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Post Session: Quick Review

Indian equity benchmarks traded in green throughout the day and ended the session with decent gains. The early Diwali hit the Dalal street with Nifty ending at record closing high. The street is eyeing Reliance Industries (RIL) second-quarter earnings that will include the financials of its telecom venture for the first time. With improved realizations in most petroleum products including petrol, diesel and aviation turbine fuel, RIL’s GRM is expected to widen to $12.5 per barrel in the September quarter from $11.9 in the previous quarter. The benchmarks made an optimistic start and traded in fine fettle in early deals as traders took encouragement with India’s industrial production growth data which accelerated to a nine-month high of 4.3% in August as against 4% in the same month previous year and 1.2% in July 2017, as companies stepped up production to restock warehouses ahead of the festival season after they reduced output in June and July, owing to uncertainties regarding implementation of the goods and services tax (GST). Robust performance of mining and power sectors coupled with higher capital goods output also supported the growth. The previous high in IIP growth was recorded at 5.7% in November 2016. Separately, the statistics office said that inflation based on the Consumer Price Index (CPI) was at 3.28% in September, unchanged from August. Some support also came after the World Bank’s chief said 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, days after the global lender forecast that India’s GDP may slowdown to 7% in 2017.

Investors took note of CRISIL’s report which highlighted that banks are likely to need nearly Rs 3.3 lakh crore this fiscal as provisioning for large NPA accounts in the current financial year. The report said with the economic value of assets underlying NPAs eroding with time, and resolutions are hard to come by, banks would need to step up on provisioning, mainly for large corporate NPAs. Telecom sector was buzzing after the Tata Group agreed to sell its mobile business to Bharti Airtel for free, ending the conglomerate’s long-standing attempts to rid itself of this loss-making venture while bolstering the market share and 4G airwaves capacity of the Sunil Mittal-led company. IT stocks were buzzing in today’s trade after industry body NASSCOM shifted the revenue projection for India’s Business Process Management (BPM) sector to $50-$55 billion by 2025 from the present target of $50 billion by 2020. It added that the revenue for India’s BPM sector is projected to increase from $30 billion in FY17 to $50-55 billion by 2025.

On the global front, Asian markets closed mostly higher. China reported trade figures for September with the trade balance came in at a surplus of $28.08 billion, compared with a surplus of $39.05 billion seen and imports up 18.7%, compared to a 13.5% gain seen and exports posting an 8.1% rise, below the 8.8% increase expected. The European markets were trading mostly in red. The British Chambers of Commerce said that Britain’s economy shows little sign of breaking out of its lethargy and it is extraordinary that the Bank of England is considering raising interest rates.

Back home, select cigarette stocks closed in red on report that cigarette sales volume will continue to be under pressure in India with government’s tough anti-smoking initiatives and a thriving grey market. The research agency estimates sales volume declined by 4% last year and poised to decline at a CAGR of 3% till 2021. 

The BSE Sensex ended at 32411.05, up by 228.83 points or 0.71% after trading in a range of 32247.74 and 32508.59. There were 23 stocks advancing against 8 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index was down by 0.01%, while Small cap index was up by 0.13%. (Provisional)

The top gaining sectoral indices on the BSE were Telecom up by 5.22%, Bankex up by 1.20%, TECK up by 1.19%, Metal up by 1.11% and Basic Materials up by 0.56%, while Healthcare down by 0.35%, FMCG down by 0.28%, Capital Goods down by 0.21%, Oil & Gas down by 0.18% and Utilities down by 0.03% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Bharti Airtel up by 7.84%, Tata Steel up by 2.84%, Kotak Mahindra Bank up by 2.05%, HDFC Bank up by 1.94% and Coal India up by 1.61%. (Provisional)

On the flip side, Dr. Reddy’s Lab down by 1.30%, Sun Pharma down by 1.19%, Mahindra & Mahindra down by 0.96%, ITC down by 0.45% and Maruti Suzuki down by 0.42% were the top losers. (Provisional)

Meanwhile, the IT industry body, the National Association of Software and Services Companies (Nasscom) has shifted the revenue projection up for the industry, noting that the BPM industry would increase to $50-55 billion by 2025 on the back of the adaptation of the new digital technologies like robotic process automation and advanced analytics.

The industry body also pegged share enlargement of digital technologies in revenues of BPM service providers, to 60-70 percent over the same time frame and highlighted the current BPM industry’s revenue growth rate which is 1.7 times annually. Besides this, it said that the BPM industry is also representing more than 35 percent share in global sourcing and 38 percent in the employable graduate pool.

Nasscom Chairman Raman Roy praised the BPM industry’s efforts to improve the customer experience and services and added that the companies higher order thinking and digital assistance will enable them to tap new geographies, verticals and markets. Going further, the Nasscom BPM Council also highlighted its priorities for the industry, which include positioning India as the destination of choice for global firms to deliver transformation value and the BPM sector as a world-class industry of choice for aspiring professionals.

The CNX Nifty ended at 10161.00, up by 64.60 points or 0.64% after trading in a range of 10191.90 and 10120.10. There were 32 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bharti Airtel up by 7.68%, Bharti Infratel up by 4.17%, Tata Steel up by 2.73%, Bosch up by 2.56% and Ultratech Cement up by 2.24%. (Provisional)

On the flip side, GAIL India down by 2.18%, BPCL down by 1.48%, Zee Entertainment down by 1.42%, Sun Pharma down by 1.15% and Dr. Reddy’s Lab down by 1.07% were the top losers. (Provisional)

The European markets were trading mostly in red; UK’s FTSE 100 decreased 15.57 points or 0.21% to 7,540.67, France’s CAC decreased 2.87 points or 0.05% to 5,357.94, while Germany’s DAX increased 6.85 points or 0.05% to 12,989.74.

Asian equity markets ended mostly higher on Friday after strong trade data from China added to evidence of strength in the world's second-largest economy. Data showed that China's imports growth in September exceeded expectations, while exports expanded at a slower than expected pace, but remained robust. Further, the Japanese market surged to a fresh 21-year high, boosted by optimism that Prime Minister Shinzo Abe's ruling party will win the general elections later this month.

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