Mr Vishal Wagh, Research Head
With a positive opening, the Indian equity market has extended its previous session's gains. Markets continued their upward rally in the late afternoon session, equity benchmarks continued to trade in high spirit in the afternoon session, with Sensex and Nifty crossing 58,900 and 17,550 levels due to heavy buying in Telecom, Energy, and FMCG stocks. Gains in frontline blue-chip stocks such as IndusInd Bank, ITC and SBI also helped lift the markets. Sentiment got a 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. Both Sensex and Nifty are trading around 59,143 and 17,622 levels.
On the global front; most of the Asian markets were trading lower as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiment.
In Nifty 50 top gainers IndusInd Bank, ITC, SBI, Reliance, and Kotak Mahindra. The losers are BPCL, Grasim, TCS, Tata Steel, and Bharti airtel.