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Bourses continue to trade with good gains in noon trade

Indian equity markets continued to trade with good gains in early afternoon trade, mainly due to sustained buying by investors and domestic financial institutions. Sentiments remained buoyant as industrial production grew to a 9-month high of 4.3 per cent in August, while retail inflation came in at 3.28 per cent in September. The up move also got some support with the World Bank chief’s statement that the reforms undertaken by Prime Minister Narendra Modi have been significant and the results would be reflected in the mid and long-term growth figures. Besides, the rupee appreciating 15 paise to 64.93 against the dollar in early trade, too gave a leg to the rally. On the sectoral front, realty stocks such as Oberoi Realty, D B Realty surged after Finance Minister Arun Jaitley stated that there is a strong case to bring real estate sector under the ambit of the Goods and Services Tax.

On the global front, Asian markets were trading mostly in green, though gains were modest, as investors awaited the release of China's trade data for the month of September later in the day. US retail sales and consumer price inflation data are also due later in the trading session. Back home, the BSE Sensex is currently trading at 32410.30, up by 228.08 points or 0.71% after trading in a range of 32247.74 and 32445.22. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.08%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were Telecom up by 4.64%, Bankex up by 1.29%, TECK up by 1.06%, Metal up by 1.04% and Consumer Durables up by 0.73%, while FMCG down by 0.34%, Healthcare down by 0.18% and Realty down by 0.00% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 6.95%, ICICI Bank up by 2.06%, Coal India up by 1.98%, Tata Steel up by 1.77% and HDFC Bank up by 1.68%. On the flip side, Dr. Reddy’s Lab down by 1.06%, NTPC down by 0.76%, ITC down by 0.75%, Sun Pharma down by 0.67% and Adani Ports & SEZ down by 0.58% were the top losers.

Meanwhile, with softening prices of vegetable and cereal, India’s retail inflation eased to 3.28% in September 2017, as compared to 4.39% in the same month previous year and 3.36% in August 2017, however, fuel and housing prices witnessed modest growth during the month. The rate is below the Reserve Bank of India's (RBI) medium-term target of 4%, while the August inflation has been revised downwards to 3.28% from 3.36%. The inflation data also showed that the Consumer Food Price Index (CFPI) - an indicator for food prices - came down to 1.25% in September from 1.52% in August.

As per the data of the Central Statistics Office (CSO), Ministry of Statistics and Programme, the Consumer Price Index (CPI) (Rural, Urban, Combined) on Base 2012=100 for September 2017, stood at 3.15%, 3.44% and 3.28% respectively, compared to 5.04%, 3.64% and 4.39% respectively in September 2016. The index value for CPI (General) for Rural was 137.6, for Urban 132.4 and for combined stood at 135.2 for the month of September. The data also showed that CFPI for all India Rural, Urban for September 2017 stood at 1.31% and 1.25% compared to 4.50% and 2.88%, respectively in September 2016. The index value of CFPI for combined stood at 138.2 for the month of September.

According to the data, vegetables prices softened to 3.92% in September as compared with 6.16% in August. Cereals prices also came down to 3.70% in September from 3.87% in August. Prices of pulses continued to fall (-) 22.51% in September, as compared to 14.33% in the same month last year and a contraction of (-) 24.40% in the month before. Food and beverages during the month under consideration came at 1.76% from 4.12% in the same month last year. However, fuel inflation rose 5.56% in September, as compared with 3.07% in the September 2016 and 4.94% in August 2017. Similarly, housing inflation grew 6.10% in September, other notable categories such as milk-based products became dearer by 3.87% and meat and fish recorded a rise of 3.19%.

The CNX Nifty is currently trading at 10162.50, up by 66.10 points or 0.65% after trading in a range of 10120.10 and 10168.75. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 6.86%, Bharti Infratel up by 3.68%, ICICI Bank up by 2.09%, Coal India up by 1.98% and Tata Steel up by 1.79%. On the flip side, GAIL India down by 1.55%, Zee Entertainment down by 1.20%, Dr. Reddy’s Lab down by 1.13%, NTPC down by 0.82% and ITC down by 0.79% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 2.07 points or 0.01% to 28,461.10, Shanghai Composite rose 5.23 points or 0.15% to 3,391.33, Jakarta Composite was up by 8.63 points or 0.15% to 5,934.84, Taiwan Weighted added 12.65 points or 0.12% to 10,724.09 and Nikkei 225 surged 200.46 points or 0.96% to 21,155.18.

On the flip side, FTSE Bursa Malaysia KLCI decreased 2.08 points or 0.12% to 1,751.92 and KOSPI Index was down by 1.14 points or 0.05% to 2,473.62.

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