.3 per cent. Calculations are based on GDP at constant dollars in 2015.

Key indices witnessed volatility in early deals but gained momentum in afternoon deals. Traders were positive, as Niti Aayog Vice Chairman Rajiv Kumar said that the global economic recovery is strengthening and this is the opportune moment for a change in the world order. He emphasised that a new world order will usher in if the global economy remains open. Besides, the Finance Ministry asked Indian Banks' Association (IBA) to play a pivotal role in the resurgence of the economy in the 75th year of India's independence.

Domestic sentiments got boost as govt has approved a big-bang relief package for the stressed telecom sector that includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid and 100% foreign investment through the automatic route. Also, govt approved a revised Rs 25,938 crore production-linked incentive (PLI) scheme for auto and auto-components industries to enhance the domestic manufacturing capabilities.

Markets added more gains in the second half of the trading session and ended the trading day on a strong note, taking support with Union Defence Minister Rajnath Singh’s statement that Indo-US cooperation will go a long way to restore normalcy and further boost economic dynamism. He also said economic and technological cooperation between India and the United States became stronger in the post-Cold War era, much stronger during the global war against terrorism and still more robust alongside Indo-US strategic partnership.

On the global front, European markets were trading higher a rebound in travel stocks and overnight strength in Wall Street helped offset concerns about China's slowing economy that dragged down miners. Asian markets settled mostly lower on Thursday, after Japan posted a merchandise trade deficit of 635.4 billion yen in August, the Ministry of Finance said on Thursday. That was well shy of expectations for a shortfall of 47.7 billion yen following the downwardly revised 439.4 billion yen surplus in July (originally 441 billion yen). Exports were up 26.2 percent on year, missing expectations for an increase of 34.0 percent and down from the 37.0 percent gain in the previous month.

The BSE Sensex ended at 59141.16, up by 417.96 points or 0.71% after trading in a range of 58700.50 and 59204.29. There were 14 stocks advancing against 16 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.48%, while Small cap index up by 0.08%.(Provisional)

The top gaining sectoral indices on the BSE were Bankex up by 2.12%, Energy up by 1.66%, PSU up by 1.48%, FMCG up by 1.33% and Telecom up by 0.97%, while IT down by 0.74%, Basic Materials down by 0.67%, Metal down by 0.64%, TECK down by 0.58% and Utilities down by 0.28% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Indusind Bank up by 7.34%, ITC up by 6.83%, SBI up by 4.46%, Reliance Industries up by 2.07% and Kotak Mahindra Bank up by 1.87%. On the flip side, TCS down by 1.32%, Tech Mahindra down by 1.28%, Tata Steel down by 1.25%, Bharti Airtel down by 1.02% and HCL Tech. down by 0.88% were the top losers. (Provisional)

Meanwhile, emphasising that the corporate sector should take the lead in setting the world order post the pandemic, Niti Aayog Vice Chairman Rajiv Kumar has said that the global economic recovery is strengthening and this is the opportune moment for a change in the world order.

Kumar also emphasised that a new world order will usher in if the global economy remains open. Kumar further said there is a need for setting up new coalitions of like minded nations while strengthening and promoting the existing multilateral institutions to ensure a liberalised and multilateral order is put in place to serve the global community.

Niti Aayog Vice Chairman noted that the world is going through turbulent and transition times. Further, he said ''We need global institutions that are nimble and sensitive. They should not retain inertia of the moment but respond to such times”.

The CNX Nifty ended at 17629.50, up by 110.05 points or 0.63% after trading in a range of 17510.45 and 17644.60. There were 25 stocks advancing against 25 stocks declining on the index. (Provisional)

The top gainers on Nifty were Indusind Bank up by 7.31%, ITC up by 6.83%, SBI up by 4.47%, Reliance Industries up by 2.10% and Kotak Mahindra Bank up by 1.88%. On the flip side, BPCL down by 10.39%, Grasim Industries down by 1.76%, TCS down by 1.30%, Tata Steel down by 1.26% and Shree Cement down by 1.22% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 33.85 points or 0.48% to 7,050.34, France’s CAC increased 46.27 points or 0.7% to 6,629.89 and Germany’s DAX was up by 95.10 points or 0.61% to 15,711.10.

Asian markets settled mostly lower on Thursday ahead of next week's US Federal Reserve meeting for more clues on tapering of its bond-buying programs. Chinese shares ended lower, with property stocks declined as Chinese property giant Evergrande Group appeared likely to be unable to repay all of the $89 billion it owes banks and other bondholders. Hong Kong shares hit by heavy declines in the technology and casino sectors. Japanese shares ended lower on profit booking after a recent rally that was led by massive foreign inflows on expectations for fresh economic stimulus under new political leadership, while weak exports data for August also weighing on  market sentiments.

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